Forum Replies Created
Maxim
Be surprised how many clients we have thru the forum who have gone to their own Bank and have their loan structure all wrong.
Just need to be smart with the loan set up to maximum your deductions and help your portfolio grow.
Cheers
RichardHi Richard,
Yes that is why my first step is to get the loan strategy correct. Make sure I dont hit a wall in future ! As you are familiar with Brisbane market, I might be in touch if that is ok.
I have contacted Zest, and jaqui Middleton, not done anything yet, but please me know what do you think, regards
Ok thanks. Have you already put in a loan strategy in place like structuring your loan in order to be able to continue investing wisely ? I am now looking at restucturing my current PPOR loan so I can have a better plan to invest.
Steve and Team,
First time participant from Perth and I really learned a lot. Just the mindset of successful people struck me, inspiring us to think differently and forge a career be it in property investing or online business. I did had few apprehension initially as to whether I should fly to Melbourne and attend it but I am so delighted I took a chance and attended. Thanks again and will definitely following suit.
Hi KunaFirstly, I WOULD buy in the market I lived, I’ve seen too many clients get burnt buying in states that they don’t know enough about. I would agree that it is a buyers market (due to the fact that it is heading into winter and property prices are flat). If someone has their house on the market now, they must need to get out.Whether to buy or not will come down to your strategy, if you are expecting the ‘market’ to give you a return on your property over the short term, then that will be tough. But if you can add value to the property, or sub-divide then you give yourself more of a chance.I am aware of David Hall and he would be a good choice, also you could try Trevor Dunkley (at Property Wizards).Hope that helps. You can always call me if need be. Good luck
Thanks Darren for your kind reply. Yes I do think I would want to buy in Perth too. Not sure how you deal with the interstate properties. I know people have done it with good help from interstate buyers/brokers etc but I want to start in Perth. I am looking forward to getting in touch with the above BA. Hope they are one of the best available in Perth. Cheers
I might be selfish, But I reccomend myself.
Thanks for being selfish. If you are good at what you do, no doubting you. I just want to get honest and reliable BA who can help me.
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This reply was modified 8 years, 7 months ago by
maxim.
Wouldn’t recommend investing where you live. Being able to drive past it doesn’t make it go up in value.
People tell Perth as a Buyer’s market now. What do you think about that ? I know the economy is not doing good and the market might be flat for the next 12-18 months.
Today I paid for the special knowledge offer that Steve sent to my email being a member of propertyinvesting. I understand it is fully refunded, is that correct ? I have also received the email stating I have paid for 2016 Millionaire Mega Conference – Seat Deposit. Does that mean I am confirmed for the event ? I have to book my tickets to go to Melbourne for the event.
Thanks
Congrats on where you are at! Good starting point for sure. You need a big picutre goal, one you really believe in, then you need a good strategy. Each property should fit into that and be purchased in the right order so your equity and cash flow position are as strong as possible. Some might involve value adding like renos, or development/building such as you have done or just buy and hold. Along the way I would get some some good accounting and loan advice before choosing the structure and debt levels on the new IP. Talk to a good broker at least, like some of the regulars on this forum who are great, or if you have one a good property accountant. Paying down the wrong loans and properties in the wrong order will impact your tax badly and slow you down.
Thanks knightm for your reply. Exactly my thinking of getting the proper structure in place before committing on making the next move. It’s all been coming thick and fast. I build this PPOR last year in Nov and moved in. Now I am thinking of going ahead and getting an IP which will not put some in financial harm’s way. I am going to try ever so hard to achieve these goals. Strategy is a must. I am just bit hesitant on whom to talk to to get the ball rolling. Hence this post.
Thanks again
KunaHi Kuna, It is awesome to read of one so young who is already as far ahead as you are. Have you done well? Absolutely – that is a great start. Where do you go from here?
Ah, now that is where YOU come in. In short, it is your call. You have set yourself up to be able to advance in several possible directions. What direction do you WANT to head in?
See, some might move from PPOR to PPOR without ever owning an investment property. Each PPOR is a step up, and they are all saleable without the need to pay CGT. I have read of some who move 6 or 7 times – the 7th time, ending up with a $2m house on Sydney harbour (probably now worth $4m). They never owned an IP.
Others might buy and hold; or buy/reno/hold; or buy/reno/sell/buyagain; or subdivide/build/sell; or subdivide/build/hold……
But they all start out with the first step. You have taken a big first step – but now the occasion needs to define “Where do you want to go next?” and then start talking with a Mortgage Broker to find out just hOW to make that happen (or to reset your sights if it is too big a step financially).
Re paying off the current PPOR, sure !! I wouldn’t be racing to pay off an IP, but a PPOR’s debt is non-deductible, so why not pay it off/down. OR, you can set up an Offset account against the mortgage, allowing you to turn the PPOR into an IP down-the-track without losing the deductibility of the mortgage.
There is a lot to think about and talk about before your next move, Kuna. But you are in a strong position to contemplate your next move.
Benny
PS Take some time to check out this thread – some great info in there, and stories re how others have approached the IP situation.https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/Hello Benny,
Thanks for the kind words. Where do I start ? Shall I consult a good broker and then an accountant to put the structure good to make the foundation fine !
My current PPOR has got offset account and I have put all my savings in there. Do you think I should not turn this property into an IP as it will be a neutrally geared property in the current market situation and when rents pick up in few years’s time, it will be a positive cash flow (calculated around $150 a month). I have patience and I can hold this for a while.
I am from Perth and hence looking at investing in Perth (Perth market is on the down hill as you know post the resources boom fall and hence I am hoping price correction will continue which I believe is a good time to invest? What do you think about that ?
One more thing, what would be the ideal loan structure considering my circumstances if I do intend on converting this PPOR to IP later. When you said we can move from PPOR to PPOR, I did not really get that? Can you please explain if you can ? Sorry if I am sounding bit of a dumbcat.
Thanks
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This reply was modified 8 years, 7 months ago by
