Promoted Content

Four things you don’t need to start investing today

By Pure Property Investment

Promoted by Pure Property Investment

There is no shortage of commentary within the market on what property investors need to start their investment property portfolio. However, what are the things you don't need to get started now?

First up, a credit card

Don’t believe the hype, credit cards don’t help your credit rating. In fact they are more than likely going to inhibit your ability to borrow rather than help.

I would always focus on getting your mortgage approval before you attain or up your limit on your credit card to maximise your borrowing capacity.

'So, if you have a $5,000 limit, for example, this will reduce your borrowing capacity when being assessed by the banks. Therefore, where possible, reduce your credit card limits or cancel unused credit cards.'

You don’t need experience

Let’s look at the facts, every investor started somewhere. Just because you haven't bought a property before doesn't mean that should stop you from starting now. The only way to get the experience is by doing it.

It can be a daunting step, however, surrounding yourself early with industry experts including in investment property focused mortgage broker, accountant and buyer’s agent can help you build up the knowledge and confidence to buy the correct property the first time around.

Be an expert

At Pure Property Investment, we are advocates for life long education and our website www.purepropertyinvestment.com gives all property investors free access to a wide range of industry leading education, tips and insights.

Use your team for what they are good for. Years of experience and expertise. This can fast track your outcomes rather than making a lifelong mistake when buying your first property.

Again, build a team of industry experts including in investment property focused mortgage broker, accountant and buyer’s agent to ensure that your first purchase is the right one for you.

A huge cash deposit

Whilst buying a property requires a deposit, you don't necessarily need hundreds of thousands of dollars to get started.

You can get creative with different options, including:

  • Guarantor from your parents utilising a small amount of equity from their property to allow you to gain a foot hold in the market earlier
  • Joint ventures with a family member or friend
  • Get a second job
  • Reduce your debt
  • All you need is enough money to cover the deposit and buying costs such as stamp duty, legals, inspections and so on.

 

The reality is that the cost of putting off your investment journey can cost you an enormous amount of lost equity and cash gains every month you put it off. In fact if a markets growing at 5% YOY based on a $500,000 purchase price, its likely costing you roughly $250 - $1000 for every week you delay getting into the market. If you bought a $500,000 property and it grows 5-10% a year, it could be growing anywhere between $20,000 and $50,000 a year.

If you’re hungry for more information, you can register for our free fundamentals of property investing webinar and fast track your knowledge and not miss out on the next opportunity through procrastination.

 

Happy hunting…

 

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podcast

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  ["title"]=>
  string(72) "Mortgages in a tighter lending economy and why Brisbane is a good option"
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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune in to this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

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  • The pitfalls that he has seen people get into<\/li>\r\n
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    Whether it\u2019s building a successful property portfolio or investing in one of their Development Funds, Open Corp can help you through every stage of your investment journey. The team has 40 property specialists who collectively have been involved in over $4 billion worth of property transactions and the acquisition of more than 8000 homes and investment properties.<\/p>\r\n

    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:\u00a0<\/p>\r\n

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Mortgages in a tighter lending economy and why Brisbane is a good option
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
object(stdClass)#1185 (52) {
  ["id"]=>
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  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
  ["alias"]=>
  string(74) "regional-victoria-showing-up-melbourne-in-price-performance-new-data-finds"
  ["introtext"]=>
  string(139) "

Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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