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Share trader wishing to buy first IP.Numis [1 Posts] Hello all,
I am new to the forum, a property novice (I mean it) and considering buying my first investment property. I have a ton of questions which I hope aren't too stupid to bore anyone but will try and keep my questions to a handfull. Is my first step to find a property I like before approaching a lender or should I see a lender first to determine my borrowing limit and then search for a property within my available limit? Or do I go through a mortgage broker to handle the financing for me? I am single and self employed being a share trader by profession. I also have a private company (my parents and I are the Directors) which I set up to trade the share market. My company has an ABN and for the first 6 months or so I completed a BAS but was later informed by my accountant that an annual tax return would suffice (which I have lodged annually since 2000). Therefore, I also personally don't have an ABN but again have been lodging annual tax returns. So, since I am self employed, am I considered lo-doc?
Also, will this be a problem in me obtaining finance as my income will fluctuate? Despite my income varing yearly, I consider myself to have a good asset base with minimal expenses as I have moved back in with my parents and work from home. I have a share portfolio in excess of seven figures with yearly dividends in the low six figure range. My only other asset is a car worth $20K and some rare collectables. Will a lender take these into account in my quest for a loan or would I be better off selling these collectables to raise more cash (as a last resort)?. I am looking for a property in the $400K to $$600K range to begin with and will have no trouble with a 20% deposit if required (or should I deposit less?) I also assist my parents with their finacial affairs and bill payments for which I am compensated but I don't know if a lender will accept my word on this and take this into account as part of my capability to service a loan (although I could show a recurring monthly amount being deposited into my bank account as some proof).
Finally, does anyone think Destiny Financial Solutions would be appropriate for me to join? I am nervous about searching for an IP due to my inexperience and have heard that although Destiny Financial Solutions will not source an IP for me, they will advise you on a potential acquisition once you have found one. Is this correct?? I am thinking that I may need some reassurance.
Appreciate any assistance on the above questions,
Thanks
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