- Dodds22Member@dodds22Join Date: 2007Post Count: 1
Im 18 and currently living with my parents , which sucks. I was going to move out and rent however then decided that it would be more benificial for me to buy my own house and rent out to other like minded uni students.
The problem with that is however that i dont have the nessacery funds for a bank to finance a loan. My incoem also fluctuates from week to week due to the nature of my work. Therefore i need to find another way to obtain a decent loan.
So i have two options, find someone to guarantor for me or go joint on the loan with another person.
However i dont know where to start, are there any good sites around for people wanting to do business ventures with each other like this. Where would i find people who want to go joint on a home purchase?????
websites, nespapers, clubs or organisation. if u have any idea or would like to your self then lpease let me know, thankyouRusDaveyMember@rusdaveyJoin Date: 2007Post Count: 2
The founder of TIC asked ASIC to do an investigation of the business. Guess what the investigators said? "Can I join the Club?" There's some negative stuff about TIC by people like Jenman, but you have to understand that Jenman is protecting the interest of his own business and would never admit that our business is doing a great service. Did you know there are now over 1500 members of the Property Millionaires Club? I have personally helped several new members get multiple IPs and they are well on their way to financial freedom. The facts are here to see, you just have to be curious and talk to the people who are making it happen.
Have a good day. coz I certainly am.
RusfoundationMember@foundationJoin Date: 2005Post Count: 1,153
That's not the point. If you were under the eye of ASIC, the kind of baseless promises you're making would be against the law.
Cheers, F. [cowboy2]Mortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
Take your time mate, no need to run before you walk, the property market isn't booming at the moment so you have time to do things properly.
Doing things with a stranger doesn't speed up the process, it can even slow you down as he will want his piece of your pie at every step.
A better idea is to do something with family where they can trust you and let you use equity in their home or similar.
An even better idea is for you to get througfh uni and try to save money while you do so. Buying a property as a student with a small deposit is always going to be hard. When you start working everything will fall into place.
If you keep adding slowly to your portfolio you will be wealthy in the medium term. But I know you want wealth in the short term – every new starter does. You wil lread about all sorts of schemes and investments but they all have their downsides. Just keep investing in normal residential stuff until you have the funds to buy m,ajor commercial properties. Forget retirement homes, serviced apartments and purpose built student lodgings. They all make things harder as the banks dislike them. Stick with middle class housing if possible, apartments, villas and townhouses as second choices.
Just do what other wealthy people do. Don't try to do it better.
Read "The Richest Man in Babylon" to see how to save and buy property.
When uni is done and you are well established consider starting a business. If you are a strong worker and have good attention to detail.
If you find you are lazy then employment asnd investing might be a better idea – I don't mean that in a rude way. 50% of us are lazier than the average person – we just need to play to our own strengths.
Anyway I am getting off track. Start saving, perhaps build a stoick portfolio until you have a deposit then buy a property. Repeat this.
Keep repeating this and you will be wealthy.
The one thing I wish someone had told me when I started is this. "Never Sell a Property." I know I would be about $800K better off today had I known this,
I could go on for hours about my rules of investing but I reckon you get my drift.
Ciao,v8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
Can I suggest you read Simons response again – sage wisdom. I'll add my 15c worth. Unless you have some serious issues, horrible mean parents, or are being abused by your parents, it does not 'suck'. Granted, it may seem to you like that, but board at home, and getting the ironing done, meals cooked, and a roof over your head is a great way to start on your property investment journey. I take my hat off to you for wanting to start out at yoru age/situation – that in itself is a sign that you WILL do well. Beats tha pants off having to buy a new washing machine when you don't want, copping a phone bill, buying a used fridge, and …..that's enough – make sure you help with the lawns while you are still at home too! Seriously, don't wish for more bills and expenses than you have now before you have too. Start saving right now! !!!All the best – and welcome to the forum.