All Topics / Help Needed! / How should we proceed

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  • Profile photo of PtialvPtialv
    Member
    @ptialv
    Join Date: 2005
    Post Count: 57
    April 9, 2009 - 2:07 am

    Hi Everyone,

    we will like to get some idea/suggestions regarding  how should we start investing or not at this stage.

    Here is the snapshot,

    We have a PPOR Paid 285K now valued at 350K. We borrowed 275K out of which approx 20K is also paid.

    Have no other loans.

    Have 2 kids aged 2.5 and 1.5 years.

    Earn approx 95K (combined)

    Basically i want to know is it worth taking the risk and buying an IP being the climate we are in at this stage.

    I am not handy, feel like that i cant do renos.

    If you guys can help in with some great ideas please help

    Profile photo of imugliimugli
    Member
    @imugli
    Join Date: 2005
    Post Count: 87
    April 9, 2009 - 3:45 am

    First things first – what research or preparation have you done to this point?
    Do you have a goal or strategy in mind and if so what is it? Is it tax reduction or passive income? Is asset protection a priority? Are you looking to buy / renovate / sell or buy and hold?
    Have you spoken to your accountant / financial advisor / lawyer and set up legal structures that are suitable for this (if necessary)?

    Investing in property is fantastic, but it's not simply a matter of buying a house, getting a tennant and putting a property manager in place. It needs to work FOR YOU.

    Preparation is the key :-) Good luck!

    Profile photo of PtialvPtialv
    Member
    @ptialv
    Join Date: 2005
    Post Count: 57
    April 10, 2009 - 12:55 am

    Thanks imugli for the reply…

    To answer your questions

    We are thinking of buy and hold.

    Create a passive income.

    When you say asset protection, not quiet sure what you mean.. is it about insurance.

    I am about to viist my accountant to check out about the structures.

    Thanks any more ideas will be apprciated.

    Come on experienced investors please put up some thing here for the novice.

    Regards,
    Ptialv.

    Profile photo of imugliimugli
    Member
    @imugli
    Join Date: 2005
    Post Count: 87
    May 4, 2009 - 5:58 am

    Ptialv,

    Sorry it's taken so long to get back to you.

    It sounds like you have the strategy worked out and by now you should have the structure firgured out.

    What advice did your accountant give you re structure?

    For mine, given that you're looking for a positively geared property and a buy and hold strategy, a family trust may be beneficial. Reason being any profits from the trust can be distributed to minimise tax.

    Have you started looking yet?

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