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Hi i think it is great that you have got your first property and that it is making you profit, congratulations. i was just wondering how old you are and how you went about getting your loan, what type of loan did you get. i am looking to buy my first investment and am looking a similar places like the one you have bought. any advice you could give me would be great. thanksI am 23 yrs old now but actually bought the house when I was 22. To get the loan I just went to a couple of banks to see how much (if any) they would lend me. As it turned out, the second bank I went to helped out. I was a low income earner and had another debt so was very lucky to get started. But once I got the break, everything has worked out well. The loan was just an Easy Start from ANZ (1 per cent lower than their current % rate). Don’t really have any advice but just look in real estate guides, internet etc, so you now the approx price of diff types of homes so you can spot a bargain. Goodluck!
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Hi Georgei’d advise you to work for you lifestyle but build your property potfolio as your wealth. Any profit either pays off the loan or gets reinvested in another property or shares etc. If you start spending your prodits you will be working till your 60+, but having a higher standard of living. i’d rather delay the temptation and build for the long term but its all a personal choice. You Need a plan !
regards westanThanks for the advice Weston but to extend that further…
You say I need a plan. Currently my home is returning only about $55 dollars a fortnight in profit from the rent (rent – mortgage). It is worth approx $180k with a $90K mortgage.Where to from here??
Thanks for the advice guys but to extend that further…
You say I need a plan. Currently my home is returning only about $55 dollars a fortnight in profit from the rent (rent – mortgage). It is worth approx $180k with a $90K mortgage.Where to from here??
