All Topics / Help Needed! / [biggrin] Help Financial Advice

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of ksaleemksaleem
    Member
    @ksaleem
    Join Date: 2004
    Post Count: 5
    October 7, 2004 - 4:37 am

    Hello Everyone

    First about me:
    I am new to Australia (and loving it).

    I am in Perth, Married. We own a property $180,000 Fully paid
    We both are working combine income $75K. I am a computer programmer and do some projects/websites etc on the side to get some extra cash.

    We purchased a block of land to build a house $260K. Settlement in March 2005. We are not rushing to build the house.
    We want to buy another investment property?

    Now the Question:

    Should we buy another investment property or pay off the block of land first?

    Any suggestions?
    Does anyone know a good financial advisor in Perth

    Thanks for help[cap]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 7, 2004 - 5:05 am

    Depends on how risk adverse you are. Some people are really conservative and buy one at a time, others just buy as many as quickly as they can. Remember the earlier you own a property, the quicker you can acceess the growth.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of investroninvestron
    Member
    @investron
    Join Date: 2003
    Post Count: 92
    October 7, 2004 - 6:21 am

    A vacant block has no income, only expenses.

    Shouldn’t you be trying to get an income.

    Income will help you buy more property.

    Profile photo of ksaleemksaleem
    Member
    @ksaleem
    Join Date: 2004
    Post Count: 5
    October 7, 2004 - 7:22 am

    ivestron u r right we bought this block not just as an investment but for future home. This area is improving in capital gains by days, its close to everything (including my inlaws)

    Profile photo of PursefattenerPursefattener
    Member
    @pursefattener
    Join Date: 2004
    Post Count: 217
    October 7, 2004 - 10:18 am

    Hi ksaleem,

    Welcome to the forum.

    Welcome to Australia.

    I can tell you from bitter experience that being close to the Mother in Law is not such a good strategy! She will be in your pocket and leaving her curse [biggrin]

    Cheers

    Shawn

    Profile photo of ksaleemksaleem
    Member
    @ksaleem
    Join Date: 2004
    Post Count: 5
    October 8, 2004 - 7:42 am

    Thanks Shawn for the advice.
    Lucky Me I have a wonderful Mom in Law

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    October 8, 2004 - 7:58 am
    Now the Question:

    Should we buy another investment property or pay off the block of land first?

    Any suggestions?
    Does anyone know a good financial advisor in Perth

    Hi Ksaleem,

    Be aware that most financial advisors will try to sell you a managed fund as that is how they get paid. If you have your heart set on investing via property then a financial advisor (in the main) will be of little benefit.

    I appreciate that you have bought the block of land for lifestyle decisions but as it currently stands it (and the house when it is built) are going to absorb a great deal of your after tax income.

    You indicate that the home is fully paid off as such you should have sufficient equity levels to commence a property investment plan in accordance with your goals.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of geogeo
    Member
    @geo
    Join Date: 2003
    Post Count: 1,194
    October 9, 2004 - 12:41 am

    Hi Ksaleem,

    welcome to Aus and the forum,

    as Derek said, you’ve got plenty of equity in your current PPOR. Rather than purchasing a new property, Why don’t you build a property on your block of land, then sell it off for good Capital gains. Then use the capital gains from this and the equity in your own home to purchase 3-4 investment properties.

    Kind regards,
    Geo.

    I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how

Viewing 8 posts - 1 through 8 (of 8 total)

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