How to improve your Credit Score & Grow your Portfolio with Bank money
In this week's podcast episode we talk to Lungisani Xhakaza, a real estate investor, accountant and Founder and Director of LZX Investments (PTY) LTD, a Property Investment Company.
Lungisani is originally from Kwazulu Natal but now lives in Johannesburg. He came into property because he wanted to invest in a tangible asset that appreciates in the long term.
He bought his first property in 2002; the bank gave him 100% funding and also paid for his fees.
After that first purchase, agents would come to him with more properties and the bank would fund him in full.
In this episode Lungisani shares with us how to improve our credit scores so the banks feel comfortable giving us money:
Use your credit card but put money into it.
Have an overdraft facility but don’t stay in overdraft.
Take calls from the bank if you owe them money. Remember banks don’t want to repossess property.
He also shares why he prefers to buy for both cash flow and appreciation and some mistakes he made on his property investment journey.
This is another incredible episode.
