Young Investor from Melbourne

Discussion in 'Introductions' started by Linc_W, 8th May, 2019.

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  1. Linc_W

    Linc_W Member

    Joined:
    8th May, 2019
    Posts:
    5
    Location:
    Melbourne
    Hey all,

    I'm a property newbie at the moment but keen learn and grow of everyone here, I came across this forum when i started looking for my first investment property at 19 and by 20 had bought myself a 2 bedroom unit with my brother in SE Melb, having recently renovated it and renting it out i have got the bug to buy more property/another project. Currently looking at property in the Frankston/Bayside region

    Im using this forum to gain info on Property tax minimisation and reductions and structuring/setting up a portfolio with my brother (I've set an ambitious goal of 10 properties in 10 years) and hopefully a lot more other useful knowledge.

    Ive started flicking through a few books in my spare time and any suggestions are welcomed!

    Thanks for all your advice in advance.

    Cheers
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,256
    Location:
    Australia
    Talk to a mortgage broker. Buying with someone may damage your borrowing capacity. Besides the other potential problems of buying with others.
     
    Linc_W likes this.
  3. Linc_W

    Linc_W Member

    Joined:
    8th May, 2019
    Posts:
    5
    Location:
    Melbourne
    That's the first thing i did when buying my first property was use a mortgage broker. Yeah i've read the pro's and con's when it comes to investing with family and friends but have taken that risk as we both work well together, myself being a sparky and him a chippy. I may even look into setting up a trust in the future for protection etc, but yet to wrap my head around it
     
  4. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
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    10,256
    Location:
    Australia
    Did you ask the broker what your borrowing capacities would be if you bought separately?

    Having reno skills in the family is gold.work together on renos, but its likely you will end up acquiring more if you buy separately.
     
  5. Linc_W

    Linc_W Member

    Joined:
    8th May, 2019
    Posts:
    5
    Location:
    Melbourne
    Yes we weighed up the options at the time, it was more to get his foot in the door due to being on a lower wage. But when his income increases we may look at buying separately, but I'll try and seek advice first
     
  6. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    11,654
    Location:
    Newcastle
    Did you look at the servicibility issue when borrowing with somebody else? If me memory serves me correctly, as you are each jointly and separately liable, you are generally each assessed as having full responsibility for servicing the loan when it comes to servicibility when you want to buy your next property.
     
    Mitchell.Ellis16 likes this.