My next movement at 25 years old

Hey all pretty new on the forum have been following for the last 6months or so, just wanted to thank everyone as i've gained unbelievable knowledge from just this forum alone.
My investment journey:
25 years old, 2x IP portfolio worth $940,000
IP 1 purchased in 2014:
Caroline springs 3b-1-1 (Western suburbs of Melbourne) -Price $360k, renting at $380p/w, 2018 Valuation $540k- no renos or major works done.
IP 2 purchased in May 2017:
Kurunjang 3b-2-2 (Western suburbs of Melbourne)- Price $320k, renting at $315p/w, 2018 Valuation $400k- no renos or major work done
These loans were cross collaterised, at the time i didnt know what that meant

After 2nd IP i spoke to my broker, to see if we could get a 3rd loan or if there was any movement to advance, said we have no option but to wait it out, i wasnt really sold with that so i spoke to other brokers around and they said more or so the same, or could get a small loan.

Found this forum and loved reading the success stories and accomplishments, i then connected with @Michael_X from mortgage channel, His unique approach by mapping out exactly whats possible for me, exactly how we can accomplish this and his mentoring was inspiring i instantly wanted to work with him.
So now we are here, we refinanced and loans are uncrossed, we have pulled out $120k of equity for my next 2 purchases, i will update on next move.
Big shout out to Michael and his team, very professional communication is exceptional even though we arnt in the same states, brilliant to work with thank you.

 

It's good and all but just because you can borrow more doesn't necessarily mean you should at this stage I reckon. APRA shot the market in the ass, it isn't going anywhere in a hurry.

 

I do agree, but wanted to get that equity out incase something comes up i find good value in.

 

If you can get the equity grab it. I just wouldn't be in a hurry to buy an IP at the moment.

 

No harm having some equity loans set up and ready to go. As long as you have the discipline not to dive into them for personal use. Especially handy if you get a big share market pullback - you are ready to pounce.

 

Thanks

 

You've done alright mate. Might have to look outside Melbourne next time around.

 

excellent approach, get the money when you can.

well done with your portfolio at such a young age. you are in safe hands with Michael Xia.

 

Thanks, yep interstate looks the best bet.

 

Thank you Eric, i was so impressed with your journey i read the other day!

 

thanks mate, ( I started too late I think, you could do much better with the help from PC)

 

Click bait. I thought this thread had something to do with going to the toilet.

 

Haha now thats embarrassing

 

Maybe don't buy in the far out western ring this time.. diversify a bit and push for something closer.

 

Thinking to go interstate this time

 

Agree on spreading geographic risk into the future

 

Not a bad result for 4 years in the game! Some solid growth while maintaining healthy cashflow, which is a fine balance many of us are trying to achieve. In terms of asset selection moving forward will you be continuing to look at properties with similar cashflow to the existing properties in your portfolio?

 

Thank you John, i didnt take property serious for 3 of those years
And yes so strategy is to accumulate as many properties as possible, aiming for 10 properties by time im 30 years old and hold, im aiming for properties that are neutrally/positively geared so holding cost will be minimal, next im concentrating on finding properties that are under market value or/and i can add value in reno/fix up/add bedroom etc so it will help me move foward for future properties

 

I'm also 25 and have a similar strategy to yourself so we'll have to keep each other accountable to reach that goal of 10 IP's by 2023