Hi,
I am a 19 year old male and live in the country. I am employed as a car salesperson and am looking to start investing as soon as i can. 3 bedroom homes around Naracoorte (South East of SA) sell for as little as $130,000. I am keen to invest soon as i travel over 600 kms for work per week.My financial details are as follows:
I earn around 21,000 p/year plus commissions
My only payments are $90 p/week for a car loan of which i owe around $17,000. Work pays for my mobile phone. Would anyone be able to tell me what sort of funds i am able to attain in order to start investing? What sort of deposit would i need in this case. I am wanting to do something in the next 3-6 months.Any help would be appreciated.
I would need a lot more info to help.
Have you a deposit? How long has this been saved over?
What rent would the properties get pw?
Do you have dependents?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I have around $5,000, saved over approx 4 months. Rental properties average 150-175 per week here. Would the first home buyers grant help with the deposit? I have no living expenses at this stage. Would my wage be a liability as i am paid with commissions?
Just to answer a couple of your questions:
Your wage structure wouldn’t be too much of a liability if you could demonstrate consistent commissions over a period of time (say 2 years). However, it is likely that a lender would be conservative in calculating commission payments.
The first home buyers grant can go towards your deposit, but only if you are living in the property. You are unable to obtain the FHOG if you are purely purchasing as an investment.
Hope this helps.
Cameron Perry
Accredited Mortgage Consultant
F.R. Perry & Associates
[email protected]
Ph 0401 161 769Thank you for your help.
While im still 19, i would look to buy a house where i can live… possibly in the area where i’m looking to invest later. The rental properties would follow on from that once i have settled. I would ideally like to have two or three positively geared properties not including my home, by the time i’m 22. I believe this is a realistic goal, even though there may be people who doubt it.
We have one mortgage broker in town… does anyone have any suggestions on the amount of deposit and how long i will have needed to be in a full time job to be eligible for finance, bearing in mind my age?
Usually you need 20% of deposit, and the bank can give you 80%. However you might be eligible to borrow upto 95%, but that would call for taking a mortgage insurance. I reckon the best place to start is to find from your bank how much can you borrow and then i suggest you reading Steve’s Book ” From 0 to 130 properties in 3.5 yrs”.
wish you luck
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