Total Members: 159,196

sparnar

  • sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 4 months ago

    Hi Jamie
    My bad. Should have stated that I am living (and investing) in South Africa.

    Busy reading Steve M's book, and thought I would come here.

    Unbelievably, I haven't found a single South African forum about property investing. So I had to come and check this site out.

    And while some of the legalities regarding contracts and financing might…[Read more]

  • sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 4 months ago

    Thanks, Jamie.

    I will have to speak with someone who knows who all of this applies in South Africa.

    But I understand your concept.

    So you would recommend going for 100% financing, and paying the shortfall for the first year or two, instead of paying deposit to make this property cash flow positive?

  • sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 4 months ago

    Hi Jamie
    Thanks for replying.

    I am actually from South Africa. Although I worked with a bunch of Aussies in the Walkabout bars in the UK, but that is something for another day.

    I bought my primary residence, and this is still under bond (mortgage).

    My aim (for now) is to invest in real estate for income. In the next few years, I might also try…[Read more]

  • sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 4 months ago

    Thanks, Ros.

    So instead of looking at a second deal, rather focus on paying this one off? Even if not to the point of fully paid up, just to make myself look like a more trustworthy lender?

  • sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 4 months ago

    Some background on my decision to go for an apartment (and please feel free to jump in with some advice).

    This is my first investment property. I do have a bond on my primary residence, and have a little bit of quity built up that I can access if I need to.

    For my first property, I think a flatapartment would work best, as there are no…[Read more]

  • sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 4 months ago

    Thanks for your reply, Ros.

    After having read your answer, I realised I probably should have given some more context to this deal specifically.

    If the deal goes through, I will be able to get a 100% bond, since this is classed as a 'distressed' bank sale. The previous owner can't pay his bond anymore.

    Under normal circumstances, I would only be…[Read more]

sparnar

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