- RevolutionMember@revolutionJoin Date: 2007Post Count: 2
I want to get into property investment but Im not sure how to go about it. Im just about done reading "From 0 to 130 Properties in 3.5 years". Its a great book and its motivated me to do something.
My problem is, that I dont already have a home, so I cant use equity to buy another property. Im 23, have full time job and make $640 a week (after tax). My current depts are a car loan, which I will be getting rid off by the end of the year. Also, I may need to move out of home next year, so I'm planning of having a budget of no more than $150 a week for renting.
I've been thinking that I may need to save for a few years to get a decent deposit to start, but I'm wondering if there is any other way of going about it.
Does any one have any suggestions or ideas that I'm overlooking?
Any help would be greatly appreciated!XeniaMember@xeniaJoin Date: 2002Post Count: 1,231
I recently met a 23 year old with a property portfolio that would put most adults to shame, she can retire from working any time she wants!
I began at 19 and retired from full time employment by 33. I personally used parents equity to buy my first property, that is only one way. There are many ways to get started, the main thing is mindset and getting rid of the belief that 23 is too young. (My 3 and 4 year old children are currently "saving for a house", it is never too early.Mortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
Unless you have parental assistance you will have to do what I and millions of others did.
Save a deposit. Put it to work until it is big enough to get you into IP 1.
Sounds like hard work but then most worthwhile things are.
Don't go chasing get rich quick schemes – 99% of them will cost you money and time.
Have a read of "The Richest Man in Babylon".
Cheers,vyaw2003Participant@vyaw2003Join Date: 2006Post Count: 188
i got my first flat at 19, FHOG, and small deposit of my own, with my Dad on the loan. First year of uni. Was the same as rent.
refianced 5 years later got my Dad off the loan. now have 3 at 26, looking to sell one and buy another 2. Just having some trouble selling ATM.
I find it is all the little things that make the difference between a saver and a spender. spenders cant afford houses. make lunch, and dont buy sweets and drinks, ect. there is easily $60 in that a week. add tax, i save $100 before tax!!.solomons_wealthMember@solomons_wealthJoin Date: 2006Post Count: 11
I got my first unit at 18 as an apprentice chef.
and then used the equity to get my second IP. Then I read steves books about positive gearing and changed my stratigies a bit.
Now 23 as well and about to go again….. never too early to invest. there are ways around everything.
My mentor said to me is "what everyone is doing at the time, turn around and do the opposite"..
Lukesienna1Member@sienna1Join Date: 2007Post Count: 47
there are heaps of ways u can do it, u just have to listen to lots of people who have done it for a while until you understand it in your mind how to do it and know the risks.
there are people out there that will warn you not to and others that will tell you how
to and who .have done it. listen to both and weigh it up.
research the rent and prices in areas that you can afford all over the country.
it is too easy to get the loans… 100% finance is out there as are low/no doc loans. the risk is there but dont jump in without knowing your market and what your goals are.
We had equity but my first home i had none, i borrowed $10k from dad and borrowed 95%… 8 years later i made double my money and then i saw my little house 4 years later go for another 50% more so if you buy in the right areas and i dont just mean wealthy areas your equity can grow quickly.
there will always be property slumps and growths just as in shares but as long as its not a tsunami you will be safe.
good luck and dont be put off, just tune into all the can do's.
cheersPro investorParticipant@pro-investorJoin Date: 2003Post Count: 108
I started at the age of 23 with a debt of around $30,000 and i started with no help from family as far as they were concern I was doing the wrong thing and no money and now at the age of 26 I have 8 properties all of them have a yeild higher than 13%. I put it down to learning as much as possible about investing also having a go and when ever someone says it can't be done find a way that it can be done.
Thanks RobminglingParticipant@minglingJoin Date: 2007Post Count: 39
Sigh ! all of you start so early and already secured few of properties, well done !!!
i start late, around 40 yrs in Aust. properties and recently just bought the most expensive (in my investment capital) and negative geared property in Flankston South. Not sure i am doing the right thing, like everyone out there, i want to build up my retirement fund and have been influenced by Steven Mcknight and also success story from API. I am bitting the bullet for this property and hope to see some capital gain in short term period, ie 1 or 2 yrs time.
looking forward to hear your valuable experience and feedback.
MingRevolutionMember@revolutionJoin Date: 2007Post Count: 2
Guys, thank you very much for all the support and suggestions. Im taking it all on board, and will start to formulate a plan so that I can start my investing. I have a path to take in mind, so atleast now I know where I'm going.
As I mentioned earlier, Im going to take this year to pay off my car loan, while in the mean time educating my self and learning as much as I can about PI.
Once again thank you all for your input and be assured I'll be asking plenty of questions.r1trackdayMember@r1trackdayJoin Date: 2007Post Count: 25
i'm 24 and at the start of the new year will be investing in our first IP. i can't wait.
i've spent the last 6 months reading steves books and other books which is helping me with my knowledge.
i've been getting my maths and research down so i'll be ready to pick one when were ready.
i've already picked out my area and found a few that i would consider buying….
whats funny is, i've been reading books and getting all organised to start. I've spoken to the missus many times about it and she's ready to help out and support any way she can. But…..
i made up a 5 year plan and printed it out to show her what we should aim for and what we can achive….
i found out that goals that we have talked about have different DATES!
Buying PPOR which will stunt the growth. kids. animals…. all at different dates. so we've had to work them in.
Lucky we got this worked out now.. The 5 year plan has been changed to an 8 year plan now !
I recomend writting out a 5 year plan and i mean WRITTING a plan.. Get your knowledge down which you are doing. I pretend that i've already got a loan and i ask all the necassery questions. Do all the maths… I find it fun..
i have pass two which were worthy and would have been great to start the portfolio but i'm really happy about is that i have been able to find them.. i showed the parents one of the propertys and what i have been up to and they said if i find another one, contact them straight away!! Commision here we come..!
Mark Hope i helpedpossumpalMember@possumpalJoin Date: 2006Post Count: 48
just thought i'd say your never too young to start, i bought my first property at 20 and my second a year later which i take possesion of in about 2 weeks. its not easy but if you do your research and don't listen to all the negatives people tell you then you should be right. the biggest problem i had was people treating my like a kid but keep persisting and people will start to take you seriously. also if u know anyone who has done well out of property learn all you can from them. i find this site very good people on her are all very postive and have a wealth of knowledge.
Cheers and Good Luck