Time to turn into a Frog!

I remember sitting down at the Bundaberg library a number of years ago and then going back over a few days to complete reading a book Peter Spann wrote. It was there i vividly remember learning of the concept of "leap frogging" using one properties equity to purchase a next and so forth.

Yesterday i received a call from the bank manager saying my loan papers we're in the mail and would arrive to sign soon to draw down some equity from a new evaluation on the white country property i talked about in the last video that has had renovations done to it.

The leap-frogging theory came to mind and the realisation that, wow, I'm REALLY doing that strategy! I bit off more then i could chew in recent months and been chewing like hell. I have some trade accounts to pay down first and to employ some painters to get the third house up to scratch for a new tenant to be able to move in and install a new (second hand) kitchen.

But i will have some left over of the equity money so will soon be able to start shopping around for another property to purchase using that to go toward a deposit. Since i always use 20% as a deposit it's just a matter of finding a property suitable to purchase based on the other 80% percent to borrow and around 3% for closing costs. Stamp Duty, legal fees etc.

So that's the leap frogging effect. We'll since my girlfriends left me now maybe i did need to turn into a frog. Might have to go on that Farmer Wants a Wife next.

Stay tuned! I will get the camera out again soon and bring some footage of this house as it gets a basic make over in readiness for a tenant soon.