I think I've gotten as far as I can go on my own. In the interest of not stuffing up the rest of my investing career, I am in need of advice and lots of it!
Situation so far: Own PPOR in Perth with mortgage, plus 2 IP's in Rocky and one with a family member in Sydney. None of our properties are cross collaterised. LOC's against PPOR were used to fund deposits for IP's.
The Sydney IP pays for itself although it constrains my borrowing capacity due to the shared loan.
Servicing ability is good, although we're moving from Perth to Tassie shortly and will lose my partners income for a while. The PPOR in Perth will be converted to IP and we will rent in Tassie.
I need help with regard to fine tuning my strategy. What I want is to be able to stop work within 5 years. By this I mean I want to generate enough cash from my active investing to provide a minimum of $100k pa. Renovating and selling to start, perhaps moving into development later when I've built up enough capital. Yes, I realise this won't be easy but I'm willing to do the hard yards.
Passive income is something I'd like to achieve within 10 years. To that effect I want to concentrate on acquiring lower priced properties (sub $350k) to which I can add value by renovating and/or subdivision etc so looking at major regional towns, outer western Sydney, inner Perth units etc. Not averse to some mining town exposure eg Emerald QLD for the cashflow. Looking to pay the loans off, willing to eventually sell some property to achieve that.
I don't want a negatively geared portfolio overall as that would tie me to a job. Not keen on withdrawing equity to fund lifestyle either.
I have about $150k LOC still available and don't want to get to a point where I'm denied finance too soon.
I am yet to assemble a decent team (broker, property accountant, solicitor, any others?). Also need to arrange all the appropriate insurances (TPD, life, IP). I need to sort out my structuring but unsure who to speak to about that - saw somewhere on the forum not to rely on brokers for this, so who do I need? Any recommendations?
Willing to travel for right team so even though I'll be in Tassie, if anyone has recommendations from Perth, Melbourne or Sydney, I'm all ears, as I'll be frequently traveling to all three cities.
Sorry for the rambling post, hope someone can help as I'm finding myself a bit stuck and unsure of what my next step should be.
Now off to set up an offset account. Can't believe I haven't done this already.
Cheers
Situation so far: Own PPOR in Perth with mortgage, plus 2 IP's in Rocky and one with a family member in Sydney. None of our properties are cross collaterised. LOC's against PPOR were used to fund deposits for IP's.
The Sydney IP pays for itself although it constrains my borrowing capacity due to the shared loan.
Servicing ability is good, although we're moving from Perth to Tassie shortly and will lose my partners income for a while. The PPOR in Perth will be converted to IP and we will rent in Tassie.
I need help with regard to fine tuning my strategy. What I want is to be able to stop work within 5 years. By this I mean I want to generate enough cash from my active investing to provide a minimum of $100k pa. Renovating and selling to start, perhaps moving into development later when I've built up enough capital. Yes, I realise this won't be easy but I'm willing to do the hard yards.
Passive income is something I'd like to achieve within 10 years. To that effect I want to concentrate on acquiring lower priced properties (sub $350k) to which I can add value by renovating and/or subdivision etc so looking at major regional towns, outer western Sydney, inner Perth units etc. Not averse to some mining town exposure eg Emerald QLD for the cashflow. Looking to pay the loans off, willing to eventually sell some property to achieve that.
I don't want a negatively geared portfolio overall as that would tie me to a job. Not keen on withdrawing equity to fund lifestyle either.
I have about $150k LOC still available and don't want to get to a point where I'm denied finance too soon.
I am yet to assemble a decent team (broker, property accountant, solicitor, any others?). Also need to arrange all the appropriate insurances (TPD, life, IP). I need to sort out my structuring but unsure who to speak to about that - saw somewhere on the forum not to rely on brokers for this, so who do I need? Any recommendations?
Willing to travel for right team so even though I'll be in Tassie, if anyone has recommendations from Perth, Melbourne or Sydney, I'm all ears, as I'll be frequently traveling to all three cities.
Sorry for the rambling post, hope someone can help as I'm finding myself a bit stuck and unsure of what my next step should be.
Now off to set up an offset account. Can't believe I haven't done this already.
Cheers
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