New to Property Investing and Need Broker

[Cjpatterson]

Hi,
My husband and I are relatively new to property investing and are wanting some good advice and hope you can all help.

Our history.

Current debt

Personal loan - 15k
Car Loan - 33k
Joint income 200k

We are wanting to purchase two properties within the next 6 months that will be cashflow positive. But not have a huge outlay - probably a combined debt of $250,000 so looking in the Whyalla and Morwell areas as we are only new - not wanting to invest large at the moment.

Can some one recommend a good broker that could assist in what our options are ?

Thanks kindly

 

[Singo]

What are your goals, what you want to achieve from property investing? What us your strategy?

You earn 200k, but have 15k personal debt and 33k car debt. I would pay them off before buying any investment properties.

Do you have a deposit to buy? Or equity in PPOR?

 

[Peter_Tersteeg]

Overall it looks fairly straight forward. There's plenty of affordability but the best solution will depend on the more specific details:
* Deposit (or source of funds).
* Specific breakdown of incomes.
* Repayments for personal debt.
* Possible strategies to reduce personal debt.
* Longer term goals.
* etc...

 

[Colin Rice]

Serviceability due to an income of 200k wont be an issue however you will need some funds to contribute to a deposit.

Quick figures in my head I would suggest a 10% deposit + 5% for costs so circa 45k would be required. A buffer would be a great idea so add another 10k+ to allow for the unforeseen such as vacancy periods and repairs or maintenance.

Possible to buy the properties as well as formulate a plan to extinguish/manage the personal and car loan on the reported income in my opinion.

 

[Aaron_C]

I think you need to get a deposit ready first..

 

[alexlee]

Is there any reason why your asset position looks like that when your income is high?

 

[Cjpatterson]

We were not smart with our first home purchase - we built a property in Coral Cove near Bundaberg for $340000 but we sold not long after completion due to lack of rental income but we just made poor decisions. We sold for $317000 which gave us capital loss overall of $35000.

We honestly have made bad financial decisions in the past and don't want to repeat.

 

[Redwood]

We were not smart with our first home purchase - we built a property in Coral Cove near Bundaberg for $340000 but we sold not long after completion due to lack of rental income but we just made poor decisions. We sold for $317000 which gave us capital loss overall of $35000.

We honestly have made bad financial decisions in the past and don't want to repeat.

Never too late and a perfect time to start, some great brokers here and a wealth of info to assist you!

 

[Shahin_Afarin]

Your servicing is extremely strong (which is a good attribute for credit scoring) however you are lacking the deposit. You have a smallish budget so there may be a few options.

Have you also considered a delayed settlement?

 

[HLE]

As everyone has mentioned here deposit is the first priority. What exactly is your current job as well because there my be a chance for you to secure a no deposit home loan on your job type.
Unless you have any other properties? Just throwing out some ideas.

 

[pinkboy]

Almost certain that with a location of Coppabella - miner and or railway.

I know the MAC camp pretty well at Coppabella!!!

pinkboy

 

[Gateway]

You can also probably borrow deposit money from close relatives and make a start. Cheers

 

[Qlds007]

Borrowing the deposit and acquisition costs from a relative is not an ideal way to start when you have that level of unsecured personal debt.

I think i would be focusing on bringing this under control first and then thinking about property investing.

The market in the areas you mentioned will not be running away from you any time soon so don't feel you have to jump in.