Hi, starting out - enthusiastic and overwhelmed all at once

Hi Folks

Dave from Seaford, Vic here.

Married, 43, 3 kids, paying off our home.

The obvious has finally dawned on me - I need to start setting up a diversified passive income stream for our future. Maxing Superannuation contributions isn't going to be enough.

So much to learn - but that's ok - im a good learner and I enjoy it - just tempering the enthusiasm to jump straight in will be a challenge.

Keen to receive any advice on where to start. In the middle of consuming Margaret Lomas books right now.

Cheers

Dave

 

Hi Dave welcome to the forums!

Those books are a great start - you'll be on your way before you know it

A good start is to chat to a broker to see what your financing ability is - that will point you in the right direction in terms of strategy and the types of properties you'll need to look for.

 

Read up the interviews section on www.somersoft.com/forums (predecessor to Property Chat)

 

Welcome to the forums! You will find a wealth of information.

My advice is to start reading through the threads. There are lots of different strategies. Then ask lots of questions. Don't be embarrassed if you think you are asking a stupid question. People here are obsessed with property investing and love discussing it with anyone and everyone.

Over time you will get an idea of which strategy interests you. Then you need to be flexible and adapt your strategy as the market and as your circumstances change.

 

Hi @Dave_Seaford and welcome to PC.

Sounds like you are of to a good start and in the right place to garner the required knowledge.

As Jess has stated a forum broker would be a good place to start to see where you stand and likely clear up a few myths along the way in order to clear the path for you

 

Good on ya Dave!

Get onto the podcasts as well and find time to listen to them to maximise unproductive time eg driving to work, kids presentations, dinner with the wife, the usual stuff

 

Jess, do you mean a mortgage broker or more an investment adviser?

 

@Dave_Seaford A mortgage broker that is focused on investors. There's heaps here if you have a browse around, and they'll be used to dealing with clients looking to build a portfolio. The 'average' broker down the street most likely is more accustomed to dealing with home buyers and won't always have the knowledge required to structure your loans properly.

 

Mortgage broker as sourcing funding is the starting point so you know what you can do in reality.

I read a quote on here that goes like this - "Property investing is about correctly structuring finances with a property in the middle" or something similar.

 

@Brady - where did that post go

 

@Colin Rice the link didnt work? Did it?
Well on my end it showed with a big red X on it so assumed it didn't work
Gave up looking for another.

Was a picture of a seagull smashing down a hot chip

 

I never got to open it but intuition did bring a pic of a seagull to mind haha.

At least where benevolent ones

 

Welcome! Can also highly recommended @Terry_w s tips on how to set everything up.

 

Must be on the banned meme list?

 

@Dave_Seaford keep reading the books - they're a decent place to start.
If you're thinking of going down the investment property route speak with a decent broker or banker - doesn't have to be someone from the forum, don't be pressured into that.
Just make sure they are investment savvy - which most of the broker on this forum are.
Even if you weren't going to do something now (which I wouldn't until you got a bit more knowledge into yourself) and you haven't reviewed your existing facility recently, chances are would be worth reviewing, finding out how much equity you have, what you're able to borrow and do equity release/refinance now for cheaper rate. If you have had a loan for >1-2years and haven't spoken to the bank again since would likely be a higher rate.