Forum Replies Created
Thanks Benny,
Yes both good articles. And it is a realistic fear I already had about the lending criteria changing, or in particular changing jobs in the next 6 months or so which would also effect lending options.
Because of this reason we are waiting till the equity has been released and we are in more of a position to put deposit on an opertunity as we find it.
We are meeting with an accountant on Tuesday to get more info on the comparative benifits of buying new or buying established aswell,
When you said about it being quicker to pay down our mortgage using equity growth, do you mean equity growth in an investment property obviously? Equity in PPOR wouldn’t pay down our existing loan for the house the loan is secured against
Thank you all for your input tho. I’m here to learn and do as much due dillagence as I can before entering into our first investment
Thanks Steffan,
Appreciate the advice. We are now looking at possibly doing a house and land option. Maximise tax benefits, less time and stress needed in the first 5 years so I can concentrate on working and paying down our PPOR mortgage.
Cheers
Thanks Jamie,
Yes we have opted to source our own property, and have found something that ticks all the boxes.
Now we are just waiting to hear if our current broker can arrange finance, or if we will need to change brokers.
Our current lender does not approve investment loans for land or construction. I little frustrating as we would have liked to put deposit on weekend.
But thanks for you advice. It is much appreciated
Richard, the link to your website doesn’t seem to work. Are you and Jacqui based in Melbourne?
Thank you both for your advice and suggestions Corey & Richard. I see both of you participate a lot so your advice is definitely respected and appreciated.
I have an appointment with a accountant I use for tax (hoping he invests himself) so once I speak to him about the most suitable property type we should look for for our goals/situation ie. new, established, house & land etc. I may be in touch.
Richard I would really appreciate you sending links that may help us as we begin this process. My email is [email protected]
Cheers
Thanks so much for the invite Jerry..
I wouldn’t call myself an investor yet. I am still in the infant stage of learning as much as I can.
How do you get info of when and where these meets are?
Thanks guys. Will keep doing my research through the people of the forum then. Would be great if there were more events like Steves around tho ey
Any type of investing is fine too… I have an open mind and willing to learn from anyone who’s has actually done it.
I haven’t done it so can’t speak from experience but from what I understand from the seminars and speaking to people is that it covers everything to do with property investing and teachers you all usable information on how to make those decisions you are unsure about. Also it’s not just a matter of be given reading material and off you go you also get mentoring from @jason_staggers and Steve Mcknight himself when time allows.
Even if you are going to use a buyers agent (which nothing wrong with) you are still then making decisions based purely on another persons opinion. I know myself that I would prefer to at least have the knowledge myself to at least be able to do my own research into the opinions of others to know if they are legit or full of shit with their suggestions.
Either way mate no right or wrong all I am saying is that if I was in your position I would learn what I can from the pros. Unfortunately funds don’t allow me the apprentiship just yet but it is w new small goal of mine to free up some spare money to invest in my education before I make and decisions that could possibly make me or cost me $100k
Enjoy the journey mate
Hi mate,
if I had your cashflow, age and drive I would honestly sign up for Steves property apprentiship and learn from the professionals…just attended the millionaire mega conference and the things I learnt just in 3 days opened my eyes to how much there is to learn to be able to invest professionally not speculatively and how easy it would be to make costly mistakes without educating myself properly… Either way good on you for setting your goals and taking actions to achieve them already.Hi Benny,
Thanks for getting involved. i left out specifics only for the reason that i am learning that i am a fair way off being able to invest, and like you said there are other things i need to focus on at the moment. (some being setting in place actions to correct stupid financial decisions in the past)
Without specifics i thought i would get a broader range of ideas of where people thought an addiquate “starting point” was to start there journey into property investing.
To be more specific tho. my partner and i are both nearly 30 years old, have our PPOR that has roughly $100k equity in it, a few small loans and bits and pieces for cars etc (Stupid i know), not much savings but both driving cars that are worth more than we need them to be and a harley that sits in the garage and gets ridden every blue moon. so some of your suggestions are very relevant to us.
we have been put in touch with what seems to be a fairly good mortgage broker through Steve McKnights market update and millionaire mega conference and are in the process of refinancing with them to consolidate some debts, set up offset accounts and lower interest rate.
so thats the basics of me. thank you for your input so far, any thoughts are always appreciated.
cheers
Any insight into anyone one else’s opinion is always helpful in one way or another… So thank you
A few others opinions are that generally should have at least 20% of investment purchase price in cash. The rest pay down your own Morgage to allow more equity in your own home should you need to use that
Thanks Corey,
Once I am in a better position I will be sure to get in contact.
Do you just give financial advice, or also tax type advice or Morgage brokering??
Cheers guys,
I checked and basically what they have done is Worked out what my repayments where over a year and divided that figure into 52 weeks so still pay the exact same amount over the year.
I wish I could have an offset account, how ever until the fixed rate of my IO portion of my loan is under 12 months remaining I can’t have an offset account attached 😢
Hi Corey,
Thanks for great posts like this one, I follow a lot of your post and take your advice on board.
I am currently in this situation of trying to find the best way to get myself in a position to invest.
I have spoke to my Morgage broker about what to do (however he is no longer Morgage brokering and has but someone else in his place, who I have no faith in, to take over while he Persues other avenues of his business) he said it will most likely be around 12 – 24 months until I am in a position to do so.
I am reading and actively working my way through books such as “money secrets of the rich” by John R Burley and keeping an open mind to learning whatever I can without being too gullible.
Can you you recommend someone to talk to that is an “investment focused finance stratagist”, or would you be willing to give assistance to someone like myself that is not yet in a position but is working towards being able to invest?
Thanks in advance
I’ve always liked to fix so I can sleep easy at night aswell… How ever as I am starting to learn more about investing and the benefits of offset accounts and minimising interest etc I have recently found that my 3 year fixed rate has actually been of negative affect to me.
The reason for this is that I am unable to attach an offset account to my homeloan until the fixed interest period is less than 12 months…I’m no expert at all but all id say is make sure you know what you can and can’t do with whatever package you choose. I would have personally been better off floating the interest period and attaching an offset account and reaping the benefits of reducing interest paid and in turn the compounding interest saved for the life of the loan
Benny,
I didn’t even get an exact ammount mate. I fell over just at the estimated amount. They told me that they can give me an exact payout figure how ever it is worked out off of a complex equation apparently.
With the estimate alone I was sure that I don’t have enough cash savings to make it worth my while to break the loan and restructure to include an offset… I am all of a sudden very happy to wait another 12 months and save cash to deposit into the account at that stage
Cheers
Thank you Benny and Terry,
your suggestions are great.
i have looked into it and at the moment it won’t be worth me “breaking” the Loan.
Apparently i will be eligible for an offset account in 12 months, rather than 2 years, as i an get offset attached as long as fixed interest period is no longer than 12 months.once again appreciate your thoughts.
Hi terry,
Yes is fixed, please see my most recent comment (we must have been typing at same time haha)
Cheers dtrain,
Ideally we would like to set up an offset account however before I started educating myself I locked my interest rate for 3 years (still 2 years remaining) which I have found out means that the package we have won’t allow an offset account while the interest rate is fixed.
So more so looking at advice for the next 2 years until we can set up offset accounts, credit card set up etc
