Finance broker for large portfolios

pinkboy said:
Then you can take your $h!tty $70k pa wage where you work 40hrs,
pinkboy
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Is insulting someones wage really the sort of stuff that's okay on this forum?
If people are arguing the point that 1 resi property worth 4 mil on a 70k wage is a good strategy then this is the wrong forum for me.

And again, my question wasn't around strategy, athough I appreciate most of the input. But as Skater perfectly articulated, I want to qualify (should my portfolio get to that size) that they have had experience in this. And yes, peoples wages do change too. I was one 3x the amount of my "$h!tty" wage i'm on now but i'm taking some time out.

Thanks again for the people who helped with any suggestions on brokers they know. I'm out
 
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skater said:
I can think of a number of reasons. I've also been around a long time & seen several people do this. Look up Brenda Irwin. From memory she was on a low income.

To me that is much MORE stress. To have all your eggs in one basket & all of a sudden that basket is empty and likely to stay that way for a long time.

While an unusual request, I feel it's quite reasonable to ask this. Remember, you should always start with the end game in mind. If your goal is to own a certain number of properties, it would be reassuring to know that your broker is up to the task. I've experienced the difference between a lousy one & a great one, and I know it does make a huge difference.

Also, the sticking point for many seems to be the OP's income. Remember someone on a low income may not always be on a low income.
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Hey Skater,
At no way am I trying to have a dig at the OP, my comments are purely formed around my idea of property strategies and I really appreciate your feedback. You sound like you have been in the game a long time.

Regarding my comments around the number of properties and also commercial property the point I was trying to make is I personally believe their are far better options available to achieve the result of retirement based on property cashflow then having a 20 property portfolio.
Commercial has better yields and whilst there is definitely increased risk of long vacancy then its all about risk mitigation with carefully selected properties, but of course diversifying as well.

In regards to the OP's comment then I did not mean jump straight into commercial property. If you read back over a previous post I mentioned using residential capital growth to build an asset base and then cashing out and then investing into commercial. This may be in 10-20 years time for you if that is your goal time frame.
 
Christianlaws said:
Thanks again for the people who helped with any suggestions on brokers they know. I'm out
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Don't take it personally, even if some of the responses have been quite personal. My opinion is that it is a perfectly reasonble question. If a broker can't properly structure the loans for a multi-property portfolio, they won't be a good fit for you. In my case, I am 50/50 on dumping mine and getting a new one. My income has increased $25k p/a in the last 3 years but my borrowing capacity has only increased by $50k? Mine is struggling to get me to 5 properties. I am not happy with the way the loans are structured and have refused to sign the latest lousy deal. I am working now to get a better deal, which could work out but might be the last deal I do with this broker.
 
I feel I need to comment here. While I agree that the tone taken by the OP has been other than pleasant, this is not helpful at all, and not true either.

pinkboy said:
Mate, you go and buy your 20x $h!tty $200k properties. Make sure they are all rented out at $330+ per week to get your $100/wk cp+ income from them.
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This is doable. Lots of investors sniffing about in Adelaide at the moment & getting good yields. Remember that the yields increase over time, as rents continue to rise and mortgages stay the same, regardless of CG, but depending on where you buy, you can get that too.


Oh, and on that extra $104k income, you will need to pay tax of around $30k.
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Well, not necessarily if you've got depreciation, or you are splitting it with a spouse.

Then you can take your $h!tty $70k pa wage where you work 40hrs, and add the extra hours you will need to commit to 20x slums for maintenance, Consumer Affairs, QCAT/VCAT/Court/whatever, plus look after most of your accounting so you can give to your accountant so they don't bite into your profits with their $400/hr fees.
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It takes no longer for cheap properties than it does for expensive ones, so long as you've got a good PM and you keep them well maintained, and I thought most investors did most of their own bookkeeping before it went to the accountant anyway. If you add them gradually, over time, you just add one more to the pile every so often. By then, you could do the bookwork in your sleep. :D
 
Christianlaws said:
Is insulting someones wage really the sort of stuff that's okay on this forum?

Generally not no, but you set the precedence when you insulted a broker giving you his professional opinion in this thread.

Thanks again for the people who helped with any suggestions on brokers they know. I'm out
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Come in spinner! I threw that line in there, know I would get a bite for sure.

However, you didnt debunk the rest of my post, so we shall call that an agreement.

You can't see the forrest for the trees son. You keep saying you want a broker and you're not discussing strategy, but they go hand in hand. You're trying to justify your argument with an arbitrary figure. There may well be a broker who has handled a 20 property portfolio, but he may only have refinanced them, not built the portfolio for the client from IP1 - therein lies the difference.

Its a shame that a few hard questions has put you off an anonymous forum, where a lot can be learned by listening and searching the 1000's of threads that will answer almost any question you throw out there.

Are you going to turn to water when one of your 20 tenants sues you? Perhaps you're not yet cut out for it if you cant hold your own on here?

Anyway, back to my boring life managing less than 20 IPs.


pinkboy
 
Give Alan law from 168 finance a call. 0416 200 008 he is in Ashfield Sydney. Or you could get in contact with Nathan from binvested and see who he uses because he would have a good broker seen as how he has over 160 properties to his name and he is only 29yo. I think Nathan uses zinger finance.
 
Well he seems to be doing pretty good for himself. His property that he buys seem to be good deals so he must be doing something right.

What are his latest comments about.
 
Pink boy I was asking what your comment was about in regards to Alan that I suggested. You put my post above your comment so I'm assuming you were talking about my post.
 
pinkboy said:
Simply all I did was delete the details about Nathan! I was strengthening Alan's credibility by default*.

Perhaps my poor taste in humour is not being received well by some newbies!

*Dont know Alan.

pinkboy
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woosh! I think it just went over someone's head. I actually got it. Does that mean there is something wrong with me? :confused:
 
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