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How Soon You Could Tap Your Equity to Borrow and Buy New Property
If you’re renovating, usually most of the lenders won’t let you do a refinance within six months of purchasing a property.
Some can get you to three months especially if your broker has that conversation around the fact there’s been a significant renovation or change.
But usually they’ll accept that they need three to six months. So it’s not a buy, renovate and then 10 days later, let’s get a refinance that could be difficult.
It could be that you’ve got a current property within your portfolio, you renovate it, and then you refinance whenever you want to. So there’s that opportunity.
Buying between properties is essentially its really up to you when you can afford it. And as long as you’ve got a buffer in place, so that you make sure if something goes wrong, you know, you’ve got some cash to cover vacancies, etc.
You have to think ahead of what your strategies and have the right finance setup.
If your plan is to buy a property and access equity, make sure that you’re with the lender that’s going to allow you to access that equity and has the policies to allow you to do it.
If you’d like a complementary call to talk with one of our experts then book a call https://investorschoice.com.au/bookacall
#slamit #propertyinvestment #realestate #mortgagebroker
Earlier this year my son sold up his entire Lego ‘portfolio’ and made $1200. He was allowed to spend 15% on himself (he bought a skateboard) and the rest we were going to learn how to invest in shares.
We decided to buy 3 shares, we discussed what would drive growth of share value (this was June 2020) and decided to buy an online finance company and a provider of blood tests. My son on the other hand used a random generator to come up with his share selection.
Seriously! I have to admit I thought I had been leading by example with the due diligence I put into researching property, so his ‘strategy’ hurt.
Well it turns out you have to buy a minimum of $500 batches of shares (see I told you I have no idea) and I convinced him to let his European GPS imaging company with Government contracts to be the one we get rid of. Subsequently the owner of Kathmandu purchased $$$ in the same company, and I haven’t heard the end of it…
Let’s face it investing in something you don’t understand or research properly can be risky, and sometimes throwing the dart against the wall can work but most likely not.
Now since this share journey started in June, I have been getting daily updates on the price of these shares – as you can see below…
Umm, what does this even mean?
Well, I’ll say this… these ups and downs you are seeing have been wreaking havoc on me daily. I see the email come into my inbox and cringe – what will the day bring?
Up or down?
Have I lost money or gained it?
Seriously, check out Aug 27th… this was my standout – there was a 27.48% gain – but then the next week, straight back to where we started at $6.00.
Oh my.
These daily ebbs and flows are doing my head in.
Let’s talk context: I know property – I do research and due diligence. I buy the best possible property I can afford and one that gets to my goals. And then I sit back and relax for 10 – 15 years.
Yes, the market goes up and it goes down – and I don’t really ever know the value of my property until I sell it. But as long as the fundamentals are right, I know I’m about to become an armchair investor.
I just have to let time do its thing.
And let’s be clear: when it comes to property, we are talking about a multi-million dollar portfolio here… So, when it comes to my shares, how much am I dealing with?
Well, I have 18 Sonic and 82 Zip. To give you an idea, this is an entire investment of less than $1500 in value.
Yep.
And I experience more stress than when I was in my acquisition and renovation stage for all of my properties.
Just like Tom in Jerry Maguire, at the end of the day we want to shout “Show Me the Money”.
Do I have confidence in my shares? No!
I didn’t buy the best share in the health and finance sectors, but CSL was over $250 and I only had $500 to spend, so I just settled on any share I could afford in the general location of health.
Then there was AfterPay, the darling of online finance transactions, but seriously at over $70 a share I could only settle on the $6 option (that’s where my Zip shares come in… hopefully the cheaper underdog wins the Buy Now Pay Later battle… we’ll see.)
Over the years I have spoken to many property investors who knew they ‘should’ buy a house, or they ‘should’ buy in a certain city – but then they just left it to chance – hoping that they got it right, a house in any suburb would do.
Right?
Just like my share purchase not the best share in the sector… but any share in the sector will work.
Right?
just like any house in any suburb would do. Right?
Just like my share purchase – not the best, but any share in the sector will work. Right?
Well, you don’t have to hope and dream.
I have been investing in property for over 20 years, I have a low-risk methodology that I have taught thousands of students. I see the success of those who just get it. They follow the step by step process and select the right area to buy, the typical property for the area, they do their research so that they can buy under market and then they add value. They make money in 3 ways, when they buy, when they add value, and with capital growth for when they sell.
This is simply my Trid3nt Strategy®
Jane
PS If you would like to checkout helpful information then you might find the following useful.
4. For a collection of all our my courses, podcasts, series and more you can find it all here www.janeslacksmith.com.au
If you are like me you like Tom Cruise films.
However, I get it – the series of Tom Cruise films are a bit hit and miss.
Some work, but others…ho hum.
Property Investing is a lot like this for many people, some purchases seem like the holy grail and others well…ho hum.
But why?
Because the foundations have not been laid right and there is no repeatable process.
That is why I was excited to hear about the ‘Start and Build’ course my mates over at the Property Couch have created. I jumped into it and it could just be the perfect script for your financial success.
Just like a good movie, there is always a good script – stick to the script and you’re up for a Golden Globe… but deviate, get too clever and, well it all becomes a bit…beige.
A box office ghost town.
A total flop.
Investing should not feel like mission impossible, however there is a process that I have seen over the last 15 years. There is a formula, just like the perfect script, that if you follow you can be left with success.
The formula starts with a plan.
That’s it the perfect script
So are you up to following it?
Jane (scriptwriter…) Slack-Smith
I have convinced Bryce and Ben to even give you mates rates on their Start and Build course, because this is something that my courses are missing, one of the first steps, which is to know your current situation and plan accordingly. So take a look at their course just click the link I think you will be delighted with what you see.
PS If you would like to checkout helpful information then you might find the following useful.
One thing I’ve heard over and over again, especially when it comes to any kind of investing is:
“Imagine if you had jumped in early”…
Let’s think about it for a second.
What if you could go back in time and buy Apple stocks when it first went public, on December 12, 1980, at a price of $22.00, (or about $0.10 when adjusting for stock splits…)
Apple’s current stock price at market close on September 9, 2020 was $117.32.
If you’d purchased $1,000 of Apple stock at its initial public offering (IPO), that investment would currently be worth about $1,159,000 as of September 9, 2020.
A 115,900% total return for Apple!
But what if you invested in Nokia, back in 2000, when it was rising fast and dominating the market? Or in Blackberry shares back in 2005?
You get the point. And complete disclosure on my part…I don’t ‘get’ shares. (See the PS below for my latest and first share adventure).
So what about property?
What if you could go back in a time machine and buy a property in Melbourne in 1980, when the median price was $39,500? (currently it is $864,000)… would you do it?
“What if…”
“What if…”
Those magical words…
What if you could have a phone booth that could take you through time in your own excellent adventure? Wouldn’t that be just awesome, dude?
But jokes aside – and also leaving my beloved 80’s movie reference behind, there’s something similar to a magical futuristic phone booth that you can use now…
And it’s the science of suburb prediction.
You see, when done right, the future is bright.
As parents many of us worry that our kids will never be able to afford their own home, let alone an investment property. For many of us our home has been our biggest source of wealth, so we know the value of this type of investment.
As a mum, I always want the best for my child.
I know there are many things we do as parents to help our children have a better life, to help them build their future.
We try to give them the best education possible, we try to give them a ‘leg up’, we try to lead by example, because sometimes just being a good human is the best we can do.
But often we are leaving their financial future to chance.
Hoping they get paid so they can afford the lifestyle they desire.
Hoping they find happiness and can enjoy time with their families.
Hoping, hoping, hoping.
Hoping they get afford a home, have financial security.
The world is evolving faster than ever before, jobs and skills that were relevant last year, are virtually redundant now. For those with kids in school now, think about this, the jobs they will end up doing, do not even exist yet.
So, what if we could set our kids for a brighter future?
What if we can get them onto the property ladder sooner.
What if they could take advantage of the current confusion in the market, and even give them some financial support, maybe even bringing some of their inheritance forward?
What if, by doing so, they didn’t have to wait until they’re 65+ to retire?
This could be their “What if” moment?
20 years from now, they could be looking back at this time wishing they had a time travelling phone booth and explored every opportunity they could to invest now.
Maybe there is an opportunity for them have a bite on a juicy apple, instead of choking with a blackberry…
I think the future is bright. I think for those who are ready, that the opportunities in the property market now are fantastic.
In the last year I have been working with a number of parents and kid duos in my mentoring program. Maybe the time is right for you to consider giving your child a helping hand and going on this journey together.
If you are interested in exploring working 1:1 with me and a small group of like minded people in the next 12 months, then check out the details here, or reply to this email.
What if this is your time to act?
PS Earlier this year my son sold up his entire Lego ‘portfolio’ and made $1200. He was allowed to spend 15% on himself (he bought a skateboard) and the rest we were going to learn together how to invest in shares.
We decided to buy 3 shares. We discussed what would drive the growth of share value (this was March) and decided to buy an online finance company and a health service provider.
Then for the final selection my son wanted to use a random generator to come up with his share selection.
Seriously! I have to admit I thought I had been leading by example with the due diligence I put into researching property, so this ‘strategy’ hurt.
Well it turns out you have to buy a minimum of $500 batches of shares (see I told you I have no idea) and I convinced him to let his European GPS imaging company with Government contracts to be the one we get rid of. Subsequently the owner of Kathmandu purchased $$$ in the same company, and I haven’t heard the end of it.
Let’s face it investing in something you don’t understand or research properly can be risky, and sometimes throwing the dart against the wall can work.. but most likely not.
Jane Slack-Smith
If you would like to checkout helpful information then you might find the following useful.
We Melburnians were supposed to be celebrating a return to stage 3, however we are stuck at home a little bit longer…
It’s been so many months of this “new normal”, that I can’t even remember the last time I was “home alone” …
However, as you may have noticed from my previous emails, this time has allowed me to reconnect with one of my guilty pleasures… 80’s and 90’s movies.
Speaking of which, I was wondering the other day about Macaulay Culkin from “Home Alone” … and found this:
Ok… I’m speechless…
I know it’s not a surprise that time flies… but c’mon!!
Especially 2020… I feel like we went from March to September in a blink of an eye.
And the hardest part is that for many people, their homes have become their prisons…
Hopefully, everything will get better soon.
But in the meanwhile, what if I tell you that, just like little Kevin found out, your home is also full of surprises?
And no, I’m not talking about setting traps to catch burglars…
If you own a home or plan to own a home in the future, there are a few strategies you can apply to turn your home into your very own gold mine… the only prerequisite is maybe to be able to get creative and think outside the box…
Which reminded me of a series I created when I was the guest property and finance expert for Australian Women’s Weekly Magazine back in 2013, called “Your Home is Your Gold Mine” . I know talk about blast from the past, but the messages are tried and true and just as relevant today!
Something I have found over the years of working with my clients at Investors Choice Mortgages is that people often miss out on looking at their biggest investment, their home, and putting the due diligence into selecting the right property in the right area.
So, what I wanted to do with this short video series is to bring you some techniques, tools and information to get you thinking about maybe renovating your current home, or maybe where to look for for the next time – when you’re considering where to buy next.
Your home is your biggest asset. It’s up to you to actually put it to work for you.
I hope you enjoy the videos if you know of someone who is thinking of buying their next home or even their first home please forward this to them.
Jane Slack-Smith
PS If you would like to checkout helpful information then you might find the following useful.
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