My husband and myself have a net income (after expenses)of $3000.00 p/f. I have just started my new job with my husband as a Mine Worker and we want to start investing in property.
With no savings, what would be the first thing for us to do?
Start saving a deposit – aim for at least 5% plus costs.
In the meantime try to get familar with your chosen market so you will know a bargain when you see it.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
After you selected your area of REI
you then have to figure out if your going to flip properties for profit, assume the loan, or outright buy the property. If you are going to purchase make sure your financing is in place so you can move quickly to capitalize on opportunities as they arise. It is also important to know how long you intend to hold the property as expenses will increase the longer you hold onto the property so make sure you know what your exit strategies are.
Although you may have minimal savings that is not the only thing you need to be able to participatethere are many financing programs that will give you a 100% financing so that way you don’t have to have any out of pocket expenses
Anyway I think thats enough to think about
Have fun
Get my 2 cents
The Mortgage Consultant
[email protected]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
