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Discussion in 'Introductions' started by Thorm, 2nd Nov, 2015.

  1. Thorm

    Thorm Well-Known Member

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    Hi there,

    Have been lurking for several weeks, didn't want my first post to be a question so thought i'd start here.

    Looking to buy my first IP. Just started getting serious and it appears like i'm a late starter. Late 30's, kids and a mortgage. Spent the last couple of month reading some books (many to go), attended some seminars and now trying create a strategy to move forward. Don't want to sit around too long, so giving myself a deadline of three months to make something happen.

    I hope not to ask too many dumb questions and I promise to search for the answers first :)
     
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  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Welcome to the forum :) Now go forth and ask questions (even the dumb ones!)
     
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  3. Coota9

    Coota9 Well-Known Member Premium Member

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    Welcome @Thorm

    Late starter you say..I brought my first IP when I was 42 so to me you start when you start no big deal.

    Biggest thing BEFORE you start investing is to have a plan and start with the end in mind.

    Lots of great advice on here..enjoy!!
     
  4. House

    House Well-Known Member Premium Member

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    Three months... I'll hold you to that ;) What are you going to make happen? Good to give a deadline and as mentioned above, best to have a plan and goal so you know what you're working towards.

    What books have you been reading?
     
  5. Thorm

    Thorm Well-Known Member

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    Rich dad, poor dad.
    Richest man in Babylon.
    Think and grow rich.

    Heavy on mind set. Light on practical. Picked up some books from the expo which I'll look at next.
     
    DiligentPM likes this.
  6. Thorm

    Thorm Well-Known Member

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    Expecting free book in the mail soon, My four year old the property investor.
    Oh, Dymphna ebook as well which is more or less her seminar pitch. Not sure if that counts.

    Feel free to recommend me an important read. (have seen the book recommendations thread)
     
    Last edited: 3rd Nov, 2015
  7. bob shovel

    bob shovel Well-Known Member

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    Haha that's it!!

    Great books to read!
    Sort out the dollars and see what you have to play with, then target some areas! Work out a plan
     
  8. Azazel

    Azazel Well-Known Member

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    Hey @Thorm , good on you, it's never too late to start. But get a move on! ;)
     
  9. wombat777

    wombat777 Well-Known Member Premium Member

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    Assuming you have worked out your strategy, where are you intending to buy?

    Getting a finance pre-approval in place really get some impetus going as you need to narrow down where and what type of property you are intending to buy. Banks generally need the info to determine LVR limit.

    NB - it can be done in 3 months. I decided to consider buying an IP in Feb and had a contract signed by April.
     
  10. legallyblonde

    legallyblonde Well-Known Member

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    Welcome! You are in the right place! Great first post! Hehe I admit that it is my pet hate... People that sign up to ask stupid questions... Aka the ones that have a googleable answer! Or the ones that have been heavily discussed in the convo right underneath!

    Rant over!

    Congratulations on the deadline! Do you have much equity to play with?
     
  11. bob shovel

    bob shovel Well-Known Member

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    Kids, people asking questions, Christmas I assume too? :p
     
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  12. legallyblonde

    legallyblonde Well-Known Member

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    Haters going hate, hate, hate! :rolleyes:
     
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  13. Azazel

    Azazel Well-Known Member

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    An oldie but a goodie:
    http://lmgtfy.com
     
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  14. legallyblonde

    legallyblonde Well-Known Member

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    That is BRILLIANT! I will have to remember that one for future reference!
     
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  15. Thorm

    Thorm Well-Known Member

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    When we spoke to the bank, they ball parked us a figure of $90K equity. Next step for me right now is looking at accountants, financial planner etc to help me plan the next step and work out the best strategy.
    Targeting Brisbane right now. Mainly because it's being touted as the safest place to invest, and both my wife and I have all our family up there. Makes sense to us.
     
  16. D.T.

    D.T. Adelaide Property Manager Business Member

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    Tip #1 anyone who knows what they're doing does not talk to banks
     
  17. Azazel

    Azazel Well-Known Member

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    Make sure to do some research into 'financial panthers'.
    Plenty of warnings on here.
     
  18. House

    House Well-Known Member Premium Member

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  19. Biz

    Biz Well-Known Member

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    @sash knows everything and he only talks directly to the banks ;)
     
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  20. sash

    sash Well-Known Member

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    I know nuthin.......I am just an evil Specufester....

    On a more serious note @Thorm ... the banks have uses but lately they are being stubborn as mules..however in the last month or two they are starting to play nicer in the sandpit.but there is way around them...and broker channels do not have access to this ...

    You can still do 88%-95% LMI on investment loans...