I’d really appreciate advice and guidance from the obviously very experienced forum posters/readers here as to my first steps. I live (permanently) in Adelaide, absolutely love property, but as yet I own nothing – I’m renting. I believe I’m afflicted by ‘analysis paralysis’ and need some help! I seem to have a mental issue with the concept of buying an investment property that I wouldn’t care to live in myself! My ultimate goal is to own at least two properties that I would live in (half and half), one in Australia (prob beachfront Adelaide), one in Ireland (beachfront)….with a supporting rental property portfolio that would provide me enough passive income to enable this, and the associated lifestyle. I keep alternating between looking longingly at all the beachfront properties for sale in Australia, and trying to identify areas (regional/suburbs) which offer a good rental/income yield as per the 11sec rule. I have $25k cash investment (yielding about 8-10%pa) and also have about Euro38k cash available. I’ve also done a hometrader share course but have not yet traded live. Would really appreciate some help as to my next step, and any tips to overcome this action freeze! Thanks so much for taking the time to read this far….I wish you all abundance and prosperity in your endeavours. [biggrin] Jenaseire
Hi there,
Regarding ‘analysis paralysis’ every investor suffers from this in varying forms at one time or another, so you’re definately not alone!
If I was you I’d do a few things to help in your investing jouney, including;
– keep reading the forum, knowledge can often translate into confidence
– check out some Real Estate investing books
– speak to a broker who might be able to give you a heads up on what’s possible in your current situation.Your ‘action freeze’ is actually better than diving into property blind and potentially making an expensive mistake.
Hope this helps…G7
Hi Jenaseire
Fear not it’s a common problem i see with clients unsure as to what their next move should be to obtain the dream. Most of them are worried that if they do 1 thing they will not be able to do another.
Firstly you mention that you are renting which as we all now is dead money. Interest can also be described as dead money on your own PPOR but at least you are getting somewhere in achieving your dream of home ownership.
You Cash Investment is generating 8% and i guess that you think if you use all of the money as a deposit then you will not be able to consider other investment choices.
Remember you 8/10% is Taxable and therefore dependant on what Tax bracket you are in will reduce accordingly. Imagine you could obtain an on call account paying 7.17% Tax Free would you be interested?
Well it is all about loan structure. The cheapest interest rate in the market does not always mean that it is the best product on the market.
Establishing any loan correctly with a firm flexiable base enables you to develop your investment ideals without forgoing your capital.
It is not difficult to have your home and still trade your investments with clever use of your available capital.
Feel free to email me a few more details and i woul dbe happy to help you further.
Cheers Richard
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Hi,
you have a few goals. list them and prioritize. get some professional advise on best how to achive the goals and maximise use of cash. In regard to purchasing an IP – do from a pure business/return perspective and a distance away from you, so you don’t spend half your time looking at it – the novelty wears off over time anyway, especially as your portfolio grows. Make an informed & researched decision and get on with it.
All the best
Steve Bhi jenaseire
Go back a week in threads and have a read.
Get a good broker and an international accounting firm that can intergrate your business plan.
You are moving into an area that is specialised and need there assistance.
But first decide your path and they will be able to direct you from there.
Hope all goes well, the Eire market is going very well not to sure of the Castlebar Mayo market but thats a different question.here to help
Thanks so much for your replies…
…Grossrealisation, thank you, will take on board your suggestion re a good broker and an international accounting firm..I’ll also keep reading the forum posts (so much good advice and interesting reading in here!)…
…Ronny/SteveB, thanks, good suggestion re finding a property that’s at a distance and out of sight!..
…Qlds007/Richard, thank you, I will probably be in contact shortly to discuss further…
G7, thanks for the reassurance and yes, I will continue on the journey and not feel too bad about my ‘action freeze’!
Thank you one and all,
From a looking-forward-to-being-an-IP-guru…
Abundance and success to all! [biggrin]
Jenaseire
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