To obtain finance from a bank, must a specific deal or property be specified? And once granted, may finance be used for another deal or opportunity if it were to present itself? Also, if a deal were to fall through, what become of that finance? Thanks!
Yes, finance will be allocated to the specific deal listed on the OTP. If the deal falls through, the finance is no longer applicable and you will have to reapply on your new deal. Some people use the equity release strategy, which is when you have a paid off house and you request finance on that house. Then you can use the finance your paid off house has generated to invest in another deal.
Hey Gents, I tried installing instant water heaters, specifically the Speedheat showerhead, to tame the electricity costs of heating up the water. Tenants complained that this wasn't making the water hot enough, water would be luke-warm during showers. Now my geysers have a timer, they switch on in the mornings and afternoons, during the day they remain off, no one has complained about this. For the stoves, I have not tried this, but I think an isolator switch with a timer could help. These will automatically switch off after a couple of minutes once the timer runs out, this helps with the problem of students forgetting to switch off stoves when they are done using them. I also keep an open communications channel with my tenants, since I am new to this, I like to get feedback from them to find out what works and what doesn't
Im thinking about buying a property to rent out to students. What would be the best, buying on my name or creating a business and work through the business. If through a business, how would you go about it.
To obtain finance from a bank, must a specific deal or property be specified? And once granted, may finance be used for another deal or opportunity if it were to present itself?
Also, if a deal were to fall through, what become of that finance?
Thanks!
Yes, finance will be allocated to the specific deal listed on the OTP. If the deal falls through, the finance is no longer applicable and you will have to reapply on your new deal.
Some people use the equity release strategy, which is when you have a paid off house and you request finance on that house. Then you can use the finance your paid off house has generated to invest in another deal.
love this video. thank you very informative and great to learn from others doing it
great content here, thanks so much guys for being so candid...
Our pleasure!
Great content! How do you handle the electricity costs of the shared kitchen and the geysers?
Hi Olu, thanks. You might like my other channel too: www.youtube.com/@laurensboel
You have to use prepaid meters to control consumption based costs.
Hey Gents,
I tried installing instant water heaters, specifically the Speedheat showerhead, to tame the electricity costs of heating up the water. Tenants complained that this wasn't making the water hot enough, water would be luke-warm during showers.
Now my geysers have a timer, they switch on in the mornings and afternoons, during the day they remain off, no one has complained about this.
For the stoves, I have not tried this, but I think an isolator switch with a timer could help. These will automatically switch off after a couple of minutes once the timer runs out, this helps with the problem of students forgetting to switch off stoves when they are done using them.
I also keep an open communications channel with my tenants, since I am new to this, I like to get feedback from them to find out what works and what doesn't
Very informative. Thank you.
You are welcome!
@myappproperty how do one get to be mentored ? Or even how do i get to contact you
Im thinking about buying a property to rent out to students.
What would be the best, buying on my name or creating a business and work through the business. If through a business, how would you go about it.
It would be better to go through a business (pty), as you have more tax advantages. To register a company, you must go to www.cipc.co.za/
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