Hi, another silly question but I want to get my head around this: if someone earns $70k wage. After tax saving of the year is $30k. IP approx. $300k, don't you need to spend deposit $30k + stamp duty and fees etc so pretty much the whole year savings gone! Then save up another deposit for 2nd IP and so on i.e. 1 IP per year not 10?
How can someone achieve buying so many IP in a short period of time? Do you need a nearly paid off PPOR worths certain amount with solid equity? If this is true, does that mean most investors are at the age of 50s?? Or they have no children? Or running a multi-mil dollar business?
Why do you get all the loans approved?
Love to hear your stories solid examples would really help.
Many many thanks!
How can someone achieve buying so many IP in a short period of time? Do you need a nearly paid off PPOR worths certain amount with solid equity? If this is true, does that mean most investors are at the age of 50s?? Or they have no children? Or running a multi-mil dollar business?
Why do you get all the loans approved?
Love to hear your stories solid examples would really help.
Many many thanks!