Hi everyone,
This may seem trivial to some but am I too young to start investing in property? I am only 19 and I think I will find it hard to secure finance since I’m a full-time student with a casual job. What is the best way to make a start?
Thanks,
Chris.
If you read this months Australian Property Investor you will see that being young should be no hinderance to investing but sourcing finance without a savings/employment track history can be hard. That’s usually where you need to start thinking about how you can get the bank to take you seriously…..or get them to trust that someone else can cover your debts if you can’t
______________________
I know I can, I know I can
Originally posted by Gramyre:get them to trust that someone else can cover your debts if you can’t
I know I can, I know I can
That’s very generous of you![blink]
mkomko, if I was you I would save as much as I could, sit back for 18 months/two years/five years until prices have bottomed out. Negative equity for somebody in your situation (no hedges / no savings / no plan b) will put a stop to your investing future very quickly otherwise. I’m happy to explain further?
sorry to sound like your uncle Stan, but….
your doing great!!
convert your full time study to full time profession after graduation
convert your part time work to full time profession (for more details read above)
choose high income earning profession or trade
save, and save
when your mates ‘finance’ into the latest car, let them drive you everywhere but do not buy one your self
save, and save
starting to repeat myself now, just like uncle Stan – you get the drill – no free lunches in life = listen to your uncle Stan
cheers
brahms
CALL NOW…adults only (boys and girls ask mum or dad first) ~~ 1900 hot broker ~~Buying a property seems daunting at your age. That deposit seems so huge.
Start off with smaller goals. Aim to have $5000 in a managed fund, then double it.
Soon you will have a deposit tucked away.
When you are in FT employment you can show your savings history to the lender and they will love you.
Don’t get distraced along the way by all those things you need to have as Brahms suggested. I didn’t buy my first property until 24 – looking back I can see I couldhave done it at 18but I didn’t know anything about it. Theadults in my life weren’t into property and didn’t show me the way. Took me another 6 years to nut it out for myself. There wasn’t the public info that tere is now – no TV shows and not even a single property book on the shelves!
You are way ahead of me.
Well done mate,
Simon Macks
Interest Free Home Loan Agent
[email protected]
0425 228 985Please email me rather than using the PM service here.
Fully Accredited With Derivex LTD and IFHL PTY LTD
***Ask about our Interest Free Home Loan***
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hey Chris,
I would say you are definately not too young to start property investing!I started at age 21 and have just kept going with my goals slowly but surely.I am now 30 and have semi retired because of property.It all happens one step at a time.
I would suggest to just be wise with where you spend your money without being a mega-tighty(remember life is for living but just keep your goals in view).In saying this be a commited worker with honesty and integrity( no matter where you work to earn your deposit ).You will find yourself getting promoted or realise the faith to get a better job.
I really encourage you to go for it Chris!
Lukie_tLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
im 16 and im having enough trouble deciding what to do after year 12 >.< got any tips for a 16yo?
Originally posted by foundation:Originally posted by Gramyre:get them to trust that someone else can cover your debts if you can’t
I know I can, I know I can
That’s very generous of you![blink]
Alas I am not the one….but guarantors are one way of having that happen.
You are way ahead of me too. My parents had (and to the most part still have) no idea how to handle money. I hope my children come to me with a proposal for how they can get into the investment side of things when they get to your age.
______________________
I know I can, I know I can
Chris,
yes, you are too young! (i bet the moderator doesn’t let this one through!)
you need maturity to know which deal is right for you and you’ll need to live with your decision for many years.
Also you’ll come across many obstacles such as realestate agents and property managers trying to rip you off coz they think you’ll be an easy target due to your inexperience…
I suggest you take this time to learn all you can about property and investing, save and invest, then when you have a full time job consider property (or shares).
Remember: when you’re in the surf, you must waddle to the deep water before you dive in – else u break your neck!
Enjoy
I only wish I had more inititive to purchase real estate at your age. My husband had a few “if only” stories.
You’d be amazed at how an insignificant $5.00 a week adds up, and the savings of COINS is unrealized. Each year my husband and I are able to pay for the rego of my car and his (big) motorbike and have some left over for a treat. And that’s without trying too hard.
Goodluck,
Dardi.Investing in real-estate takes some money to get started. It is a good way to invest if you are time-poor but money rich. If you are still studying you are probably in the time-rich, money-poor bracket. Consider ways to to build up a sizeable deposit so the banks can’t knock you back. Building web-sites is a good way to generate cash-flow to save money and a lot more satisfying than working in a casual job. Use your imagination and you can build sizeable assets on the web.
It is great that you are thinking about this now. I am sure most people on this board wish they could have started earlier. Learn how to make money on the internet and invest the money you make in real estate.
My online investing diary: http://retireyoungandwealthy.blogspot.com/
Hey Chris,
I definitely don’t think you’re too young to start investing, under the condition that you’ve done your homework. I’ve just turned 20 recently and I’ve been thinking of making a better future for myself for many years but only started taking it seriously the last 6 months. I’m also a full-time student with a casual job and in my spare time I try to educate myself as much as possible with real estate by reading forums like these and steve’s books. I’ve also listened to a lot of Robert Kiyosaki audio tapes to try get the right mind-set before i start undertaking any detailed education in investing, whether it be property inv. or shares etc. At the moment I have a hard time saving for a deposit but I should be starting my full-time job in a couple of years and by then I should have adequate knowledge readily applicable.I don’t think anyone can ever be too young to start, the sooner the better I say but maturity and having the right mind-set is essential. So I suggest not to rush into things, get educated and have a look around to become familiar with the real estate market while trying to save a deposit.That way, no time is wasted and you’d can properly invest as long as you’ve saved enough funds. Just keep it up dude, I’m glad to see that I’m not the only one at my age thinking about this.
Peter.
Hey Chris,
Good to see that some other people are in same category. I am 19 almost 20, Last year i brought my 1st IP in sydney. i was 18 at the time, i had no garontor, no inheritance nothing.
You can do it if you want to do it. I work 7 days a week 8am to 7pm to get my cash, so i have a fair bit of disipline.c
Do what you can to save your cash. save save save, do as much work as u can to get as much $$Hi Chris,
You are NEVER too young. My advice is to look at regional country towns with a uni, schools, tafe etc and try and positively gear. Its still possible to buy 3bed houses for 120k and get 180 return per week. This way yr not taking on too much debt until u find yr feet.
I started at 21 with a mate and an agreement to sell after 2ys if either of us needed to.I was working part time, 3 jobs but i wanted it so it worked. We now own several properties. I am 35. these are debt free.Having a mentor to show me a few tricks helped a great deal.
Cheers,
Stevesteve smith
Hi Chris…. if you are looking to go to uni….. you could secure a lease option and get some flat mates in to cover the outgoings so you can secure the property later when you have some stable work/credit history. – or assign it to get some quick cash to give you deposit for a better deal.
I am teakhing my 14 year old Daughter how to do this so she can get started ASAP
Cheers,TOO YOUNG?!!
i think not…. i think i started too late and i just turned 20 weeks ago..
i have always been interested with property since i was 16 but some people (friends, family, MUM!!!) will push you down and down and tell you that nothing is possible…
the truth is you can do anything and the most important thing here is to find someone that believes in YOURSELF who can motivate you when you down and who also has the RIGHT mindset…
BUT having said all this the real question is
Do you think your too young?
if you believe you are, you areand if you believe you can, YOU CAN!!
good luck!
-aumeow
You are definitely not too young to invest. I wish I had started at your age. There are lots of different types of investments but the main game consists of property, shares, and cash. Save and put some money into cash and some into a fund (or an internally geared fund) at this stage – just as much as you can afford. You have time on your side. In a few years, when you are working full time, you will be able to get into property full on.
Check out this compound interest calculator (it’s free). If you put away $5,000 and add $20/wk to it, in 40 years time, it will be approx. $188,000.
http://www.moneychimp.com/calculator/compound_interest_calculator.htm%5Burl%5D%5B/url%5DAlso, property doubles every 7-10 years (in theory, so the earlier you get into property, the more ‘cylces’ you will go through and the more money you will make.
And I agree with an earlier post…let your mates buy the BWM, latest mobile phone etc, you put your money into income producing assets & see who is livin’ it up in 20 years time!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
