All Topics / Help Needed! / Possible to get into property with little yearly earnings & savings

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  • Profile photo of CavaCava
    Join Date: 2016
    Post Count: 2

    Hi guys,
    I want to get into property in some way, but my current situation is very low taxable income under $30,000.
    I’ve looked in many places for money partners to do some small scale developments or potential renos, also advertised & received nothing.
    I then focused on investing in the US for cashflow because houses are under $30,000, something i could possibly get a loan for! & upon researching, i see people saying don’t buy those cheap houses.
    So I’m out of ideas.

    Can someone give me any ideas of what i can do to get into real estate? I would be forever grateful!
    Or do i just need to find a second job & work my ass off to build a decent tax income & savings?

    Thanks guys!

    Join Date: 2002
    Post Count: 1,416

    Hi Cava,
    If your income is regular, you may well have possibilities. In a nutshell, a $30k income might have some excess income left to fund a mortgage, especially if your needs are modest, and especially if these are to be for investment, where a rental income will pay for all of the mortgage cost and then some. How much you might be able to borrow is for others to determine, not me. Perhaps check out one of the Mortgage Brokers on these boards to have a chat with you.

    If they say yes to a small loan, how can that help? Well, here is one way that might get some thoughts flying around in your head:-

    Though now from four years ago, you can see how it is possible to buy low-cost houses/units, add some value, and also get good returns (around 10%). Make what you can of that story, and even go looking for similar stories, either on here or on your newsagent’s shelves. Read around in here too – as I am sure I have heard of similar from some members in the last few months. Maybe they will even stop in to say g’day…..

    And welcome aboard, Cava,


    Profile photo of Luke TaylorLuke Taylor
    Join Date: 2005
    Post Count: 415

    Hi Cava,
    great that yr looking to go for it even when people are saying it cant be done!
    I always tell people to start by using whats in yr hand.
    So I would start by writing down a list of what you do have ie;resources-time,money,income,serviceability,abilitys etc.
    Then search for something that will fit with that.
    I would try Australia first I yr search as this will negate some of the OS investing issues .
    To give you an idea – I built a lot of my experience in property investing on a very small income ($400 per week)then buying cheap properties $37K-$75K.I still hold some today which cashflow well ,so never let anyone tell you your mad!

    Luke Taylor | Hope Property Investing
    Email Me

    Property Support,Strategist and Buyers Agent

    Profile photo of Jamie MooreJamie Moore
    Join Date: 2010
    Post Count: 5,069

    Hi Chris

    Realistically – you’ll need to bolster that income. Whilst technically it’s probably possible to purchase something (providing you live rent free, have no debts, minimum living expenses and a deposit) – that property will prob be in an undesirable area with little prospects for growth.

    I’d focus on the income side of things before property – and that doesn’t mean you have to run out and get a second job and work like crazy (that is an option though). Self employment can be very rewarding for those with the right skills/mindset. Only minor downside is that banks generally require 2 years of s/e history before considering a loan.



    Jamie Moore | Pass Go Home Loans Pty Ltd
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of CavaCava
    Join Date: 2016
    Post Count: 2

    Thanks guys! Appreciate the feedback! Ill speak to a broker & see what i need to do!

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