Hey guys,
Im looking to enter the world of property investing but im having some doubt if its realy possible for me..
I earn about $30,000 a year befor tax, I can afford to save half of it and the other half I need for living costs..Am I kidding myself buy thinking I can invest in property with such little income ?
Hi Bez
I would say that you are never dreaming as you have to start somewhere.
What you may want to consider is ways of building your savings to get to a position where you can invest in property.
Options might be:
– Seek out others in a similar position and join forces
– Look into cheaper properties in areas other than where you may live
– Look at other investing streams to build your capital, ie; shares.
I’m sure others may have some suggestions for you too.
Cheers
I would suggest that anyone can get started in property if they truly want to.
I think the question is not how much money you earn, but what do you want to achieve, and why? If the why is strong enough for you, the how works itself out. If you persist with enough determination towards a goal for a long enough period of time you will achieve it, sure as night follows day. It’s only when you give up that you don’t succeed.
You’ll have trouble getting finance, so take Steve’s mantra of money follows management. You could build up a list of cash-rich and time-poor investors and then set about finding completed deals for them. After a few f these you’ll have the money to get started yourself, and you’ll have learnt how to analyse and put together a good deal. You’ll be on your way. But there are plenty of other ways.
Just remember that Frank Lowy is one of Australia’s richest men, with his wealth moslty built through property. Yet he arrived in Australia after the war as a penniless immigrant who didn’t speak english. He didn’t know how, he just had a big enough why.
_____________________________
We all need somewhere to live – but do we all need a CBD apartment?Thanks guys,
I have $12,000 saved up at the moment and I have no other debts to pay… I should also be able to get the FHOG aswell to help a bit..Iv been looking at properties around $200,000 or less…
Hi Bez,
I’t looks like you’ve done well to have saved $12,000 on your income, so you probably have a good money ethic. Why not also look at investing in yourself through training and education to increase your income which can then flow into increasing your investment power. Maybe also look at relocating to a higher paying job, if it suits you personally, family, etc. As the others have indicated, sometimes the biggest limitation is your own mind, so broaden your options, and with the will you’ll find a way.
best of luck
You must be logged in to reply to this topic. If you don't have an account, you can register here.
