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Hello from a newby in Perth

Discussion in 'General Property Chat' started by H&H, 12th Nov, 2015.

  1. H&H

    H&H Member

    Joined:
    14th Oct, 2015
    Posts:
    12
    Location:
    Perth
    Hello everyone! I think i have done enough lurking and now its time to stop being a creep in the shadows.

    Quick intro:
    - Perth Based from NZ
    - We are 26 &31 and have just bought our first home
    - It probably wasn't the best time to buy nor the best price but we love it
    - We plan on replacing our income and enjoying life
    - Both work within the construction industry

    We have recently purchased PPOR and plan on starting a portfolio (i have big dreams and just want to start now!). I am just learning as much as i can and building our offset. I have been reading about I/O if you plan on turning your PPOR into IP (which we do eventually). I had no idea about this before i found this forum. I thought the faster i pay down the loan the better and then it will be closer to the amount of rent / be positive or neutrally geared....so for now i am slightly confused but going to keep reading and learning until the fog clears a bit. I have a lot to learn and and even more passion!

    Plan so far:
    - read, read, read and start talking to people in the know
    - save the pennies
    - do some improvements to the house (builder partner comes in handy)
    - come up with a strategy/ find someone to help revise said strategy
    - find a broker that is experienced in investments
    - sort out bank accounts and make sure we get it right from the start
    - i already stalk REA.COM like crazy

    :)
     
    Last edited: 12th Nov, 2015
    MJ 23 likes this.
  2. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,342
    Location:
    4/136 The Parade Norwood, South Australia
    Hi H
    Welcome - if you had one question what would that be?
     
  3. HD_ACE

    HD_ACE Game-Changer Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    449
    Location:
    Perth
    Welcome !!. Join us at the meets.
     
  4. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
    Posts:
    767
    Location:
    Sydney
    Gday and welcome H1 & H2 :)

    The paying down of the P&I is usually best for those who don't plan to use property for wealth vehicle. Use the extra cashflow to invest and increase your asset base ;)

    Should be some helpful info here for you-https://propertychat.com.au/community/threads/terrys-tax-tips.3010/ and
     
  5. Brendan2468

    Brendan2468 New Member

    Joined:
    12th Nov, 2015
    Posts:
    1
    Location:
    Melbourne
    Hi H!

    Love the passion and enthusiasm!

    I was the same when I started out and didn't know where to start. So much information out there, but it's actually really simple if you know the right people!

    Brendan
     
    Last edited by a moderator: 12th Nov, 2015
  6. Ozzie in Texas

    Ozzie in Texas Well-Known Member

    Joined:
    3rd Nov, 2015
    Posts:
    497
    Location:
    San Antonio, TX
    Howdy

    When I was young and stupid, I bought an investment property when interest rates where at about 18%. A 2br apartment in Campsie for about $30,000. I was then earning maybe $8,000 a year. It was early 1980s. My timing (short term) wasn't great.

    But then, interest rates came down and property prices quickly increased. I remember my brother bought a 1-2 years later in the same suburb for $75,000.

    I finally sold it years later for around $300,00 (my eldest was about 2 yo - so about 2002/3).

    My recommendation is.......just make sure that you feel comfortable with your level of debt. Don't place yourself in a position where living day to day is difficult because you have over committed yourself.

    If you have the money and feel confident and comfortable.......go for it........and treat it as it should be.......a long term investment.

    I wish you well.
     
    Tranquilo likes this.
  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,756
    Location:
    Perth WA
    Welcome to the forum! As @HD_ACE said, come along to the meet-ups, it's a good way to grow your circle of like-minded people :)
     
  8. H&H

    H&H Member

    Joined:
    14th Oct, 2015
    Posts:
    12
    Location:
    Perth
    Thank you all! This was meant to be in the introductions section but iv some how messed that up haha. I will defiantly try make it to the next meet @HD_ACE and @Jess Peletier .
    I have also been reading about putting each investment under one persons name. The whole tax think is still flying straight over my head (i'm way better with pictures than numbers) so that is an area i need to do more study on!
     
  9. PICT

    PICT Member

    Joined:
    11th Aug, 2015
    Posts:
    11
    Location:
    Perth
    Looks like we are on the same path, except we haven't bought a PPOR yet, going to save a bit more
     
  10. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Welcome @H&H

    You guys have started pretty young. Good stuff. Keep reading, asking questions etc and you'll fill in your knowledge gaps very quickly.

    If you're looking for a local broker, @Jess Peletier is out your way :) I'm sure she can help by providing some input for your strategy too!
     
  11. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,756
    Location:
    Perth WA
    It's a good time to buy a PPOR, lots of bargains around if you're patient :)
     
  12. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,373
    Location:
    Somewhere in the land of Oz
    Welcome aboard

    The interviews on Somersoft are inspirational and motivating, definitely worth a read.

    @HD_ACE are you up for organising the next one?? What's your roster like before Christmas
     
  13. HD_ACE

    HD_ACE Game-Changer Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    449
    Location:
    Perth
    I am trying to work out my roster now, looks like it will be tight ie a couple of days only in perth and then off to NZ. But will look into it :)