[mickm007Member@mickm007Join Date: 2010Post Count: 13]

July 27, 2012 - 1:06 pm

Hi Jamie,
What other information would you like?

Also your opinion on weather we keep our current home and buy a modest 4 bedroom house(around 400-500k). Or Sell our home and move into a bigger and better place (around 660K) your opinion would be valued.

Cheers

Mick

[mickm007Member@mickm007Join Date: 2010Post Count: 13]

July 26, 2012 - 3:14 am

Thanks Jamie,

At the moment we have great serviceability, as two incomes (170k+) and a 310K loan. It’s what’s going to happen in 7 months when we go back onto one wage….

I was thinking I may be stuck with ANZ (worse things could happen) as I have locked in 150k with two years to run on it the break costs would be huge….

[mickm007Member@mickm007Join Date: 2010Post Count: 13]

July 26, 2012 - 12:29 am

Thanks for the reply guys,

Servicing the loan will be tough but not impossible for the first year, then two wages and back into the swing….

I will be doing something in the next few months either buying a 4 bedroom house and keeping the current 3 bedroom home as IP, or selling the 3 bedroom home and upgrading the family Home.

Also locked into a fixed rate with ANZ break free with 2 years to run…..

[mickm007Member@mickm007Join Date: 2010Post Count: 13]

February 27, 2012 - 11:49 am

Thanks Terry,

At this stage we could do the finance in either name and then split the profit/tax at the end of the deal

[mickm007Member@mickm007Join Date: 2010Post Count: 13]

October 18, 2011 - 11:09 am

Again thanks the the replys guys!

The property development by the wife's folks is literally the first time they will be doing it…. But they have the advantage of both working within the building/property area, so without trying to sound like a 'user' their risk will be my gain, and if is does not come about then I will move on to another area for investment. Obviously getting a 400-500k property for 200K will be a no brainer if it does come to fuition.

Derek, we do have our savings offsetting our loan at the moment too

I would love to know what suburbs in Melbourne have a 7% rental yeild in suburbia, or positivly geared……

One thing I don't particually want to do would beto buy outside of somewhere that I can drive to. So I would include nearly all of Victoria, but I like the idea if the proverbial hits the fan I can drive to either an estate agent or property to sort it out ASAP.

Being involved in fishing I find it amazing how far people walk/drive/boat to a spot with so many other spots close by….it's kinda like tricking yourself into thinking your working hard to get somewhere so it has to be better then the close spot…. I know people with lots more experience in investing could see the flaw in my plan but hopefully leaving my investments in Vic won't hurt too much (at the moment anyways).

Oh and wind turbines…. where do I sign!!!!

Thanks

Mick

[mickm007Member@mickm007Join Date: 2010Post Count: 13]

October 17, 2011 - 12:57 pm

Thanks for the replys guys!

To answer your questions-

We are both 30 years old, kids are 3 and 1

Job stabilty is very good, I am in an industry with skills shortage and my wife is a teacher (recession proof).

Retirement?? I'm only 30 lol!! Still got a good 5-10 years before this investment property adventure sets me up lol!!! Realalistically love to retire at 50

We are looking particually to have some money in property that we can use it to send the kids to private school (if required) in 10 years time.

I would also love to get a boat sooner rather then later

I can understand the 'timing isn't everything' when it comes to investing and property is a long term investment, but I can't understand why I would 'jump in'  so to speak if I can wait a few months and get in once the market is back in bussiness.

We will also be able to aquire a unit in 1-2 years time for the cost of the unit only (wife's parents are developing there block with 6-8 units) so there will be some equity in there too.

To be completly honest I am looking at all types of properties at the moment (they seem cheaper than ever in Melbourne) At 500k we can repay the payments quite comfortably and even look at plans and permits for units or perhaps doing the units ourselves.

So as you can see I have many ideas and lots on enthusiasim without a great deal of knowledge. Basically with the wife going back to work I want our money working for us while we are still young enough to get the benifits when we retire. Based on the 'property doubling every 7-10 year theory' we would have 2 mill on this one place with 2 or 3 more in the bank by that stage (I hope so anyway)

Hopefully my thinking/confusion is somewhat on the right track.

Thanks again

Mick

[mickm007Member@mickm007Join Date: 2010Post Count: 13]

August 19, 2010 - 3:21 am

Thanks for the replies so far guys, this will be number two so the 'adjustment' of having kids is part way there. With the median price going up 30% in the past year, do you think holding off will be OK. We are just worried that we will not be able to get a house anywhere (outside of outer suburbs) for less then 450 in 6-12 months time.
Even Broadmeadows is now in the low/mid 400's lol!

Cheers!

Mick