- Originally posted by kay henry:
bec,
Save up for a deposit. And if you don’t respect your bf, then leave him. I am sure it’s easier to leave him than spending your time slagging him off on a property forum.
kay henry
Actually Kay I am trying to get the right information for my situation, so I guess giving details helps to get the right advice. As far as saving for a deposit, I am quite aware that a deposit is what I need so your advice is not of much help also if I was to just to get rid of my bf (who I love very much) wouldn’t that be running away from a difficult situation and if I did that I would never succeed at what I want to do.
-BecPlease only helpful advice[
]Newbie comin through!
Blondie,
If you have knowledge you will be able to buy property even if you don’t have money.
Think about JV.
Good luck!
Cheers
[]
PropertyGuRu
[] so after disscussing your personal situation bec i think no one knows how to go about what you want to achieve with no money down.(basically save your money)
i think there has to be a way to go about it with no money down just have to keep searching, untill some one comes across it, i know there is the first home owners grant but there are restrictions in that aswell.am i right in saying this?
How long have you been a tenant in your current address? Have you had any issues with the land lord? If you have been there a while and have had no issues with the land lord you might be able to approach him/her and see if they will do an equity lease with you for say 5 years. You pay a higher weekly rent but in return negotiate a quarter share of the equity growth in the property from the date you organise the deal. For example, todays property valuation is $300,000. It goes up 8% for the next 5 years ($440,800). You pay the higher rent (whatever you both agree on) without missing a beat and return (after 5 yeas the land lord pays you $35,200 which is 25% of $440,800 – $300,000). Presto, a deposit for your first investment property without mucking around with budgets that only demoralise you anyway.
Either way get some advice before you do this as you will need a solid contract and be aware that you will no longer be protected by the tenancy act. If your contract is good though and you pay on time you will have nothing to worry about.
Hi Blondie,
I am in a very similar situation to your self. Other then me saving (and I am trying to) there seems to be no other help for me.
Would you ever consider a legal partnership with short to mid term investment plan?
What I mean is. I have been considering for a litle while now of getting a few people together under a legal contract all contributing set amounts to the deposit and holding on to that (while we also continue to save ourselfs) untill there is money enough to spit the equity built to purchase property of our own?
Also if there is anyone else out there who has done or knows of anyone who has either succesfuly or not been down this path and advise to me and others would be great.
blondie if you and or any others are interetested let em know?
Amanda
Blondie, I am please to see that someone else is in a similar boat. I have very little for a deposit either and just learning the ropes at the moment. Thanks to everyone for the motivation and the good advice
Meaghan
Originally posted by blondie_bec:Originally posted by kay henry:bec,
Save up for a deposit. And if you don’t respect your bf, then leave him. I am sure it’s easier to leave him than spending your time slagging him off on a property forum.
kay henry
Actually Kay I am trying to get the right information for my situation, so I guess giving details helps to get the right advice. As far as saving for a deposit, I am quite aware that a deposit is what I need so your advice is not of much help also if I was to just to get rid of my bf (who I love very much) wouldn’t that be running away from a difficult situation and if I did that I would never succeed at what I want to do.
-BecPlease only helpful advice[
]Newbie comin through!
hello,
My advice to you would be;
1. save at least 10% of your income before paying anything else. If you cant do at least this, then there is no hope for you.
2. As far as your boyfriend, that’s your choice but just realise that all the money you spend paying for his share of expenses is money that could be going towards investing.
3. Study wealth. Read “Rich Dad Poor Dad” by Robert Kiyosakiand “The Money Secrets Of The Rich” by John Burley to start with. Most of the info you require is in these books.good luck!
Another few thoughts
Where do you live? If you are living in nsw, I think you may be in for a happy surprise over the next 12-18months, as I think that prices will fall/tumble (in part due to the new investor taxes). Thus, saving and not jumping in now could be a good thing for you. I think that the great bull run may be over.
If you are going to buy a house/flat/etc, please promise me that you will see a lawyer re title names/docs etc. (ps- am on your side- you sound v intelligent in considering the possibility of seperation, as opposed to derogoratory comments)
As for nothing down possibilities-
can get delayed settlement ?renovate in meantime
option
get vendor finance 20% deposit
oldies guarrantour (not a good deal for them- they are legally liable for YOUR debt)
oldies lend you/give you some cash for a depositGet started by getting rid of the credit card (oops, I am being prejudiced (?correctly) again), and by cutting out all the crap that we all buy but do not really need.
Just had another thought.
Maybe the olds could lend you some money and you buy a 4 bed 2 bath place (4 beds always go quickly).
Then rent out two or three rooms for 100bucks a week to some (relatively normal non-homicidal-axe-wielding-maniacs) people.
That would give you $800-1200 per month on the mortgage.
Just dont get the phone connected, and dont let any vegetarians in the house!
I have several thoughts on the matter, but you might not like some….
1) if you love him and want him fine, keep him
2) support can be in other ways not just money as you say
3) alternatively, you do him no favours by keeping him. parents can do that jsut as well and you can still have him.
4)you cant make someone work or find it, they need to want to or they will blame you for it if they hate it.
5)if he was on his own he would have to find a way to pay his debts, only mugs (NO OFFENCE) fall for that one
6)I was led to beleive 6 months too. re defacto
7)in some ways if he paid rent, he can be a tenant too, or he is a border or lodger…lol lets twist shall we?
save save save all you can no luxuries its hard but it can be done
9)you can always try bad cooking, sorry no funds left..it might persuade him to find work…to eat!What are you doing with your savings? consider the following ways to earn some more
junk sales to onsell to others a few dollars extra can be earnt
deposit into some trust or managed fund? you need time so try and make it work for you, though I hate those personally. only you can decide.
this is a property forum so i better not say where else to invest to get started! lol
doing a joint thing with others is not easy and they tend to disagree, can cause rifts. It spreads the risk and finances, but it also causes other issues.
I suggest until you are sure of where your relationship is heading that you keep saving
Maybe he can go mow lawns good money in that! get up a business and then sell your run!
But most of all dont give up
cheersElves
” a blind man may see what a sighted man may not”
oh and I dont carry around money, too easy to spend. No withdrawls at efpos, no atms…
keep a log of what you do spend and dont cheat. not a budget, but where your money actually goes, shock ya!
I made my daughter pay half the rent ($110 out of her money) she bought her own food too. The reason I did this was to teach her that life costs, it isnt free, and to budget and to not expect others to keep you.
I cant tell yuo she is now well on track to paying off a home. it took her a while and a bankruptcy to do it, not all is lost.
” a blind man may see what a sighted man may not”
Bec – from one sista to another:
Lerve is a two way street.Another quick story:
My daddy came to Oz with S100.00, a wife and five kids. The Govt offered him $124.00 p.w on the DOLE. He instead went to WORK at Toyota for $120.00 p.w. Why ? Anyone?
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save save save all you can no luxuries its hard but it can be done
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