Ep 184 - Listener Q&A | Low-income lending & ex-pat/foreign borrowing

In this episode we’re answering some of our listener questions. 

We’ll be covering how to maximise borrowing on a low income, what agents mean by ‘expressions of interest”, borrowing from overseas, the research needed when buying your first investment property, dealing with “best and final offers” in a hot market and what due diligence do buyers agents do that regular buyer don’t?

Questions:

1. “I'm 26 years old and already have 1 investment property and currently looking for my second. As a landscaper that is only on 65k a year at a job that I love, how would I be able to increase my max loan from the bank? Down deposit isn't a problem with me with a bit over 110k in the bank ready to go. With my wage being so low and me only having my wage as a source of income what would the next steps be getting investment 3 and going into the future. Thanks for your time.”
2. “Hi Veronica & Chris, love your podcast! I have one question for each of you :)
   For Veronica, I occasionally see a property being listed as "expressions of interest". How is that different to a private treaty sale or auction and what kind of properties are best suited for it?
   For Chris, could you please talk about the borrowing options overseas Australians might have? Especially if they're asset rich and income poor? Many thanks for your time!”
3. “Hi Veronica & Chris, I am a big fan and long time listener of your podcasts. In short I am 22yo and looking to buy my first investment property and have recently graduated my Civil Engineering degree. I have now moved into FT work in my chosen field of study and in the process of getting my finance pre-approved. If possible, I would love you to discuss the following in regards to undertaking research prior to the purchase of an investment property;
   1. Various different online platforms available to the public to research past and future wages growth in numerous suburbs around Australia?
   2. Research methods and frameworks you adopt/prefer?
   3. Most important research indicators for a investment-grade suburb? i.e. wages, employment, population growth.
   4. How to best determine and interpret data available online? i.e. Number of days on market, auction clearance rates, etc. I’m very eager and exciting to begin my wealth creation journey, and would greatly appreciate it if you could take the time to answer my questions. :) Thanks!”
4. “We've bought and sold a lot of different sorts of properties but only in NSW and we were totally bamboozled by the way they do it down there. No auctions, even in a really hot market. They are listing properties with a price, and you are expected to put in your best offer, and then the agent sells it to the highest offer, but without coming back to you to give you the chance to up your offer.”
5. “I have a comment, not a question, after listening to your podcast re hiring a Buyers Agent. I hired a Buyers Agent to assist me in buying an apartment for a family relative to live in. My reason for doing this was primarily to ensure due diligence, not recommend a property. Nicole had a lot of specialist contacts, eg for analysis of body corporate minutes, building contracts, conveyancing etc. I was very happy with the result.”

RELEVANT EPISODES:
Episode 183 | The Secret to Capital Growth | Jeremy Sheppard
Episode 168 | Listener Q&A: How to buy your first investment property

LINKS:
www.suburbtrends.com.au