I sold all my properties about a year ago and looking to get back into the market.
What is the best way to get back in? Do I buy a unit in Brisbane or a house in outer suburbs?
The problem I have is that I will have to go for a 106% loan as I don’t have any equity or a deposit. Is there another option?
Hi Jewel
What happened to the mother inlaw deal, will she let you secure against her house?
Could you find a place for sale with a vendor who is interested in holding some of the equity/share back? That way you don’t need 100% of the purchase price or value of the property. Then in a few years you refinance yourself and pay out the vendor.
Or possibly rent a place with a lease-option to buy it in ‘x’ years time.
I’m sure there are more possibilities, but there is two for you. Hope this helps!
Good luck!
Learn, Love, Strive. Make a difference!
Hi Clay
In response to your question” what happened to the mother in law deal” We had a good think about it and besides recieving equity straight away, we would be paying a mortgage on a house that would never be ours as we agreed to let the mother in law keep the profits if the property was sold.
Good call I would think.
Clay
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