hi everyone,
we have finance approved for $220,000 using the deeds to a house that we bought outright on our line of credit mortgage, house is valued at 150,000, we would like to get as many positive cashflow properties as possible,if we find cheap houses at say 100,000 would we be able theoretically to buy 8 ip’s? and if so how?if we start to pay off the loan for 220,000 using this as deposits and fees,where do we get the further finance for the remainder of the ip’s, and do we simply dip into the loan 25000 at a time as we go whenever we find an ip to buy? a confused couple!!Youre right in that you can ‘theoretically’ buy 8 i.p’s worth 100k each, working on the basis of 20% deposit. The banks will lend you the remainder that is required, but will have 1st mortgage over the property until you pay them back.
However, it is unlikely that a lender will finance all 8 at once. Take your time, find a good income producing property, take it to your lender and show them how this property MAKES YOU MONEY. After you do this a couple of times you develop a good history with them, they consider you a ‘good lend’ and then making money becomes a lot easier. Good LuckHi Wannabe,
Good advice from rosspj, I would also like to add,
With your long term goals in mind it may not be wise to put all your eggs in one basket,
Regards MM.Mobile Mortgage
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Phone 0402483216thanks for your advice it is very appreciated,we will have a careful look around and not rush into anything
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