Forum Replies Created
- Catalyst wrote:lisamills wrote:My husband and I are considering starting a property portfolio and have calculated that we have about $40k in equity, which would mean a purchase price (keeping LVR to 80%) of about $210k (plus $10k in buy costs). We are wondering if there is anything out there that we could afford right now to start our portfilio off (ie property for about $210k), or are we better to wait another year until we have paid down our house some more, and hence have a bit more equity in it to play with? We are looking at positive cash flow property only. Any comments or suggestions are MOST welcome.
If you have $40K equity the bank will lend you a max of 80% of that so $32K. Take out $10K buy costs that leaves $22K. Or have I got that wrong and you will have $40K + $10K buy costs available to spend?
What type of properties do you want to buy? I know CF+ but how will you get this? Buying regional? Buying and renovating?
I thought I had calcs right??? We have a home loan of $450k and a house worth approx $610k…how would you work out what loan I would obtain (without having to incurr mortgage insurance?)…We are looking to buy post 1985 brick, freestanding villa or unit or house, regional area with good growth. Not renovating if can avoid it. What is CF+ ?
Thanks for your interest.Thanks to those who have given me such a speedy response to my question. I think what I am hearing is that I need to do a bit more research for myself on comparing what Destiny will provide me with as opposed to doing it all myself…and how much this would save me. If anyone has any other books or websites that they suggest I read to give me some more clarity that would be fantastic.
Thanks
Lisa
