Frugal Local Profile picture
I have opinions about personal finance, property and side hustles. ENTJ. Loves small businesses and coffee.
25 Apr 20
#THREAD As a new investor, what do you need to look for? How do you start investing? Here are a few tips, ideas and opinions.
#1 Finances - did you pay off your bad debt? If not, get rid of bad debt. It's better to be worthless than to be worth - R 1 000 000 000 000.
Be careful when investing if you have debt, especially in South Africa. The debt will overpower your investments and drain your resources
#2 Do you have an emergency fund in place? If yes, then wonderful - you can invest. If not, head over to this link and learn why you need this in place.
frugallocal.co.za/2018/12/04/eme…
Read 10 tweets
12 Apr 20
#Thread About Getting a bond and considered rental income. As in the blog post link below, the bank wants to know if you can afford and pay back the money you will owe them through a mortgage.
You need some form of monthly income that you can prove to the bank that you are able to pay them back, whether that be through passive income (dividends or rental income) or through active income such as a job.
In general, banks favour employment sadly.
If you do have rental income, you will need a contract with rent being paid into your bank account for a minimum of 6 months - then the bank will consider 70% of this rental income as part of your gross income.
Read 7 tweets
6 Mar 20
Top tips for getting a good rate on a property #THREAD
1. knowing what you want and what is a good price
2. negotiate a better rate on bond and transfer costs
3. appoint your own electrician for the COC, not the one from the seller
Read 6 tweets