Hi guys,
ive came across this site the other day and have noticed everyone is eager to help out. I have managed to read as much as i could since then on wraps. I am new to property investing, and im young only 19 and at uni. From the information here your never too young to start.
I am very keen to generate some passive income and would hope to purchase my first property within 3 months.
I am in the process of starting a business that can pretty much run itself so i am hoping to earn a few thousand dollars from this venture which i can later put into property investments.
However in the mean time i have around 12k savings and earn around 1100 month. Can anyone advise me on what i can further investigate on purchasing property with the amount of money. Realistically i would be looking at places no more than say $50 000. Has anyone on here started in a similar situation and can assist me.
I know i dont earn much yet, im sure there are ways (of which i dont know yet) in which i can start purchasing properties and generating some passive income along the way.
I would like to generate around $2000 in passive income this year from property.
Any one with some advice for a 19 year starting out. I have read just about every post of this forum and have the concept of wraps but i still need to do more investigating.
I live in the NSW area at home with my parents so i would be looking for an investment property rather than a home for myself. Any suburbs in NSW that i could potentially start to look into?as the area i live in you wouldnt even get an unit for less that 300,000. Im gathering ill need to look regionally to find cheaper property places.
Thanks
Yvan
Try a mortgage broker to see if they can help get you a loan – may need you parents to go guarantor. Good luck[^]
hi, i’m 21 year old male and live in a small country town in NSW just above the victorian border, i had been interested in property for a while and have just within the last few months purchased a unit for $58000 it’s a two bdrm brick unit and it’s my first purchase in the property market, while it may not have been the biggest buy it was a learning experience for me and is something under my belt, i feel a lot smarter now then before i brought it, anyway i may be able to answer some questions for you, i’ve only just found this site as well!!! good luck and only happy to answer questions for you
cheers
leethanks for the replies so far.
Hey lee did you purchase that unit as an investment or for yourself to live in.
If you purchased it as an investment id love to talk more to you about it. my email is [email protected].
Thanks.
Anybody else got any thoughts as to wat i should be doing, or do i basically need to save up more before i can start looking into property investments.
Wonder if steve or ADS has a chance to give me their opinions
Yvan.Hi,
Welcome to the community and thanks for your post.
quote:
I am in the process of starting a business that can pretty much run itself so i am hoping to earn a few thousand dollars from this venture which i can later put into property investments.Excellent… do you want to mention what the business is as some community members may be able to help you
quote:
However in the mean time i have around 12k savings and earn around 1100 month. Can anyone advise me on what i can further investigate on purchasing property with the amount of money.Really? If you can achieve this sort of return (nearly 100% per annum) then I’d forget about property and keep doing what you are doing!
You are earning nearly 100% return per annum!
quote:
Realistically i would be looking at places no more than say $50 000. Has anyone on here started in a similar situation and can assist me.Well, not wanting to repeat old ground, I suggest you buy FastTrack, which is a tape outline of how my business partner and I began property investing.
quote:
I know i dont earn much yet, im sure there are ways (of which i dont know yet) in which i can start purchasing properties and generating some passive income along the way.You might like to sell a few of the deals you find to begin with to raise extra cashflow… or alternatively you could joint venture someone so that they pay you for finding a deal and putting it together.
quote:
I would like to generate around $2000 in passive income this year from property.Excellent. Now you have a goal you can break it down into # of properties needed and then break it down into # needed per month.
quote:
Any one with some advice for a 19 year starting out. I have read just about every post of this forum and have the concept of wraps but i still need to do more investigating.It’s difficult to post when you don;t ask specific questions. All I can really offer is encouragement and to remind you that the only barrier to success is yourself. Oh, and never take no for an answer.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Steve thanks for the reply.
The business involves some software training training programs that are targeted to schools, tafes, unis and even businesses. I hope for them to be sold in reatil stores, online and go around ot unis and schools etc, but this is still 2 months away until final completion of it all.
In the meantime i wanted to invest in property or at least start my journey in researching investing in property. the 1200 i earn a month is purely from working on weekends, so i would like some passive income and my goal for this year is to earn 2K in passive income. Im very confident in the business im setting up and am sure it will be a big hit in my target market.
Back to property matters. Really all i could borrow from the banks would be like 33K which has me looking into house not over 50K. I was thinking that this business idea im doign can help me earn some additional funds which i will later put towards property investments. I was just asking if anyone had started any property investments when they were in a similar situation and how they went about it.
Thanks for the reply steve, ill focus on the business as it can basically run itself whilt im attending uni, but im keen about proeprty, not sure if you agree but i may have to wait a bit more until i have more funds avialable.
The outcome i wanted from my inital post was to get some hints as to starting in property with little funds. Ill look into fasttrack.
Thanks
Yvan.
The topic ‘Starting out in property’ is closed to new replies.
