Property investment

[silk]

This is completely NH, other than it will (eventually) lead to owning a farm of my own.

How do I find people with similar interests/aspirations in property/investment, so that I don't feel I am boring my friends every time I bring the subject up?
Some of them have houses, some of them don't. Many of them have commitments I don't (families/kids). I'm just me, looking out for me, with fairly minimal overheads. I'm hopeful that my boyfriend will sort himself out a deposit in the near future and we can consider buying together, but living together will probably come first

I'm a pretty frugal person, though my expenditure has increased significantly in the past year as I moved cities for a job with much better carer development, and much better pay. I'm very good at saving even if I don't have a specific goal, but I'd also like to have something to work towards so I get the 'reward' of achieving (as opposed to watching the 000s tick over). I feel like a bit of an oddity in terms of my approach and desire to add to my portfolio.

[PaulaO]

I don't know if real people groups even exist, but there might be a FB page. Are you looking to talk about investments, or about buying property?

[silk]

I don't really know to be honest. I suppose I'd just like to find like minded people to chat with. Money/finance is such a taboo subject that people get strange about talking about it (I couldn't care less how much a person earned - of course I want to be sure I'm earning what I'm worth, but that's going to involve different considerations than it might for others).

I feel like I have things fairly well 'sorted', and it's a case of finding patience while I accumulate a larger deposit... But it would be nice to talk with people who have ideas about how to do that, how to reduce mortgage faster, etc etc. All the things people think about when they have that sort of investment and the associated debt.

[PaulaO]

Check with your public library. Maybe they have an "investment group." A long long time ago (like 30 years ago) I did a short, not for credit course on investing. Maybe the community college has a class.

[Chisamba]

A quick look on Facebook revealed 3 property investment Australia groups. You could join, quietly check it out, and leave if they are not your cup of tea.

[Linden16]

I think you need to talk to your financial adviser, your accountant, and go to some night classes at a local college to learn about investing, real estate markets, and do major research about the markets in the actual area of the world you are interested in investing in. I live in BC but I am not investing in land here (other than my personal home I bought). I'm looking South America or Europe, Greece, etc. Vacation rental properties, raw land in areas that are not yet developed but will
be in the next 5-10'years, those are the things you need to be thinking about.

[silk]

Ooh that's way beyond my scope, Linden, and any savings I can possibly hope to scrape together in the near future.
I own a small house, that is currently rented.
I work in another city, so I want somewhere to live, that is not a rental (ie I'd like to pay my own mortgage rather than someone else's). I am considering an apartment that is closer to my work than where I currently flat.

I'm interested in discussing strategy, ideas, etc. IE, things to consider about fixing or floating parts of your mortgage in order to buffer for interest rate increases (I don't know if this is the same in the US - we can only "fix" a loan for 5 years, then it has to be renewed, so we play the game of deciding whether it is better to fix for a longer or shorter term, based on possible changes to the Official Cash Rate and resulting interest rate changes that may happen). Ways to pay off your mortgage faster/more efficiently. That sort of thing. There's a limit to how much I can "save" from my salary (after tax, expenses, etc) without getting a new job/position (which I just did so I need to stay put for a little while).
Recent and impending/proposed changes to lending rules, such as how much one can borrow against a property, and (proposed only) income-to-debt ratios, have put a bit of a handbrake on the market. It won't last, but if I can swing another purchase before it goes nuts again, I'll be happy. If not, I stay a renter/flatmate and continue to commute to work.

[StraightForward]

Sent you a PM

[Srhorselady]

Sounds like you need to talk to a financial planner. You can talk to them about your financial situation and future financial goals and they can suggest options and put you in contact with appropriate specialists such as mortgage lenders, investment counsels etc. My tax person is also a certified financial planner and she works with investment people and has contacts in the real estate and loan fields. What you said about how mortgages are handled in New Zealand is interesting since in the US they are handled quite differently. Here the borrower can select the length of the mortgage (usually 15 or 30 years although both shorter and occasionally longer can be available) based on the interest rate and down payment. The terms you are offered are based on your credit rating, salary, etc. Most loans (but not all) can be paid off early which saves a lot of money. There are also tax implications for home loans. There are also variable rate loans, loans with balloon payments, and locked interest loans. So lots of variables. Usually the better your credit rating and/or the larger your down payment, the better the terms you can negotiate. Any way a good financial planner can help you see what options you have and decide if investing in another home is a better investment for you than some other form of investment.

[silk]

Sounds like you need to talk to a financial planner. You can talk to them about your financial situation and future financial goals and they can suggest options and put you in contact with appropriate specialists such as mortgage lenders, investment counsels etc. My tax person is also a certified financial planner and she works with investment people and has contacts in the real estate and loan fields. What you said about how mortgages are handled in New Zealand is interesting since in the US they are handled quite differently. Here the borrower can select the length of the mortgage (usually 15 or 30 years although both shorter and occasionally longer can be available) based on the interest rate and down payment. The terms you are offered are based on your credit rating, salary, etc. Most loans (but not all) can be paid off early which saves a lot of money. There are also tax implications for home loans. There are also variable rate loans, loans with balloon payments, and locked interest loans. So lots of variables. Usually the better your credit rating and/or the larger your down payment, the better the terms you can negotiate. Any way a good financial planner can help you see what options you have and decide if investing in another home is a better investment for you than some other form of investment.

We have most of those things. I structured mine as a 20-year mortgage. BUT, we can only lock in 'fixed' interest rates for 5 years. Ie, I know that $xxx,xxx is at 4.29% interest for the next 48 months. Then, we have to renegotiate. Interest rates change, so when that part comes due, the interest might be 5.-something %. Or, it might not be (though, rates are historically low at the moment, so are only likely to go up).
Alternatively, you can leave the whole lot on a floating/variable rate, which is generally 1-2% higher interest than any of the fixed rates. You can choose to pay interest only, or interest plus principle, etc etc etc.

I chose to split my mortgage into three unequal parts. One part floating, as I wasn't sure how much extra I'd be able to throw at it, and you get penalised for early repayments on fixed-term mortgages. Two parts were fixed, one for a year and the other for 4 years. Then as each part comes up for renewal, I get to decide whether to float, fix, etc. The idea is to have different parts coming due at different times so you can buffer any interest rate increases (and, not get penalised too much if the rates go down).

[silk]

Sent you a PM

I don't think it sent? Can't see anything.

[boots-aregard]

Some towns have Real Estate Investment Clubs. Some have just "Investment Clubs". My town's RE club has monthly meetings with a speaker, and there's an all-day "boot camp" each year for people to dive in and get all the baseline terms explained to them. So, social connections and some learning.

Lots of stuff on the internet if you aren't a joiner.

[silk]

Some towns have Real Estate Investment Clubs. Some have just "Investment Clubs". My town's RE club has monthly meetings with a speaker, and there's an all-day "boot camp" each year for people to dive in and get all the baseline terms explained to them. So, social connections and some learning.

Lots of stuff on the internet if you aren't a joiner.

Thanks. My lack of time to do anything "in real life" is a constraint. I am under a very high workload (voluntary and involuntary, inasmuch as one can call work's workload "involuntary") for the next 4 months. Then I can breathe again, and think about "non essential" social connections. (and sleep. sleep would be nice.)

[Saddlebum]

Craigslist under community and then I believe Groups. Try starting a group if there isn't one on there right now. I'll bet there are others who wish they could find like minded people and having the same issues as you.