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My Introduction...

Discussion in 'Introductions' started by Krysta, 8th Feb, 2016.

  1. Krysta

    Krysta Member

    Joined:
    8th Feb, 2016
    Posts:
    10
    Location:
    Regional NSW
    Hello Everyone!

    Bit of a background on my situation, brought our first ppor in Brisbane in 2007 and renovated, moved to a small regional town, Tumut, in NSW for work, sold Brisbane property and brought ppor in our current location in 2011. We have since renovated this house, got our butts into gear and used the equity to buy our first ever investment property, again here in Tumut.

    This investment property is positive geared, we brought it at a low price, did all the renovations in a 6 week time period for minimal cost, and its currently rented out long term. Within 4 months of it being rented out we applied to our bank for a pre approval for another investment property. Based on valuations mid last year, we have 73k equity in this property. Pre approval has run out as we are struggling to find a property in our area that we can easily renovate and have it ready to rent out.

    Our strengths as property investors is renovating as hubby is a builder and very motivated.
    Our weaknesses are lack of knowledge of investment properties, loan set ups, do we stick with the same bank, cross collateralization, and I'm really just not sure what we are doing, so I'm hopeful this forum will help me :)

    Hubby is a builder, I'm in the community services industry (also just completed qualifications in financial counselling- not that that goes into any details around investment properties), we are both early 30's, wanting another property to renovate here very soon, and looking at purchasing something on the gold coast towards the end of the year, in the hopes of moving back up there in the next few years.

    Sorry for my ramble, keen to absorb everyone's knowledge!
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    Hi Krysta, Welcome to the forum! You sound like you need a good broker - there's heaps on the forum so have a read and hit up one you feel comfortable with - they'll be able to answer any questions you might have. (But in a nutshell, no cross collateralising!!) :)
     
    Leo2413 likes this.