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Discussion in 'Introductions' started by SoroSoro, 18th Jul, 2016.

  1. SoroSoro

    SoroSoro Member

    Joined:
    18th Jul, 2016
    Posts:
    18
    Location:
    Melbourne
    Hi All,

    Looks like you have a lovely forum going on here. I just read through the thread @MTR posted on her Melbourne townhouse build. Maybe I'll get there one day.

    I moved to Melbourne last year and I'm currently paying over $2k/month for a small, old 2BR in Southbank. This was a landing point as I was looking for a job and wanted to be close to the CBD. My lease is coming up and I want to get into something larger and nicer - likely a bit outside the CBD.

    My initial thought was to rent somewhere in the Murrumbeena area and then save up a bit to purchase something in 2-3 years. I'm a little concerned that the market is bubbled and due for a correction - housing in the Murrumbeena area has gone up 20% in the last year. Seems a bit crazy.

    Now that I've been looking around on here, I'm wondering if I should consider buying something, even it if it puts me a little farther outside of the CBD.

    I have about $100-120k in savings/stock market that I could tap, and figured on looking at something in the $750k range for a 3BR. That's why I was figuring on 2-3 years to save up a bit more cash and see if the market will correct. I'd hate to get into something and then have the bottom fall out, but as this would be a PPOR as a first time home buyer, as long as we pick something we can afford and are happy with it's not the end of the world.

    There is a school in the Murrumbeena area that we'd like to send our kids to, but that's a few years off. Just figured it made sense to look for property there, but certainly can go a bit farther out and drive in.

    Also - any advice on looking for an accountant? I'm in desperate need of someone to help start sorting through all this. I'm bumping up against the $180k bracket and want to make sure I'm making smart decisions. Also any readings for a complete newbie would help.
     
    MTR, Xenia and shimmy like this.
  2. SoroSoro

    SoroSoro Member

    Joined:
    18th Jul, 2016
    Posts:
    18
    Location:
    Melbourne
    I read The Endless Empire tonight - sounds a bit too good to be true. Borrow lots of $, buy property, never sell, rinse, repeat. Poof $10M portfolio.

    His examples seem to always start with a fully paid of $1-2M property to borrow against.
     
    Xenia likes this.
  3. shimmy

    shimmy Well-Known Member

    Joined:
    17th Jul, 2016
    Posts:
    58
    Location:
    ACT
    Hi Soro, I just joined here today too and thought I would say hi and good luck with everything. :)
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,150
    Location:
    Canberra and Sydney
    Welcome aboard :)

    Cheers

    Jamie
     
  5. SoroSoro

    SoroSoro Member

    Joined:
    18th Jul, 2016
    Posts:
    18
    Location:
    Melbourne
    Thanks guys. After talking with a co-working, I'm wondering if I should look to purchase an IP and just continue to rent to take advantage of the tax benefits. I'll have a look around and see if there is anything in my price range. If I set aside $100k for a deposit, should I be looking for an LVR of 88%? So around $800k? Or do I need to subtract stamp duty, etc from my deposit?
     
  6. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
  7. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    Hi Soro
    Welcome. MTR is a fabulous person to learn from and very helpful. I'm sure you will gain lots from other members too.

    Good to have you here.
    X