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Hi, looking to invest and need guidance...

Discussion in 'Introductions' started by Sc00bie, 27th Jan, 2016.

  1. Sc00bie

    Sc00bie New Member

    Joined:
    27th Jan, 2016
    Posts:
    2
    Location:
    NSW
    Hi All,

    Found the forum about 2 months ago, wished I had come across the Somersoft forum way back in 2000,

    Bought my first PPOR in 1995 (Sydney west) and had my brother family living with me with the view to pay off home quickly and use the equity to get him his home,

    Bought PPOR for my brother in 1997 (even though my PPOR have not been paid off), but I'm sure everyone knows that the banks were giving away money during that period

    Sold property that I bought (for my brother) in 1997 to my brother because I was getting married and he feels that it will complicate things in 2000,

    Bailed sister out that was struggling with multiple credit cards debt ( to the tune of $60K) by using my house equity last year, 2015, (I gave her 5 years to finish the loan at home loan interest rate),

    Same sister gave me a free ticket to property expo 2015 and it spur an interest in me to look at my overall financial/retirement status,

    Discovered that I will not have enough superannuation for a reasonable retirement income of $100K/year in todays money.

    So looking to build a portfolio/strategy to ensure that in 15years time I get as close to that retirement income in 2030 as I can through investment property.

    Current LVR in PPOR is 39% (PPR Valuation ~ $700K)
    Income $80K
    Dependant 3 (wife working part time cash on hand, 2 kids below 15)
    No other debt beside mortgage

    Looking to build a 'Team' but dont really know where to start (to find a good one) nor team members required (min broker, solicitor/lawyer and accountant I guess)

    Have read some of the tax tips and legal tips by Terry_W

    Any help, direction would be greatly appreciated.....

    Thanks
     
    mrdobalina likes this.
  2. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    Hi @Sc00bie - welcome. Sounds like you are a close knit family! It's nice to see that. I relate.
     
    Tyler Durden likes this.
  3. Sc00bie

    Sc00bie New Member

    Joined:
    27th Jan, 2016
    Posts:
    2
    Location:
    NSW
    I think it's a common old asian trait....but maybe not....could be big family .... have always been drilled to look after one another...
     
    Last edited: 27th Jan, 2016
  4. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    Welcome to a fabulous forum!
     
  5. Foxdan

    Foxdan Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    115
    Location:
    Hills district, sydney
    Step one. Go chat to a broker familiar with structuring loans for building a property portfolio. Work out what your initial access to equity is and what your borrowing capacity is. Then start forming a plan based on those numbers.
    Plenty of brokers on here that can help you with step one.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,147
    Location:
    Canberra and Sydney
    Hi and welcome aboard

    I haven't crunched the numbers but your income is likely to be a limiting factor here.

    Banks have tightened up their borrowing capacity calculators in recent times.

    Your wife's income won't be taken into account if it's not recorded.

    Cheers

    Jamie
     
  7. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hi @Sc00bie , welcome aboard.
    Good on you for moving into action.
    Continuing to learn as much as you can is the way to go.