Hi, could you please give me some advice.
Its best that you know my background first.
I’m an 18yr (temporarly) unemployed uni student, that after reading “Rich Dad” and “0 to 130 in 3.5 years”, gained a large intrest in property investment and so I signed up to this site.
The thing is, I would like to learn through practical experence the joys of landlording via recuring positive cashflow property investment.
My greatest problem thus far is my lack of capital to even make paultry deposits on 40K properties (If they still existed).
After thinking on the matter the only solution I could think of would be to conduct a flip (which I can aford… just), but I have no idea on where to start. The only two things I have going for me is my immense amounts of spare time, and my keen mind thats willing to learn.
I’d appreciate any advice on the subject; or if you have an alternative idea for investment capital building, I’d like to hear it also.
At this stage I’m looking for a willing victim… I mean mentor, to break down the whole nitty gritty process into steps.
Thank you in advance.MC
I’m no guru or mentor but I can suggest:
1. getting a job, perhaps in a relavent field; and
2. live at home for as long as possible.Keep reading and educating yourself and surround yourself with like-minded people.
These things sound easy and simplistic which means thay should be simple and easy to do. Good luck!!!
PS: Your so luck to have this website to begin your networking.
AXJ
Hi TFO,
First of all, you already have a good start in being motivated, if you don’t have that step, all the money in the world wont help. Aussies advice for living at home is great. I got started in property at 19 (a long long time ago) and while I was still at uni too. The way I started might not be good for everyone, but here’s my story:
I chose a property I wanted to buy and negotiated on the price, it was around 1990 and prices were low and negotiable. I then approached the bank with my dad. He garanteed the loan and my parents house was partly used for security. There were no forums or Kyiosakis back then to explain what was going on, but one thing that amazed me was that the bank factored in potential rent and added it to my limited income. I had no hope of buying a home to live in but I was able to get a “residential investment loan”.
I was hooked after that, I aimed for one house every couple of years, now I aim for at least one a month!
My first purchase at 19 cost $95,000. I still have it and it was valued 3 weeks ago at $420,000. The moral of the story is, its never too late, but starting as young as you can certainly gives you a head start.
All the best
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
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phone 0412 437 582Hi TFO
Kudos to you for the great attitude! Yes, it is hard getting starting young with little capital however people before you have done it.
Firstly, there are some opportunities in country areas that you can get into for small $$$$$. They still exist but aren’t that easy to find.
What about looking for deals for others? A number of people I know started out that way and found good deals for investors with $$ but no time to look. They then went 50/50 on the profits.
Keep reading up anything you can find and you’ll find a number of well-known investors started this way.
If you can find a cashflow positive investment (again, country is best) you might be able to get a 100% loan (they are available) to get you started. Alternatively, you might be able to find a willing partner to put up a little capital if you find the property.
Good luck.
HI MC
Feel free to email me with questions if i can assist.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
I think a fundamental first lesson lies in learning how to save. Get a regular budget habit and know exactly where you are each week.
You must have some income, so then practise the basic wealth building principle of spending less than you earn. Saving 10% is a good start.
Avoid debt for junk that loses value (expensive cars, holidays, etc)
Then start educating yourself. I would highly recommend finding a strategy that has consistently worked for wealthy people in the past.
Maybe find a second job to bolster your income for a period until you get started.
Another simple rule is: Buy Things That Make Money.
Some on this site have had success with vending machines which can be passive (somewhat) assetts that are easy to get started with little money.
Another basic fundamental is to set out why you wan’t to be wealthy. This will be your underlying drive and motivation to weather the hiccups and setbacks you may have.
Good luck
Live, Learn and GrowLifexperience
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