All Topics / Help Needed! / Looking for a mentor

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of MudgeckoMudgecko
    Participant
    @mudgecko
    Join Date: 2014
    Post Count: 3
    May 21, 2014 - 8:57 am

    Hi I’m new to the investing world and desperately need a mentor! I have a pre approval loan of only $220k and have max 50k to invest. Is there anyone out there that can assist?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 21, 2014 - 9:03 am

    Hi there

    What do you require from a mentor?

    There are paid services offered by hundreds of one stop property investing shops – which I’m personally not a big fan of.

    The other option is to educate yourself via free resources such as this website, books, etc and surround yourself with excellent professionals (finance person, accountant, solicitor) who will assist in reaching your goals.

    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 MudgeckoMudgecko
    Participant
    @mudgecko
    Join Date: 2014
    Post Count: 3
    May 21, 2014 - 9:37 am

    Thanks Jamie, I have been looking at Dubbo to invest. All the places in my price range are old and run down . Some advice has been steer clear of old properties . I am limited to properties with my price range . Newer properties are just out of reach !

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 21, 2014 - 9:49 am

    Hi mudg

    Who has imposed the maximum loan on you? Your Bank or yourself.

    Us 50k all you wanted to put in or the limit of your savings.

    We are just buying a property for a forum member this week which is a newish brick property and we paid 184k for it so good deals are certainly out there

    Personally I wouldn’t touch anything but brick as the ongoing maintenance is just too much.

    With 50k structured correctly and with the right lender you could buy 2 properties so I would be inclined to spread the risk rather than jump in on a single property.

    Cheers

    Yours on Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of MudgeckoMudgecko
    Participant
    @mudgecko
    Join Date: 2014
    Post Count: 3
    May 21, 2014 - 10:26 am

    Hi Richard,
    My maximum borrowing capacity was from my broker, and the 50k is all I have to invest. Could you tell me what area that property was ?
    Thanks

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992
    May 25, 2014 - 3:30 pm

    Sounds like you need a better finance broker Mudgecko, and looks like you’ve just done that.
    Good luck
    cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

Viewing 6 posts - 1 through 6 (of 6 total)

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