Advice for a wannabe investor

[Ryper]

Hi All

I've been sniffing around for about a year now in an effort to get some sort of handle on making a move into property investing. I have gone through the usual channels of websites, webinars, seminars, magazines etc. Considered a mentor many times but am not totally convinced on this avenue. I have been reading the forums on SS for about 6 months now and have found the posts on here to have helped me the most I would have to say.
Anyway i'm sort of tired of living and breathing this stuff, not taking any action and believe I am ready to have a crack.
I have an advisor, broker and accountant that I feel don't understand my goals and certainly aren't thinking the same way I am in terms of investments moving forward so I am seeking advice here on all aspects of building my property portfolio.

Roughly this is where I am at:
40yrs old, Married, 4 kids
Nearly 20yrs in current job, Salary $130-$150k
PPOR in Southern Sydney NPV $1m with $500k + equity
$130+k in super
Goal is to work and invest hard / smarter for the next 10yrs and cement solid foundation for my family.
Any advice would be appreciated.
Thanks in advance.

 

[Colin Rice]

Get a valuation or two done upfront and gear up to 80% of your properties value and set up a "slush fund" to be used for deposit + costs on IP purchases placed in a separate account to your current PPOR mortgage.

There are a few Sydney Brokers who post here regularly so would be a good idea to catch up and have a meeting. If you don't need a face to face then don't necessarily have to be located in your city to do business.

May or may not have to change banks depending on your current lenders appetite for cash out deals. Varies widely. This needs to be considered in line with your short, medium and long term goals and if your broker/accountant/adviser doesn't know what your investing/life goals are because they have not asked then a mass sacking is recommended as they will likely take a transnational approach and you definitely need a strategic approach to set you up for long term success. If your current team is not right then move on and find a better one as this is very important.

 

[Ryper]

Hi Colin

Thanks for the advice and taking the time to reply.
I take your point re my advisory team. I guess that's why I am reaching out here seeking the services of property investment specialists.
I will have a search for a Sydney based broker on here.
Do you have many clients on the East Coast?

 

[neK]

Shahin, Redom, Rolf, Jamie... all good guys

Pick one at random. Can't go wrong.

Buyers agents (you sound like a time poor kinda guy - 4 kids ) get in touch with Alan (Propertunity).

 

[cland]

Education empowered me.

I think 1st thing to do is read good property investing books. Once I had about half a dozen on my bookshelf, I felt more confident. I don't know about courses, haven't done one.

 

[Colin Rice]

Yes, clients in Tas, SA, QLD, NT, Vic as well as overseas and few here and there in WA

 

[Michael_X]

My broker is on the Gold Coast and I am in Sydney so distance isn't an issue. Most of the communications are via Skype and email. Find someone who you like working with and knows their stuff.

Some good books to read

- Rich Dad Poor Dad by Robert Kiyosaki
- Building Wealth through Property Investing by Jan Somers
- From 0-130 Properties in 3.5 Years Book by Steve McKnight
- Ordinary millionaire by Jim McKnight

Good luck!

 

[Ryper]

Hi Michael

I was hoping you would jump in and advise me on a couple of things.

I have read many of your comments and admire your enthusiasm, honesty and willingness to assist fellow investors, making the experience for newcomers like myself a little less daunting process.

May I also take this opportunity to congratulate you on your journey so far.
I am sure your story has kicked a few dreamers like me into action.

I can see a couple of contacts you are working with on here. If you don't mind could you PM or post anyone you would recommend to service my needs as outlined above.
As mentioned I am pretty much seeking a fresh team to start my journey with.