Hi Guys,
I bought my first property back in December last year, all finalised in February (yeah I know! seller lost deed!) anway all sorted now.So have been paying it off pretty hard out since then, I know doesnt seem that long a whole 4months! but was wondering how long it is until I can start looking for a second property or some land?
I have heard that you should wait alteast 6months so that the bank can see that u have been making regular payments, is this right?
I am really keen to buy something else asap! how much ‘equity’ should I have to start looking. I have no deposit , I mean how does someone with a mortgage (on there own) save for that??? ideas?
Any suggestions?
Look forwward to hearing from you alll really soon!Mcubed
Ps Iam on $2200 clear a month and have already upped repayments twice any more and I would be over the edge! ;-(There is no time frame as far as lenders go – in fact they will want to lend you more money as soon as they can.
The idea of building up a repayment pattern was from the old bank manager days
today you either have an ok history or a bad one. You cannot really get better than OK.
The best time to buy is when you can do so and when the properties are the cheapest. Generally they are cheapest today!
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
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.
Hi mcubed
Like yourself, 18 months ago I ventured into the foray of property investment and bought in FNQ. It settled on Dec 14th (first mistake) and sat vacant till Feb 12th (second mistake).
I’ve had it tenanted since Feb 05 and have had NO dramas with the manager, lender or tenants. It’s a great feeling and as soon as you get one you want two…..
Anyway, I bought my second last Dec, (yeah I know I didn’t learn anything the first time) in Adel, and have had it tenanted since settlement.
There’s no real time as when to jump in again because every investor has a different risk tolerance and financial situation.
Both my properties are I.O loans so as soon as capital growth takes off in Syd, I’ll probably go again.Good luck in your endeavours[thumbsupanim]
Thanks for your advice
So I dont need to wait until I have ‘lots’ of equity in the property I curerently have?
I mean, I didnt thnk that I would be able to go and borrow say $150K for land or something? how would u pay offf both on the same wage? i can start renting my place at the end of july – will aim to get about $250.
where to from here?
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