Hi guys
I have recently just turned 18 and looking to get out there and give property investing a go, I have been reading hundreds of books (literally) and have been attending seminars since i was fourteen. I have started my dad in real estate investing finding him two positive cashflow properties in our area which he has then purchased.But i would like to start out on my own now and he has no money to help.
I would really appreciate some creative ways (or any way) of starting out considering i have no credit rating and im 18. i do have 20k though which i have generated on the stockmarket. any help would be much appreciated as the books help, but no-one has ever thought from an 18 year old perspective before.
Can I make a few assumptions and ask a few questions?
Im guessing you have not claimed your FHOG? Do you intend to claim it on your first purchase? If so, this may increase your deposit but decrease your ability to service the loan(as opposed to a rented investment property).
Do you have a full time job? salary?
Where do you live? city? How much do you want to spend? Hopefully one of the brokers on here can take that information and give you a better indication.
If you cant get finance, you can possibly act as a 'bird-dog' for any number of guys on here for a bit until you get more of a deposit and satisfy banks' lending criteria.
Cheers
yes please go ahead ask all you want!
no i havent used my FHOG but i definately would if there was the opportunity but there's no-one willing to loan.
I have a part-time job but I am currently studyin property and finance at university so i couldn't take on a full time job. Thats the problem, no credit rating, no full time job, no loan, and all those different deals like wraps where i wouldn't neccesarily need a large deposit i can't do because no-one would lend.
I live in Perth and want to invest in Perth because i know the area and i know the house prices.
I have been thinking about being a spotter, but are 'bird-dogs" successful every now and then on here or would it be a waste of time? Because i have the time and the knowledge to find good deals, just not enough money to act on them, and i really dont want to miss out on the cheap opportunities at the moment, i just dont know where to begin.
thankyou so much for replying, would love some more
ok i got some questions bird doging … it is just a general term used to describe finding positive cashflow deals or any investment deals?
yep bird dogging is where you find positive cashflow deals or really good bargains and then forward them onto investors on this sight, for a small finders fee
If you found those ++ CF properties for your dad, then can he put one up as a guarantee for you against your Home loan and you use your deposit, FHOG and Part Time earnings toward your PPOR for 6 months. Then you can move out of it, turn it into an investment property and if it is ++ CF then you dont need to pay anything anymore!
You will only need to scrape by for the 6 months that you are in it, but it gets your foot on the property ladder and presents a solution to the bank.
Another idea is that once you have your own property, perhaps you could ask for a percentage share in the property of the +CF deals you find for your dad, rather than taking a finders fee? Thats another way to get your foot on the ladder even if it's just a small step?
Good luck!
PS I am in Perth too and you are more than welcome to birddog ++CF properties for me! Also I am seeking potential development sites for 6 units/villas/houses or larger.
he didn’t buy it out right though, he’s tenanting them and so has limited equity except for the deposits he put down, surely a bank wouldn’t secure a loan of that?
now that is a good idea!
ok thank you, what sort of properties and what sort of price range?
development sites, ill look into it, thanks for the reply!I hear what you are saying, have you seen a broker yet? I was just reading an article in the latest property investing magazine about a young lad who was in a similar position to yourself (Uni, PT work,deposit & very keen) He made it happen. I think he may have had to see a lot of brokers but he persevered and he got there in the end! I will PM you later and will pass on the details of my broker. He has been great for me so far and thinks with solutions, not problems.
I will PM you details of what I am looking for too, if you can keep an eye out that would be greatly appreciated!!
Ok, I cannot private message you, so can you private message me and I will return your message with the details you asked! thanks
I think if you have good credits then you have good chances ofavailing money on short term basis and invest in the property and keep a hawks eye and get the property out with a decent profit.
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