how do you get your deposits?
save money and put it in the bank?
dividends from stocks?
put it in a managed fund?i was thinking about putting mine in a med-high risk, med-high return managed fund. share your ideas
One safe place that many folks use is http://www.ingdirect.com.au
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
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.
yea i’ve sent away for an account there a couple of days ago
don’t believe the lies, find your own truth
Hi Servant,
It is also possible to create a tenants in common situation with someone else who may have access to a ‘deposit’. Obviously these sorts of arrangements need careful consideration and a frank and open conversation about your respective aims and aspirations – if your goals are very different chances are you will fail. On the otherhand a reasonably well aligned investment belief increases your chances of success.
Nonetheless such arrangements are not to be entered into lightly.
There is the old fashioned ‘save and invest’ in an ‘Ing’ account or similar – don’t be disheartened you may well find that a clear goal and a desire to improve your future can manifest itself in a better saving regime too. A careful budget and before you know it then you are there.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
yes, i’ve heard about those arrangements. i think it was in 0-130 properties that i read about ppl giving money to other ppl to invest in for a return in the investment and other stuff. how do you find those type of connections? are there investor meetings?
don’t believe the lies, find your own truth
Servant
Accountants, lawyers and some brokers/originators will have access to professional investors who lend money for a living but this sort of thing is not for a novice. The interest rates will be high – 20%+, or in the case of a debt/equity partnership, half the profits.
I would suggest going with options first such as personal loans, family equity etc first before looking at these options.Anything to get into the market at a reasonable int rate.
The problem with saving (on a paltry 5%) and waiting years for enough deposit, is that by that time property prices may have increased again and you will have an even bigger mortgage than if you found a way into the market now.
Good Luck!
Brendon
http://www.acutemr.com.au
[email protected]
‘Better Finance for More Homes Sooner’Originally posted by Geronimo:
The problem with saving (on a paltry 5%) and waiting years for enough deposit, is that by that time property prices may have increased again and you will have an even bigger mortgage than if you found a way into the market now.yea, that’s why i said i was thinking about a med-high risk/return managed fund to build a deposit. are there any other options? other than a private investor.
im just starting out. i earn about $230 a week (im on a traineeship), and from that my only expenses are my phone bill and my car ($100 a week for 12 more weeks). i work a 2nd job for petrol and some spending money. so im saving $400 a month for the deposit, and when the car is paid off i plan to save $600-800 a month.
don’t believe the lies, find your own truth
Hi Servant
If you’re thinking about managed funds, best to speak to a Licensed Financial Planner.
The sources outlined above are pretty much it for sourcing a deposit.
If you’re looking for JV partners, get involved in local investor groups in your area and network.
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]ok thanks.
how can i find a local investor group? i’ve been wanting to get involved with one but don’t know where to look. should i ask a local real estate agency?
don’t believe the lies, find your own truth
The Somersoft forum have monthly meeting with Guest speakers (check out somersoft.com) in some major cities.
Does this forum have any networking groups yet?
Other than that, I have met some fantastic like-minded contacts at various seminars etc.
Other than that, just do a search on the net for Investing groups in your area.
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]Good luck!
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