All Topics / Help Needed! / Taking the next step

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of louiebaklouiebak
    Participant
    @louiebak
    Join Date: 2014
    Post Count: 2
    May 6, 2014 - 9:18 pm

    Hi All.
    I recently bought From 0 to 250+ properties in 7 years, also new to this forum, and very interested and excited in taking my next step into my next IP, I’m just trying to get my head around it all and very much enjoying it. I needed some suggestions while I’m reading the book and wanting to put my situation into practice.
    I purchased my first IP 10 years ago in Sydney and recently built a duplex on the site, I sold 1 duplex last year and kept 1 as an IP, I’m currently renting my IP. I still owe $150,000 to the bank and recently had my IP valued from the bank and came in at $1.1 mil.
    I’m thinking of moving into my IP next year to start a family so the rental income will stop and I will have to cover the repayments from my wage.
    I really would like to purchase another IP using the equity from my IP but I’m a bit cautious and I want to make to right decisions for the best outcome for future growth.
    My question is where do I go from here??
    Thanks

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 6, 2014 - 9:41 pm

    Hey Louie

    Welcome aboard :-)

    You’re in a great equity position when it comes to investing – not many new investors are in this position.

    Where do you go from here? You need to work out where you want to be 5, 10, 20 years from now and then devise a plan.

    If you’ve decided that property investing is your vehicle to get you there – then surround yourself with a good team of allied professionals such as a finance person, accountant and solicitor.

    If you were my client, I’d talk to you about your longer term goals, tolerance to risk and work out how many properties you’re looking to purchase. From there, we can work out how much equity to release against your current property and which banks to use for the subsequent IP purchases and how to structure it all.

    A lot of what’s achievable will come down to your borrowing capacity too.

    Hope that helps.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TheNewGuyTheNewGuy
    Participant
    @thenewguy
    Join Date: 2014
    Post Count: 151
    May 7, 2014 - 7:27 am

    I agree with Jamie, but I will add that with $1mil in equity you should definitely do something with it. With the right advice and decisions, it could easily set you up for life and provide an excellent retirement plan.

    Profile photo of louiebaklouiebak
    Participant
    @louiebak
    Join Date: 2014
    Post Count: 2
    May 7, 2014 - 12:30 pm

    Thanks for the advise guys, Jamie I will be in touch with you privately to discuss further options.

    Thanks:)

    Profile photo of Matty KMatty K
    Member
    @broncoman76
    Join Date: 2014
    Post Count: 1
    May 7, 2014 - 1:13 pm

    I am new too. Jamie is a wealth of knowledge. Good work man!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 7, 2014 - 3:30 pm

    Sure thing Louie – looking forward to helping you.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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