Hi Guys,
I am wanting to purchase another property within the next 6 or so months and bring my portfolio up to 3 property's.
Currently I have 2 houses in Perth (1 in Baldivis and 1 in Yanchep) both are through the same bank - Bankwest. (didn't want it that way but anyway....)
Baldivis has a 400k mortgage and worth $450k(ish) was valued at $435k in January by Bankwest (ANZ did a paper valuation for $450k). This is rented at $430p/w. Used a cash deposit for this one. Think it's a 95% LVR.
Yanchep has just about finished being built and ready for tenants. Mortgage is $377k and having a look at RP data etc I guesstimate it would be between the $425k-435k. Expected rent will be been $430-450 p/w. I'm hoping $450 as it will then be just positively geared. Also used a cash deposit for this and the LVR is 92.34%
Done some rough calculations and based on the lower figures and keeping some equity for the bank I should have circa $60-70k in combined equity between the property's.
I would hope this would put me in a situation to put a 20% deposit down on a cheap property over east, would like an 80% LVR so that I can then gain access to that equity straight away and start rapidly building the portfolio.......from the research this seems to be the way to do it?
So the question is can I combine equity to purchase another IP through another bank? New to this and stll trying to understand how the equity works but from what I can understand you can do a redraw or obtain a LOC to draw from that?
I am going to go to a broker eventually but just trying to get my head around the situation and gain any advice on what to do and how to get me a 3rd property.
Hopefully that all makes sense, got all this stuff pinging around in my brain and its frustrating as my group of friends enjoy spending their money on crap and booze/drugs (early 20's lol) instead of investing so it's hard to try and talk and get advice with any of that lot!
Thanks
I am wanting to purchase another property within the next 6 or so months and bring my portfolio up to 3 property's.
Currently I have 2 houses in Perth (1 in Baldivis and 1 in Yanchep) both are through the same bank - Bankwest. (didn't want it that way but anyway....)
Baldivis has a 400k mortgage and worth $450k(ish) was valued at $435k in January by Bankwest (ANZ did a paper valuation for $450k). This is rented at $430p/w. Used a cash deposit for this one. Think it's a 95% LVR.
Yanchep has just about finished being built and ready for tenants. Mortgage is $377k and having a look at RP data etc I guesstimate it would be between the $425k-435k. Expected rent will be been $430-450 p/w. I'm hoping $450 as it will then be just positively geared. Also used a cash deposit for this and the LVR is 92.34%
Done some rough calculations and based on the lower figures and keeping some equity for the bank I should have circa $60-70k in combined equity between the property's.
I would hope this would put me in a situation to put a 20% deposit down on a cheap property over east, would like an 80% LVR so that I can then gain access to that equity straight away and start rapidly building the portfolio.......from the research this seems to be the way to do it?
So the question is can I combine equity to purchase another IP through another bank? New to this and stll trying to understand how the equity works but from what I can understand you can do a redraw or obtain a LOC to draw from that?
I am going to go to a broker eventually but just trying to get my head around the situation and gain any advice on what to do and how to get me a 3rd property.
Hopefully that all makes sense, got all this stuff pinging around in my brain and its frustrating as my group of friends enjoy spending their money on crap and booze/drugs (early 20's lol) instead of investing so it's hard to try and talk and get advice with any of that lot!
Thanks
