Hi, I’m a 20 year old male guy and I’m very close to being broke, I’m barely surviving and I don’t have a job. Anyways, I found that over the past 2 months I was getting very curious and excited in the real estate investment industry. So, I really want to build on this. However, I don’t know how to start, and what are the risks in the this industry, what are interest rates, what are cash flows and etc??? I don’t think banks would give me loans…
You know being pushed through the education system they didn’t teach me all this stuff. Hope somebody can show me the way. Avoid the learning curve and save me decades. Thank You :)
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This topic was modified 8 years, 7 months ago by
Kennedy.
Gday @kmu1
The best place to start is with education. Read this forum, plus the other forum property chat dot com dot au, plus any books by Steve McKnight, Jan Somers, Dolf DeRoos. Also regarding general financial literacy the book that has changed more lives than any I know of is Rich Dad Poor Dad by Robert Kiyosaki, that would be a great one to start.
Learn about investing fundamentals not so much real estate sales. (unless you want to become a re sales agent)
Have fun
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Hi Kennedy,
Welcome aboard the good ship PI.com. You have come to a good place :)I wish I had been as driven as you at the age of 20. I didn’t find out about this stuff until I was in my 40’s !! I had an inkling, but I didn’t chase it back then. You’ll be sweet, because you are starting early.
I like @knightm‘s ideas – main thing I would add is that many of those books are likely to be available in a Library (i.e. no cost!!). And you can always buy your own copy if the book appeals, and you want to make notes all through it.
When meetings are logged on the forum, do make an effort to go attend – you see, it is when mixing with others who have already done what you wish to do that you will learn heaps, and get a shot-in-the-arm from their comments (and even some “how-to” hints from them). For now though, read, read, and read…..
Maybe start with this one (DO follow all of the links) and soak it all up:-
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/Benny
Thank You very much this is much clearer. I think I should just take it step by step. :)
First step is a job or all of this will be for nothing!!! Make sure the job or income stream you have is their your whole life or you will be wasting your time on that so called education and investing adventure.
1. Banks will not lend to anyone with no job!
2. Banks will not lend to anyone with a house full of equity and no job
It’s all about the income stream and the more you have the better!
First step is a job or all of this will be for nothing!!! Make sure the job or income stream you have is their your whole life or you will be wasting your time on that so called education and investing adventure.
1. Banks will not lend to anyone with no job!
2. Banks will not lend to anyone with a house full of equity and no job
It’s all about the income stream and the more you have the better!That’s not quite true – lenders certainly will lend to a person without a *job* – they just need a suitable income – this can be a pension, superannuation, income from other investments, income from business ownership etc.
Done quite a few deals for clients who don’t fit the traditional *JOB* shackles – it’s just about income exceeding liabilities.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Hi Kennedy,
Remember this:-When meetings are logged on the forum, do make an effort to go attend – you see, it is when mixing with others who have already done what you wish to do that you will learn heaps,
Well, if you can go to the Gold Coast or Sunshine Coast, do check out these new posts today :-
Sunshine Coast – https://www.propertyinvesting.com/topic/5014185-sunshine-coast-property-group-meeting-tuesday-20th-october/Gold Coast – https://www.propertyinvesting.com/topic/5014186-gold-coast-property-group-meeting-thursday-22nd-october/
There are Brisbane meetings too, I’m sure – but if you are keen and can travel, these are only two weeks away….
Benny
First step is a job or all of this will be for nothing!!! Make sure the job or income stream you have is their your whole life or you will be wasting your time on that so called education and investing adventure.1. Banks will not lend to anyone with no job!2. Banks will not lend to anyone with a house full of equity and no jobIt’s all about the income stream and the more you have the better!
That’s not quite true – lenders certainly will lend to a person without a *job* – they just need a suitable income – this can be a pension, superannuation, income from other investments, income from business ownership etc.
Done quite a few deals for clients who don’t fit the traditional *JOB* shackles – it’s just about income exceeding liabilities.As I said income required no income no lending!
Sorry Moggy that is certainly not correct
Non Coded loans can be financed on a No Doc basis.
Cheers
Yours in Finance.
0-40 Properties in a decade. Ask me how.
Richard Taylor | Australia's leading private lender
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This topic was modified 8 years, 7 months ago by
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