Hi, I recently purchased my second IP 4 months ago and i told myself at that point im not going to buy for another year! But as it happens I have stumbled across somthing i think is relatively cheap, in a good position and has great rental potenial. The problem is im not financially in a great position to buy...
If i were to offer a 5% deposit on a $300K deposit (judging that the vendor accepted this offer) and got LMI, would this be a bad investment choice?
I know this property had a rental potenial for around 350p/w and i do have another property which i could borrow equity against so that would also lower my borrowings.
I need some advice here guys, am i better off waiting till i do have a larger deposit and can avoid LMI or do i snatch up what i think could be a bargain in this climate?
If i were to offer a 5% deposit on a $300K deposit (judging that the vendor accepted this offer) and got LMI, would this be a bad investment choice?
I know this property had a rental potenial for around 350p/w and i do have another property which i could borrow equity against so that would also lower my borrowings.
I need some advice here guys, am i better off waiting till i do have a larger deposit and can avoid LMI or do i snatch up what i think could be a bargain in this climate?