Hi Michael, firstly very impressive story and i really enjoyed reading your comments! I don't post much, but use SS for a lot of researh which led me to you! I'm 31 & wife 26, we too are about to embark on a IP buying (spree) in the next few years too align with our goals, which seems to be close to the same as yours. In areas you have mentioned. I have a good team onboard and currently have 4IP's and 1PPR. I believe good networking is the key to success in property in the end. which leads me to a coupld of questions if you don't mind (?)
1. When you talk about choosing the right 'REvaluations', are you paying for for private valuations each time and pass them onto the banks / broker or are you arranging cheap revals from different banks and the one with the good valuation is the bank you go with. I'm trying to work out how you are doing this, what this involves, it is obviously very important in your strategy.
2. can you PM me your Property Manager for the logan etc you recommended pls.
3. When you talk about 'Mapping out' a plan with your broker, i am curious as to what this entails? Is this giving them a cost scenario of say your next 5 property purchases and expectiatons and seeing if you can keep getting loans based on re-vals?
4. maybe easier to PM or Text chat?
Thanks in advance,
I will also send you a short PM with my contact details for future networking if your intersted.
I agree, a strong network is key to success.
On your questions
1. Revaluations - the valuations are through the banks. Different banks use different valuation companies, so it allows you to shop around. From experience this is more effective than trying to dispute valuations. Your broker can help with this process.
2. PM - sure will do
3. Mapping - I mean the following:
i) Putting in place an end goal to work towards
ii) Working out when and which banks to use along the way, your borrowing capacity
iii) Calculating the yield & purchase price to make the modelling work
iv) Figuring out the equity/savings required to reach those goals
I will drop you a PM.