Welcome to another episode of Ask Kevin Young, this week I'm answering the question should you use your current house as a deposit for your first investment property?
Most people don't have enough money saved up in the bank to get started and with current taxes so high and the super levy, it can be difficult to save up for your first property. There are other ways you can get a deposit for an investment property. One of the best ways is to use the equity in your house that is constantly going up.
But remember that you have to research the area you're looking to invest in. Make sure it's in a place that people are looking to rent in and that the rental price will help cover your mortgage and maintenance costs. Property Club will give you free access to services like this for research & financial planning if you are a member.
If you need more information about how you can use your equity as a deposit check out my video above.
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