Real property Investment - Unemployed

[Vivi]

Hello

I have been unemployed for the past 3 years. I have between $100,000 and 110,000 cash to invest. I have no real property. Can I 100% be convinced that I cannot get a mortgage, say of 130K or less because I am unemployed?

I really think that real property investment is how I should go. I have a ridiculously low superannuation.

Thank you for helping me

 

[HiredGoon]

THE SHOESHINE BOY STORY: Joseph P. Kennedy was heavily invested in the booming stock market of the 1920s, until, legend has it, he went to Wall Street to visit his broker, JP Morgan, about a week before the great crash of 1929. On his way, he supposedly stopped to have his shoes shined. While doing so, he asked the shoeshine boy for the news on the street. The boy, named Billy, suggested that he buy US Steels and RCA stocks because he had “heard they are hot.” Shoes sparkling, Kennedy then continued on to JP Morgan’s offices, where he liquidated all his holdings. Returning home, his wife asked him what he bought. “I sold everything,” he said. “When the shoeshine boy starts giving you tips, it is time to get out of the market.” The Kennedy dynasty was preserved from financial ruin, and Joe’s son, John, would go on to become U.S. president.

This time it's different. The bubble is bigger, and at least the shoe shine boy had a job!

 

[Rockstar]

Hello

I have been unemployed for the past 3 years. I have between $100,000 and 110,000 cash to invest. I have no real property. Can I 100% be convinced that I cannot get a mortgage, say of 130K or less because I am unemployed?

I really think that real property investment is how I should go. I have a ridiculously low superannuation.

Thank you for helping me

Vivi,

Post this in the finance thread section and the expert brokers who hang out there will give you relevant advice,

 

[Qlds007]

Vivi

Unemployment benefit is considered an income by a few lenders and especially with that LVR you certainly should be able to obtain finance.

More important is making sure that if the property is vacant you still feel confortable in making the interest repayments.

Shouldn't be an issue.

 

[Aaron Sice]

look for a good yield to minimise or eliminate your out of pocket expenses.

 

[Rolf Latham]

Hiya

You will find plenty of money structured in various ways.

Not having a PAYG income per se doesnt exclude a borrower as has been said.

The core issue for us to take on such a transaction would be ...........how will you benefit from it.

ta
rolf

 

[Rolf Latham]

Hiya HG

I suspect the shoe shine boy had a franchise at best : ) rather than a JOB

ta
rolf