When to take the next step?

[Tan]

Hi Everyone,

I bought my first property earlier in the year and everything is going well. I am thinking of property no 2. I don't know when and how to take this next step?? How do you know when to buy no 2? I thought it got easier......

Thanks

Tan

 

[marg4000]

My first step is always to sort out the finances.

I suggest you contact your mortgage broker or lender of choice and find out how much you can borrow (and afford to repay). That gives you your price range and you take it from there.
Marg

 

[kissfan]

Hi Tan.

Same as what Marg said.

Before you bought your first IP, you must have done some rough calculations on what you could afford, how much repayments would be etc.

Go through the same process again and if the figures stack up, go from there.

What gets easier is the whole thing of dealing with agents, dealing with PM's, dealing with banks etc. This happens when you open your mind to possibilities.

Regards
Marty

 

[want2bewealthy]

Ahhh a fellow Geelongian

Buy as soon as you can and whenever you can afford to.
its as simple as that in my eyes, I have a rather aggressive strategy though because I only have a 10 year time frame to meet my goals, not because I 'have to' but because I want to.

 

[Tan]

Thanks People,

I will sort out my finances and use the same process like I did with my first property.