I want to buy but need contacts/team to get the ball rolling

[bob shovel]

Hi all!

I am ready to jump in and buy! Jump in the smart way though.

I have a property which is currently rented out but we plan to move back in, in the next few months. I have owned it for 10 years and rented on and off between moving for work. in 2013 we renovated and increased the value along with the market increasing in western Sydney. I have worked out we have around 170equity avail but would be looking at using t150 to start playing with numbers.

The tricky part is our current work situation and finance.we are with a credit union which i have been happy with but feel they are not up to taking on investment properties, they more deal with the standard house loans. i am working now and have payslips to show income (not huge $$) but once we move I'll need to get 3 months payslips etc for the loan app. I don't want to lose more time, plus when we move back in the wife and i will be studying so i feel that our casual income will not work well for us.

According to my numbers if i bought around the 250-300 mark i could be neutrally geared. I'm thinking unit in brisbane areafor wick capital growth to get the next one but location research beds to be done in more detail (plus check the forum here more!)

I'm looking for a mortgage broker preferably around Penrith to deal with (I'm currently in Gladstone,qld) or someone on the phone, but i would prefer to sit down and talk numbers.

Dwhat would be a good way to go about this?

our investment plan is in need of more detail but, we would like our living expenses covered in 10 years. Plus i would like to work on the properties to renovate myself as work.plus after uni work part time as an engineer for myself.

Hour this makes sense,
Thanks!

PS I WANT TO GET BUYING!

(any typos thanks to bashing away on my phone)

 

[bob shovel]

I've seen the market go full circle in Penrith plus adding value with doing renos myself and want to get on it!

 

[Mick C]

Penrith/ Werrington and Kingswood - 3/11 of my favorite areas in invest in Sydney

 

[Michael_X]

Good thing you are looking to form a team first. After clarifying your goals, setting up the right team will be key to your success.

There are plenty of good brokers and accountants on SS. That's where I sourced mine when I first started.

Brisbane is a good spot to be buying, buying there myself

Good luck!

 

[Redom]

Great way to start. Plenty of good operators on the forums, can source all your contacts here and youd be doing well. I assume most would be willing to meet and sit down with you in Penrith. Most of the work can be done by the phone, but prefer sitting down with clients (at least once while forming the plan).

Cheers,
Redom

 

[albanga]

Love the enthusiasm!
There are some fantastic brokers on here and whilst not from your area would be readily available for a phone hookup or video conference.

Only note I would make is you said you would be looking to draw 150k equity and purchase to be neutrally geared? By that I assume you mean buying a single property and using the entire 150k as a deposit?
If so then you should really speak to a good broker and accountant as there are a number of key issues with doing this.

 

[bob shovel]

Thanks guys! We really need to get onto it! Going back to study will make it tricky but can't see it being a inconvienience if done right.

Albanga.... What issues?
In actual fact the ppor loan would need to be re jigged so that the i.p took on more of it's loan but add it stands with it being rented we would take in that rent/expense.so hopefully work more in our favour

 

[bob shovel]

What if i used 75k equity on the ip then the rest in an offest ready for the next one? 1ip this year, 2 x i.p's next year!

 

[Redom]

Its a bit difficult to tell what your employment scenario is from your OP, but there's lenders out their that have pretty good niche's in casual policy employment.

Ideally, i'd recommend to withdraw any useable equity in your current Western Sydney home out. I'd valuer shop around and pick the best valuation from suitable lenders.

With that equity, use it to fund your deposits. If you've got cash in the offset and your broker is comfortable you'll be able to borrow, it could be a smart play paying down your loan and then re-borrowing again. This will make your offset funds that are used for investment purposes deductible.

This may be complicated by borrowing power issues associated with your employment/change. If your working now and will be doing for a while, it could make sense to prepare all this so your ready to go, and then moving to specific niche lenders that have good casual employment offerings.

Cheers,
Redom

 

[Jamie M]

Hiya OP

Are you casual or self employed? I read it as if you work for yourself?

Cheers

Jamie

 

[bob shovel]

I'm not up to speed with the lingo... What is op?

Anyway at the moment i am casually employed but have work till April, after them we will move back to syd into our ppor. once we move back i am unsure what I'll find to fit in work uni

 

[Jamie M]

I'm not up to speed with the lingo... What is op?

lol - sorry. It's you - "original poster"

Employment could be an issue. With casual employment - it's still possible to get a loan but banks will generally want to see some consistency in terms of the roles you've worked in. There's also usually a minimum timeframe they expect you to have been with your current employer which could cause hassles if you take up a new casual role once you've returned to Syd.

If mortgage insurance is involved - it can become a lot more difficult.

Cheers

Jamie

 

[bob shovel]

I late came up with other post but original makes even more sense lol.

I have had continua work since oct, but know it well be a problem when i return. I thought getting it sorted or underway now would be better but then there may be issues (or i keep it on the down low about moving)