Hello, how to sort this?

Hi all, been looking here for a while so signed up to try and get started. Trying to get into property investing but a bit confused on how to go about it.
Have not had any luck with financial planners, (interested in their own real estate) so am trying to work the best way to get going.
Have a PPOR valued at $2m with a $450k mortgage. Currently have sitting in the mortgage around $300k in advance payments which brings the mortgage back to around $150k
Have an investment mortgage setup for $180k which is just sitting there with $20 Drawndown to keep it open.

So bit of a mix on finances and advise.

Hope to hear some suggestions thanks.
Martyn

 

What are you aiming to achieve @Martyn ?

 

It looks like you're in a pretty amazing position - what you can do with this is going to be determined very much by how much you earn and your borrowing capacity.

Once you've worked out your borrowing capacity, your broker (assuming they're investment savvy - lots on the forums here) will be able to sort out a plan for you based on what you're hoping to achieve.

Well done on the great start!

 

Martyn.

You are in a great position.

Your options will be affected by your age, investment time frame and your view of property markets.

Depending on your position one option could be just to clear the balance of your loan. The above factors will have an impact.

Good work so far.

 

Yeh nice position

Just sell up, buy something in tassie or somwhere 'better value' , put the rest in dividend paying shares , retire and live on a reasonable income

 

Someone's been on the Mr Money Mustache website

Welcome aboard Martyn. You're in a great equity position - if your borrowing capacity enables it you could leverage that equity for multiple IP purchases (assuming you've decided property is the right investment vehicle for you).

Cheers

Jamie

 

Hi Martyn.
Watch out for any Sydney meetups scheduled and come along. (I figured you'd be in Sydney when you said a $2mill PPOR.)

The Tassie idea isn't a bad one (Tassie doing well atm (Hobart for sure) but perhaps its not an overachieving market long term?)

 

Thanks for the welcome all.

Too early to retire and I have only just been in the house about a year. This move was needed and partly an investment as well.Trying to work what is best way to invest in property for future. Probably buy and hold. Seems that the help I originally seeked from financial planners wanted me to buy OTP or house and land package, both in QLD. Both didn't seem to work for me, but of course I have no doubt it would for them. So I have abandoned them. have gained some info from them and from here but now have to make it work.

 

Financial planning is not a industry that assists people with buying property (not qualified to !!) which makes the industry look rather somewhat biased at times IMO. Its like the guy at the bank will only offer what the bank lets him sell...That banks products. However many property financial firms are also sharks getting fed commissions by developers or selling overvalued properties to vulnerable people....but not all. Thats where PC can help. PC tends to sort the sharks and free guidance may help you find some help.

You should seek opinions on a firm that does help and someone who could assist. I know of one...21st Century Property Investments in North Parramatta in Ross St. They have helped hundreds (literally) of the former practice buy IPs. Call and have a chat with Glenn.

BUT a combined strategy that looks at super and property and other issues along with tax could achieve good overall outcomes. There are some unique strategies that combine super that can be explored by some with equity in property.

 

nah mate, its been my plan since i was a twinkle in someones eye..why anyone would retire in a big/expensive city is beyond me, $ and lifestyle. sure, family and friends are ok to have around sometimes, but not worth working an extra 10 years for

 

I'm with you 100% - it makes A LOT of sense.

Especially in this day and age - as long as you've got an ok internet connection you can skype/facetime/upload to facebook whenever you like (makes the world feel a lot smaller) and most towns are a flight (sometimes two at most) away.