Hi, i have just found this forum, and think its great.
I need pointing in the right direction, and would really apreciate any feedback.
My partner and i want to get into property investing, and/or renovating.
We are both only 20, and realise we are young. We have been reading and learning all about in the past few months and feel we are ready, however we have no money saved, and low incomes but dont want to have to work in a normal job for 20 years before we can get started.
We are not happy in our low paying casual jobs at the moment and could go into this full time, we have no dependants, and no rent to pay as we are living with my parents so can live off very little for a while whilst we get started.
My parents have a few houses and have also renovated, so we are lucky to have there support, but if necessary (if it was the only way) we could borrow a little money of them in the beggining.
what would you do in our situation?
Thanks
I find that http://www.realestate.com.au is a good site to work out the cost of a property and what you would get for rental income. Work on a few scenarios in a few different locations.
Then find out how much a lender will lend you at the going rates, not at the inflated rates as you are both young and with casual jobs.
Also look at the repayments on the maximum amount you can borrow to see if you casual income will cover the loan if it is not rented out.
Don’t just jump into this, without having some type of plan.Regards
VICSANSWWithout a regular and preferrably full-time income, and a deposit, it will be hard to buy a property.
Your parents can be a guarantor for a loan, but you still need a deposit.
Even if you go into this full-time, you will need an income to carry you until you sell and make profits, so don’t quit your day jobs just yet.Start saving, study the real estate markets and reading property investing books to improve your education – Margaret Lomas, Jan Somers, Noel Whittaker, Steve McNight, Robert Kiyosaki, Terry Ryder, Neil Jenman to name a few.
This will be the best money you ever spent.Cheers,
Marc.
[email protected]Hi Guys,
As Vic say, make sure that you have a plan. It would be a shame to see such enthusiasm squashed by poor planning. To the end, have a little patience. I realise that it probably seems if you dont get started ASAP you will miss out completely. For as long as there are people in houses there will be a real estate market, albeit a changing one. It would be better to wait and save for a while than overextend and end up worse than when you started. As a suggestion, can you find someone who is renovating and offer to labour? It may hep with your income, be more enjoyable than what you currently do and I am sure you would learn heaps that would be relevant to you when you do your own.
Best of luck
TammyIts often very overwhelming when you first start out looking at property. Have a look at http://www.propertydivas.com.au where you’ll find a simple 7 step process to get you started in property. The site also contains heaps of free downloads, templates and resource lists.
Best wishes,
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”*****Post deleted *****
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Please note that I have no relationship with the author of the last post and his views bear no resemblence to mine. I have never met him and the fact that we both have the same name is pure coincidence.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
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