im 17 yrs old
i have no job
i have about $500
lol should i even bother looking into this type of thing? or would it just be a wayste considering the age, money and job thing
i just got my enter (vic) score and probly ganna end up in tafe next yr with some form of employment, maybe just something part time at a petrol station or something.
all this property type stuff is interesting and i would like to get into it but im held back.. alot.. lol
so.. comments? suggestions?Try a property trust to park your money or leave it in an ING, Citibank or BankWest account to earn some interest. Keep saving and wait until you have a solid job before investing in your first property in case things go bad. Be patient, you have plenty of time.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
ok iv read up on a post that someone else has made, with a similar situation.. 19yrs old and has a job.. after reading all their comments iv worked out i need to read up and know whats going on before i even think about spending any money at all on investment
That is not necessarily true. Usually, if someone does not know something and they have no time to learn it, they seek advice from professionals. This is always a good idea regardless how much you read. Talk to people you know who have bought property as welll.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
I agree with the Mortgage man….. It is all about accelerated learning… if you can save yourself 10 years oin time by chatting to someone that has 10 years experience and can get most of the knowledge (theretical) in say 6 months…. does this put you in a better position to get real (physical and emotional) experience? – food for thought anyway, cheers Kiwi [baaa]
SKM,
You got the right attitude to succeed when you choose to enter the market. You seem aware of the need to knuckle down at first and that is often the very first step you need to take.To be able to budget and save acccordingly is the best thing you can teach yourself. It helps later down the track if things do get a little tight.
Kiwi is also on the money. Find someone you are comfortable with and pick their brains. Sometimes there are nice REA out there who will give you their time. I think they see it as investing in your future business.
Good luck and remember to have patience. Good things come to those who wait. My husband and I are proof of that! We’ve been patiently waiting for years and finally things are happening for us. All very good!
Steph.
Success is 1% inspiration and 99% perspiration.
Best advantage you got is your age!! I moved into my first home at the age of 17 (husband 19) the house was put under My husbands name as you have to be 18 to purchace property (here anyway) Keep saving as fisrt thing you’ll need is some sort of deposit and put your efforts into finding a job (or studing towards one) that pays the bills untill you find your feet with porperty investing. WHERE THERE’S A WILL THERE’S A WAY! Just a word of advice: Go to the bank or finance company you want to get a mortage with and spend the next 3yrs ticking of the checklist some egsamples are sustain a job for a period of time, income to loan ratio, deposit ect! ‘mortage broker’ should know more! Set your goals and let the reat come to you!
HAVE A GOOD XMAS
claire[biggrin]SKM – may I suggest you get a FT job somewhere, anywhere. Find the highest paid job you can get, but remember, it’s not what you are earning – it is how much you can save. You will undoubtedly have to make sacrifices. I am saving a massive proportion of my weekly income because I am still living at home, which I assume you are too. I say full-time because I am working on a casual basis, and while the money is good and I am getting regular shifts, I am struggling to get finance to buy a property.
I think you should read “The Richest Man in Babylon” by George S. Clason and as many property investment books as you can (Steve McKnight, Peter Spann, Jan Somers etc.) If you are on a really tight budget (which sounds like the case) you might be able to borrow a lot of these books from your local library.
Cheers,
Spank.P.S. Please keep me posted on how you go with everything – finding a job, looking for property, saving etc…
Age doesn’t negate effort – you can never be too young or too old.
There are a few lenders who consider using casual income if it is established, regular and ongoing.
You are right though, it can be a struggle!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Hey skm
I’m in a similar position: young, very little cash, no job (although I’ll be starting full time in March) etc.
I’ve been a bit of a procrastinator for the last couple of years: I’ve read heaps of books and done a lot of research, BUT, at the end of it, I’ve got nothing tangible to show for it.
I just went to Steve’s Masterclass which set me back a fair bit of cash – BUT has definitely given me more information, a few contacts, and the realisation that having cash is not a crippling requirement.
Sure, it helps, but it is not a necessity. Although I haven’t run this by my old man yet – I’m planning on making an investment proposal to him in the next couple of weeks. I’ve bought the Wrap Kit and have been working hard learning all I can about it. I’m going to try and use dad’s money to buy a property to wrap for him before I start work in March. If all goes well, hopefully more than 1. I don’t care that I’ll get none of the profits, BUT it will be a good learning experience. If Dad’s not too keen – there were a few people who were lacking time but had plenty of cash at the Masterclass that showed some interest and who I may approach if needed.
You are really young and have plenty of time. Don’t let having no money stop you – try to think of ways that you can continue to learn and get experience.
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