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Buying an investment property

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Joe | 10 Sep 2013, 07:28 PM Agree 0
Hi guys,

due to a compensation claim being resolved with in the next half year, I am looking at purchasing an investment property. I hope to receive between 200-300,000$.

I own no other property. I am choosing an investment property because I would like to travel overseas and work for several years and have this money working for me rather than sitting in my account. My income will be relatively low as a result of my choice to work generic jobs overseas.

Secondly, should I aim in the ball park of what I can purchase outright or consider a small loan which would be payed off by rent?

Is it wise to buy an investment property with the current market prices now or should I hang on until I return from my 2-3 year trip? Obviously one would like a solid foundation to start from when I return from my trip and having a property owned would be that.
  • Eos Property | 10 Sep 2013, 08:59 PM Agree 0
    Recent changes to NCCC mean a lender is unlikely to look at your situation and approve even a small loan. As a potential loan applicant you are required to provide any information that could influence a lender's decision regarding a loan - your intent to travel would fit this description.

    On this basis you may well be required to pay cash outright for your property. This will provide you with an income stream while you travel.

    But before you get ahead of yourself - suggest you spend time learning about property investing and when your compensation claim is resolved you are in a position to do something. Start your education journey now in readiness for your settlement.
  • Eos Property | 10 Sep 2013, 09:15 PM Agree 0
    Recent changes to NCCC mean a lender is unlikely to look at your situation and approve even a small loan. As a potential loan applicant you are required to provide any information that could influence a lender's decision regarding a loan - your intent to travel would fit this description.

    On this basis you may well be required to pay cash outright for your property. This will provide you with an income stream while you travel.

    But before you get ahead of yourself - suggest you spend time learning about property investing and when your compensation claim is resolved you are in a position to do something. Start your education journey now in readiness for your settlement.
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