What should i do?

Viewing 3 posts - 1 through 3 (of 3 total)

Matt P
Member
@matt-p
Join Date: 2003
Post Count: 645
September 14, 2003 - 12:14 pm
Hey guys,
I am still in Yr.12 (about to graduate []) And i am very eager to start my career in Property Investing, i have read and loved Steves book, and i am going to his seminar at the end of the year. But i am after advice from other people aswell. I am hoping that the first house that i buy will be reasonalbe good in the positive cash flow area. I want to spend absolute max $20,000 as a deposit. Who can give me some ideas about what i should do.
Thanks guys, looking foward to seeig your responses.
Matt
Melanie
Member
@melanie
Join Date: 2003
Post Count: 382
September 15, 2003 - 2:04 am
Hi Matt,
Providing you are finding strong property deals you should be able to get finance as an asset lend – but we are talking about 70% borrowings so your $20,000 deposit (providing you’ve got other $$ to cover costs) equates to a $66,000 property. If it’s rental return is strong enough you may be able to get the ratio up to 80% – ie a $100K property, probably as a low doc starting at about 7% interest reducing over the first 2-3 years.
Other strategies are limited due to your lack of employment history but not insurmountable. Probably best you speak to a broker who will advise you for free about all your finance options and don’t take no for an answer!! Also look around for an equity/income partner eg parents, sibling, older mate with a least a year’s work experience who you can invest in your first 1+ properties with splitting the profits and hopefully capital growth.
Good luck Matt!
[]
Mel
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Matt P
Member
@matt-p
Join Date: 2003
Post Count: 645
September 15, 2003 - 4:53 am
Hey,
thanks for your reply it just a bit scary being the first house and everything, i do have extra money to cover other misc. costs etc. Any help is much appreciated.
Matt []