Hi,
I just recently purchased my first PPOR.
But unfortunatley i have no equity atm and have no extra cash, but am just wondering if people purchase more properties in this situation. It seems like you would have to wait for ages before getting into another one.
I was looking at trying to purchase a cheap C+ property, but am not sure how to get finance as I have just purchased my house.
I was thinking of possibly doing one of these following options....
1. Just sit and pay off as much as i can in my mortgage until i get to that 20% level and do some basic renovation work to bring up the value, so will take me the longest. (Landscaping/plastering of internal walls/cleanup)
2. Borrow some cash (personal loan) to do my renovations and then (fingers crossed) get the place re-valued so i can purchase another property.
3. Borrow (say 20%) some cash for a deposit/lmi/stamp duty etc and loan from another lender, but only give them 5%-10% (minimum) and put the rest back into my home for rainy day.......
4. Learn more about this SMSF loan thing, as my super is so crap and doing nothing.
ALso, i am looking at moving out after the FHOG time limit finishes and renting a place, so i was hoping by this time next year to have 2 x IPs.
Is it achievable with no equity and no cash at this time and has anyone done anything like this?
Thanks in advance.
I just recently purchased my first PPOR.
But unfortunatley i have no equity atm and have no extra cash, but am just wondering if people purchase more properties in this situation. It seems like you would have to wait for ages before getting into another one.
I was looking at trying to purchase a cheap C+ property, but am not sure how to get finance as I have just purchased my house.
I was thinking of possibly doing one of these following options....
1. Just sit and pay off as much as i can in my mortgage until i get to that 20% level and do some basic renovation work to bring up the value, so will take me the longest. (Landscaping/plastering of internal walls/cleanup)
2. Borrow some cash (personal loan) to do my renovations and then (fingers crossed) get the place re-valued so i can purchase another property.
3. Borrow (say 20%) some cash for a deposit/lmi/stamp duty etc and loan from another lender, but only give them 5%-10% (minimum) and put the rest back into my home for rainy day.......
4. Learn more about this SMSF loan thing, as my super is so crap and doing nothing.
ALso, i am looking at moving out after the FHOG time limit finishes and renting a place, so i was hoping by this time next year to have 2 x IPs.
Is it achievable with no equity and no cash at this time and has anyone done anything like this?
Thanks in advance.