Financial Strategies "TODAY" to Expand Property Portfolio's
Assumption: Dont make this thread a discussion on why or why nots, lets work on the assummption that someone DOES want to rapidly expand a residential property portfolio in todays "post" (ish) credit crunch financial environment.
And that you want to buy as much hold rental stock as you can, and as fast as possible, say 30 to 40 properties.
Property DVD's and the Good Old Days:
Like any budding property investor I have read all the books and watched all the DVD's.
From the Dean Letfus "Property Traders Toolkit" where he mentions that you open a weetbix box these days and a mortgage falls out (Arounnd 2006).
To Roy Hong Fong, Sean Wood, Martin Ayles; where they all discuss finance strategies similar to what you would read about in most residential property how to guides.
The Basic Premise Being:
Buy under value, and add value to create a fantastic LVR (should be easy right now).
And recycle that equity out of the deal and use it as a deposit for the next - uh oh
????
And you also focus on high yeilding cash flow property initially to be able to service loans - okay thats not so bad
Today's Financial Issue:
Is that in the current climate as we all know it is very difficult to get finance and the banks have very strict policy on recycling equity out of a new property acquisitions.
I was told Westpac have a 30k maximum ?
Another broker told me I had to wait for at least 6 months maybe more.
Previously:
You could do a cosmetic reno, use the new RV and take that that to the bank in 2 to 3 weeks to have the bank give you 80% of that new RV.
You could just wait 3 months and get a new RV.
So One Piece is Missing in the Financial Jogsaw:
What advice can the guru's of today, offer to us ??
Now, to be able to get around this problem.
What financial strategies do people recomend, or are out there, to be able to expand a residential prioperty portfolio - quickly
If a Roy Fong or a Sean Wood was starting today, what would they do ????
And that you want to buy as much hold rental stock as you can, and as fast as possible, say 30 to 40 properties.
Property DVD's and the Good Old Days:
Like any budding property investor I have read all the books and watched all the DVD's.
From the Dean Letfus "Property Traders Toolkit" where he mentions that you open a weetbix box these days and a mortgage falls out (Arounnd 2006).
To Roy Hong Fong, Sean Wood, Martin Ayles; where they all discuss finance strategies similar to what you would read about in most residential property how to guides.
The Basic Premise Being:
Buy under value, and add value to create a fantastic LVR (should be easy right now).
And recycle that equity out of the deal and use it as a deposit for the next - uh oh
????And you also focus on high yeilding cash flow property initially to be able to service loans - okay thats not so bad
Today's Financial Issue:
Is that in the current climate as we all know it is very difficult to get finance and the banks have very strict policy on recycling equity out of a new property acquisitions.
I was told Westpac have a 30k maximum ?
Another broker told me I had to wait for at least 6 months maybe more.
Previously:
You could do a cosmetic reno, use the new RV and take that that to the bank in 2 to 3 weeks to have the bank give you 80% of that new RV.
You could just wait 3 months and get a new RV.
So One Piece is Missing in the Financial Jogsaw:
What advice can the guru's of today, offer to us ??
Now, to be able to get around this problem.
What financial strategies do people recomend, or are out there, to be able to expand a residential prioperty portfolio - quickly
If a Roy Fong or a Sean Wood was starting today, what would they do ????
?
)
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