I thank you in advance for any assistance you might be able to give…
So here it is… I am 23 years of age and currently earning $55k per year. I have a residential investment property that I own 100% of. I also have a rural property (25 acres) that I own 50% of with my sister… I still live at home with my parent and the rent I receive for the 2 properties pretty much covers mortgage repayments.
I am attempting to purchase a 3rd property, however no banks will lend me any money over $200k due to me having a 50% share with my sister in a property. (because they only take in to account 50% of the rent but 100% of the debt…)
So I am hoping someone may be able to provide some suggestions on how I might be able to increase my borrowing capacity?