Hi my name is Regan I’m from Invercargill, New Zealand and i am very interested in property investing. I am 18 years old and i am an apprentice builder. I have about $10,000 saved up for my first IP deposit> I was just wondering if anyone had any advice, tips or thoughts of what thay would do if they were in my situation??? I am very keen to get into this game seriously and make a living of it some day. I have been doing a lot of reading and researching and i think i am ready to begin!!! I am very grateful for anything anyone has to offer.
Thanks for your time REGANCongrats Regan – You are in a great position for your age.
My thoughts would be:
1. Find somewhere close to you to invest so you can ‘keep an eye on it’(New Zealand is great for +CF at the moment)
2. Do the numbers – basically look at as many places you can find and do the numbers of each.Its not a scary as you might think. If you find a place, post the numbers (price/rental level/rates etc) on the forum and let members respond to that…
Best of Luck
Willi
…Beware of the dreamtakers…
Good on you! I just heard today from a local that Kiwibank are doing 90 percent finance loans for owner-occupiers. That was in a different town but perhaps it’s the same for Invercargill. Which means you could purchase for up to 100k. Luckily you live in a place with loads of opportunities. also I would definitely hook up with Westan. Perhaps you could even hang out and pick his brain in return for giving him a hand with something. Make up your own rules!
So with 10k you could possibly even get a home and income, or a duplex or a house with a twist (large piece of land which you can subdivide and sell off, create an extra bedroom, renovate, etc etc.) Basically if you are an apprentice builder you would be way ahead of the pack already in terms of being able to do a lot of stuff yourself and a whole lot better than most first time DIY types. Anyway your first property could either be something you just buy as an investment or something you buy to live in and improve and add value to (or income potential to) or whatever. anyway go for it!cheers-
Minijoy to the world
Hi Mini
Kiwibank are actually doing some 100% loans for owner occupiers, that is if you can wait that long for them to process the paperwork. A friend of mine was trying to get into his forst home and applied with them, that took that long he appraoched ANZ got a loan and had moved in by the time kiwibank rang him back with there approval. I have a loan with them that i established last year, they have a great product and are owned by the NZ govt but they are terrible to deal with.
Regan, if you’ve lost my number its 03 418 0083. but I’ll be in Sydney next week.
Regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Good on you Regan.
Do you numbers and if they add up then just go for it. I turned 21 a few months back and I’m now on my 4th property after 2 years and I can say that it’s a lot of fun seeing your hard earned cash grow all by itself.
Also I’d recomend you set a goal that you want to reach by they time your 21 or something to keep you focused. Mine is to have $1m net worth by 25.
Best of luck and have fun.
DaveDave, that’s pretty amazing. Mind telling us more about your 4 properties?
Hi FireCaesar,
Well I live in an area in QLD that has just been through the biggest boom we’ve seen so I’ve been very fortunate.
I’ve been just buying well under value homes and selling pretty much straight away to raise a bit of capital for deposits etc for when i need to focus on longer term properties when the market cools as it has done this over the last couple of months.
First house i bought was for $67k and sold it for $80k. Second one was $60k and sold for $115k. Third one I partnered with a friend of mine, bought $140k sold $189k. 4th bought for $130k with none of my own money invested and we will do a bit of a reno and then probably sell it under a lease option with a 5 year option.
As I said the market has been very very kind with median prices more than doubling since i started however now will be the real test to find +cashflow properties for longer term investments.
Best Regards,
Dave M
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