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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of Woody86Woody86
    Member
    @woody86
    Join Date: 2011
    Post Count: 30
    May 5, 2011 - 11:42 am

    Hi everyone. First post on here. I am 25 years old and have just purchased my first property in a Orange with a loan (split loan) with a friend. With all the professionals out there offering advice. Who would be best equipped in structuring your loan and accessing equity and giving you general advice in regards to best building wealth in property. I dont want to get stuck in situation where I havent set up my loans right or structured the owner ship properly. Is it possible to find anyone who could advise on all the areas?? I am looking to continually buy cheap neutrally geared properties (if possible) and dont want to be stopped by finance problems or hindered by tax problems later in life. Sorry for the long winded question.

    Thanks

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 5, 2011 - 11:50 am

    Hi James

    Welcome to the forum and congrats on the first IP.

    Get in touch with an investment orientated broker. One that invests themselves and understands what you’re trying to achieve.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of ALF1ALF1
    Participant
    @alf1
    Join Date: 2011
    Post Count: 237
    May 5, 2011 - 11:52 am

    Hi James.

    There are a number of really good financial specialists you can call upon in this forum. Yes, we are one, but there is also Jamie (JamieM) in ACT at http://www.passgo.com.au/  and Richard Taylor (QLD007) at http://www.tayloredhomeloans.com.au.

    Profile photo of ALF1ALF1
    Participant
    @alf1
    Join Date: 2011
    Post Count: 237
    May 5, 2011 - 11:53 am

    Hi Jamie.

    Gee, fast on the keys tonight!

    Profile photo of Woody86Woody86
    Member
    @woody86
    Join Date: 2011
    Post Count: 30
    May 5, 2011 - 11:55 am

    Great thanks alot for the tip. I have just had a horrible time going through an aussie home loans broker where he didnt give any advice on how to set the loan up and ultimately set it up wrong in the end with the wrong debit details. (we had split loans and he had my friend contracted to pay his loan off in 7 years so his first repayment was 4 times the normal amount and we dafaulted on our first payment. ) He also applied through 3 different lenders and said it wouldnt hurt my chances with other lenders and wouldnt show up when they do credit checks. ( I have been advised that this isnt the case ).

    Is it important to get a broker that is local and easy to get in contact with???

    Profile photo of ALF1ALF1
    Participant
    @alf1
    Join Date: 2011
    Post Count: 237
    May 5, 2011 - 12:01 pm

    Hi again James.
    With the internet and digital phones the days of requiring a broker in your own neighborhood are fast disappearing.  Speak to a few brokers and checkout websites and try your best to make sure you find one that understands the mindset of a property investor and structures your loan(s) accordingly. As Jamie so rightly said, the best brokers are usually the one's that are already doing it themselves. You should checkout Jamie in the Young Guns section of the May edition of API magazine and you'll know exactly the type of broker you need.

    Profile photo of Woody86Woody86
    Member
    @woody86
    Join Date: 2011
    Post Count: 30
    May 5, 2011 - 12:07 pm

    Great . Thanks again for the advice. I have the May edition and will check it out. Its good to see a business give a reccomendation of another business.

    Ultimately I am after someone who has done it themself as I was at a financial planning seminar in which the planner had stated after I asked him that he didnt have any investment properties and then tried to advise me that shares where the way to go. 

    Being on 50k a year leaves me with a little less room to spare when it comes to sourcing finance and continue my investment goals

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 5, 2011 - 2:10 pm

    Hi James

    Can certainly recommend Jamie as one who knows his onions.

    It is funny you mention your FInancial Planner who didnt own any property himself, i make the same comment to my clients.
    How can your mortgage broker recommend a loan structure for going forward when he hasnt even paid off his own PPOR.

    My sister in law lives in Orange and understand property is certainly on the move down there.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Woody86Woody86
    Member
    @woody86
    Join Date: 2011
    Post Count: 30
    May 8, 2011 - 2:01 am

    Thanks richard. Appreciate the advice from everyone. Definately some things to consider for my next purchase and to work with someone who has the same goals and passion as me. Dont want to be in a situation where it is the blind leading the blind. Orange seemed like a good place to invest with the high yields uni and upgrade to the hospital. I guess time will tell

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