sparnar replied to the topic Newbie question in the forum Help Needed! 11 years, 5 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, 5 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, 5 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, 5 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, 5 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, 5 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]