All Topics / Help Needed! / #350K+ in Equity ! How to take the first step toward IP1

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of Curious CreatureCurious Creature
    Participant
    @curiouscreature
    Join Date: 2017
    Post Count: 2
    November 19, 2017 - 9:33 pm

    Hi ,
    Sitting on a home worth $700k now with 200 k loan .I’ve got the money but I’m just not sure how to proceed . I’ve been struggling to buy my IP 1 for 2 years now. . There is just tons n tons of info our there old vs new , house vs units . Melbourne west vs South east ……..aarrrgggg !!!

    I’d appreciated some help from the real estate guru’s or people with successful IP buying strategy .

    How to proceed ?
    What to buy ?
    Where to buy ?
    How much is good enough for a IP1 property.?

    I live in Truganina area , there is massive construction going on left , right and centre. Its just too confusing .

    Need Help !!

    Cheers

    Curious Creature .

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 19, 2017 - 9:52 pm

    First thing to do is to tap into that equity by borrowing against your house under a separate loan. Then at the same time work out borrowing capacity.

    Once you know what you can afford then try to narrow down areas and then buy. You could use a buyers agent for this step.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Curious CreatureCurious Creature
    Participant
    @curiouscreature
    Join Date: 2017
    Post Count: 2
    November 20, 2017 - 5:40 am

    I’ve been looking at the western suburbs of Melbourne but it looks like the boat has sailed , the prices have gone up. Does anyone has any suggestions in regards to buying first IP ?

    Regards

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282
    November 27, 2017 - 8:02 am

    Terry’s advice is solid. Getting the equity available for use and knowing your borrowing power afterwards is step 1 IMHO.

    Only then can you proceed to actually purchasing anything. What to buy is eventually your choice, suggestions from anyone may help or may overwhelm you (and from your description it sounds like you already had your share of ‘too much information paralysis’ so I would definitely focus on step 1 mentioned above first).

    Hope this helps? 👍😎

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

Viewing 4 posts - 1 through 4 (of 4 total)

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