Hi Folks, it’s Glen from 21st Century Group, constructions, investments and property management. The topic today is, “how does one go from the process of acquiring an investment property?” Well with me this is how it works. We make a time for you to come into the office. When you come into the office, we send you a letter before that telling you, or an email, telling you to write down as many questions you could possibly think
of. Any question, just write it down. And what I do is I go over all of your questions, but keep in mind I will be asking you a few questions as well. Just to know the path that you’re on, which path you want to take, what you want to achieve in 5 years, 10 years, 15 years, retirement? This will take a good hour, hour and a half, depending on the questions. I also use my laptop to show you some figures, how it works because at the end of the day you need to feel very very comfortable. But there’s one thing that I will always ask you and I need an answer to this. And one of the questions that I will ask you is, “How much very very comfortably can you afford a week towards an investment?” So I rephrase it as well and say something like, John and Mary, if you like going to the movies, cinemas three times a week, if you like dining out three times a week, if you like doing this, if you like doing that, you still need to do all of this but what’s the minimum amount that you are able to take from your income and put it into a little old savings account and kind of forget about it? All right? So my investors will give me a variety of answers, with a dollar amount. Okay? And I need that dollar amount. The reason being is the way an investment works is not on the purchase price. Okay? You need to understand this. The purchase price is the borrowing and it also depends where you want to get into. All right? But then you’ve got all your deductions, you’ve got interest, you’ve got all the expenses and also your income. So depending on your income, it would state how much of tax you could get back. Okay? So now some investments, might cost you out of pocket. Some might not. All right? But the aim is the figure which you gave me, the investment, the cost out of pocket cannot go over that investment, if you know what I mean. Right? So once I’ve got all of that, and you’ve spoken to me, then my next step
which is down the track maybe a week or a few days after that, is to find the best investment that will suit you, or even a couple and present it to you with all the figures. So once again you’ll come over, and take it from there. And if you’re happy with that. Right? Then you will come up with your holding deposit which I said was about $2,000 currently. Then we get all the paperwork organised. Right? And we then send it to your financier or to your bank, your mortgage broker or to your bank and they start getting the process organised. If it is a house and land package, you will settle on the land first and then the construction starts. If it is an already built home you will settle on the fully, full built product straight away and it’s the same with a unit or townhouse. All right? So that’s basically the process of getting an investment from initial contact to getting the investment. All right? Once again it’s Glen from 21st Century group, construction, investments, property management. Lovely talking to you. We’ll catch up soon.Bye for now.
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