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That's the kind of response i appreciate. I'm from Cape Town South Africa. Mate
Excuse the typo earlier on and the double entry, i meant 20% not 80%.
One thing is clear, it takes alot of work for every deal, big or small. It's a nervy thing to move into property investment, however my willingness to learn will get me though it.
It's been my intention to keep renting and make a move for an IP first, the hassle of inspections and outrageous landlords is rather off putting to say the least. It's a price i'm prepared to pay though, the key was convincing my wife.
Your comments are invaluable. Thank you
Indeed they are pretty hard to find., the only formula i have is the one Steve suggests in his book. 80% deposit is alot to come up with when just starting. I'm going to have to get creative.
What's your take? I've actually seen one a few minutes ago currently tenanted which could be positively geared. Would it be advisable to acquire the services of a coach you see in the API magazine? All of them tell you what they can do for you but they make no mention what's in it for them.
Thanks alot guys.
Thanks Jamie M i'll get that to you shortly
Shahin, i'm not sure about the broker's reason i didn't actually bother to ask. Was a casual conversation but my thinking behind that is to free up my salary for borrowing again in the future.
So i get home this evening and my wife says she'll rather wait and get something equal or better to what we are currently renting. In the meantime we should perhaps look for a positive cashflow investment property. I've read that many investors do this as the rent is much cheaper than an installment on a mortgage.
I know i will loose the grant we are eligible for with a purchase like that but does it mean i can never claim that FHOG when actually purchasing our PPOR?
I'm on a Permanent Resident Visa, which to my knowledge doesn't have restrictions. If this statement is incorrect please let me know.
@jamie M – what finer details would you like me to reveal? I'd be more than happy to do so for if you can assist in fine tuning the application.
I'm married and my research tells me to perhaps take out the loan in my wife's name and stand surety/guarantee only. Two mortgage brokers weren't to happy for me to do this.
Thank you for your responses
