Uuumm, welcome to me

[Elkay]

Hi there, As you may notice this is my first post so welcome to me! I have been reading this forum as a guest for some time and thought I'd ask these clever people for some advice.
My partner and I have dabbled in properties, however not too much and I'd like to learn more. Perhaps someone would comment on what we could do in our situation as I wouldn't really know:

Have PPOR, owe $100,000.00, current market value $650,000.00 and has development potential
Have IP, owe $280,000.00, current value $500,000.00, possibly duplex site in future??

What next?

 

[alexlee]

That's a nice chunk of equity. You have a lot of choices. What are you trying to achieve? How much income / assets do you want, by when? What skills (building, developing, etc) do you have? It depends on your age, income and objectives.
Alex

 

[Elkay]

Well, firstly, I am 30, partner not much older. Household income is down from usual at moment as I am currently studying and will be for another couple of years (I am working part-time and will continue to do so) - still, over 120k.
Other half is a chippie and we can build and renovate extensively and at lower cost, when I can convince him not to spend it on cars! No personal development experience but work in the industry so I am quite familiar.
Finally, I haven't really considered how much I want and by when other than I know I want another property within the next year. I think that's all?

 

[Kenster]

Hi, Elkay

It appears you are on the right track, doing right things. Continue to do so.

I would also suggest you to:

1. Further develop your mindset & knowledge

Through educational means (like seminars, books) and through networking with like-minded people (like attending BIG)

2. Actively search for mentor/s

A good mentor will cut short your learning curve many years. He can help pull you back on track to your dream/purpose should you ever get sidetracked or lose sight.

 

[Elkay]

Thanks for your reply, it can be a bit daunting stepping into the unknown. Partner doesn't really have much interest in property so is not of much support to me!! Mind you, he will fix anything I ask him to, or build it which can be useful. Cheers.