All Topics / Help Needed! / How much is enough for deposit?

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of SwifteagleSwifteagle
    Participant
    @swifteagle
    Join Date: 2006
    Post Count: 34
    August 2, 2007 - 1:00 pm

    Guys how are u doing?

    I need other peoples points of view. Please!
    It is a very broad question; it is like saying how long is a piece of string?

    Straight to the point:

    I have been working and saving for the last 2 years and a half and I have put together around 30K, I keep making excuses and saying that I need more deposit to get a + geared property. I say maybe 40k, Because I may use a birdog company to help me with my first property.

    Do you guys think I am afraid to make the first move and therefore making excuses? (procrastinating)

    or

    With the current value of houses on this market, having around 40k for a "small house (deal)" is a relistic view.

    Thanks guys, I would truely would like to know your points of view, You may help me a great deal. If you think 30k is enough Can you please give me some Ideas how to move foward? Thanks…

    Profile photo of syedh18022syedh18022
    Participant
    @syedh18022
    Join Date: 2003
    Post Count: 7
    August 2, 2007 - 2:17 pm

    Hi, I think you dont know your price !, yes first you need to research the area that you want to buy in and the rentals you can expect, than work out how much you want to spent  on the property, ( ie that is the price of the property ) depending on your own situation ( tax etc….),  than only  you will know how much deposit you need, 10% for investment property should be ok . Good Luck  

    Profile photo of TheBishTheBish
    Participant
    @thebish
    Join Date: 2007
    Post Count: 59
    August 2, 2007 - 4:59 pm

    Hi

    I'd start with a lower valued property if your having trouble kick starting your portfolio. Also, as per the previous reply get some more knowledge on what you can really afford. Once you know that information you will gain greater confidence and you will find it much easier to  move on to making a purchase.

    Good luck.

    Profile photo of L.A AussieL.A Aussie
    Member
    @l.a-aussie
    Join Date: 2006
    Post Count: 1,488
    August 2, 2007 - 11:54 pm

    Yep; start small, make it positive cashflow, have a nice experience to kick you off.
    Then do it about 10 more times.
    Or, when you get giong; start looking to bigger deals.

    Profile photo of SwifteagleSwifteagle
    Participant
    @swifteagle
    Join Date: 2006
    Post Count: 34
    August 3, 2007 - 12:08 am

    Guys It is Awesome to see your points of view.

    I agree with you about starting with the lower valued properties. from your own experiences, what is about the right mount of money needed for one of the lower value properties?

    Thanks guys once again,…..Very thankful for all your comments.

    Tara30
    Participant
    @tara30
    Join Date: 2006
    Post Count: 44
    August 3, 2007 - 12:39 am

    Hi Swifteagle, I had saved 10g for my First purchase (2 bed unit – just over 100g) & 4 years later 40g for my next (3 bed unit – just over 200g). So yes I think you have enough to get started. I agree with the others, make it easy for yourself and start small.Tara

Viewing 6 posts - 1 through 6 (of 6 total)

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