Soon to be property investor in Melbourne

Discussion in 'Introductions' started by JayM, 11th Sep, 2017.

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  1. JayM

    JayM Member

    Joined:
    7th Sep, 2017
    Posts:
    21
    Location:
    Melbourne
    Hi,

    From late last year started to explore additional income streams and very soon I convinced myself that residential property investment was my path to follow become financially free. I know that is a long journey but I consider myself a disciplined person that has also the right mindset.

    But while I get to my ultimate goal I need to continue being a FTE to pay the bills and service my current and future mortgages.

    I set a goal to get my first PI around the end of the FY or before end of calendar year worst case scenario.

    So far first milestone was not achieved but that does not mean failure, simply things are taking longer than expected.

    As we speak two things are happening and should wrap up by the end of the year

    1) My BA is about to put an offer (or the paperwork for an offer) for a property he took me for inspection on Friday

    2) Due to family requirements (distance from work) I will be moving with my family from my current home in the outer east suburbs to TBC closer to the city, so my current home will become PI No. 2

    Given the above I will be actively asking for suggestions, in the due course I will share my progress and when I become more knowledgeable hopefully will be able to help others too.

    Glad that I finally searched and registered for a PI forum.
     
    Jess Peletier likes this.
  2. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,442
    Location:
    Melbourne
  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,673
    Location:
    Perth WA + Buderim Qld
    Hi and welcome to the forum!

    Congratulation on your imminent first IP. :)

    Are you hoping to buy a new PPOR at some point? If you are, it would pay to speak to an investment focused broker if you haven't already, just to make sure your finances are structured in a way that will allow you do this easily while maximising the tax benefits from your IP's.
     
  4. JayM

    JayM Member

    Joined:
    7th Sep, 2017
    Posts:
    21
    Location:
    Melbourne
    Thanks Y-man. I could not have joined at a better time.

    Count on me.

    Would you mind sharing the details about time, what the name the booking in under, etc. PM or reply here should work.

     
  5. JayM

    JayM Member

    Joined:
    7th Sep, 2017
    Posts:
    21
    Location:
    Melbourne
    Thanks Jess

    For the time being, my team has been assembled but anything can happen in the future.

    As to the finance fortunately I had my two minds moment while organising my budget: In one hand I wanted to borrow as much as the bank could possibly lend in order to maximise leverage, on the other hand I felt stressed wondering whether I could service the mortgage. Fortunately I worked with my broker to get the sweet spot before start the hunt.

    I have already read a few horror stories about new investors becoming aware of 'hidden' costs just days before or during settlement.


     
  6. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,673
    Location:
    Perth WA + Buderim Qld
    Great, that's good to hear - many people just leap in without thinking too far ahead. Investing is all about the finance - no money, no property! - so it's really important to plan a few purchases ahead to be sure it's going to work out the way you anticipate.

    It would be terrible to start your portfolio only to find you've ruled yourself out of a PPOR when the time comes. :)
     
  7. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,442
    Location:
    Melbourne
    The details are in the link - but here it is anyway

    Ivanhoe Hotel Bistro
    120 Upper Heidelberg Rd,
    Ivanhoe

    Tuesday 12th September 2017
    Start time: 7:00pm
    Booked under "Property Chat"

    The Y-man
     
  8. JayM

    JayM Member

    Joined:
    7th Sep, 2017
    Posts:
    21
    Location:
    Melbourne
    I just thought that as soon as I posted my request.

    Even after all this years we can still fall in the RTFM issue.