- rich0Member@rich0Join Date: 2005Post Count: 2
Great to read all these (indeed fascinating) stories of young people on their way to success in the property game..congrats to those living the dream, hope to join you all in the near future [biggrin]
Keep on posting the success stories, and any words of wisdom you may have for those not sure how to get started *looks around*.
RichardmunjyMember@munjyJoin Date: 2005Post Count: 129
I fall just outside the age, I turned 26 in May. In any case, my story is that I bought a commercial IP last year. Nothing flash, but a start. Have been approved for a home loan but still thinking renting might be the way to go…
I’m in disbelief at how far some people travel given the time in which they’ve done it! Awestruck! Major envyOriginally posted by caston:
I’m 24 and I don’t own any properties yet. I’m self-employed (but less than someone on min wage would earn) and I live with my parents. At the moment I’m just saving as much as I can.
Got my eyes on the stock market, property trusts, full time jobs, cf+ properties etc.
Just a suggestion, I had my own business for 4 years (as per my post) but found it nearly impossible (without paying too much) to get finance for property. I decided to sell the business and got a job. I hate working for someone else, but I did pick a good employer to work for so im not ‘too’ uncomfortable, but dislike it enough to keep me motivated to invest.
If you are serious about property investing (and making some serious dollars) maybe get a job for a few years until your portfolio is at a stage where you can focus more on your business activities… *just a thought*
I plan to complete my development, refinance and use that money to buy a franchise of some sort that I can OWN (ditch the boss), which means I can hopefully work 2-4 days a week and start spending more time investing which is what I love.
But, things change. A lot can happen before then, but one needs to have goals!
Dev* [kid]SymboLMember@symbolJoin Date: 2005Post Count: 5
hey, im a 23 year old male from sydney and was about to go out and get a loan to buy a nice car but now am wanting to invest 1st instead. im just taking some time to gain a little bit of knowledge before i take any kind of plunge.
i tried to get a friend into it but they all just want their cars..
thinking of buying a house that needs a little bit of tlc (not too much) for my first so that i can see how the game works
so basically buy/renovate/sell
and then would love to move into rental for positive cashflow
it’d be good to keep in touch with a couple of other people who are just getting into it so that we could exchange ideas
Dont buy a car!!
Besides, driving on parramatta road isnt going to improve no matter how good your car is!
Trust me, im 25 and am driving my 10th car. If I had spent the money I have lost on cars, on property, I would have 5 more properties…
If you have money in the bank, (or not) speak to a good mortgage broker (PM me for details) and see how much you can borrow.
Property investing is great fun, and if you do it right you could be going back to the bank to refinance a property to pay cash for that car you want…
Stay in touch with us on here, even tho we havent met we can *try* and support you!
Dev*[kid]emcdonaldMember@emcdonaldJoin Date: 2004Post Count: 162
Hi I’m 20 turning 21 this Dec (bring on the party!),
I finished school and went straight into uni (Biomedical Science) hated living on two minute noodles so decided to get a job.
Had no qualifications (was lucky enough to have not had to work through year 11 and 12) so took a job with Optus selling door to door. Had a knack for it and saved $15k in 6 months. I was desperate to buy my first property (anything really) and found a unit in Annerley for $170k returning $230 per week.
Applied for a loan but unfortunately my parents refused to go garuntors on it as they were concerned about my job (comm only). I was 18 at the time and completely flattened by their refusal.
Used the sales skills I learnt with Optus to get onto the future champs programme with LJH, and to learn some of the finer workings of the property game.
Took me another two years to re-save for a deposit (being an REA is expensive!) and settle on my first IP in three weeks time.
The biggest lesson, don’t let other people get in the way of your dreams.
Cheers. E x
Nice work, and good on you emcdonald!
Dev * [kid]n4853105Member@n4853105Join Date: 2005Post Count: 1
I’m 20 and just starting to grasp some of the key investment concepts. I’m in the process of saving up and have a managed fund worth a little bit. I’m living at home and saving as much as possible. How much capital would I need to get a good start? I am currently working about 30 hours a week whilst juggling University and trying to get on top of property investing (theory). Anyone got any advice on the best way to learn the game?
Joey Derbyshireconrosco28232Participant@conrosco28232Join Date: 2003Post Count: 8
I’m 26 and would love to link up with other young investors and share stories and info. I don’t have any property investing stroies yet as I have spent the past 2 years reading up, working hard and saving hard. I’m about to get married and my wife-to-be (who is also mad keen on getting into property) quit her job in March in perparation to become our investment spotter while I continue to work to bring money in/keep the banks happy.
So we have about $75k in savings, and from October we will have time on our hands also. We’d also be interested in linking up with cash poor/time rich ppl who might want a cash partner for a deal…
Waiting to hear your stories
Ross, I see youre in VIC, is anyone else interested in maybe a few of us catching up to discuss property some time? Would be good to have a ‘young investors group’….
???RhysQLDParticipant@rhysqldJoin Date: 2004Post Count: 53
I just turned 21 and I bought my first PPOR about 7 months ago. I’m now wanting to make sure I don’t become satisfied with the good start I’ve made and ensure I use this to continue to take advantage of the position I’m in.
I am constantly looking for stories from/for younger people because I find 90% of financial article these days are focusing on retirement and super (I realise this is a large portion of the financial market).
If you are young and looking to enter the property market, 2 tips:
-Don’t be intimidated by the more experienced participants
-You can never be given too much advice
All the best
RhysRhysQLDParticipant@rhysqldJoin Date: 2004Post Count: 53
I too am keen on keeping contact with other young property investors. I would be happy to exchange emails with a group of others to keep each up on their progress to offer stories, motivation etc.conrosco28232Participant@conrosco28232Join Date: 2003Post Count: 8kendo5181Member@kendo5181Join Date: 2005Post Count: 27
IS 28, IS THAT YOUNG!!!??? If I fit in here, let me say that having property has saved me many times. I unfortunately had to sell some property recently to pay for a poor performing business venture. Without this option I may be facing bankruptcy. Property is choice.Don NicolussiParticipant@donJoin Date: 2005Post Count: 1,086
Just read this thread. We are both 32… so now we are feeling very old in the present company.
All I can say to you little spring chickens is that momentum is very important. It is okay to start early but make sure you keep up the investing as there are so many distractions out there for people in there 20’s. (Especially if you have a little equity or cash in the bank).
Don’t worry about negative noises from your peers.
Make sure you turn the property investing journey into a fun one and if you can involve your family.
And don’t worry cause when you get to the ripe old age of 32 you will still feel 21 so no need for an early mid life crisis.
Oh, don’t put to much pressure on yourself to retire by 29 or something crazy like that. If your goal is unrealistic then you may burn out.
cheersstranMember@stranJoin Date: 2005Post Count: 18
I’m 26 and have just purchased my first property in Sydney which is a PPOR (FHOG). Its very exciting! It needs some work, but thats part of the opportunity I see.
I had good support from people on this forum helping with some questions I had. Its great knowing there are like minded people out there. Keep the stories coming, they are very inspiring!busta_Participant@busta_Join Date: 2004Post Count: 10
Hi there guys its great to hear so much young insparation. Im 24 and have been into investing for about 5 years. I left school just before my seventeenth birthday as i felt it was’nt doing me any favours, and started to work as a electrician.I suffered massive analisis paralisis for most of the years and have spent massive amounts on cars drugs booze, women and every internet business i could find that offered a return. When i finnaly looked at my life recently i noticed a very eratic zig zag pattern and decided to make a straight line out of it from now on.If your mind is constantly distracted you will always forget where you put your drink down (metifor). So i started looking.Then I got fired (this happens when your hart is not in the job anymore). O well more free time! I found a place that i knew was right and bought it 150k under evaluation! With no money down! With out a job! I have had it for 1 month now and still have not paid a cent for it! It will be refinanced in a few weeks and my recently esablished promotional business renting a portion of the premisis will cover some costs as will my beutiful girlfriends hair salon at the front of the house. I am now renovating the house and in the market for another with positive potential. If you belive you will succeed! Thank you for reading my story and i hope it inspyers some, but please note this was not as easy as it sounds for me, but I know it can be done. P.s sorry about the spelling, steve should put a spell checker on the site for dumb arses like me.[trigger]
Busta_NATS12Member@nats12Join Date: 2003Post Count: 129
I am 24 and bought my first property with my partner when we were 22. We spent the first year renting it out to save money for a renovation and lived with parents. We then kicked the tenants out and moved in and have fully renovated the inside which is now a fantastic property to live in which we never could have afforded to buy renovated at the time.
With the equity we now have as well as reducing our mortgage we are now shopping for an investment property to do up and create further value.
People will always say the market is too expensive, it will drop, it’s not the right time. People were saying that when we bought, and since then we have added value through a renovation as well as had growth of over 30% in the suburb we live in. That’s a lot of money we have saved by getting in earlier rather than later.
Somebody once told me property will never be as cheap as it is today!! And it’s true. there will be ups and downs but the general trend is always up. Inflation causes incomes to rise over the long term hence allowing property prices to rise also.
i have worked very hard at creating a career that enables me to earn extremely good money for my age and this has helped enable me to pay down my property as well as look at investing further. anybody out there can do it.Istvan051Member@istvan051Join Date: 2005Post Count: 221
Im 17 and have been saving hard for a a few years now cause as soon as i turn 18 i wanna take advantage of the first home buyers grant and combine everythin to purchase my first place. I am planning to find a 3-4 beddy place to move striaght into one room and lodge out the rest of the house to help with repaments for the first 6 months then once the 6 months is over (i have to live there 6 months to use the grant) i am planning to move back with my parents and rent the place fully out. Any comments or ideas would be greatly appreciated
StephendohickyMember@dohickyJoin Date: 2005Post Count: 86
OK I just turned 26, but I’m still 25 at heart!
5 Months ago with the help of a FHOG and my very generous parents I bought a deceased estate in Sydney for $210K, after 5 months and $15K of renos I have increased the value to $255K. essentially it was a no money down deal as I also borrowed the $15K for renovations which I am in the process of refinancing into my loan again. along with the refinance I am gaining access to all of that untapped equity and purchasing two cf+ IP’s in NZ. Hopefully a third one in a couple of months once I have actually saved some money. I have one more month to go before I can move out of my first buy and rent it out, even though it is and probably will be negatively geared for a while, the cap gains over the long run should make up for it (I have a lovely city view).
I think I’ve done pretty well considering 12 months ago I didnt really know what an investment property was.
I put my success down to two things:
1/The generosity of my parents
2/The knowledge of my parents… at 52 they have bought 3 properties in the last two years and are going strong, they also bought me the best book for my 26th birthday, It’s written by a guy called Steve McKnight, perhaps you’ve heard of him??
The only downside is I now find myself completely obsessed with property investing, hence my posting here at midnight.