How old is your relative - and what is the urgency of buying so many "right now"?
I was just thinking - if she takes it a little slower - current income of $20k - IP1 income of after costs income of (say) $12k ($300/wk) - buy IP2 &3 on 50% lend with after interest/costs combined income income of (say) $15k ...
... that gives her an income of nearly $50k ... spend the next 12-24 months saving the deposit for the next property or two, by which time her health may be better and she can gain better paying employment ... or even if not, if she has bought well the rents would have gone up and the equity also up - so her overall situation is better to draw some equity for the next purchases.
Becoming wealthy thru property is not something that (usually) happens overnight - she would be better building slowly over the next 5 years IMO.
Get her to sit down and write her end goal ... ie, $100k income within 10 years ($50k passive and $50k employment) ... and then work backwards to work out how she will do it ... ie, need 4 fully paid IP's and work 2nd job (packing shelves, working at Bunnings, checkout, training, go to TAFE etc) ... then she needs to sit down and work out how she's going to get 4 fully paid IP's. She already has one, plus enough money for a second, so only really needs to work out how to gain two more.
I was just thinking - if she takes it a little slower - current income of $20k - IP1 income of after costs income of (say) $12k ($300/wk) - buy IP2 &3 on 50% lend with after interest/costs combined income income of (say) $15k ...
... that gives her an income of nearly $50k ... spend the next 12-24 months saving the deposit for the next property or two, by which time her health may be better and she can gain better paying employment ... or even if not, if she has bought well the rents would have gone up and the equity also up - so her overall situation is better to draw some equity for the next purchases.
Becoming wealthy thru property is not something that (usually) happens overnight - she would be better building slowly over the next 5 years IMO.
Get her to sit down and write her end goal ... ie, $100k income within 10 years ($50k passive and $50k employment) ... and then work backwards to work out how she will do it ... ie, need 4 fully paid IP's and work 2nd job (packing shelves, working at Bunnings, checkout, training, go to TAFE etc) ... then she needs to sit down and work out how she's going to get 4 fully paid IP's. She already has one, plus enough money for a second, so only really needs to work out how to gain two more.
