Lomas - Where to start?

Good evening folks

Im new here and new to property.

I have been on many foums over the years and just love the format and knowledge base but never thought i would join an investment forum!

A Few mates at work have whet my appetite for investing and i just happen to have sufficient equity to do so. An upcoming move to Melbourne means ill be renting for atleast three years anyway so i think its a good opportunity to invest and use that equity in the meantime.

I have spent the last few weeks lurking the threads and have taken the good advice to read read read. Im in sponge mode at the moment and scored 4 recommended Margaret Lomas books from Gumtree for $20.

My question as trivial as it may seem is which order to read them in?

20 must ask questions....
Investing in the property right now
Pocket guide to Positive cashflow property
How to create income for life

Any further advice would be appreciated and hope to see you all around.

Im a believer of contribution and giving back. I work for a major hot and cold beverage company so if anyone needs anything just let me know.

Cheers
Paul
 
Hiya

Welcome aboard :)

Start with whichever one teaches the fundamentals - I assume it would be one of older books.

I read 20 must ask questions not that long ago - I thought it was a pretty good read.

Jan Somers book "building wealth through investment property" is still a must read for beginners in my opinion.

Good luck!

Cheers

Jamie
 
Hi Tasksta,
I've read the Pocket Guide. I think Income for Life may have been the first one. Just check Margaret's hairstyle. Her hair is blonder the newer the book!
 
Thanks for the input folks.

I have all four books in front of me and yes the hair is blonder and teeth whiter as the books progress!

Ill smash these 4 and put Jan Somers on the reading list.

Cheers
Paul
 
I dont think the order would matter too much, if you are in a hurry, one could get through them in a week ?

ML has some great insights, some of her finance structure stuff doesnt agree with me (may be because I have a different client base).

ta
rolf
 
Rolf,

All the brokers attached to her business preach X-Coll loans....maybe they don't like the extra work applying for seperate splits with loans..:D

Coota
 
Rolf,

All the brokers attached to her business preach X-Coll loans....maybe they don't like the extra work applying for seperate splits with loans..:D

Coota

cant comment really........... since I dont know all the brokers :)

but I do know that ML is a proponent of xcoll for a bunch of reasons, one "reasonable" one of which is being able to pool weeny equity increases of regionals with a single CRAA enquiry.

ta
rolf
 
Yep agree read one her books when I was first starting out and for a while was an x-coll advocate. All I can say is experience has taught me different. Initially I started doing stand alone because partial discharges proved such a headache. This slowly evolved for me once I realised the danger in that method with one lender ie one or two bad valuations in a portfolio and the borrower can be 100% cornered.

Then my natural distrust of the lenders convinced me stand alone is the only way to GO! Keep the control peeps!!
 
Half way through, so far so good mostly common sense.

Have read a lot on this forum about crossing loans.(mostly negative)

Do you propose separate lenders is best or just separate loans from a single lender?
 
Get a Broker...like now

Tasksta,

You need to sit down with a broker and map out a bit of a borrowing plan with your current available income and equity to work out what your serviceability is and what you would run out of first-deposits or serviceability before you move forward..

Brokers over to you..
 
for a while was an x-coll advocate. All I can say is experience has taught me different.
Then my natural distrust of the lenders convinced me stand alone is the only way to GO! Keep the control peeps!!

Looking back, some recommendations of hers were not the best. She seems to have changed her tune on some things now - maybe she got beaten up by her colleagues who are actually the experts.
She now talks about IO loans with off-sets; not X-ing; and doesn't seem to mention buying sight unseen anymore.
She has guru status because she's intelligent, honest and likes helping people but remember, she's just another human being and changes her mind like everyone else.
Banking conditions change which makes a lot of stuff dated.
The best thing though is working out what kind of 'risk profile' you prefer naturally (so that you know yourself) and what kind of risk is suited to your age, job security and income levels (to help balance your decisions).
You may like to look up some brokers or you may not. It's not a necessity at all.
 
Half way through, so far so good mostly common sense.

Have read a lot on this forum about crossing loans.(mostly negative)

Do you propose separate lenders is best or just separate loans from a single lender?

Separate lenders for each loan would be extremely impractical - so long as you keep your loans tied to one property each, and don't put all your lending with one lender if you're building a substantial portfolio you'll be fine. This latter is incredibly important if you're utilising LMI.
 
Wow so many replies, this is an active forum. :)

Id hate to come across as naive, i assumed all of the above but just wanted clarity as it certainly didn't sound practical!

I have a broker currently but he hasn't been great if I'm honest so yes i am shopping around. Im Still very much in sponge mode and not making any decisions soon.

Thanks again for all your input.
 
Current offer with ING is 4.59% fixed for 2 years with offset.
Moving out of PPOR shortly, its valued at 620k and mortgage at 460k with $600 weekly rent.

Not sure if its within forum rules but if brokers can advise better, PM me I'm in Sydney and soon to be Melbourne.

Cheers
Paul
 
Tasksta,

I love your comment "I'm still in sponge mode",excellent view to take your time and soak up the forum expertise.

Just plot out some mini goals that you can commit to get some traction towards your investment plan..

Coota
 
Current offer with ING is 4.59% fixed for 2 years with offset.
Moving out of PPOR shortly, its valued at 620k and mortgage at 460k with $600 weekly rent.

Not sure if its within forum rules but if brokers can advise better, PM me I'm in Sydney and soon to be Melbourne.

Cheers
Paul

There are plenty of good brokers on this forum. Have a look at the finance section or some have already replied to this thread.

I agree with what others have said, get a broker to map out a plan for you and you will be in much better shape moving forward.

Thanks,
Michael
 
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