Forums / Getting Technical / Finance / first investment property

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  • Profile photo of brad53brad53
    Participant
    @brad53
    Join Date: 2004
    Post Count: 1

    Hi
    My name is Brad, Im 17 and real keen to get my first investment property. Ive done a few coarses and heaps of research about where im going to buy but my biggest hurdle is finance I have about $15,000 saved for a deposit and I turn 18 in a few months so I am trying to get everything organised for then (unable to sign any forms etc until 18). I am an apprentice and earn only 250 p/w. CAN ANY ONE HELP ME WITH SOME ADVICE OR CREATIVE IDEAS ON HOW I CAN BORROW ABOUT 170000 FOR A RENTAL.

    THANKS AHEAP
    BRAD SMITH

    Profile photo of landt64landt64
    Participant
    @landt64
    Join Date: 2004
    Post Count: 166

    Hi Brad,
    for someone so young you’re certainly on the right track. I’d suggest you talk to one of the many brokers on this site, because I’m sure they’ll be able to give you some good advice. Good luck with your investing.
    Landt

    Profile photo of pfsfinancepfsfinance
    Member
    @pfsfinance
    Join Date: 2004
    Post Count: 171

    Hi Brad

    Is the $250 per week after tax or before tax?

    Kerri

    Financial Wellbeing Coach
    W: http://www.pfsfinance.com.au
    E:[email protected]
    E:[email protected]

    Development Finance Specialist

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    If your living at home, and wish to buy a rental property firstly, you will be able to include potential rent as well – boosting how much you can borrow.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    Click below to email me

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of neo25x5neo25x5
    Member
    @neo25x5
    Join Date: 2005
    Post Count: 166

    hi brad,

    like you i started when i was around 18. i too found it difficult initially to get anywhere with the banks, esp. on my own. after speaking with my fathers bankers i was able to get something arranged. my advice to you is that it certainly would be possible to do something. check your numbers and get in touch with a broker. try to build a good relationship with this broker as they will be invaluable in your future investment decisions. good luck, i hope you find great success with your decision.

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502

    Just to add what other said is you can think of finding partner to invest with you this can be your family or friends.
    Good luck

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]
    MSN ID: amitash, Yahoo Id: bornguru

    NZ loan pre approval from OZ in 48 hours

    Profile photo of depreciatordepreciator
    Member
    @depreciator
    Join Date: 2003
    Post Count: 541

    The first time I went for a loan I was 19. I had an appointment with the lending manager at a branch. It was afternoon peak hour and I was running late. There was nowhere to park, so I rode my motorbike up onto the footpath and parked it right outside the bank. I jumped off it and ran inside with my helmet still on. Then somebody screamed. And one of the tellers hit the panic button. I looked around to see what all the fuss was about and I realised it was about me. I didn’t think there was much point trying to explain that I was there for an interview and not a hold-up, so I walked out. Right when the cops were walking in. That’s when I had to start doing some explaining. They eventually saw my point when I said I probably wouldn’t make an appointment in my own name if I was going to hold up the place. They booked me for riding on the footpath.
    I got the loan from another bank.

    Tax Depreciation Schedules
    Australia wide service
    1300 660033
    [email protected]
    http://www.depreciator.com.au

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502

    [biggrin] Thats funny Scott [bike2][bike2]

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]
    MSN ID: amitash, Yahoo Id: bornguru

    NZ loan pre approval from OZ in 48 hours

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