I finished the book two weeks ago and want to get in now! I am an 18 year old uni student in canberra, and i have already sort of started.
I have inspected 6 properties 5 of which passed the 11 second rule. 2 were apartments in the same building, the interesting thing is: all rents are pooled together and split evenly. So you never REALLY lose money, ever. my fav is one of the other ones, a private sale in Cooma. Obviously there is a problem. As the name implies i have no money, no deposit, nothing. Banks and lenders are fairly hesitant
when it comes to this sort of situation so i am asking people who know what their talking about.The cooma house:
Purchase Price:60000
Rent Price:140
Is there anything i can do?Do you have a parent who will go co borrower with you to get you started?
Do you have any scholarship income?
Any casual employment?
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
PoorStudent… you have done the hardest part in finding the +ve cash flow properties. Well done.[
]Its becoming harder to find.[
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)I make a meezly $300 a week and have $1000 in savings.
I am a part time real estate agent[
]Hi
you could also possibly borrow the 20% deposit from someone. But you would still need to show your income to service.
If you are a part time real estate agent, could you also act ass a buyers agent finding postive cashflow property for all these people that can’t find them. ie introduce this property to someone for a fee.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
G’day Poorstudent,
That is an amazing effort finding 5 +cf prop out of 6 attempts.
How did you go about looking for these properties?, I would be most interested to know where you found them, ie internet, paper etc…
Thanks heaps,
Fudge111
hi there,
another couple of options –a) flip it
b) ask vendor if they can leave 20 percent in the deal.
c) get the vendor to wrap it to you
hi there,
another couple of options –a) flip it
b) ask vendor if they can leave 20 percent in the deal.
c) get the vendor to wrap it to you
d) charge a finder’s fee to pass deal on to someone else a few times as a way of earning capital to start
Poorstudent,
Great Job! I am a 23 Years old, working in an Investment Company and I didn’t know much about +ve cashflow properties until I heard about what Steve has been doing. Well basically I didn’t want to start Investing at 30. I wanted to start now so I can do what I want once later on in life. What I did to buy my first IP was a joint venture with my parents. The only problem is that its a -ve cashflow. I plan to sell it later on once its made abit of money for me.
By the way, I used to live in Canberra and moved back here in Sydney around 5 years ago.
I’ve been reading all the forums and I am inspired to do what alot of you guys have done.Hi Poor student
I’m way impressed, I live in Canberra as well and haven’t found anything near +ve cash flow in the ACT.
Re your current problem. I remeber when I was first starting and had nothing behind me, I borrowed some of my deposit from my brother and the rest on my credit card. Then worked real hard to pay off the credit card quickly.
Another option you could consider is to do a joint venture with someone just to try and get started.
I know a creative mortgage broker also who might be able to help you on your way. Email next week on [email protected] and I’ll provide you with his details.
BB
I work part time for a low class real estate agency…
There not the prettiest houses but the idea is they are very cheap.I have INSPECTED 6 properties, but i researched almost 50, if you count doing the 11 second rule in your head, these 6 were simply the best of the 50 or so.(not all passed. not half)
The flats were on the one of the normal real estate web pages, but the house in cooma was my girlfriends mum… The rest were just for sale at my work (REA)
I would love to introduce it to someone for a fee but:
– what sort of price?
– how do i find someone?
– do i just broadcast the details and hope someone gives me money?[]sorry if i’m just an annoying newbie but i just cant give up!
Hi Poor Student,
I would be interested in paying you a fee for finding me +ve properties, you could even stay in the deal if you like and build your portfolio that way.
I am a new investor moving to Coolum Beach with my family, looking for cash flow properties and I don’t have a sense of areas being from out of the country.
Interested?Hiya Poorstudent
I am more then willing to discuss a win/win situation for us both [
].Please email me on [email protected]
Thanks Regards Bear
Great going poor student…… I actually bought my first property whilst a full-time student with the help of my parents. If they can help you or co-sign the mortgage you could certainly jump into the market.
By the way, GREAT job with finding the properties in the first place. It’s getting harder and harder….. I’ve been looking solidly for a month now and can’t seem to find any in my target area. Will have to look further afield. Maybe Cooma…..[
]All the best with your aspirations.
when it comes to this sort of situation so i am asking people who know what their talking about.
]
]
]
The topic ‘Need help to get started…’ is closed to new replies.
