Cant wait for equity?

Viewing 6 posts - 1 through 6 (of 6 total)

Still in School
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@still-in-school
Join Date: 2003
Post Count: 1,844
October 23, 2003 - 2:01 am
hi ppl,
here is my situation, what can i possibly do?
i have maxed out my equity, i want to purchase more property, i can either wait for another re-evaluation or wait for some substantial profit from my other IP, first problem the re-evualtion i will have to wait till the 10th of november next month or is there another way i can purchase the properties from the same bank i go to, with out the use of my equity?
Still in School
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@still-in-school
Join Date: 2003
Post Count: 1,844
October 23, 2003 - 2:05 am
All comments welcome, thanks
ANUBIS
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@anubis
Join Date: 2003
Post Count: 559
October 23, 2003 - 3:54 am
10th of November is only 3 weeks away, unless you meant next year? Whay do you have to wait – valuation can be organised fairly easily via the bank.
Still in School
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@still-in-school
Join Date: 2003
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October 23, 2003 - 7:22 am
that still to long, it may only be 3 weeks a way but the property im lookin at has a tenant there on a 2 year least and has a remaining 1 year and 8 months still, also the property is comin at only $55,000.00 and postive cash flow, is there any way i can purchase this property with out havin to wait for my equity?
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
October 23, 2003 - 11:56 am
use a credit card as deposit, or borrow the 20% deposit from someone, maybe? This could do until you can access that equity in 3 weeks?
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Still in School
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@still-in-school
Join Date: 2003
Post Count: 1,844
October 23, 2003 - 7:55 pm
thanks terryw, i will look at that as soon as i can, i spoke to the bank and the real estate agent, what i thought up was i could get to organise subject to finance and allow a 3 week period for that, if the vendor agrees, well im in luck but not i guess ill have to keep trying.