All Topics / Help Needed! / 65 irregular income, 200K equity

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of iamokiamok
    Participant
    @iamok
    Join Date: 2021
    Post Count: 0

    Hi all newbie here.

    Just leaving FT employment and moving back into mgt consulting expecting about 80K income this year. I’d like to get some thoughts on where to start with property investing. I have time and motivation but I can see a few barriers – age and self-employed income.

    I’d like regular income say 100k pa within 5 years.

    Any thoughts appreciated. Thanks

     

     

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    First thing to do would be to work out if you qualify for finance – which appears it might be difficult to do.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

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

    Profile photo of Kara47Kara47
    Participant
    @kara47
    Join Date: 2012
    Post Count: 28

    Advised by my mortgage broker when initially self employed that most banks want 2 years of financials, tax return completed & payments up to date. I was able to get a loan after just over 18 months with tax done & 2-3 up to date BAS statements for the current year. The only bank that would do this ( via broker) was ANZ.  You do get more choice of lenders after the 2 year mark. Talk to a broker to get their advice. They also suggest  minimising deductions to show maximum income.

    Profile photo of iamokiamok
    Participant
    @iamok
    Join Date: 2021
    Post Count: 0
    Profile photo of robertstevenrobertsteven
    Participant
    @robertsteven
    Join Date: 2021
    Post Count: 0

    I think you should invest in the fact that there was an affiliate income

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    My thoughts are to consult a reputable and experienced mortgage broker in your area and let them do their thing so you can do yours, or not?

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

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

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