Hi everyone, I have been looking around on here for the past few months and it’s safe to say my partner has received a little less attention from me of late. My name is Jacob and I’m keen to continue growing my knowledge in an attempt to attain financial independence. A little bit about myself, I currently reside in Rockingham WA, I’m 26 and currently own 1.5 apartments on the Gold Coast (first one was purchased joint with my brother). My job is going to be very kind to me this financial year and upon completion my partner and I intend to buy a PPOR (looking at putting it in her name to keep my borrowing capacity open, as she is of the pay down PPOR and live a happy life mentality), and in The meantime build my knowledge and team to soon after buy a investment property (not an apartment). Looking forward to getting more involved in the forum and appreciate everyone’s input.
Hey Jacob, Welcome Hope you get to learn heaps here And in time get to share some of your own learnings Good to hear you are already an investor Do you and your brother have an exit plan (if circumstances change)? Good time to be looking to buy in WA
Welcome Jacob! What's your plan with the 0.5% apartment? Has it done well for you so far? Jointly owned properties can cause a dent in borrowing capacity, so it may pay to run your plans past a broker to see how far you'll get before it becomes problematic.
Ahh that’s the question isn’t it, I’ve been running through different ideas for a while now. My brother is happy to just sit and let it do it’s thing which isn’t ideal for me. It’s currently ever so slightly negatively geared (but on a PI loan) and comparing similar sales in the complex it is up by about 30% on purchase price. Before the next move I will definitely be running the situation through a broker
Being in a joint purchase with someone who has different investment goals than you can really put a spanner in the works! You'll find it very hard to cash out of the property to buy another if he's not on board as well. It might be worth talking to him about potentially selling your half to him so you can get your equity and keep moving forward, assuming that's what you hope to do.
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