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Looking for advice

Discussion in 'General Property Chat' started by Tobycbuck, 23rd Feb, 2016.

  1. Tobycbuck

    Tobycbuck New Member

    Joined:
    3rd Jul, 2015
    Posts:
    3
    Location:
    Sydney
    I currently have 2 investment properties with about 1.3 million in equity and am looking for some advice on the best ways to expand my portfolio. I am 36 years old, married with two you children and my wife is currently not working. I would like to have a strong portfolio for a long term investment.
     
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  2. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,106
    Location:
    Melbourne, Australia
    Good evening @Tobycbuck

    The most sensible place to start would be a good mortgage broker who can determine the viability of using the equity in your properties to assist you in funding deposits etc on further properties. They could also advise on your likely spend limit for your proposed property purchases.
     
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  3. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
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    Location:
    Sydney & Gold Coast
    Well done. Quite a position to be in at a young age!

    1. Get clear on your goals. Expanding your portfolio is all good and well but what are you aiming to achieve?
    2. Chat to an investment-savvy broker (plenty on here) who can look at your situation in detail and give you an idea of what's possible and how you can chase down your goals.
    3. Learn as much as you can by reading through this forum and its predecessor, Somersoft.
    4. Go for it.

    :)
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Char to a broker first but then get some advise on ownership strategies and tax strategies. Heaps of ways to maximize the investments while minimising tax.
     
  5. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Location:
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    @Tobycbuck well done on your building of equity so far mate. What I would do to move forward from here is:
    1. Talk to a good finance broker as @JacM has indicated
    2. Try to articulate in a little more detail what a " strong portfolio for long term investment" actually means for you.
    3. Write down some short, medium and long term investment goals.
    4. Choose a strategy and plan that reflects your goals, timeframes, risk appetite and own financial situation.
    5. Learn as much as you can.

    Good luck mate.
     
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  6. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    @Tobycbuck

    Well done. Definitely talk to a savvy broker. As well as look at getting a property savvy accountant on your side. The team you build around you is important. Then comes strategy...followed by property.

    Property is merely a vehicle to access finance and hence leverage to gain best possible exposure to the market, within your given risk profile.
     
    Last edited: 23rd Feb, 2016
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