sam0000 wrote:

Hi all,
I was looking into the job of being a mortgage broker and have question:
If i get Certificate IV in Finance and Mortgage Broking how can get to any aggregator because as far as i know that you need (2) years experience and some of them they have their own training and fees ?
What is you advice should do the course by my self first and then apply to aggregator ? or go direct to the aggregator and do the traning with them ?
and i want do this as part time job .
Thanks for the help,

I agree with Terry. Find yourself a mentor for the first 2 years. Just make sure they are compatible with the aggregator (some accept only mentors that know their CRM system, for example).

There is A LOT to learn but it could be a great part time job, no doubt.

Best wishes!
Ethan

Tom wrote:

Hi, yesterday i went to the bank to inquire about an investment loan for another property. I have about 200k in equity in my first house and 60k in cash. The place i was looking at is on the market for 330k and rented out for 430 a week with long term tennants…..(good buy) but the bank will only lend me 180k…..As a rookie in this game, my question is how can you go ahead and buy 3, 4, 5 ….10 properties? I thought with a positive geared property and my numbers stacking up ok 330 shouldnt have been a problem?

Hi Tom,

Is the $200k equity accessible by any chance?

Are you looking for 80% LVR or more?

The 430 p/w sounds great but most lenders take only 80% of it into consideration. Some will only accept a 6% yield on market value and then 80% of that (killing rental income).

I would suggest discussing your situation with a broker and see if and how they can help make it happen.

Where there is a will, there is a way. I’m sure of it.

Good luck! 😊

Pat wrote:

my goal is to grow my portfolio so even considering selling is a big deal for me), but apparently I’m getting close to my serviceability limit.

I totally get that.

Selling and waiting on the sidelines would feel to me (and I guess it feels like that to you) as a step back (presuming you’re in accumulation phase) and a bet. Who knows what the day will bring and when.

But being financially stuck in bargains (crisis) time is a horrible thought. I get that.

Did you explore all options to increase serviceability? Different lenders have different calculators. Hopefully you will be able to refinance with one of them, thus locking in the gains and who knows, by the time the crisis will come, you might be in an even better position to benefit from it than you can currently imagine. I sure hope so 😊

Hi FXD,

Why not refinance with lender 1 and get the extra equity, then use that (and your other cash) towards the purchase of the new property through lender 2?

You can use of course lender 1 for both properties but that might not be to your advantage.

Hope this helps?

Cheers,
Ethan

Terryw wrote:

Your best option is a reverse mortgage – not sure why you think it not applicable.

Am also keen to know why OP see this type of mortgage as non applicable

Hi,

Did you end up signing up to one of the courses? If so, what’s your take on it?

RobH wrote:

Hello everyone
I am planning to buy my first investment property before the end of the year and am hoping to continue buying at least 1 property per year over the next 10 years. I want my portfolio to be cash flow neutral or positive at all times (assuming no unforeseen problems arise). Obviously I will need a good strategy and will need to buy the right mix of properties to ensure capital growth and ensure I don’t lock myself out due to serviceability issues after buying 1 or 2 properties.
I will consider buying anywhere in Australia so long as there is the prospect of reasonable capital growth, but would obviously prefer the larger cities (no small mining towns or small regional areas). My ultimate aim is to build a cash flow neutral/positive portfolio with properties likely to experience solid capital growth over the next 10 years
I am currently earning about 100k and am in a position to be able to begin buying now. I am 28 years old and my goal is to have 10 properties before I turn 40, so 10 in 10 years will work well for me :)
I can see there are many experienced and successful investors on this forum so I’d love to know the following (for the purposes of this assume my salary remains at 100k (equivalent) per year):
1) If you were in my position right now, what strategy would you adopt to achieve the goal of acquiring 10 properties in 10 years?2) Would you recommend spreading the portfolio across the country or concentrating in a few areas?3) Would you focus on acquiring units or houses?4) If you were in my position right now, approval for $380k and wanted to begin before the end of 2016 what would you buy and where would you buy?
Hope to get some interesting responses!
Thanks
Rob H

Hi Rob,

First of all, good on ya for thinking long term and seeing the value in property investing. Wish I was focused on it when I was your age 😀

You might find it interesting to know that even if your property is positively geared, the lenders may still see it as negatively geared! Why? Because they stress test the borrower. Rent is usually calculated at 80% (if not less…) of what it is and loan repayments as p&i + buffer. So you could meet the borrowing power wall sooner than you think unfortunately.

My favourite strategy is to quickly add value to my investments, get as much as I can of my money back so I can take it and invest in the next property.

I also prefer houses over units as this way I have more control and am not dependent on body corps.

Where to invest? Close to home is definitely easier but if I see great options further away, I’m open for that. But need to always learn the area, not just the specific property in question.

Hope this helps?

Best regards,
Ethan

Green wrote:

Im just starting out and need to know how I can expand my borrowing capacity.

May I ask how are you planning to use trusts to expend your borrowing power?