Hi everyone, great forum, have been lurking around for about 12 months now learning as much as I can from other investors and thought its abut time I signed up and asked for some input and advice. In hindsight I should have done this long ago but as they say the best time to plant a tree was 10 years ago but the 2nd best time is today.
Basically I would like to acquire a 10 property portfolio in a 2-3 year time frame and my goal is to be able to sell 5 to pay down debt and receive a passive income from the remaining 5 properties say 10-15 years down the road depending on CGs and circumstances. Currently my wife and I have purchased a PPOR and 2 investment properties all in northern suburbs of Melbourne. PPOR was purchased 3.5 years ago (H&L package), 1st IP purchased in March this year and we just purchased our 2nd IP awaiting settlement. Both IPs are new with gross yields around 5%. PPOR and IP no. 1 are crossed at 78.5% combined LVR (borrowed 104% for IP 1 using PPOR equity), while IP no. 2 is a standalone 90% LVR, but all 3 loans are with the one bank, offset account attached to PPOR paying P&I, interest only for IPs. Our combined income is approx. $140k and we are in our early 30s with one dependent.
We would most likely look at a different financial institution for IP 3 and borrow 90% again, and we are not comfortable looking interstate. Would prefer to look to the east, west, south, or regional areas first. A few areas in my research are Ringwood, Frankston, Wodonga, Ballarat, Bendigo, Warnambool.
In people's opinion where should we go from here in terms of where to look for our next properties and our finance structure (I used a broker). I am not looking for development sites, prefer newer properties with less maintenance and yield is important due to our income. Is my goal realistic or should I give myself more time to accumulate? My wife is pretty nervous about it all and i cannot guarantee she will stay in full time work and we might have another child so serviceability is my main concern.
Basically I would like to acquire a 10 property portfolio in a 2-3 year time frame and my goal is to be able to sell 5 to pay down debt and receive a passive income from the remaining 5 properties say 10-15 years down the road depending on CGs and circumstances. Currently my wife and I have purchased a PPOR and 2 investment properties all in northern suburbs of Melbourne. PPOR was purchased 3.5 years ago (H&L package), 1st IP purchased in March this year and we just purchased our 2nd IP awaiting settlement. Both IPs are new with gross yields around 5%. PPOR and IP no. 1 are crossed at 78.5% combined LVR (borrowed 104% for IP 1 using PPOR equity), while IP no. 2 is a standalone 90% LVR, but all 3 loans are with the one bank, offset account attached to PPOR paying P&I, interest only for IPs. Our combined income is approx. $140k and we are in our early 30s with one dependent.
We would most likely look at a different financial institution for IP 3 and borrow 90% again, and we are not comfortable looking interstate. Would prefer to look to the east, west, south, or regional areas first. A few areas in my research are Ringwood, Frankston, Wodonga, Ballarat, Bendigo, Warnambool.
In people's opinion where should we go from here in terms of where to look for our next properties and our finance structure (I used a broker). I am not looking for development sites, prefer newer properties with less maintenance and yield is important due to our income. Is my goal realistic or should I give myself more time to accumulate? My wife is pretty nervous about it all and i cannot guarantee she will stay in full time work and we might have another child so serviceability is my main concern.
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