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Hi all,
I am 27yrs old and came to australia as an international student. I have been here for 6+ yrs now and been in the rat race since I came. I want to get started investing in the real estate industry but I dont have any savings nor any equity. I dont want to work extra hours to save some money and start investing. Is there anything that I am able to do at my current situation.Any suggestions.
Thank You
Dear RBK,
Perhaps someone forgot to tell you that there are no free lunches.
If you have no savings, why? Even my 18 year old has some savings and some share investments. It’s small amount, yes, but it’s something he’s worked hard for. Not even enough to buy a second hand car with. But what it has given him is the confidence that he has it in him to save. and it’s given him discipline. Ever seen a 18 year old do a budget, it’s so cute. Trying to decide whether his $50 is better spent on night out with friends or a pre-paid phone card. Uhm,,, what to do???
Banks require savings not to be mean. They do it so that they have an assurance that this person they’re lending money to has the financial discipline to make the payments. Owing a property is mighty hard work, despite the romance attached to it.
Sorry to burst your bubbles, the simple straight-forward answer is you either cut your costs down or get a second job. It’s not answer you want but such is a bitter reality of life.
Or, you can marry someone with a trust fund.
Take care.
Angel
Thanks Angel. But I also have heard all about No money down deals in properties and heard Rick Otton is the guru.Do you or any members know anything more on Rick Otton?
RBK
