$10,000 deposit, very low income, no assets and it would need to be within 2 hours drive of Central Sydney. I know this is probably a long shot but I’m sick of paying rent. I have no relations or friends that can assit either.
Hi
I’m very new to this site but thought I’d suggest that you approach a mortgage broker and find out exactly what you can borrow.
Then I would start looking on the real estate websites for possible places to buy. Some lenders will lend you more than others. Most mortgage brokers are free for you to use (they usually get paid by the lenders) so why not?
Good luck.[
]Hi Turnup,
I am also new to this site. I think its harder to find properties that are really cheap now adays. Especially in Sydney. But I’m pretty sure that you can find one somewhere in NSW. Just keep your head up and look for them. Alot of people in this site has found hundreds of this kind of properties. So don’t give up yet. As Mary was saying, go see a mortgage broker to see what your borrowing capacity will be.
Good Luck and all the best in your property investing.
Check out some of the smaller towns around Newcastle.
Would be at the 2 hour mark perhaps a little further.
What about out Lithgow way as well?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Ok thanks for the ideas, I might do some research on the Web to see whats available. I will look at these areas like Newcastle & Lithgow. I would prefer to get somewhere close to a beach instead of going in land but that may be out of the question? I’m really wanting to purchase something for under $70,000 and I don’t care to much about the house as I can develop it as I go but the location and land is my primary concern. I would just need somewhere where it has a livable place and has power & water, I would probably build the house as I make more money anyway in the future.
Turnup,
Sorry to be a wet blanket, but do you think that you are being realistic in your requirements?
“Close to a beach” etc. For under $70,000 in NSW on the coast, I wouldn’t be too hopeful!!
Have you considered being wrapped?
Del
Have you considered doing an option to buy. There’s plenty of info on this site, but basically if you find a house for sale you can put down (for e.g.) $10,000 to have the option to buy the property at todays price in (for e.g.) six months.
Lets say the house is worth $200,000 now, in six months the house may be worth $250,000 from capital growth but you still have the option to buy it for $200,000.
Now, what if you can’t get your hands on $200,000?? Well, what you can do is sell your option to buy. The contract that was drawn up that cost you $10,000 is now going to be worth much more. You need to find a buyer and say ” I have an option to buy a $250,000 property for $200,000 and I’m willing to sell that option to you for say $40,000.
Outcome, original seller gets $10,000 above his asking price, you make a $30,000 profit and the new buyer gets a property for $10,000 less than market view.
Of course, this has been simplified but that is the basic concept.
Ok thats a great idea and is handy to know but I will need to buy the house or mortgage it when I find one unfortunatly. Basically I’m looking at a section with a livable shed or better with Power, Sewage, Phone and Water and meets all council requirements for building/developing and is within 30 minutes drive from beach (the less the better). Will need to be within 2 hours drive from central Sydney. The cost can be anything that would let me use a $10,000 deposit and I could pay the rest of with a loan. This may be a section with a small old 1 bedroom house that needs repair etc but has a 2 acre section and sells for $130,000. So I would pay $120,000 and any other costs included off with a loan. The hardest part for me is to find a location, property and a loan.
if you can find a property like that let me know and ill buy the rest of the town [
] but dont give up hopeok sure, maybe I need to look at other options…
You are unrealistic in your expectations in what you want from a property. $70,000 will buy diddley. Your deposit won’t go far because mortgage insurance probably won’t cover your property – if you find one. However, one option might be to go for a 105LVR loan but the bank will make you dive through hoops to get it though.
]
] but dont give up hope
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