New Investor

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From: Anonymous


Hi, I am new to this site, it was recommended to me and find it great reading all the different comments etc. As a new investor, I do have some questions, the main one being, if I want to buy an investment property to get tax breaks and to provide some security for the future but have no equity in a property of my own, but equity in other areas, can this be done?
If so, what is the best way to do this... would welcome any feedback. Great Site guys!

 

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Reply: 1
From: Dave


Hi Anonymous,

Welcome to the forum. What 'other areas' do you have equity in? The type/amount of equity you have will determine whether you can borrow against it to purchase an IP.

Cheers,

Dave

 

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Reply: 1.1
From: Anonymous


hi Dave

Thanks for you reply. My equity is in cash... renting just now, just not sure whether to keep renting or buy myself a place somewhere or buy an IP property. Not a lot of income to service a loan, so just need some feedback.

Regards
Josie

 

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Reply: 1.1.1
From: Firefrog .


I am in a similar situation, I have nil equity and renting - but have chosen to buy an IP using cash deposit saved over time.
This may be a strategy for you.
The Frog

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You can achieve far more than you allow yourself to believe. - David Pollitt

 

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Reply: 1.1.1.1
From: Anonymous


Thanks for your feedback Frog... much appreciated. Did you buy new IP or existing and was it a unit or a house.
As said don't have much to service a loan, but can only try I guess.

We all have to try something.. it's just abit scary just now.


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As you said, anything is achievable with some effort.

Josie

 

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Reply: 1.1.1.1.1
From: Firefrog .


I am actually in the process of finding a property now and I'm probably equally as scared. The first step is the hardest, I think the key is making that step then learning from any bumps in the road and slowly watching the road smooth out.

Good Luck but it's not luck you need it's confidence and knowledge.

The Frog

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You can achieve far more than you allow yourself to believe. - David Pollitt