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thanks terry for your help,
but still a little confused.. So by what you are saying the only way i can get to own say 5 properties is if my income increases to around $1500 a week to be able to afford them roughly……isnt it possible to purchase another property by putting your first 1 up as like a gurantor for the 2nd property and the 3rd up from the guarantor of the 2nd…….
there must be another way to buy all these without them saying i cant afford it .. when i will be getting rents which are higher then what i would owe the bank coming in from the first 2 properties i will be able to afford it……thanks again
Terryw wrote:HiServiceability is going to be tight – is that $600 pw before tax or after?
You may be able to squeeze in another IP now, but the third one may be a few pay rises away.
thanks for the quick response guys…… i also didnt mention that the 2nd property i was looking for would also be a positively geared property also so does that mean the bank would look at that as a good thing considering this eg, my repayments to thebank would be roughly $115 a week just like my first property and my rental return would be around $150 a week like property 1 which gives me $35 extra after repayments .. so does that matter if iearn $600 a week or $800 cause i can service the loan without anymore money weekly………..and then in the future buy a property worth $200,000 and have repayments of roughly $315 a week minus the $35 each i have from the other 2 properties with a $600 a week pay packet that would equal
$600 a week pay paacket
$315 – $70(both properties)=$245 a week repayments …. now with those kind of repayments wouldnt that be possible to service all 3 properties with a wage of $600or do i have it totally wrong……
please i need advice …. thanks again in advance
