Getting Started

[WebBoard]

From: Mike .


2 questions
From:
Date: 12/16/99
Time: 6:02:21 PM

1. Are there any other good sites/links on the net dealing with investing in property.

2. Bye the way, i have $87,000 collateral in my house and want to invest. But i am only working temp at the moment and looking hard for more permanent work. Would it be worth my while having a talk to a bank about investing, or would they not be interested as i am not permanently employed ?

PS. I can't wait for your next book JAN

Geoff

 

[WebBoard]

Sue

Reply: 1
From: Mike .


Re: 2 questions
From: Sue
Date: 12/19/99
Time: 7:24:00 PM

Hi Geoff, You are certainly in a great position as far as collateral goes but in my experience unless you have some other source of income most banks want you to have been in a full-time job for anywhere between 6 months and 1 year and if you are in part-time work between 12 months and 2 years.

I'm not sure what you mean by temp work but if this is only "casual" as opposed to "part-time" where you have signed a contract or agreement and get holiday and sick pay etc then I don't think many banks would look at you. Sorry, it IS just from my own experience.

If you have a long (and happy) relationship with a particular bank then the story might be different. But then again for your own peace of mind you don't want to get into a big loan when your only source of income isn't very secure. I'd say your best bet is, as you said, find yourself some permanent job, and very soon with your healthy equity that you have obviously already worked hard at increasing you won't have any trouble getting a loan for an investment property.

As far as other places on the web, there is a book you can buy or get from the council library called "Property on the Net" by Graham J Airey that lists hundreds of sites relating to property and property investing. I've got the book but haven't had time yet to check them all out. Good luck with your job hunting! Sue