i have just bought a house about 7 months ago and have already done alot of inprovements to it myself and have saved a few dollars ,as far as investing can anyone tell what is the best thing to do next, to get on my way to property investing.Consortium FinanceParticipant@consortium-financeJoin Date: 2010Post Count: 7
Now that you have bought a property and improved it …. it's time to see what it's valued at so you know what your available equity is to put a deposit on your next property. You can start by looking at properties on realestate.com or have a real estate agent appraise it (with evidence of same or similar properties in the same area. It can often be a good idea to get a valuer to value it properly. This may not be necessary if you are clear from your intial research that you have plenty of equity available to purchase again.
Depending on your income serviceability you can usually borrow 80% or even up to 90% (in some cases 95%) of the value of your home. I'm assumung you are living in the current house.
Make sure you set up your loans correctly and separate your personal debt from your investment debt for taxation purposes.
We also run seminars on how to structure your finances correctly and how to make money investing in property and how to buy right! These seminars are totally free. Cheers.
Good luck with your next steps … hope this helps.number 8Participant@number-8Join Date: 2010Post Count: 333Ryan McLeanParticipant@ryan-mcleanJoin Date: 2010Post Count: 547
If you have done the place up I would look at getting it revalued from the banks. I don’t think there would be much point in getting a real estate agent to value it, as the banks have their own valuers they use and they likely won’t even look at anything the real estate agent has done. If your property is worth more then you could look at borrowing your equity to buy another place.
Make sure you don’t over-extend yourself when it comes to cashflow. More properties isn’t always better if it means you can’t afford to eat because you have to pay for your properties. Interest rates are only going to go up, so expenses on properties will only go up, so be careful of your cash flow when looking to invest in another property. If you can afford it, or if you can find something positive then that would be awesome.
But get looking, get investing. The more you own the more money you can make.
if i was to buy another property to rrent out what would be the min percent return per amim that i would be looking forConsortium FinanceParticipant@consortium-financeJoin Date: 2010Post Count: 7
Would love to hear about your seminars … Number 8 …. I'm actually interested in education!
I've been in Finance for 10 years and my collegue Allistair Bell has been in Property and Finance for 10 years also,
and guess what …. we dont know everything!! But we have a great deal of knowledge we like to share …. for free!
If you have knowledge you'd like to share …. would love to to hear it!!
Or maybe you're not really running free seminars???
Thank you everyone for your help.traolcoladisMember@traolcoladisJoin Date: 2010Post Count: 19
Ok I am an estate agents rep. I would recommend that you get a bank to value the house as they as stated by another member of the forum use their own evaluers who are more conservative.
That way you have a written valuation.
Now if anyone is lookinf for investment properties then I know of a few that are available in a gated community. Indoor heated pool, gym, for existing residents.
They start at $349,900 . Rental returns are projected at about $350 +
They are in Victoria, South Eastern Suburbs. I can supply more information feel free to contact me in interested.