Hello all! Just seeking a bit of advice while starting out in the game.
My partner and I are traveling Australia and headed back to the States shortly with the money we’ve saved on our working holiday. (Yes, thank you, we did enjoy your country). We are excited to get back to the states and buy our first investment property, but being so far from home and not knowing much of the ins and outs of financing is a bit daunting at this stage.
We will be going back with a solid down payment but no income (aside from my partner’s disability check from the military). In the states he qualifies for a VA loan, which means no money down on your first home loan (i.e., qualifies for no money down on anything he will live in, not solely an investment property).
Does anyone have any advice on financing your first ip with nothing but cash in the bank and no income? We will have (roughly) 30k USD.
Any advice helps and would be much appreciated!
-ChristinaThey won’t lend with no income.
Hi Christine
Firstly hope you are enjoying Oz.
One consideration would be to look at some form of Vendor Finance.
All forms of income including VA will be considered.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Hi Christina,
Does anyone have any advice on financing your first ip with nothing but cash in the bank and no income? We will have (roughly) 30k USD.
Since I gather from your words that you will be buying in the USA, I would suggest you check out the forum called “Overseas Deals”. In there, a few people are discussing the USA property market (mainly for Australian Investors) but you will likely glean some useful information just by reading the posts in there.
Benny
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