I’m a single 25y/o with a $110K mortgage, but I have no deposit to get started with this program (as seen on Today Tonight)…
Is there another way for me to get started in property investment (short of borrowing even more money than what I can afford to repay now).
Have you considered selling and renting or boaring with friends. The profit you make from your sale could go a long way.
nu gen
Selling is one way although will be a tough decision and a great sacrifice to make, but one worthy if you set out a correct structure and do your homework.
You could get a valuation on your property and if it has increased than that of banks current valuation the you could borrow against that equity there, or alternatively on any equity you may already have paid off on your mortgage.
If you set out a correct structure/plan then what your borrow is essentially an investment that will be returning positive returns so there should be no qualms in associating with what you can and cannot afford at the time. It will all be factored into the big picture once you have set your path to financial freedom.
Think & Plan first, and then you will find it will be a lost easier to incorporate strategies into your investing debut. Rather then taking wild potshots now.
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