Finance Ideas

Hi everyone,

To those who may have read this in another forum I apologise, but I felt that this was a more appropriate forum and needed to put this here for more advice.

A long winded message but here goes. I have found two properties that I believe are diamonds in the rough, and will return a healthy reward if I can grab hold of them both. The problem is I can afford one property no problems at all but to purchase two is really starting to stretch the budget as far as cash supply goes, which is a bit worrying in todays economic climate. I worked out that I will need approximately $48 000 – $50 000 for deposits and closing costs to achieve my goal.

I am aware of some of Steves techniques such as wrapping and second mortgages but frankly they are a bit beyond me as I a am only new to the investing scene (practically speaking).

If I carry out some minor renovations (turn two bedrooms and two sleepouts into four bedrooms by moving one wall) on one property I am certain that it will increase the value of it and thought that maybe I could borrow against the equity.

Although the contracts haven’t been finalised yet I have negotiated early access to both properties on 60 day settlements so I can carry out some renovations.

I feel I am really onto a good thing with these properties, so if anyone can suggest some options or explain some of steves ideas in some basic terms I would really appreciate it?

Thanks,

Ian