Steve mentions in his book that they had only $8,000 when they bought their first property at Ballarat and used that $8,000 on the deal as the deposit.
What I don’t understand is how they purchased hundreds of other properties over the next couple of years if they were putting down 20%each time as deposit. How did they raise the 20%’s.
BarryDYou must remember that properties were very cheap ‘back then’. If you have two couples on good salaries and they are saving everything possible, then it won’t take long to save 20% deposit on a $40,000 property.
Once you get a few, prices start to rise and you have access to the equity…… These properties are probably worth $150,000 now – about 3-4 years later.
And getting a large deposit from wrappees…..
Terryw
Discover Home Loans
North Sydney
[email protected]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
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