Hi all,
I just need a bit of direction. I have been thinking about changing careers and came up with a question. When can you basically quit your JOB and go property investing FULL TIME AND the BANKS STILL LEND YOU MONEY FOR IPs?
I came up with the conclusion as long as you have certain amount of security, WONT the banks still LEND you against that security.
Say for example you have $300,000 CASH in the bank. Can't you use that as security to borrow more Investment Home Loans.
With that $300k you just use that as a buffer just in case smething goes wrong and keep borrowing for even more IPs, insuring everything for each IPs and so forth?
You might ask where are u going to get $300k.
Well fter u have a no of IPs and by refinancing each and putting it all into 1 bank account over time you should be able to accumalate some funds.
Please tell me if my thinking or this strategy is good or bad or flawed.
Youo input is much appreciated
vluu
I just need a bit of direction. I have been thinking about changing careers and came up with a question. When can you basically quit your JOB and go property investing FULL TIME AND the BANKS STILL LEND YOU MONEY FOR IPs?
I came up with the conclusion as long as you have certain amount of security, WONT the banks still LEND you against that security.
Say for example you have $300,000 CASH in the bank. Can't you use that as security to borrow more Investment Home Loans.
With that $300k you just use that as a buffer just in case smething goes wrong and keep borrowing for even more IPs, insuring everything for each IPs and so forth?
You might ask where are u going to get $300k.
Well fter u have a no of IPs and by refinancing each and putting it all into 1 bank account over time you should be able to accumalate some funds.
Please tell me if my thinking or this strategy is good or bad or flawed.
Youo input is much appreciated
vluu