All Topics / General Property / Where to begin for a beginner

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  • Profile photo of ned91ned91
    Participant
    @nadimd91
    Join Date: 2015
    Post Count: 1
    August 6, 2015 - 11:17 pm

    Hi All,

    I am new to the investment game and i have read a lot of books on properties and have attended my fair share of seminars. Now that i wish to become more practical in my approach i would just like to ask for some sound advise on where to actually start. I have about 80k saved up and i would prefer a Sydney, Western suburb property that would ultimately gear positively. Any advise on where to start what to look at?

    Regards,

    Ned

    • This topic was modified 9 years, 3 months ago by Profile photo of ned91 ned91.
    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 8, 2015 - 4:12 am

    Hi Ned

    Firstly welcome to the forum and I hope you enjoy your time with us.

    I wont comment on your suggested location as i am slightly biased being a Qlder but just understand there is a reason why a number of lenders have limited their maximum loan to valuation in NSW to 80%.

    Assuming you have decided on where to buy start off by chatting to a mortgage broker to get an idea of which lenders are charging a loaded rate of interest for investment loans and also determine what features you want from your loan / lender.

    I will assume that serviceability is sufficient but decide how you want far you want your deposit to stretch.

    Is the purchase going to be one off and if so are you looking to put the entire amount in as a deposit (less costs) or do you want to stretch it over a couple of properties. If so then the loan is likely too be mortgage insured and this brings with it another raft of decision making.

    Remember accessing equity down the track is not as easy as it used to be so think longer term.

    As always any questions shout.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API interview

    Richard Taylor | Australia's leading private lender

    Profile photo of Adelaide Buyer's AgentAdelaide Buyer’s Agent
    Participant
    @ipcproperty
    Join Date: 2015
    Post Count: 7
    August 17, 2015 - 4:38 pm

    Hi Ned

    I would speak with a local buyer’s agent. I would have been happy to help but I only understand the Adelaide market haha I am sure there are a few buyer’s agents on here that can help?

    Some buyer’s agents may be able to just do some research for you that will help point you in the right direction and give you the confidence to go out and buy your first investment property.

    But I also agree with Richard above. The first step is to speak with a mortgage broker and get your finances sorted / pre-approved so you know exactly where you stand..

    All the best with your first investment property!

    Adelaide Buyer’s Agent | Independent Property Consulting Adelaide
    http://www.ipcproperty.com.au
    Email Me | Phone Me

    Stefan Miraglia - The Adelaide Buyer's Agent from Independent Property Consulting

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