I have found a bed and breakfast type property that returns about 90K a year. Im new to the investing world and have been told by my bank that I will need a 40% deposite. I have nowhere near this. Any helpful ideas out there…..
Is it a home or a purpose built property?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Its a purpose built building with 10 rooms aswell as an owners unit.
You will need a commercial loan then. I was hoping we might be able to get it considered as a residential investment if it was a normal property.
I know a good commercial broker in Sydney if you need to talk to someone.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
thanks but the problem I have at this point in time is that I need to find an alternative means to cover the %40 deposite. At the moment there is no way I can get to 40%
Perhaps a commercial broker can find a higher LVR solution for you?
I will ask him on Monday.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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