I currently own a property which is valued at about $250,000.00 and I am looking at ways that I can use this property to buy more property to secure the futures of my 2 children whilst hopefully building a property portfolio as I cannot work any longer due to a workplace accident in which I used the compensation money I received to buy this property.
I am not exactly sure how or what the process is for me to start to build on to what we have already I would welcome help from anyone who could guide me in the right direction and the cost associated with doing this kind of thing. I am currently looking at buying another property of close to $300,000.00 with very good return in rent but I do not know how to start the process.
Please help if you canWhen you say you have a compensation for an accident do you mean a lump sum that’s paid out or monthly income? Bottom line is it comes down to whether you can service the loan or not since you can no longer work. Also check whether your super fund covers you for income protection.
Its probably best to speak to a broker to see if you can qualify for a loan. This would be the first step i think.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I agree, sounds like you do not work anymore!
Getting finance might be the next step.
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