Hello i would like to hear from other members
on how they manage repeat there investment property purchases and manage to come up with the deposit and closings costs.
Being a newbie i would like to find out the best ways of doing thisMy situation ATM would only allow me to abtain
5-6 IP’s using the equtiy in my homeso whats the best way to overcome this Apparent Brick wall.
Reading Steves New book he says that he used Wraps
to enable him to make subsequent Purchases but i dont really like this way as i really prefer a buy and hold stratagey
Maybe down the Track i would consider Wraps but not for a while.Any help would be Appreceated
Thank You [
]hey there,
I like buy and hold as well. Try buy properties that need cosmetic renovations and then do them up with little money and paint walls, put feature wall, reglaze bathroom and then re-value and draw down added equity as new deposit
:: RICHby30 ::
Hi Native_Metal,
ONLY 5-6 IPs???
I would just focus on getting the ball rolling for the minute, and just finding 5-6 IPs to get started will keep you out of mischief for a while [
]… Steve’s situation is rather unique, in that he got started when property prices were much, much lower… in tandem with a business partner while cultivating multiple streams of income… it isn’t solely from wraps… it’s from seminars, books, tapes etc etc…If you get 5-6 positive cashflow properties, keep saving your hard earned to buy more and more. The value (equity) of your home will hopefully increase over time, allowing you to extend your line of credit for more deposits. The combination of savings, LOC and cash flow from your purchases will help raise more deposits… It will take time, but it will be worth it.
cheers
r(sorry if that’s all disjointed… doing other work and am tired!!!)
I totally agree with Richmond (for what it’s worth).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auYou may do better in shares in the short term.
I think that the forum is mostly in agreement
that the boom is near the peak.Watch the flood of money hit the sharemarket
once broader sentiment has changed.I’m putting excess cashflow into the sharemarket.
andy
nm,
First of all, ausdmx came up with a great point. buy renos cheap, fix them, borrow against the new value.
Second, so did richmond, although it was a little hard to follow (sorry richmond[
]). I find it easiest explained in numbers.Say you bought your 5 IPs worth $200,000 each. That is $1mil worth of property. Say in one year they went up 5%, that is $50,000 worth of increased equity. You can then use this equity for another deposit or 2. Sure you have to wait a year, but you got 2 more properties, and this will grow exponentially.
Hope that made sense.
(Sorry again Richmond, didn’t mean to be rude[
])Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
>>My situation ATM would only allow me to abtain
5-6 IP’s using the equtiy in my homeso whats the best way to overcome this Apparent Brick wall.<<
Native_Metal, what are you saying ? A brick wall ? I would venture to say that many people here would love to be in your position.
Pisces133
]
]). I find it easiest explained in numbers.
])
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