I am wanting to start the process of finding out how to get myself in a position to invest in property.
Basically I already have my own house in Melbourne that has some equity in it.
What I want to know is who do I start speaking to to point me in the right direction and give me the best advice?
Accountants? Morgage brokers? Property analyst?
I am new to this and willing to learn and listen from those who have already succeeded
Thank youWelcome to the forums Barlow.
My best piece of advice early on is to establish a goal! The best way for you to start investing is to know what your end goal is, and then this should highlight the options available for you to achieve it. Whilst doing this it’s a great idea to form relationships with the right professionals – accountant, broker, buyers agent if necessary etc.
I’ve written an article on working out your plan from the start – which might be of assistance to you: http://www.precisionfunding.com.au/planning-your-investment-strategy/
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Thank you Corey,
Appreciate your time and advice. Basically I am still at the initial stage of gaining as much information as I want.
My long term goal is to pay my Morgage off ASAP and have at least 2 investment properties.
Short term goal is to learn how to set myself up with an investment property that I can then uses to minimise my tax and find ways to pay my Morgage off.I read your article and appreciate the advice once again
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This reply was modified 8 years, 5 months ago by
Barlow.
Hi Barlow
It sounds biased but I’d chat with a decent broker first – they’ll advise on loan structure and what’s possible.
Generally speaking though – if you’ve got equity in your PPOR, and the borrowing capacity to service an IP debt, then we set up an equity release against your PPOR to funds the deposit/costs on your IP (or IPs). We then borrow the remaining amount as a separate loan against each IP.
Hope that helps.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Cheers for the advice Jamie,
Booked an appointment with my mortgage broker tonight. Seems like he and his accountant are more into doing things through SMSF’s tho.
I don’t really want to lock everything into super. If prefer to make it happen out here in the real world
Just make sure you are comfortable with the structure recommended by your accountant and broker. And make sure that they are clear on your goals as there are multiple ways to set things up.
Getting it right with both of them can set you up for more stress free acquisitions in the future. Getting it wrong this early on can really limit future options
Yes I totally agree with Jamie, work backwards from where you want to be and formulate a plan to get there. What do you want your financial future to look like 5,10 and 20 years down the road? I would also second his approach to talking to a mortgage broker first. Given my experience in Aus they are typically the most knowledgeable/helpful individuals aside from professional investors.
I wish I were in your shoes and had discovered this forum first before I started!
Best of luck.
Cheers fellas,
Yes I agree I feel lucky to have found this forum,
Turns out we are probably 12 – 18 months away from a position to get into the investment market. I’d prefer to have found this out now and gives me time to do my research.
Thank you all once again
@barlow606 good on you for starting. Forums are great for free learning, stick around, you will learn lots. There also some really good books if you like reading.
A couple of my favs include
Rich Dad Poor Dad – Robert Kyosaki for general financial thinking as a starting point
More Wealth from Residential Property – Jan Somers – great all round summary of aussie property investing
Real Estate Riches – Dolf De Roos – another all rounder property book but highly positive and motivational
Ordinary Millionaires – Jim McKnight – stories of some folk using different strategies LOVE THIS
Working with the Law – Raymond Holliwell – mindset bookBuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
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This reply was modified 8 years, 5 months ago by
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