Is it possible to get an Investment property before one's first property? if yes, advice-able?

[Jayman21]

Hello All,
I will like to ask if its possible to get an Investment property before one's first property? if yes, is it advice-able to do so?

If one goes for investment property before even owning one's personal property (live in property) what are the risks / challeges if any? For example would this then have an impact if an individual later decides to go for their first live in property?
Thanks
Ehime

 

[nmb]

In theory there is nothing stopping you buying an investment property before you actually buy your own property to live in. The financial side will come down to your credit worthiness together with your income and your outgoings. Further down the line if you wish to buy your own property to live in you should hopefully have equity in your investment properties which could strengthen your financial position when applying for additional finance. It simply comes down to whether you have sufficient income to finance your loans and living expenses.

 

[Jayman21]

Thanks nmb

 

[nmb]

Once you have asset/financial backing behind you and experience in the property market then the banks will fall over themselves to finance your future projects. Giving yourself financial headroom is very much the key in the early days.