Hi All
I have been thinking for a while now to give property trading/developing a go. I have not done this before but im keen to do it. As there are a number of property traders in here i was hoping to get some advice on making this transition.
My vision is for us to move to the Bay of Plenty or Hamilton where its more affordable, make property trades making 25k after tax for each trade (approx 50k before tax and gst taken out). This will give us the life style we want and ability to buy more buy and holds in Auckland which is the main focus.
Current situation
In our early 30s
My girlfriend and I own 4 buy and hold investment properties in Auckland (78% lvr)
Currently both employed - together earn about 130k before tax
What i need to do
Sort out my structure so my buy and holds will be separate from trades and wont get tainted (hopefully) - Speak to either Ross or Matthew Gilligan
Speak to a mortgage broker to see our ability to get loans. eg full time vs part time work to make the banks happy
Speak to more real estate agents in the areas im wanting to trade and form good relationships
My questions are
1) Whats the life like being a property trader?
2) How would you recommend we go about making the transition into full time property trading?
3) Do you recommend jumping in and learning on the way or are there groups where i can learn? I hear good things about property tutors but they are 30kish and that seems a bit much. thoughts?
If you are a property trader/devloper i would really like to speak to you so i could pick your brain a bit. Possibly meet up and i will shout you lunch and a beer
Thanks heaps
I have been thinking for a while now to give property trading/developing a go. I have not done this before but im keen to do it. As there are a number of property traders in here i was hoping to get some advice on making this transition.
My vision is for us to move to the Bay of Plenty or Hamilton where its more affordable, make property trades making 25k after tax for each trade (approx 50k before tax and gst taken out). This will give us the life style we want and ability to buy more buy and holds in Auckland which is the main focus.
Current situation
In our early 30s
My girlfriend and I own 4 buy and hold investment properties in Auckland (78% lvr)
Currently both employed - together earn about 130k before tax
What i need to do
Sort out my structure so my buy and holds will be separate from trades and wont get tainted (hopefully) - Speak to either Ross or Matthew Gilligan
Speak to a mortgage broker to see our ability to get loans. eg full time vs part time work to make the banks happy
Speak to more real estate agents in the areas im wanting to trade and form good relationships
My questions are
1) Whats the life like being a property trader?
2) How would you recommend we go about making the transition into full time property trading?
3) Do you recommend jumping in and learning on the way or are there groups where i can learn? I hear good things about property tutors but they are 30kish and that seems a bit much. thoughts?
If you are a property trader/devloper i would really like to speak to you so i could pick your brain a bit. Possibly meet up and i will shout you lunch and a beer
Thanks heaps
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