Where to begin with property?
- Thread starter EKholden
- Start date
Start with the end? What attracts you to property? What brings you here?
Quite conservatively, you could get a $420k equity release against your home and use that as deposit and fees for another $1.2mil worth of property. Whether this should be one property or 6 $200k ones or something inbetween is something you have to work out. Whats your circumstances, how soon do you want to be out of the rat race?
Quite conservatively, you could get a $420k equity release against your home and use that as deposit and fees for another $1.2mil worth of property. Whether this should be one property or 6 $200k ones or something inbetween is something you have to work out. Whats your circumstances, how soon do you want to be out of the rat race?
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Hi and welcome aboard.
You've got a lot of equity - depending on your borrowing capacity, that equity could be leveraged to build a decent portfolio.
But before you do anything - you need to educate yourself and work out your end goal.
Forums like this are a great free resource - there's also heaps of IP related books you can read.
I think there's a regular somersoft meet-up in Melbourne that you could check out too.
Cheers
Jamie
You've got a lot of equity - depending on your borrowing capacity, that equity could be leveraged to build a decent portfolio.
But before you do anything - you need to educate yourself and work out your end goal.
Forums like this are a great free resource - there's also heaps of IP related books you can read.
I think there's a regular somersoft meet-up in Melbourne that you could check out too.
Cheers
Jamie
Thanks for the reply.
I guess what I am looking for in property and what brought me to this forum is I would like to use property as a lifestyle, as an income and for retirement. I would like to have my place in Melbourne to live in, a holiday rental on the great ocean road (which I can also use) and perhaps some commercial property to use for an income.
I don't earn much money, $75k and my wife $20k annually. I understand it would be a long term process to set this all up, but I'd like to start. I'm 44 and beginning to think I've left it all too late.
I guess what I am looking for in property and what brought me to this forum is I would like to use property as a lifestyle, as an income and for retirement. I would like to have my place in Melbourne to live in, a holiday rental on the great ocean road (which I can also use) and perhaps some commercial property to use for an income.
I don't earn much money, $75k and my wife $20k annually. I understand it would be a long term process to set this all up, but I'd like to start. I'm 44 and beginning to think I've left it all too late.
Hi and welcome,being 44 and having good equity it is not too late as I was about the same age when started and until my life circumstances changed was only earning combined about 75k and over the years had 5 ips returning 80k gross return,as others have said you need to find where you want to be at a time in your life and work backwards and then go for it and do not procrastinate as you may miss out on good opportunities.
macca446
EKholden,
Others here have a lot more experience than me with how long they have been in the investing game as my IP tally currently sits at a measly one.
My journey to this point has taken in some 15 months of education in the form of both paid service and also the great resource and members of Somersoft.
As Jamie has said the absolute first thing you must do is educate yourself and have a plan of what your end goal is,how much can I borrow,how long to your retirement,what is the best area for me to invest in..
As DT has said you are blessed with enough equity to really go out and buy a variety of different properties and diversify your risk with numerous properties.
My advice is educate yourself and have a plan that you adhere to,rewarding yourself along the way when you reach a milestone.
The goal should never be to buy the perfect investment property(no such thing)but to buy the best property that suits your plan at that point of time.
Most of all have fun and remember the only dumb question is the one you never ask.
Cheers
Coota
Others here have a lot more experience than me with how long they have been in the investing game as my IP tally currently sits at a measly one.
My journey to this point has taken in some 15 months of education in the form of both paid service and also the great resource and members of Somersoft.
As Jamie has said the absolute first thing you must do is educate yourself and have a plan of what your end goal is,how much can I borrow,how long to your retirement,what is the best area for me to invest in..
As DT has said you are blessed with enough equity to really go out and buy a variety of different properties and diversify your risk with numerous properties.
My advice is educate yourself and have a plan that you adhere to,rewarding yourself along the way when you reach a milestone.
The goal should never be to buy the perfect investment property(no such thing)but to buy the best property that suits your plan at that point of time.
Most of all have fun and remember the only dumb question is the one you never ask.
Cheers
Coota
Thanks Coota & Macca for your replies.
I think I might need to get a better understanding of a financial plan which will give me more confidence to make a move. I don't want to be impacted to the point where I am struggling because of my investments. Perhaps I am looking for a person who can give me a better understanding of how to get to where I want in a plan and help me understand how I will be impacted.
I think I might need to get a better understanding of a financial plan which will give me more confidence to make a move. I don't want to be impacted to the point where I am struggling because of my investments. Perhaps I am looking for a person who can give me a better understanding of how to get to where I want in a plan and help me understand how I will be impacted.
Keep an eye out on:
http://somersoft.com/forums/forumdisplay.php?f=19
Also:
http://theweb.net.au/melprop/get-together-dates.html
The Y-man
Hi EK
Why are you thinking of commercial property rather than residential for an income? I'm just curious...and it's definitely not too late.
Hi EKHolden,
Considering the equity you have you could certainly build a decent portfolio in the near future.
1. Read as much as you can on Somersoft, you'll learn a greattt deal!
2. Highly recommend that you engage a mortgage broker - they can assess your situation and give you some tips on how to structure things.
Jamie who has already posted here is 1: based in Canberra but contactable via email and phone.
If you'd like to meet someone in person, Peter Tersteeg at Sage Lending Solutions (Nunawading) is brilliant too.
"It's never too late"!
Considering the equity you have you could certainly build a decent portfolio in the near future.
1. Read as much as you can on Somersoft, you'll learn a greattt deal!
2. Highly recommend that you engage a mortgage broker - they can assess your situation and give you some tips on how to structure things.
Jamie who has already posted here is 1: based in Canberra but contactable via email and phone.
If you'd like to meet someone in person, Peter Tersteeg at Sage Lending Solutions (Nunawading) is brilliant too.
"It's never too late"!
Thanks J_aco, Ellejay and The Y-man for your responses.
I will definitely see someone who can help me financially and keep up to date with meetings.
Ellejay the reason I mentioned commercial property was because I like the idea of longer term leases if these are possible. At the moment I just want to see someone financial who can help. Not sure if I need a property accountant or a good broker?
I will definitely see someone who can help me financially and keep up to date with meetings.
Ellejay the reason I mentioned commercial property was because I like the idea of longer term leases if these are possible. At the moment I just want to see someone financial who can help. Not sure if I need a property accountant or a good broker?
I like to use simple language
What's your end game ?
That's probably the number one thing to determine, because all successful things start out from nowhere, usually with a plan.
A plan starts with knowing what u want at the end.
While working out your life goals and thus your financial needs can have some flexibility (unlike a building or a tree), u can imagine what sort of building you are going to get if you build it to an ever changing plan with no end vision.
I'd agree that Jamie can certainly sort the financial side of things
Ta
Rolf
What's your end game ?
That's probably the number one thing to determine, because all successful things start out from nowhere, usually with a plan.
A plan starts with knowing what u want at the end.
While working out your life goals and thus your financial needs can have some flexibility (unlike a building or a tree), u can imagine what sort of building you are going to get if you build it to an ever changing plan with no end vision.
I'd agree that Jamie can certainly sort the financial side of things
Ta
Rolf
Education is critical or else you are going to be attracted to the get rich quick spruikers and they will seperate you from your money quick time.
The following post outlines to slow and steady approach that many have used to achieve 'success'.
His story particularly appeals as that is how we started.
http://somersoft.com/forums/showpost.php?p=1233488&postcount=159
The following post outlines to slow and steady approach that many have used to achieve 'success'.
His story particularly appeals as that is how we started.
http://somersoft.com/forums/showpost.php?p=1233488&postcount=159
Also, depending on which side of town you are in:
http://somersoft.com/forums/showthread.php?t=103425
The Y-man
One of the crucial components of successful PI is building a team of skilled, experienced and knowledgeable specialists that complete certain functions for you namely; a broker, accountant and solicitor. If you are developing then town planners, architects builders etc are also added.
Your core team have to be experienced PI's in their own right and have the prerequisite skill set mentioned above. Through their businesses they get to see a broad range of deals you'll never see or experience in ten lifetimes. Lean on them to confirm your planning, strategy and decision making.
Your core team have to be experienced PI's in their own right and have the prerequisite skill set mentioned above. Through their businesses they get to see a broad range of deals you'll never see or experience in ten lifetimes. Lean on them to confirm your planning, strategy and decision making.
Very nice story. Thanks for sharing the link. If it works for someone, it doesn't mean it will work for you as well. Each have their own circumstances and comfortability levels. Have a goal and stick to it.
Thanks PHP, Freckle, The Y-man, Handyandy, Rolf Latham for your responses and advice. You've all given me some very good advice and I appreciate that you've taken the time to respond.
Jamie Moore are you available to speak via email? I'd like to keep moving towards my goals and you may be one of the people who can help.
Jamie Moore are you available to speak via email? I'd like to keep moving towards my goals and you may be one of the people who can help.
Hi Handyandy,
wisdom in those words within the thread.....
take it slow and steady to achieve results....
BG
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