hi, i have a dilema which i know some of you would help me resolve.i own my ppor worth about 350000 and have a IP worth about 375000 on a interest only loan. the problem is that i'm at a point which don't know what to do next as i'm too scare on buying in the wrong area etc. i new to this site and i've seen lots of people talking about CP+ houses trid to search the web but can't really find them.
thank you fro the help.
Hi Elisa82,
I think that the first thing is to establish what your goal/objective is (ie retire in 5 years with X passive income, holidays for 3 months of every year, put childrent through private school etc)…
From that point I think that you need to do a review of the properties you currently have to identify potential equity, costs etc From there its worth doing a quick calculation to work out what you can potentially borrow to buy your next property.
You need to also establish what your comfort levels are – ie renovations, developments, buy and holds etc – ie what sort of property do you want to buy?
Once you have established these then you can move on to looking at things like structures – ie what would be the best solution for you, idenfityin areas that are going to provide you with the solutions to your strategy (ie high capital growths or area that gives you the opportunity to buy low, renovate and quickly sell to generate equity etc), finance – getting your approvals in place etc..
Its very exciting and I completely understand you not wanting to make the wrong decision as you have worked hard to get where you are.. Its also great that you are taking the opportunity to educate yourself before you launch into something!
I hope this helped somewhat?? Good luck with everything!!
Wishing you the best future in your property investing journey!…
Jodie
Property Coach and Finance Specialisthttp://www.multiplepropertyservices.com.au.
I help people realise their lifestyle goals using property as the vehicle.. As me how today – no cost and obligation free!Hi Elisa
Difficult to provide structured advice without further information on your asset/ liability, income or expenditure position.
Half the battle is protecting your assets and establishing your finance in such a way that the loans are not cross collatealised.
A little time spent restructuring can be the difference to going forward in the right manner or merely coming up a against a brick wall.When the path is clear and the fog lifted you will be governed by what you can afford and not by what your Bank tell you you should buy.
There are many strategies out there and it is a matter of choicing which path you want to follow.
Remember oranges and carrots are the same colour but taste totally different.
Richard Taylor | Australia's leading private lender
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