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Hey Richard,
My partner and I are quite new to this property investing thing and I suppose should have researched a lot more before jumping into this. Anyway we signed our first contract in January this year for a house and land package that is yet to be constructed (hopefully should be finished by July/August), obviously this one will negatively geared. We then bought another property and this time went for a 3 bedroom, 1 bathroom villa in a complex which is also negatively geared and now have just purchased our third property, a residential 4 bedroom house.
I spoke to an accountant last week regarding the tax implications we may have and also today spoke to a financial adviser that told me they can't help us with a plan or strategy as I have already purchased the properties. as well as telling me that our future hopes of maybe retiring in 15 years was quite slim based on our incomes at the moment. (I don't get it)
Anyway do you know where we can get info on about buying through trusts and smsf's and what benefits they have, as the 4 properties that we now own are in our joint names and I'm finding that unless I get a job that pays heaps better we have pretty much maxed ourselves out, so where from here.
I would like to know more about Steve's suggestion in his book about going guarantor and how to buy properties but not in your own name so that your not limited with regards to your borrowing capacity. I'll give you some rough figures so that you have a better idea of where we're at.
Own Home: Bank value of $350k, Owing $332,500 at 7.57% with NAB (P & I)
IP 1: Purchased off plan for $260k, Owing $250k at 7.1% with CBA (I/O), Rent appraisal at $300p/wk
IP 2: Purchased for $214k, Owing $206,600 at 7.39% with ING (I/O), Rented @ $260p/wk going to $300 in July
IP 3: Purchased for $335k, Owing $318k at 7.84% with Firstmac (I/O), Rented @ $650p/wkMy Income – $42k
Partners Income – $43,500We would love to buy a property here in Brisbane and renovate it to sell and make some quick dollars or even a CF+ property but we don't have enough money to put down as a deposit or even for the legals and so forth. What can you suggest we do?
Anyone at all, if you have any ideas please let me know, it would be much appreciated.
Thanks heaps,
Yaz
Hi,
I recently saw an article on that region in the magazine titled "your property investment" it was their launch issue and if your lucky you might still be able to get yourself a copy.
I do remember them saying in the article that apparently where it's located at the moment isn't attractive but there are plans for the Packenham bypass which will considerably reduce the travel time to Melbourne which I suppose would then assist in the growth of that area.
I myself was looking at purchasing in that region as well, but because of lack of cash at the moment and only just now stumbling accross all this information I can't do it just yet. I need to restructure what I have done.
Good luck with it all.
Cheers
Yaz
