Can someone give me some advice and guidance on how to make the big step and start the development of my real estate portfolio.
We’re a single income family with a small amount of equity in our home, and at times there is way too much month left at the end of the money.
I’ve heard all the stories about being able to start your property portfolio without any real cash or assets, but my experience with the banks tells me this is just not possible.
Am I dreaming thinking that I can start property investment without any real assets or are there really options available?
Can someone give me a guide as to what the barest minimums would be to start investing in property.
Thanks in advance.
Hey Peter,
I suppose in conventional terms you need 5-10% deposit and the appropriate amount of stamp duties to cover costs. The numbers will vary on what you want to buy. You may be able to use equity in your place to purchase another ??
The other option is for you to get creative. How can you do the deal with no money down ?? To find out his sort of info you need to find out more about vendor finance and creatively structuring your deals. Steve’s kits go into this and provide valuable info on the basics of property.To start Peter work out what you wnt to achieve in the end. Begin my writing that down and then actively working toward that. I spent about 5 months doing research both physical (pavement pounding) and intellectual (couldn’t read enough) before my first deal. I feel this has given me the right start so when I fired I felt a small amount of security….luckily that has grown in time… a little bit. I still read anything I can get to broaden my perspective and I suggest you start there.
The library has great authors who have great info.Hope this helps
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithKeep saving the pennies then hey? Didn’t thik there would be an easy option.
Thanks for the feedback.
Hi Peter
Unless someone will physically take you to a good cashflow (or capital growth) property and say “buy this one” your best first step is to start planning. I used to prefer just jumping straight into things but Im finding out each day how important planning is when it comes to property. If you want to start in investing first decide what it is exactly you want to achieve from your investment(s). When you know what the actual goal is it will be easier to work out the best course of action to achieve it no matter what the current financial position.
With regards to the financing issue, I dont think we could explain in a nice tidy paragraph the technical details of creating financing and getting the most leverage out of your current money, but know that the resources are available to learn and study and if you are able to invest the time to learn you will understand better how to do no-money down type deals. There’s just too many people doing it for it to be just a ‘coincidence’ [
]Regards,
Brett
]The topic ‘Getting Started’ is closed to new replies.
