Finance advice

Investment tip: How diversification can lead to greater serviceability

By Bianca Dabu
investment tip, investing, property investment

While many budding property investors often opt to invest in areas familiar to them, 26-year-old investor Eddie Dilleen—who has successfully built an 11-property portfolio in the span of eight years—believes that exploring different types of assets and markets can bring more opportunities for wealth-creation.

Aside from having properties across Australia, Eddie has also invested in a variety of real estate assets including houses, townhouses, and units.

According to him: “When you ... only focus on houses … you're obviously purchasing a lot of land, which is a good thing, but the rental yields on most houses throughout metro[politan] places like Queensland, Sydney, Melbourne, Adelaide … aren't quite there.”

While the 5 per cent yield you get from a house is not at all a bad turnout, it can’t put money in your pocket or help you service the asset after you pay for associated fees like council rates, water rates, and management fees.

“You'll still be losing money. You'll be trying to claim a little bit of it back, which is good for reducing your tax, but when you go on to two, three, four [properties], you're going to get stuck with finance 90 per cent of the time,” Eddie explained.

His long-time strategy: Strike balance in your portfolio by diversifying your assets.

The property investor said: “Start small and buy a house, buy a townhouse, buy a unit… then you can effectively grow your portfolio and not shoot yourself in the foot.”

Dealing with lenders

Financing is one of the most important aspects of property investment, but could also be the most complicated, which is why Eddie made it a point to prioritise this as he educates himself about the business of wealth-creation. Knowing how banks and lenders process loan applications have helped him continue growing his portfolio despite unexpected obstacles.

He shared: “When I was up to around four, five properties … I [started] realising how banks work and how they service people … Banks have different calculators and serviceability and checkpoints.”

“I would only basically purchase a property if … [I know] for a fact [that] I'd be able to finance another property after it,” Eddie added.

Before buying a property, the property investor runs through the numbers with the lender or a mortgage broker in order to determine a rough estimate of his borrowing capacity after the purchase.

“I've spoken to a few people [who] got two houses … in Melbourne [with] 4 per cent yields, 5 per cent yields … Afterwards, they can't borrow any money from the bank because they're all too negative,” he said.

‘Good structuring’

Building a good multi-property portfolio, according to Eddie, is all about “good structuring”—from choosing the right assets in good areas to selecting the right financing options. Having a smooth journey towards wealth-creation depends largely on one’s serviceability, so it’s important to consider the different drivers of growth before investing in any real estate asset.

Some property investors get themselves stuck due to misinformation or ill-advised financing decisions.

For example, according to Eddie: “If they purchase … in joint names … then you go back to purchase in your individual name, the bank will usually assess that first property as you own the debt a hundred percent, even though you are splitting it with your partner.”

“Also, when it comes to rental income for that property … say, if it's $400,000 and it's $400 a week rent … they're only going to assess usually half the rent.

“Take it with a grain of salt. Do your research regardless,” he added.

Real estate editor Tim Neary reminds property investors: “[Lenders are] going to be as conservative as they can ... in terms of making their serviceability calculations.”

Sometimes, one finance-related mistake could mean tough consequences, especially if it’s made early on in the journey. For property investors who get stuck, the options are either to sell the property or restructure it, which both entails additionals costs.

“Structuring is a huge thing, along with finance, along with finally finding the property,” Eddie concluded.

 

Tune in to Eddie Dilleen’s episode on The Smart Property Investment Show to know more about why he branched out into different markets around Australia instead of sticking to his backyard, as well as the unexpected setbacks he faced along the way. 

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FROM THE WEB

podcast

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Luke’s first property investment included what he now looks back on as “learning experiences”. He chose it only because it was close to where he lived, he bought it at the peak of the market and he elected to manage his (unreliable, damage-prone) tenants alone. Sixteen years on, Luke now has 30 properties and a much better idea about how to approach the investment game.

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In this episode of the Smart Property Investment Show Luke joins host Tim Neary to unpack how he went about educating himself, how his investment style has changed over time and why patience is the name of the game.

Luke will also share how his initial mistakes discouraged him and had him doubting the wisdom of being an investor, and how his realisation of the importance of active management bought him back into line.  He will discuss the importance of having a strong support team and why it’s smart to put a proper value on your personal time.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How to profit from changing market conditions
Quit the 9 to 5: Taking control of your income and your career
4 tips for first time property investors

AREAS MENTIONED: 

Sydney
Brisbane
Adelaide
Wollongong
Geelong
Melton South
Cairns
Perth

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An unsure start in property investment leads to a 30-property portfolio
object(stdClass)#1324 (52) {
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  ["title"]=>
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  ["introtext"]=>
  string(115) "

Promoted by Blue Ink Finance.

Budgeting tips when your Personal Debt is High.

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Credit card debts and personal loans are the greatest obstacle between everyday people and their potential to live in financial freedom.

Of course, I understand that sometimes getting a small personal loan is absolutely necessary. Unexpected costs like medical expenses can make personal loans the only option.

However, the majority of us have debt simply because we spend more than we earn.

In either case, your number one priority is unlocking those chains of debt that are holding you back.

I’m going to give you some tips for budgeting with hefty personal debt, but first I want to talk about the impact those loans are having on your life.

How much is your debt really costing you?

Over the years that you’re paying off your loans at the minimum repayment, the interest on those items will end up costing you multiple times more than the original borrowed amount - and those endless due dates will haunt you. There’s no freedom in that!

Let me give you an example. You’ll be shocked, I guarantee it!

Let’s say you have around $4,000 of credit card debt, charged at 19.99% p.a. If you paid only the minimum monthly amount, it would take 37 years to pay off the total debt.

How much will that $4,000 debt cost you? $19,200. Depressing, isn’t it?

You might feel like you need a full-blown money explosion to get out of debt, but don’t despair just yet.

What you need to do is arm yourself with a strategic budget, and I’ve got some tips to help you.

Budgeting while you have hefty personal debt is tough, but possible – and it’s essential for eliminating that debt forever. Let’s have a quick look at how you can start to tackle that mountain of borrowed money.

It’s time to take charge and break some chains!

There’s a method for reducing debt that has an excellent success rate, if you’re committed:

  1. Make a realistic budget (and stick to it)
  2. Reduce your expenses and/or increase your income until you are in the black
  3. Save an emergency fund first
  4. Pay off your personal loans and credit cards, starting with the either the smallest debt first or the debt with the highest interest rate
  5. Revise your budget as you go along.

Why an emergency fund is paramount to success

You’ll see I’ve put saving an emergency fund before paying off your loans. Even a small amount initially, like $500, is enough to stop the cycle of borrowing to pay bills, then paying out even more in interest each month, which leaves less in the bank to pay the next bill.

Once you have a buffer saved, then you can start aiming some serious firepower on your debt, and that’s when it gets exciting!

Think back to my credit card example. If you upped the payments each month from $84 per month to $212, you would have the card paid off in two years and save $14,285 in interest. That’s worth a little bit of effort, wouldn’t you agree?

Tips for a budget that works

You may need to cut back drastically on your expenses to clear your debt, but here’s some other ways to make the most of your budget:

  • Find micro-ways to reduce your expenses every day. Make work lunches at home, cancel a pay TV subscription, find a better phone deal, or pass on your afternoon chocolate bar from the vending machine. Instead of spending $40 on a takeaway dinner, have a bowl of cereal!

  • Find a friend who will keep you accountable. Having someone else who shuns a pricey outing to the day spa for a walk along the beach instead will make you feel better about saying ‘no’ to expensive events that will blow the budget.

  • Refinance your home loan to release some funds. If you have a mortgage, talk to us at Blue Ink Finance about the possibility of refinancing your home loan to allow you to release some equity to help clear your high interest, personal debt. It’s not always the best strategy, but it’s worth investigating, especially if you can consolidate it into a home loan that has a significantly lower interest rate.

  • If your income increases, leverage it! The only place that extra money should go is into paying off more debt. Enough said!

  • Refine and polish your budget as your circumstances change. Your budget shouldn’t stay the same. As you find more ways to decrease your expenditure and become adept at sticking to your financial plan, fine-tune your budget to reflect your savvy saving. Any spare change goes directly onto your debt.

  • Automate payments of bills, so you don’t spend the money first. This saves you from late fees if you forget, too.

The reality is that you won’t have a profitable budget until you get rid of that high-interest debt. The beauty of a budget is that it can get you there! Knock the debt, stay away from borrowing except for assets like property, and you’ll have a well-oiled financial plan that kicks goals instead of paying lenders!

At Blue Ink Finance, we have a team of expert brokers as well as a panel of industry experts that understand all the nuances of positioning your personal finances to kick real goals with Property Assets and can support you in achieving your goals.

Give the team at Blue Ink Finance a call on 1300 888 796 or click here to request your Complimentary Finance Review with one of our experienced Finance Coaches now.

And see how having a panel of industry experts on your side, can fast track your property goals.

About The Author

David Wegener
Chief Executive Officer
Blue Ink Finance

Who I am, and why I want to help you succeed.

As an award-winning Mortgage Broker with nearly 20 years’ experience in the finance industry, I’ve seen it all.

I’ve gone through constant industry changes and yet I still successfully help my customers borrow the money they need to get ahead.

As a Finance Coach, my goal is to help you understand your financial potential so that you can borrow with confidence.

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Leveraging your Blue Ink Finance Broker for more than just a loan.
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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Sydney
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Can property presentation result in a higher valuation?

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