Hi,
First time I have asked a question on this forum, but been reading it since 2004.
Anyway, here goes. my situation is the following; I have in round figures about 1.2mil in equity in two properties. I am thinking of selling our PPOR and using the funds from this property to buy/renovate/sell property, and I would rent a house for my family to live in while doing this.
My investment property is paid off, which my mother lives in….so we can not sell this property, but can access the equity. I am currently only working part time, as I usually work O.S. as a contractor, but have been based back here in Melbourne for the last 11 months as I now have a young family.
I suppose my question is, in which way would you start this process of property investment/development, and do you think it best to seek advise through anyone of the following; Steve McKnight, Margaret Lomas(Destiny Finance), Metropole, and so on.
Anyone who has dealt with these people/company's, if you could let me know of your experience it would be much appreciated.Regards,
Sean.
It sounds like the road map thing – you need to know where you are now so you can create a map, plot a course and follow it.
Not knowing anything about your level of education & experiencereal in estate investment , you might benefit from a mentoring program like R.E.S.U.L.T.S. from Steve McKnight. We found it excellent. Our mentor coach was Brendan Kelly who always hit the nail right on the head for us. Suggest you ring Brendan Kelly.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Thanks for the reply….I will give Brendan a call, you would not be able to pass his contact details on to me???
I was thinking about the R.E.S.U.L.T.S. program, I will most likely go down this path. If I could make contact with you and have a chat about the benefits that would be good also.
Cheers,
Sean.
I agree with thecrest, it all depends on your level of expertise. The fact that you own two properties shows that you are not a complete newbie when it comes to property investing.
If you goal is to generate a passive income from your property (which I suspect it is otherwise you would be on a different site) then why not draw on your equity to buy positive cashflow property. I would start small, like $100-$200k properties so you can get a feel for it and wouldn’t be risking a huge amount.
http://CashFlowInvestor.com.au might suit your needs. It is a positive cashflow property finder service. It doesn’t have a training program though so it would require you to know what your goals were, but it will make finding the properties easy.
I haven’t done a training program with McKnight or Lomas but I have read their books. I would also recommend Robert Kiyosaki’s books for basic wealth principles. They aren’t specific to property but they are genius books.
If you really do have 1.2 million in equity then, by being a smart investor, you could become financially free this year by investing in positive cashflow properties. Good luck
Ryan McLean | On Property
http://onproperty.com.au
Email MeHi Sean,
From my own experience and in working with others I believe the key to generating value is in changing the use of the property. This could be by renovating and adding extra accommodation (an extra bedroom and study for example) or by sub-dividing the land.
Getting more value from the land itself seems to be the best method. For example if you were to purchase a property with a sound dwelling for say $500,000, and subsequently sub-divide the land to allow for the retention of the existing dwelling and the creation of a second allotment (or perhaps two additional allotments) this means you and potentially end up with a new equation from the same land.
Existing residence on the smaller allotment might now be worth say $400,000, but you would have an additional allotment with a value of say $250,000. It may or may not be beneficial to build on the second allotment, this depends on your own goals.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
