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Hi from Western Sydney

Discussion in 'Introductions' started by Tim & Chrissy, 5th Dec, 2015.

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  1. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Hello all,

    I am 32 years of age, married for 9 years, and my wife and I have four beautiful children aged 2, 4, 6 and 8.

    I have always had a keen interest in property and my wife and I have previously owned 3 investment properties. Our goal is to set our children up with a house each and enjoy a slightly early retirement.

    I purchased my first investment property when I was 19 years of age - a 2 bedroom unit in Werrington for $140,000 (which we unfortunately had to sell in 2007 due a career change + first baby on they way and very little income) . My wife also purchased her first house at 19 - a 3 bedroom home in St. Marys for $265,000. We purchased a 4 bedroom home together in Cranebrook in 2010 for $400,000.

    We put property investing and our careers on the back burner while we built (for lack of a better word) our family. My wife has recently returned to work running her own beauty business part-time and I work full-time.

    Looking for sea change, in 2014 we sold our houses in St. Marys and Cranebrook and purchased a large house opposite the beach in Copacabana (NSW Central Coast) in need of some serious TLC.

    We finished the renovations and put tenants in the Copacabana house in early 2015. We plan on moving into the house in 2016/17. I was 3/4's of the way through a Masters degree when I finished the renovations and realised I preferred a hard days work on the tools over a hard's day work in the books.

    We have been trying to continue our property investing since without much luck due to being time-poor and applying for finance but not meeting serviceability.

    I previously attended a MAP session with Binvested however after a lack of response to emails/answers to questions I decided not to proceed with the upfront buyer's agent fee.

    I have been reading through the Somersoft forums and decided to take the plunge (by signing up to my first forum), get more proactive in seeking information about PI, and find a way to get our property portfolio up and running.
     
    Last edited: 5th Dec, 2015
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  2. Hodor

    Hodor Well-Known Member

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    Sounds like some great goals. Lots of information here to get you started.

    If you want some direction I'd recommend getting in contact with a mortgage broker (plenty of good ones on these forums) who can give you an idea of what kind of properties you can afford to narrow your search.

    Good luck
     
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  3. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Thanks Hodor,

    I just started marking inquiries with my 4th broker yesterday however managed to get the Copa property re-financed with mortgage broker #3!

    On one of the other forums @MTR suggested a RAMS low doc so I will give that a look as well.
     
    Last edited: 5th Dec, 2015
  4. bob shovel

    bob shovel Well-Known Member

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    Sounds like you've been busy T dog, I'm sure you'll work out a plan of attack! Welcome aboard
     
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  5. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Flat out Bob! Just need to work up the gusto to get on with it and stop taking 'no' for an answer from the banks!
     
  6. bob shovel

    bob shovel Well-Known Member

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    They are bastards! find some one who knows how to pay the game to your benefit

    Are you still in Westy land or up with the westys by the sea? ;)
     
    Last edited by a moderator: 4th Nov, 2016
  7. Scott No Mates

    Scott No Mates Well-Known Member

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  8. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Still in Westy land at the moment, just outside of Penrith.

    Copa is a largely-unknown-to-sydney people little seaside gem, we only found it because my old boss suggested we look a Terrigal and I found Copa on the map - perfect place to raise a family - not so perfect for capital gains!

    We stayed there while I was doing the renos. The street we bought on is almost entirely holiday homes. I don't think they knew what hit them when we stayed and the 4 kids started running amok in the front yard!
     
  9. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Copacabana is further north and just south of Avoca.
     
  10. bob shovel

    bob shovel Well-Known Member

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    Panthers tonight? Lol I'm a Westy, Emu and lived in jamo too (I miss panthers :p)
    Copa is nice, lots of hills and a short taxi ride to club sloppo! :cool:
     
  11. York

    York Finance Broker Business Member

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    Go Jamo!!! +1
     
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  12. York

    York Finance Broker Business Member

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    Although there are many brokers out there, i think it's important to engage a broker specialising in IPs and perhaps have a few themselves. I know it may seem like they can all get you a loan, but the IP savvy ones deal with investors everyday and the structures they can set up can really make a great deal of difference especially down the track when you need to pull equity or grow the portfolio further. Just some food for thought. :)
     
    Last edited by a moderator: 4th Nov, 2016
  13. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    A man after my own heart!

    By coincidence I am actually going to Panfers later tonight!

    Club Troppo, I never left that place not feeling dirty and ashamed!
     
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  14. skater

    skater Capitalist Premium Member

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    First of all, welcome. You are in the right place to learn a lot, and it won't cost you a cent.

    First things first, if you are looking for a broker, as York said, you need someone who specialises in serial investors. Most brokers have no idea how to structure things for people who have more than a couple of houses. There's a few very good ones here, on the forum. I'd suggest look a few of them up & have a chat. It won't cost you anything, but it could make a huge difference.

    Next....read, read read. There's tons of good stuff.

    Then....come along to the next Western Sydney Meet-up at Wenty RSL in January. Meet some of the people you've been talking to online. We're a great bunch.
     
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  15. datto

    datto Well-Known Member

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    Whao TC, you left Western Sydney for the Central Coast?

    I will try and find it in my heart to forgive you.

    Welcome aboard anyhow.
     
  16. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Any suggestions on how to qualify a broker? So far it's just been through recommendations from friends but I've been let down.

    I either need a new strategy to qualify brokers or new friends!
     
  17. larrylarry

    larrylarry Well-Known Member

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    The brokers here walk the talk. They are investors themselves. You want a broker that can help you access money not just for 1 IP but many more. Oh, and stay away from spruikers.
     
  18. bob shovel

    bob shovel Well-Known Member

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    Just a bit jealous, that place holds a lot of blurry memories! Haha
    Although it's rather flash now! not like the panthers era of 2000's!
     
    Last edited by a moderator: 4th Nov, 2016
  19. bob shovel

    bob shovel Well-Known Member

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    York public school??
     
  20. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Thanks for the advice skater. What normally happens at the meet and greet? (aside from the obvious) is it a formal, set out event or just an informal catch up?