I have recently started a new business (funiture removals) and i am only as yet just keeping my head above water financially, being an old newby to the site some sound advice would be really appreciated. My situation is i have an investment prop. worth aprox 320,000 and owe 85000 thousand as mortgage repayments with an available redraw of 20,000 Have read plenty of books on wealth creation including 2 of Steves books, Jan Somers ect. Positive gearing definately looks to be the way to go! But with my current rent payments and cash flow being so slow i am reluctant to take the plunge! Reno to start with perhaps?
Hi Brooster,
With a property worth $320K and debt of only $85K perhaps it wouldn’t hurt speaking to a Finance Broker first, to get things sorted out. Maybe refinancing will provide you with the extra capital you need to move forward…..Oh, and keep reading.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Thanks Amanda I will definately take that advice on board
As Amanda has mentioned sometimes equity can be your best friend.
Having just started a new business should not be a detriment to pursuing your goal of wealth creation.
Structured correctly with a Nodoc style loan you may find that you can free up some equity to invest in either your own business to increase cash flow or to invest in a +cash flow property.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
You have a good platform, no rush.
Best of luck!
[cigar][cigar]
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