Hey Guys,
If someone could help me, I am in a position now to start buying property. i have done my research on the different regions e.t.c and would now like to dive in and buy. I have money saved plus am going into a partnership with someone else in order to (I hope) maximise our purchase power. However I don’t know what to do next or how soon after my first property I can buy my second??
g’day – you can buy as many as you want as quickly as you want as long as your lender will let you. first thing to do is seek advise from a finance broker and he/she can discuss your options. there a re a few excellent ones on this forum who can help you out.
as a general rule you can keep buying as long as you investment property is cashflow positrive and you have enough money for consecutive deposits…
good luck..
(i have a feeling you will be surfing threads on investing in New Zealand within a fairly short time)
Very tough to find areas in Oz that come anywhere near the sought after 10% yield. I guess Westans right, NZ is the way to go for these deals.
Hi,
This is my first post so i hope i do it right.
I’m wondering how you can continue to buy more and more properties when the bank manager keeps telling me it’s about the ability to repay.
I have about $280,000 in equity (well my dad does as he’s my partner) and he only earns around $700 gross a week. He qualifies for a loan of $230,000.
We have plenty of equity for deposits but it seems we won’t be able to use it as we can’t get the future loans.
We are new to this and are looking at buying our first positive cashflow property (when we find one) Any help would be appreciated.[confused2]g’day – its all about being positive cashflow. ie if you have more money coming in from rent than you have going out in mortgage payments then the bank will have no problem giving you more money. so your rent needs to cover your payments. on a basic 10 pct deposit you will need approx 11 pct return to achieve this.
buy steves first book and that will explain it all in full..
cheers
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