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seeking help for getting started

Discussion in 'General Property Chat' started by Strokeofsuccess, 1st Jun, 2016.

  1. Strokeofsuccess

    Strokeofsuccess New Member

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    Newcastle
    My ppr has now afforded me enough equity to start investing in residential property.. Looking for solicitor, accountant and mortgage broker and mentor? in the Newcastle, NSW area. Does anyone have and suggestions? Whom should I see first? Thanks for your help.
     
  2. Hodor

    Hodor Well-Known Member

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    Broker would be my first stop. Doesn't matter where they are, just as easy to deal with them via email.

    Solicitor might depend on where you purchase.

    Who does your taxes currently?

    Plenty of people here that act as pseudo mentors if you read their ideas and stories. Find one you like. Just asking for one you are unlikely to find someone that aligns with your views. Also look to attend a catch up in your area.

    What do you hope to achieve by investing in property.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Perth WA
    @Hodor is right, the solicitor will depend very much where you're hoping to purchase.

    I would find a good broker first - there's lots here on the forum, and can work with clients from all over. I'm not sure if any are based in Newy though.
    Get your broker to order some valuations on your PPOR to see how much equity you have access to, and from there work out how much you can afford to borrow for the new property.

    There's no point doing too much until you know what you can finance.

    They can also help you look a bit longer term, and plan out how you can get to IP 2,3 etc, and work out a finance strategy if that's what you're hoping to do.
     
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  4. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    First step is to figure out your strategy and from determine your borrowing capacity not just with purchase 1 but also for subsequent purchases. How many properties, at what LVR's, etc you want to purchase will definitely dictate your next steps. Its all about working backwards.

    You also need to determine your equity/cash position. What is the current value of the PPOR and what is the loan you have against it?

    Once you have figured all this out you need to speak to your Accountant as there are heaps of tax considerations, CGT, Negative Gearing, Land Tax, etc so the purchases may be done under specific type of entities.
     
  5. Strokeofsuccess

    Strokeofsuccess New Member

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    I have written out my goals however, I don't know how to turn them into a strategy!
     
  6. Strokeofsuccess

    Strokeofsuccess New Member

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    I asked my accountant but he didn't sound like he did much in property investing work, so I was after someone who was.
    My husband is 13 years off retirement, and we have no super to speak of so I need an income for retirement and my husband works 80 hours a week so a passive income in the shorter term would be great
     
  7. York

    York Finance Broker Business Member

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    Maybe consider speaking to another accountant.

    Nick Moustakas is highly recommended on the forum.

    Our Team - Strategic Wealth Management

    He deals with a lot of property investors and is excellent with superannuation strategy also.
     
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  8. Big Will

    Big Will Well-Known Member

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    Like @York said I would talk to another accountant, some don't like it as they cant advise or don't understand it. Although some people on here are very pro property and neg shares, to me a balance is good :) although I am more weighted towards property.

    Good job with taking the first steps and not to be negative 13 years off retirement with very little super would mean I would most likely want to take action sooner rather than later (as there isn't much later).

    I can see you have joined early April what I would do in parallel is continue to read (also get your husband involved) as there is a lot of great information on the forum and best part it is free!

    P.S I admire your husband who works 80 hours a week, does he have his own business (assuming due to little super) or what does he do?
     
  9. Strokeofsuccess

    Strokeofsuccess New Member

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    Newcastle
     
  10. Jerry O

    Jerry O Well-Known Member Premium Member

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    NSW / Melbourne
    that is a great goal to have @Strokeofsuccess. Finding ways to free up some of your husband's work hours through investing. I am sure you can find a lot of useful information here on the forums to help you formulate your own style of investing. Read, read and read some more then ask questions.
     
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  11. Leo2413

    Leo2413 Well-Known Member Premium Member

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    1. From a good recommended broker, work out your borrowing ability.
    2. Based on that and your overall financial situation, determine what strategy is best suited for you to edge you toward the goals you have. The strategies available to you now will most likely be limited by your financial ability, eg if you have limited funds, you won't be able to do a major structural reno etc.
    3. Once you have a strategy chosen (I'm assuming you know the major strategies available and if you don't then imho your missing a vital step in all this which is to educate yourself first via books, forums and networking), determine your 'Buying Rules', eg where to buy, what to buy, how much to pay for it.
    4. Take action and go get it! Get the broker, recommended solicitor on board and go after it.

    This is assuming you know how to do DD and understand some factors to consider about risk mitigation. If not, I would go back and learn these things first which doesn't take long. You don't want to be hundreds of 1000s in debt based on poor DD with no risk measures taken into account.

    Just my take.
     
  12. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I suggest to work out borrowing capacity and then
    work out some broad strategies, what to buy, where, when etc
    and then
    some tactics - whose name to buy, in how to fund the deposit, tax planning etc.
     
  13. Big Will

    Big Will Well-Known Member

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    I sort of suspected he owned his own business (contractors/subcontractors are still own business). This is usually an oversight from individuals who run one man bands that they feel they don't need to pay themselves super.

    I still give my hat off to him for doing the 80 hour week, most people complain doing more than 40 hours (some even 20).
     
  14. tomlemke

    tomlemke Well-Known Member

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    You will have to come along to the next meet up, just read as many posts as you can : )
    where is your ppor?