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Discussion in 'Introductions' started by Wendy, 21st Sep, 2016.

  1. Wendy

    Wendy New Member

    Joined:
    21st Sep, 2016
    Posts:
    3
    Location:
    Northcote
    Hi everyone,

    I have been thinking about investing for years and wasted countless hours looking at realestate.com.au without making a single purchase while watching prices go up.

    So where do I start...how to I work out a plan that suits my financial situation and long term goals?

    All advice would really be appreciated?

    Thanks

    Wendy
     
  2. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,120
    Location:
    Melbourne, Australia
    Hi Wendy

    The best place to start is to have a chat with a mortgage broker to understand what you can comfortably borrow. Have you spoken with an investment-savvy broker as yet? Where are you based?
     
    Colin Rice likes this.
  3. Wendy

    Wendy New Member

    Joined:
    21st Sep, 2016
    Posts:
    3
    Location:
    Northcote
    Hi Jackui,

    I have liaised with a lender and do have an idea as to what I can borrow without having formal approval. I don't know if they are investment savvy though. I am aware that my structure set up is important but I am not sure of my investment strategy i.e. Cash flow positive / negative gear / renovate / flip. They all seem exciting to me etc

    Thanks

    Wendy
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    Hi Wendy,

    It's important to have an idea about your goals - what is the end result you're after? If you know this, speaking with a good investment savvy broker will allow you to map out what's possible for you in terms of finance, and this will give some insight into the types of properties you need to look for.
     
    Colin Rice and Michael V like this.
  5. Mick Butterfield

    Mick Butterfield Well-Known Member

    Joined:
    15th Jan, 2016
    Posts:
    408
    Location:
    Bermagui NSW
    Hi Wendy,

    I would suggest reading lots of books on real estate, personal development etc. There is a thread on here with a huge list of titles. At the start the best use of your time and energy is into your real estate knowledge and literacy. From there you will find it easier to develop your plan, which will go hand in hand with your end game. Do not let the FOMO push you into making a poor decision that costs you in the long run. It is always a good place to buy.... somewhere.
     
    Michael V likes this.
  6. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    906
    Location:
    Melbourne
    Looking at the title, I thought you were going to invest in solar power and wind farms....... :eek:

    The Y-man
     
    Michael V and Mick Butterfield like this.
  7. Michael V

    Michael V Well-Known Member

    Joined:
    17th Sep, 2016
    Posts:
    63
    Location:
    Adelaide, SA
    Hey Wendy!

    I am the exact same as you :) I've always wanted to get into investing and I am on the path to learning about my future goals and how to achieve financial independence. The best thing you and I can do is invest in our learning... There are many books and podcasts out there!

    Podcast
    Book recommendations

    I have personally read "Rich Dad, Poor Dad" and now "0 to 130 Properties in 3.5 Years" both have been recommended to me by friends who are successful property investors and you should too :)

    Plus there is plenty of information and expertise on this forum to access at any given time!
     
    Last edited: 21st Sep, 2016
    Colin Rice likes this.
  8. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

    Joined:
    9th Jul, 2015
    Posts:
    1,083
    Location:
    Perth
    1. Speak to a broker who is experienced with investment lending to see where you stand. There are a few on here and distance isnt an issue.

    2. Decide on an investment strategy. A BA (buyers agent) could be a good starting point for this.

    3. Read, read and read so you can have an understanding on what is good, average and poor advice.

    4. Put all of the above into action.

    You mentioned you spoke to a lender. Was this in a branch? Important to realise the people helping you are employess with an employee mindset and only have one lending calculator to work with as well as one set of policies. This will lead to incomplete and biased advice.
     
    Perthguy likes this.
  9. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,120
    Location:
    Melbourne, Australia
    Hi Wendy

    Best to speak with a broker rather than directly with the bank. It's rare to find investment-savvy folks at the bank that will set things up in a manner that is best for you. Brokers can consider a variety of lenders that might be suitable for you rather than just one which is what you get when you deal directly with the bank yourself.
     
    Perthguy likes this.