Reply: 1.1.1
From: Sergey Golovin
Heavy T,
It is all boils down to one question - do you have your own money or not. If you do, well you are set. If not you have to borrow it. If you have to borrow you need some form of security. Do you have any security to put against it such as equities, shares, money, or job?
As I understand to purchase property is only part of the problem (plenty of them around), assuming you get finance approved, which lead us to next question - do you have deposit and regular income in any form or shape?
You can buy some properties these days with no deposit but you still need finance to secure that property.
To get finance approved you probably would need equities in other property (already own by you or members of your family) or an income such as - your own income or ma & pa's income, income from grandpa's family trust or grandma's share portfolio.
You do not have to borrow any money at all to buy it if you will come with lump sum of your own money (hard cash).
You probably can even get away purchasing real estate with no using your own money at all if someone will buy it for you or you will inherit some.
The other question would be come up with regular repayments on weekly basis. If you do have tenant in the house and get regular and steady income from them you are laughing, but what do you do if you have vacancies for prolong period of time? You have to top it up out of you own pocket. What do you do about your own expenses such as - meal, shelter, closing, studies, entertainment, etc?
Any way please let us know if you managed to find way around that problem would be interesting to have look at it.
Serge.