Id just like to ask a question, lets say I had 2k saved up, had no experience investing in property and only had time outside my job to invest in property.
What could I do and how long would it take to get enough property to provide say 3 – 4 k passive income per month
Any pointers on where to start or what you did woul be great?
Hi there,
I’m in a situation similar to you with time and money. What is helping me is that I have enlisted a ‘partner’ (a very close family member) who also has a small amount of money and the same desire to get into property investing. While the profits (when we start making them!) may be smaller, something is always better than nothing and over time we can branch off into our own investments. It also helps to have another person working with you to maximise time and look for deals.
Hope that gives you something more to think about.
EmjoyWith no kids, no wife, 2K cash in my hand and a whole bunch of time I’d choof off to Europe backpacking for 4 or 5 months.
Cheers to that!!! Or jump in a car do a lap of AUSSIE!!!
Originally posted by pipelinebuilder:Id just like to ask a question, lets say I had 2k saved up, had no experience investing in property and only had time outside my job to invest in property.
What could I do and how long would it take to get enough property to provide say 3 – 4 k passive income per month
Any pointers on where to start or what you did woul be great?
Whats your wage..?
Age?
Wife?
Kids?
Savings history?
Assets ?
Liabilities?
Short and Long Term Goals?
Yada yada..In reality you could become a Millionaire in 10-15 years..but the devils in the details as they say..where are you now and where are you going?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI thought it was a good topic as I imagine there are lots of people out there starting out.
I like the holiday idea!!!!
Holiday?
or Go to the casino and put it on Red [biggrin]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWith 2K cash,I would try and grow this money by putting 10% of wage every week in savings account like ING.
Once you have enough use for deposit of say 5 to 10% depending on serviceability etc.Read all the property books you can get your hands on also.
This should give you a good start and if you keep improving your financial education you’ll know what to do after that.
Hey Pipeliner,
I would invest the 2 grand if i was in yr situation in the bank(its safe)at about 5.5% (st george directsaver gives at call availability with no penalties but you may need 5000 to qualify??)anyway
keep adding to it every week by working strongly 6 days a week in yr job.
Then once youve got say 15 K I would go to lender with yr saving history and
loan to buy something returning a safe 15% Gross in a high potential area for cap growth.(poss somewhere in the US)
Then keep working in yr job and research ,read property, property, property and keep paying down yr loan.
Then in a year or 2 mortgage out yr property again and put that money as deposit down on another property and keep going for 5 yrs or so till you can use positive cashflow as a half of yr income.
Then spend more time doing yr property deals till you can stop working yr job.
to get 4 grand passive a month you could get that with about 420 to 480K worth of property owned outright(or clear equity within a mortgaged portfolio)(conservatively)
Remember a lot of this equity should come through capitol gains so u dont need to physically earn 480K in yr job in a short period of time.But you will need to work hard!
Go for it!
Dematio.
We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Pipe,
add 12 to 15K equity to what you have got, use your time to find a small 100 – 120K or so IP thats CF+ and your away. Start small – grow over time. No equity – got something to sell to get more starter cash????
Get your noodle working hard enough and you’ll find a way. get into it.
RonnyI agree that to start investing in porperty, put this money into a high savingsaccount and only add to in, if you can a minimum of 10% of your wages.
Dragon direct and ING do not charge fees at all, and there is no minimum amount to open an account.While this amount is growing every month, you have time to educate yourself as much as you can about investing in property.
By the time you’ve saved up enough cash to start investing, you’ll be more knowledgeable and confident.
Celivia
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