A music teacher earning $70,000 a year has revealed how a simple paperwork trick got her a well-performing property portfolio without much debt
Ms Rouvellas said the secret to her portfolio was buying properties through a special purpose vehicle.It’s essentially a company she set up for her property deals and it has meant the banks assessed her risk differently and were able to lend her more than she would have got applying for loans personally.
Her income was $70,000 a year but because she was self-employed the banks assessed her ability to pay the loan at only 60 per cent of that income, leaving her with little to borrow. “We got it for about $30,000 below market value so doing the renovation on top of that gave us a lot of equity quickly,” she said.
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