Heya….
im a young kid lets just say 20 really dont have much as far as a job goes i just was employeed at the ever growing BOOST juice bar franchise and am sooo eager to get started however many questions are riddling me….
should i just go to the bank and have them laugh at me or should i think about a vendors term agreement or should i save a decent deposit and then start to play…
is there anyone interested in a kid with some brains but no money ha ha maybe i could be of some assitance…. hmmmm only if i knew how to start succesfully… thanks!
HI Joshwally
You have got to start somewhere. Try the banks and mortgage lenders. It doesn’t matter if they laugh at you-you are learning and gleening their advice at the same time. Also buy some books (Steves’ is a good read) and educate yourself as much as possible.
Neddy1[
]Hi Joshwally…
Don’t let your age be an excuse for not getting started in investing.. Like you I am young (21 yrs old) and very keen to start investing myself… Maybe we can help each other with the research and due diligence bits… As they say.. two heads are better than one…. [
]at steve’s seminar I went to there was this young guy of 20 or 21 called Sam in a suit with a shaved head who steve got to stand up and talk about his first deal. it was something like 35K in bathurst renting for 70 or 80. He spent a few weekends on it renovating and painting and then got the rent up 35 bucks or something. I may have got this wrong but the numbers seemed impressive to me at the time, whatever they were, and especially as he seemed so young but had already got started.
Sam was very inspiring
Hey Josh,
I too am VERY new to this, as this is my first post in these forums.I am 21, and in a few years will be looking at owning my own home and starting to invest in rental properties.
I have just landed a great job as an accountant so have a very good income backing.
The only thing I can suggest (which might not necessarily be correct) is to try and get yourself a full time job. Are you studying at all, or just working?
I am doing my accounting degree by correspondance and am only doing first year, but the firm I’m working at saw that I was keen and took me on.I have been to a few banks just enquiring about home loans and so on, and the majority of them want the lender to have some sort of full-time job, and to have a surplus after repayments and living expenses.
Its always good to have “bricks and mortar” as collateral too.But personally I think its great to see people as young as 20 and 21 thinking for the future.
So does anyone have some good tips for us young’uns starting out?
Is the first home buyers grant still $7000?cheers,
AndrewGday josh, positive and Andrew,
i’m just 18 myself but am very keen to try my hand at PI as soon as i have learnt enough to feel confident.
i am studying Real Estate at TAFE at the moment. where are you guys from? i’m from sydney myself so i know that i am going to look a fair way away, but i was thinking central coast or maybe even somewhere near Bathurst?
[
]Powmow[]powmow: Im from a country town called Mildura in the north-west of Vic.
Property values are on the rise here, so I am going to try and get in asap before it plateaus out.thanks Andrew for the reply.
What about you guys Josh and Positive?
[?]Powmow[?]
Hey guys,
Im from sydney as well… I have been looking at “realestate.com.au” trying to use the 11 sec technique to try to find properties that I may be able to afford.. somewhere around the <100K mark… but when you talk about that price your looking to buy an IP all the way out in rural outback towns… Does anybody have any ideas on pitfalls to look out for when investing in rural areas? eg drought stricken areas etc
It’s great to see other people my age here. I am 22, bought my first house nearly a year ago and am currently trying to be comfortable with my risk exposure and figure out how I will finance a second.
Rural towns can be great for property purchases because the rental yield is often higher than in the big cities and therefore the repayments are covered by the rent. However, my first property in in Melbourne, and most likely I will purchase in Melbourne again for the second. The first rule of investing is to do what is right for your situation and your long term strategy. I find this forum to be a fantastic resource to be around others that share the same interest, however you should not live and die by Steve’s rules. You need to figure out for yourself how to approach it and make the right decisions.
I admit that my property is negatively geared, however within the last 10 months the value of my property has increased by 20%. This equity growth on a Melbourne priced property means I can put down deposits on a number of rural properties if I chose to do so (or just one Melbourne one!) to develop my strategy further.
Where are you guys all based? As you can probably guess, I am in Melbourne.
Heya! I’m a newbie as well (from sydney). a young’un just like you guys.
(22 yrs old)
I have to admit its been real exciting to get to learn more bout property investment! I was totally enthralled when i read steve’s book.
I’m currently working as a contracter … so I’ll probably need to find a more permanent job to make it easier to get a loan in the future!
and yep the first home owner’s grant is $7000.Hey guys… There was a post in another topic which talked about a certain website “www.mortgagemakers.com.au” that can fund your property purchase with a no deposit loan.. maybe you guys should check it out…
wait …. scrap that last post… this is what the website requires for buying an IP:
Investment Properties
Note: Either condition may apply depending on the lender.Only 97% loan available (not 100% loan) – so a 3% deposit is required plus costs.
Applicant minimum income of $50,000 per year required and has net assets of $175,000.
I guess the second condition would rule a lot of us young people out…
Hi Powmow
I live on the Central Coast and not meaning to discourage you but most of the properties are well out of 11 sec rule.
We have an IP that’s worth 350k and only rents $250 – negatively geared unfortunately. Though can’t complain about capital increase of 100k in one year – but it is draining our cashflow.Sorry for my lack of reply but being young well theres things to do! ha ha but thanks for all your advice i had a great mortage broker actually spend time with me giving FREE advice so that was really good but yeah i hope everyone finds some luck but my other post called research methods is GREAT full of good advice on starting up
THANKS!![
]hey Hope,
i have just been looking around the central coast today and have found that as well.
oh well, back to the drawing board.
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] powmow []
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]Powmow[
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