If you already have a few investment properties with the same bank. Then they will know that you are reliable and that to keep you as a client(or whatever) they will need to lend to you, even if your income is a little low. They may slightly bend the rules for you.
We used to ask the very same question a few months ago but hubby took the plunge and resigned in May 06 because he was very unhappy at work and we have not looked back since. For the past 2ish years, we have been members of this forum and have attended countless seminars and read 100’s books/articles on property….we still had doubts in ourselves up until a few months ago when we attended a property seminar and took away the best learning we could have….and it wasn’t the content of the seminar that impressed us it was the fact that during the entire weekend, now we’re talking over 20hrs worth of info, hubby and i walked away only learning 1 new thing and that was that we knew it all! Over 20 hours worth of great property info and we already knew it all. That was the best lesson of all because that was like a lightbulb moment where we realised that it is seriously time we stopped focusing on learning all the time and looking for deals all the time but to actually take that next step forward.
Over the past 2 years we’d hardly secured any deals and we realised why, we’d spend from 8:30am – 5:30pm in our day jobs, then come home and look for deals from 6:30pm – 12:30am but the deals weren’t coming to us? When hubby quit, we secured all the deals we wanted because of 1 difference, we actually put in an offer! Since hubby quit work in May we put in an average of 35 offers a month and as a result, have achieved more in 5 months than we ever have in 2 years.
We had the same dilemma as most in that while we still both had our day jobs, we found it difficult to balance a life with property but we did and it wasn’t easy but if you’re dedicated and have an end goal in mind, you’ll find that you’ll put in the hard yards. As mentioned, we’d spend 5 nights a week looking for deals from 6:30pm – 12:30am and then saturdays and sundays going to opens. We did this for almost 2 years.
One huge tip i’d give which had been a bit of a problem for us is if you haven’t already registered your ABN, do it NOW! We’ve had our ABN for 1.5years and its proven to be a huge hurdle for us in terms of getting finance on a low doc. If you’ll be quitting your day job and don’t have financials etc to back up the fact that you can service the loan and will need to go low doc….register your ABN asap…the sooner you do it the better….even if you haven’t quit yet.
Good luck and happy investing [biggrin]
p.s sorry for babbling on a bit there[blush2]
Kim Anand
[email protected]“Money Can’t Buy you Happiness but it Does Bring you a More Pleasant Form of Misery”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
