Hi from Melbourne

Discussion in 'Introductions' started by db_1984, 8th Apr, 2020.

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  1. db_1984

    db_1984 New Member

    Joined:
    8th Apr, 2020
    Posts:
    2
    Location:
    melbourne
    Hi all,

    Hope we all sail through this pandemic quickly. Wish you all the best.

    I have been reading the forum for 6-8 months and looking to be more active than just read. Frankly, did not have anything to add before :) given there are lot of experienced and knowledgeable investors.

    A bit about myself, I am 32, married and 2.5 year old. We are rentvesting and have 1 investment property. We have savings and were looking to buy PPOR last year in May 19. But the property market changed quickly and it was out of our budget.

    We are thinking of buying again (if it's in our budget) and considering two options:

    1.) Max out borrowing power & savings - Buy PPOR in good school zone - this will be stretch considering i have stopped working because of COVID19.

    2.) Buy investment (prefer max $800K, keep large buffer) which can be converted into PPOR later.

    Considering already received a call from RE agent yesterday about tenants asking rent reduction due to loss of job. Thinking we may not be able to find right tenants for this new purchase.

    What other options can be explore? Any suggestions will be appreciated.

    Thanks
    DB
     
  2. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    8,942
    Location:
    Melbourne
    Sounds like getting a loan will be pretty hard right now - esp if you have lost work :(

    The Y-man
     
  3. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,340
    Location:
    Here.
    Great to have you here!

    Unfortunately whilst you're not employed, you're not going to get finance. Sorry.

    On the other hand, take the opportunity to learn about what you want to do. Research the market and develop a strategy. In my own case it took us 2 years to save our first deposit and we spent this time learning. Our entire approach changed as a result.
     
  4. db_1984

    db_1984 New Member

    Joined:
    8th Apr, 2020
    Posts:
    2
    Location:
    melbourne
    Husband still has full time job (fingers crossed)