My Investment Story Page 1

Dear Property Chatters,

Like many of you, we all have a story.
My story, thus far, is a short one. Your help and guidance, already shared through your experiences, have been insightful and has given me the courage to begin my first post.
I would like to share my story and would greatly appreciate your advice, wisdom and guidance.

Here goes:
I’m a single worker in early 40s on an average income ($95K) who has a PPOR worth about $600k with $54K owing.

I’ve been interested in property investing for the last year but have no idea how to start. I think I’m naturally conservative so would like to know how to go about this investment journey well.

Some questions I have:
- should I pay off my PPOR first then invest?
- if I invest now with money owing on PPOR how do I start that journey of property investment whilst still owing money on PPOR? I’ve been brought up to pay off PPOR first.
- do you recommend any good mortgage brokers?
- what questions should I be asking if you were in my situation?
- have I left property investing too late?

Thank you for your help and for having such a forum to help in what can be a confusing world!

 

Ask yourself this. Am i comfortable taking on a couple hundred thousand in debt? Can i sleep at night? Can i ignore how ive been brought up?

Your in a good position to invest. The problem will be yourself.

 

If I said yes, I’m ready. What’s my next steps?

 

You can, but you dont have to.

Refinance the PPOR to use as deposits to buy other investments.

Then pay off the PPOR or get over it.

Plenty on here.

What do I want by when? e.g . 100k income in 20 years. Then work backwards to see what you need to get there.

Depends on how long you can work and what your goals are.

 

Yes, work out what you want first, the rest will follow. It’s never to late for anything!

 

Thanks for your responses!
I guess a big part of my why is for retirement purposes. I constantly hear how super isn’t enough for retirement and I’m thinking long term I would like to retire with enough to live off.
Also with investing I still want a well rounded lifestyle with the ability to travel and eat out without having to scrimp and save all the time.
Ultimately I want to make the money work for me to help in the future.

 

Have you looked after your super in the past? You might want to consider extra super contributions in your strategy. As others say, how much debt are you comfortable with? What age do you think you will/want to retire?

 

welcome to PC @Bricksnmortar

reading from your posts, it seems you are quite motivated to get started, you do have the resources to take actions ( equity + borrowing/serviceability).

but before you do anything, you might need to sit down with a good financial planner to discuss your future retirement plan, and a broker to discuss your investment plan. most brokers on PC are investors themselves, they could share ideas and experiences, and provide advice.