Hi All,
I am new to the forum but have been studying/reading for approx 12 months now and I am ready to buy my first IP. Unfortuately I have hit “analysis paralysis” and could really do with someone to point me in the right direction. My financal situation is :
· Not looking to buy PPOR just IP - I am 36 yo, single with cheap rent in an area I like (too expensive to buy here) so PPOR is not a priority for me right now. (I have investments overseas which I will use to buy a PPOR when I cash them in)
· I have $70k in cash - $60k for a deposit, $10k for purchase costs etc
· Looking to buy IP for approx $250k-$300k, 80% max LVR
· On current salary can save approx $30k p.a.
From what I have read it seems very important to get my loan structure set up correctly from the start as this can lead to problems further down the track. My questions are:
1) I am hoping that if my 1st IP increases by 10% over next 18 months (a further $30k equity) and I have by then saved approx $40k, I will have $70k to put toward my 2nd IP....and repeat this process every 18 months or so.
I want to get my loan structure correct from the start but can't decide what is best (I do know I am against X-coll)......anyone got any pointers ?
2) I am undecided as to whether I should invest through a trust/company/or as an individual. Given my situation as described above does anyone have any thoughts on this - I have read a lot of pros/cons on this and have again hit “analysis paralysis”
3) Still looking for a good accountant in Sydney CBD / East…someone who knows property – any suggestions ?
4) Question (3) but this time for a mortgage broker
Thanks everyone.
Ryan.
I am new to the forum but have been studying/reading for approx 12 months now and I am ready to buy my first IP. Unfortuately I have hit “analysis paralysis” and could really do with someone to point me in the right direction. My financal situation is :
· Not looking to buy PPOR just IP - I am 36 yo, single with cheap rent in an area I like (too expensive to buy here) so PPOR is not a priority for me right now. (I have investments overseas which I will use to buy a PPOR when I cash them in)
· I have $70k in cash - $60k for a deposit, $10k for purchase costs etc
· Looking to buy IP for approx $250k-$300k, 80% max LVR
· On current salary can save approx $30k p.a.
From what I have read it seems very important to get my loan structure set up correctly from the start as this can lead to problems further down the track. My questions are:
1) I am hoping that if my 1st IP increases by 10% over next 18 months (a further $30k equity) and I have by then saved approx $40k, I will have $70k to put toward my 2nd IP....and repeat this process every 18 months or so.
I want to get my loan structure correct from the start but can't decide what is best (I do know I am against X-coll)......anyone got any pointers ?
2) I am undecided as to whether I should invest through a trust/company/or as an individual. Given my situation as described above does anyone have any thoughts on this - I have read a lot of pros/cons on this and have again hit “analysis paralysis”
3) Still looking for a good accountant in Sydney CBD / East…someone who knows property – any suggestions ?
4) Question (3) but this time for a mortgage broker
Thanks everyone.
Ryan.