just starting out

Viewing 11 posts - 1 through 11 (of 11 total)

walksy05
Member
@walksy05
Join Date: 2013
Post Count: 5
May 26, 2013 - 4:54 am
Hi all
Im just starting out it the property investing and have a small amount of cash but not enough for a deposit. Can anyone help me out it would be much appreciated
Cheers
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 26, 2013 - 5:13 am
Hi Walksy
Firstly welcome to the forum and i hope you enjoy your time with us.
There are a variety of options depending on whether the property is an investment property or PPOR.
We work with a lot of private investors who will go upto 100% of purchase price on selected properties.
Would of course needs more information before i can tell you whether you would qualify.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
walksy05
Member
@walksy05
Join Date: 2013
Post Count: 5
May 26, 2013 - 5:30 am
Hi Richard.
Thank you for taking the time to respond to my post. Im looking at investment properties with a positive cash flow. I have found a few with an 8% roi but as mentioned earlier i dont have the deposit as yet.
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
May 26, 2013 - 7:31 am
How much deposit do you have and what is the purchase price budget?
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walksy05
Member
@walksy05
Join Date: 2013
Post Count: 5
May 26, 2013 - 8:38 am
Hi
Hi have 5 k deposit. House cost 105 k. 170 per week rent.
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
May 26, 2013 - 8:51 am
Not sure where you are buying a house for $105,000 but there may be postcode restrictions. However, there is a way you can still purchase the property with those numbers. It does depend on the overall strength of your application.
TheFinanceShop | Elite Property Finance
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
May 26, 2013 - 9:13 am
Hi Walksy
Welcome aboard.
A cheap property with a decent yield doesn't always make for a good investment. It might be adding a few dollars to your pocket but if it's not going up in value – it's not going to be worth it.
I don't know which area you're looking at – but anything around the $100k mark suggests rural/remote where CG is very slow.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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walksy05
Member
@walksy05
Join Date: 2013
Post Count: 5
May 26, 2013 - 9:57 am
What do you mean by postcode restrictions?
walksy05
Member
@walksy05
Join Date: 2013
Post Count: 5
May 26, 2013 - 10:04 am
Hi jamie this property is in a rural area in which I live. What other suggestions do you have? I don't have much cash as it is without looking at much more expensive property. Please help!
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
May 26, 2013 - 10:45 am
walksy05 wrote:
What do you mean by postcode restrictions?
Depending on the location of the property (particularly those in rural or regional areas), lenders will impose loan amount or LVR restrictions or both.
What is the postcode of the property?
TheFinanceShop | Elite Property Finance
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 26, 2013 - 11:19 am
As the boys have mentioned the property location will determine whether the deal can be financed thru traditional lenders.
The alternative is to consider a 100% blended loan but that will be credit scored and will depend again on the rest of the deal.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender