Hi,
I recently bought my first unit .Iam left with 8000 dollars in my pocket still.I have come across a unit in the same surburb and in the same block i bought .its coming for a cheaper price becoz the house is shabby.but i will look good after renovations.the listing price is 325,000.
Can anyone let me how can i buy this unit for investment with the deposit i have in hand.iam in the high tax bracket.
thanks
Kutty,
It would probably depend on the equity you have in your other investment. You could use this as security for the other unit.
Petters
I bought the unit recently in macrh.I haven’t even started repaying.
Why are you so desperate to buy the second unit?
Are these units for capital gain focus or positive cash flow focus? What state are they in?
Why not how ? 10% deposit is usually the minimum either in cash or equity.MJK
Is it a unit or a house?
First you say it’s a unit, then a house, then a unit again?
Not that it really matters re your loan, but if you intend to renovate it, be aware that you cannot add as much value to a unit than a house for obvious reasons.You can buy this unit/house if you have enough equity or cash for a deposit, AND you can also service the loan.
These are 2 seperate things that you will need to satisfy the bank with.
If the LVR is greater than 80%, you may need to pay MI as well.I know of a lender who will lend 105% of the property. If you are interested please contact me [email protected]
Hi Kutty70,
Have you considered forming a partnership or seeking a money partner amoungst friends or family? Even if it is just to share the deposit, you can create a suitable deal where all will benefit.
Gus
p.s. 50% of something is better than 100% of nothing!
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