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Discussion in 'Introductions' started by AllyJ, 18th Aug, 2016.

  1. AllyJ

    AllyJ Member

    Joined:
    14th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    Hi everyone,
    I'm a beginner at all this, feels like my property IQ has doubled or tripled over the past week or so of browsing the forums :) Like I'm undergoing a constant stream of many lightbulb moments back to back!

    My strengths I guess would be that I'm good at saving and being frugal, and hopefully quick to pick up stuff - but the forum is showing me that there is so much nuance and expertise involved in investing. Like that thing about being the average of five people you spend most time with....I guess my circle of contacts and family have never been interested in these sorts of topics.

    It's very encouraging that people have started from humble beginnings...gives me hope!

    Reading the forums I get the impression that serviceability will loom as my main problem initially, and I need to consider my asset selection in light of this, I have $500k cash saved up but my salary is only $90-$100k.

    I live west of Brisbane and I've been going to heaps of open houses to work out what's what, I'm thinking maybe buyers agent might be a sensible option to complement my daily increasing knowledge from reading on here :) At the moment I'm not even sure of what price or type of property I should be considering, but starting to understand some of the factors to think about.

    Happy to be coming aboard!

    Ally
     
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  2. hobo

    hobo Well-Known Member

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    18th Jun, 2015
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    Location:
    FNQ
    AllyJ likes this.
  3. Username86

    Username86 Well-Known Member

    Joined:
    31st May, 2016
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    Location:
    Perth
    Saving 500k is an awesome effort! Well done
     
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  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,148
    Location:
    Canberra and Sydney
    That's a good starting point!

    With some careful planning - you could potentially leverage that $500k to amass a decent sized portfolio. Like you said that - servicing could be a factor (especially if there's an expensive PPOR loan in the mix)

    Welcome aboard :)

    Cheers

    Jamie
     
  5. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
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    Location:
    Sydney, Australia
    @AllyJ - that's incredible savings. It takes a lot to delay gratification. Given you are a great saver and frugal in your words, what is your take on debt? Read up on PC and www.somersoft.com/forums. You can do really well with your situation. Maximise opportunity presented to you with Brisbane being one of the places offering better returns right now and attracting southern states' investor interest!
     
  6. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    $500k cash saved
    Salary only 90-100k.

    Are you taking the mick mate?
     
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  7. AllyJ

    AllyJ Member

    Joined:
    14th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    Thanks Jamie, yes I had a contract on a place about a month ago, and then realised I'd be putting most of my money on the one big house...which led to me to start looking into property as an investment, which led me here :)
     
  8. AllyJ

    AllyJ Member

    Joined:
    14th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    what do you mean?
     
  9. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
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    Location:
    Sydney
    How did you get to 500k savings? Most people start investing when their savings are around no more than 100k.
    Ps. 90-100k income is solid. :)
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    That's an awesome start, and will give you loads of opportunity. Servicing will be key to continue to grow, but as you mentioned that's where asset selection becomes important - buying to develop/split/build etc and sell occasionally will help you stay within borrowing limits.