Читать книгу Buy Now - Lloyd Edge - Страница 28

You only need to save one deposit.

My advice these days is that to get started you really only need to save the deposit for your first property purchase. You can then buy subsequent properties using your equity in the first property by taking out a second loan — if you can satisfy the bank on your serviceability. But for me it wasn't a case of buy, increase the equity, buy the next one, rinse and repeat, the way I do these days. Back then I knew nothing about manufacturing equity.

So, because my first property wasn't enjoying much growth, when it came time to buy my next property, I had to rely on the money I'd continued to save to put down another deposit.

I didn't mind. I was always very comfortable putting my savings towards buying property. Even these days, I'm happy to save and put money into a property, knowing that such an investment will help me achieve greater financial freedom in the future. That Rockdale unit has now tripled in value, and I have actually refinanced it four times over the years to access the increased equity to help fund new purchases.