We’ve all heard the turn of phrase “Landlords get rich in their sleep”.
But how many of us have shied away from property investment because we believed that it was only accessible to a select few? Perhaps someone who is older and who has a larger income or a family.
Well, consider this blog post the official notice that the position for Landlord is available to anyone who meets the following criteria.
- Investor (you!) is financially capable of managing a second or first mortgage.
- Investor has the 10% deposit available to them, as well as closing costs; through either cash or equity, or a combination of both.
- Investor has the means to cover the possible additional capital of any rise in interest rates, emergency maintenance or the loss of tenant income.
- Investor has chosen a property that is dually within their budget and with profit potential.
- Investor’s chosen property must have high and safe returns, supported by great rental potential— the investment property is in or close to prime locations such as schools, public transport, hospitals, the CBD and shopping centres.
For soon-to-be Landlords, remember building wealth has never been a bad thing! So it is still important to continue saving and building the equity of your current home.
And for those who are still on the fence about handling a second mortgage, the beauty of expanding your property portfolio means that your second property works for you in the background, increasing your overall equity.
More than that, by backing yourself with an investment property, you are giving yourself the financial independence and security to enjoy life!
If investing in property seems like the next step for you and your future, have a conversation with us today.
We’ll show you how to best use and grow your equity, and what loan will get you there. We’ll diligently work out how much your prepayments should be to comfortably fit in with your budget, so that you can achieve your investment dream—because it’s ours too.
My Very Best To You Always,