Yes and no, you will first have to refinance so that the funds are available, once its available, you can secure the second property. Sometimes theres delays and stuff that don't go according to plan, so make sure you dont rush things and take it slow.
Hey Louis, I've been very fortunate to have stuck out a career in luxury yachting. I'm at a point in my career where I would like to really start working for that passive income. No more fancy travel plans and expensive courses to pay for 😂. Considering my earnings being really good, I just don't know how to go about smashing goals quick, which strategy would be best to use etc. I do understand you have a course and I hope to find time to get involved. I do however want to know if you do more than just an hour one on one with the course? Do you offer personalized mentorship or an advisory phone call to discuss which strategy you would use of you were a high earning individual.
All banks have these options. Theu just call it something else. You can consider my property course as it holds a lot of value and important information. This is the best way to learn all the necessary skills to be a successful investor.There is also a mentoring option available, which is the most popular option. To secure your spot, simply click payhip.com/LouisReynhardt and follow the easy registration process. If you have any questions, pop me an email at louisreynhardt@gmail.com 👊🏻
Hi Louis, Could you please make another video explaining how access bond link 2 terms and conditions change when you decide to use access bond funds. Does your monthly payment increase or there's an option to not increase your monthly payments but increase payment period (e.g 20 years to 25 years)?
So if you use some of the funds your repayment amount will only go up with the amount you used. Your loan term will still stay the same. If you use R100k your premium will go up with about R1k per month. If you only use R20k it will go up with R200 per month etc.
These options you mentioned are with Standard Bank and option 2 states that it will lower your monthly repayment BUT your access amount will be reduced over time as you are taking this benefit in a lower monthly installment. So what now because you will in return loose the access money?is this true.
Yes thats correct Your access to the money will reduce over time, but it's with small amounts. The idea would be to never actually settle the debt and keep reinvesting the money/equity in the bond. The other options is the opposite.
When you refinance the property, it is essentially a new bond which replaces the old one as a higher value. Do you need to pay for bond registration again? I have been wondering about this, I bought my first property last year and I am looking into refinancing to secure the second one to begin with some growth. Thanks for posting this video, I hadn't considered what refinancing does with the different loan options.
Thoughts on using the money available in an access bond of your primary to buy an investment property? It is not clear whether you can use the interest paid per month toward reducing your tax liability.
Great question, It all depends on how it is set up. Is it in your own name or a trust or company ? The structuring will depend on how you can approach it. But it makes sense to buy an investment property as long as it can generate enough money to pay for the loan from your primary residence.
When you say you refinanced the property for R450 000 but you only pay the bond for the R310 000 and have access to the R130 00, how does that work? How come you arent paying for the R450k you refinanced? Or is that because you chose the Link 2 access bond? The R130k will reduce over time during the repayment period? Thanks!
@@louisreynhardt Ok great thanks very much for. I suppose this is what people mean when they re-finance or re-mortage their house to pay for renovations etc? But in this case you wouldnt use that R130k right away.
@DarkRiderMotovlogs Exactly, You can use that money for a deposit on a second property or to pay for transfer and registration cost or even to go on vacation ( i don't recommend the last one 🤣)
@@louisreynhardt Haha ok cool thanks for that. I need to do a bunch of home renovations/ fixes so looking into this. My bond is only 2 years old though (R2.2m) would this matter at all?
@DarkRiderMotovlogs pleasure my friend. Yes it does matter you have to have available equity before you can do this or you need additional funds to pump into you AB. Have you seen my refinance videos ?
Thank you for your comment and for taking the steps to learn the necessary skills.💪🏻🏠 The property course holds a lot of value and important information. This is the best way to learn all the necessary skills to be a successful investor.There is also a mentoring option availabl, which is the most popular option. To secure your spot, simply click payhip.com/LouisReynhardt and follow the easy registration process.
I made a dumb decision, I have a bond and last year I did renovations using a personal loan instead of extending my bond which would have been cost effective and now I’m trying to restructure the loan and make it a bond and my bank is refusing 😫 any advice?
@nakedimanyane, you can always refinance and settle the higher personal loan debt with the home loan debt with the lower interest rate. Feel free to email me if you need help, and we can book a 1 on 1 session 💪🏻