YAY, [exhappy]I have just finished all the paper work for my first IP ,which will be mt PPOR for now as I used my FHOG, and I have now decided it is time to get in touch with everyone again and become active on this site again as I have not had time lately. Well that and the fact that I had no properties and was no where near starting.[biggrin]
Can anyone give me some tips on what is the best step to take next as I want to do positive gearing and the proprties may be hard to find without a deposit where I am, therefore the IP’s I gain from now on will more than likely need 10% deposit.
Do I pay off as much as I can towards the house I have just bought to gain equity to borrow against or is there another way?
Any information or tips would be great and muchly appreciated.
Blondie[cowboy]
Hi Blondie,
Congratulations on your first IP – you are now in the game and ahead of all of those wannabes.
Without knowing the ‘ins and outs’ of your financial position or the property I would suggest that you are best served by increasing your equity level as quickly as possible so that you can progress your journey.
You will know if this is best achieved via cosmetic renovation, full blown renovation or plain and simpple paying down the loan as quickly as possible.
This can be achieved via additional repayments and/or an offset account which receives all income and retain the money in this account for as long as you possibly can.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Congratulations blonde,
Once you have paid of some of your mortgage you can use it to buy your second ip then third. ect ect.It gets easier after the first one.
Regards
Brett
“Those who say it can’t be done are being passed by the ones doing it.”
Start watching your cash flow, bank statements etc…as this is what the banks will want to view when assesing you for the next property..
construct a budget..
R
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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