Hi and greetings from the Adelaide Hills,where it is not snowing,but should be.
This my first post on this great looking site,so i hope those of you outthere who have built some knowledge re investing might point me in the right direction.Ihave 2 I.Ps, both bought in the last 3 months,and have enough deposit for one more,thus using all of my equity.
Ihave used A.N.Z.@95%lends. My broker @ Motgage Choice says that i am out of serviceability,not enough income.
Given my fixed income,have i hit the wall?William
Hi William,
Is there anyting you can to to increace the value of your existing property? Have you asked your tennants if there is anyting you could provide for them that they would be willing to pay more rent to have? How about some fresh paint, fan, heaters, air con, landscaping, stenciled driveway…
To increase your income ask the question “How can I add more value?”
Once you have increaced you’re income you will be able to lower that 95% by paying more off and raising the value of the property.
There is allways a way[^]
Best Regards,
Andrew.
***************
Be Great today!
***************
Hi William,Is there anyting you can to to increace the value of your existing property? Have you asked your tennants if there is anyting you could provide for them that they would be willing to pay more rent to have? How about some fresh paint, fan, heaters, air con, landscaping, stenciled driveway…
To increase your income ask the question “How can I add more value?”
Once you have increaced you’re income you will be able to lower that 95% by paying more off and raising the value of the property.
There is allways a way[^]
Best Regards,
Andrew.
***************
Be Great today!
***************Hi Andrew thanx for the tips, makes good sense, so ill drop into see tenants x2 and see what pans out. Cheers, Bill
Hi William
I’m also freezing here in Adelaide. I’m new to this investing so called “game” I have a question to ask you, and you may think I’m a bit thick [
] but in regards to using equity as a deposit. How then do you get the funds to purchase the property, How does this work? []
BernadetWilliam,
That is the exact reason this site is a big advocate of +ve geared properties. You just don’t get those problems if you are +vely geared. Maybe for your 3rd IP, find one that will be +vely geared, then servicabilty is not an issue.
Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
Hi William
I’m also freezing here in Adelaide. I’m new to this investing so called “game” I have a question to ask you, and you may think I’m a bit thick [] but in regards to using equity as a deposit. How then do you get the funds to purchase the property, How does this work? []
BernadetBernadet,
You have 2 choices, you can either re-finance your existing loan, and use the cash. Or you can simply tell the bank you want to use your equity in your existing property as additional security.
You guys should pop your property questions on the general property forum, more people read it so you will get more (and possibly better) reposnses.[
]Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
Hi William
I’m also freezing here in Adelaide. I’m new to this investing so called “game” I have a question to ask you, and you may think I’m a bit thick [] but in regards to using equity as a deposit. How then do you get the funds to purchase the property, How does this work? []
Bernadet
] but in regards to using equity as a deposit. How then do you get the funds to purchase the property, How does this work? [
]
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