Is there light at the end of the tunnel ?!?

Hi Matthew,

First of all, you are not failing at all. To be 27 with three IP's is a great achievement. You are well ahead of 99% of your peers.

First thing I would suggest is be patient. Even for the few who have amassed large holdings, it didn't happen overnight. We often see the end result, that this young person has amassed an amazing amount of property and net wealth, but we don't realise, or we underestimate, how long it has taken to build their portfolio.

My advice is to read whatever you can regarding renovating and selling for profit, as this is what you want to do. Talk to finance brokers re: the availability of finance and how much you can borrow.

 Keep working and keep patient, and focused, and you'll get there.

Hi Matthew,

Welcome to the forum and chin up! You have achieved a lot for your age and should be very proud of yourself…

Richard & Dan42 have provided some great information but the thing i would like to add is move as far away from CBA as soon as possible!! I used to work there in their mortgage department and they are all about tying peoples portfolios up to benefit themselves not the client. I can only presume they have cross collateralised your properties & business dealings but this can be unwound with a good structure.

If you need an unbelievable accountant please pm me their details as this will be the first step you can make to achieving true financial freedom! I too went down a similar path to yourself at your age (now 34) and it has only been in the past 3.5 years that things are really cracking along nicely in all areas of our lives finances, portfolio and of course business but it took a lot of hard work to get there.

Remember also we have been through one of the toughest financial periods of all time with the GFC which has cause chaos on all fronts especially finance/property markets and don't get me started on what the labor government has done to continuously screw us all over, mind you some of the major banks aren't much better.

If you want some free advise or help with where you are heading, what structure you need or just a general chat i'm more than happy to have a chin wag with you to assist. Don't loose sight of your dreams or hope in what you believe!

Cheers

Yes. I've been to a few. I go if the topic interests me.

There is no pressure. They will do a blueprint (look at your position and outline where you should go next and how to achieve that) for free. Of course you can use their buyers agent but there's no push or obligation.

They did one for me a few years ago and I just started looking and buying using that strategy.

It's a great way to meet people also. Networking is the way to get ahead. Lots of people pay thousands for networking meetings (mentors).
http://www.rightpropertygroup.com.au/homepage     Check the website to see what the topic is for next fortnight and see if it is for you.
Might see you there. Wear a pink hat.    Just kidding.

Hi Matt, please see below for responses.

Trent – Thanks mate ill try to stay positive!
Do you mean move far away from CBA will all my finances? I have multiple business accounts/SMSF term deposits, Loans (personal and mortgage) Credit cards ect all with CBA! Should i cut all dealings with them? I DID AND IT WAS THE BEST THING I EVER DID, HOWEVER I DON'T KNOW YOUR COMPLETE SITUATION SO YOU MAY HAVE TO DO IT IN STAGES AND LEAVE SOMETHINGS WITH THEM FOR THE TIME BEING!
 
My CBA business manager called me today and advised me my only choice to separate my personal and business debts was to refinance into a business loan and use my person residential IP’s as security!! I’m guessing this is the cross collateralization you where talking about? THAT'S HOW IT ALL BEGINS JUST TIGHTENING THE NOOSE ON CLIENTS! YOU NEED SOME PROFESSIONAL HELP VIA A GOOD ACCOUNTANT, THEY WILL STEER YOU IN THE RIGHT DIRECTION.

I’m glad things are going well for you and hopefully i can get in contact and hear some of your stories and adapt them to my situation or help motivate me to continue with my original goals! I really need direction and advice i can trust, currently i find it hard to believe or trust anything anyone is telling me regarding money   AS PREVIOUSLY STATED MORE THAN HAPPY TO HAVE A CHAT WHEN YOUR FREE

Hey Matt,

You’re doing really well! You own your own business and also have 3 IP is a feat when most people at your age are still in denial that they’ve left their university/teenage years behind!

Definitely DO NOT cross collateralise your mortgages….. Even though bank managers and even some seminars will tell you that’s it’s good and saves you on fees like previous posts this is the bank tightening the noose!!!

Took me ages to find a good accountant but have finally done so and he’s got a portfolio of over 160 properties himself so he speaks and advises me from experience himself.

Dealing with the banks is frustrating as most of the employees know a lot about banking and loans but little to nothing about how it applies to property sitting on the customer side of the table!!!

By the way, Jamie M, awesome you switched to an offset. With CBA? I thought they didn’t have a 100% offset and had minimum withdrawals and also transaction fees!!! I have facilities with other banks that are 100% offset and fully transactional. Curtesy of a finance broker who is in property investing too.

I find that there are so many courses and theories and approaches of doing investing. What finally has started to work really well for me is sticking to one mentor. Otherwise I can see it can get really confusing with all these different opinions flying around.

Good luck with this. If you get only one thing from this, it is don’t let some bank schmuck stop you from your goal!