Hi everyone,
Im new to this site so im not sure if this is the right section for my questions. lol
23years old and Im really keen on investing in a property ATM Ive got about 23k for a deposit but my income isn't so good. I make just over 32k a year and its hard to borrow money off the bank to start. I went to the bank and they told me I can only get about 180k.
How would I go about starting to invest in property? should i get a load for 1st home owners or as an investment property? Im really new to all this so any help would be greatly appreciated. Anyone can PM me with advice or put it here, Im from Melbourne by the way.
thank you.
Hi TVP,
It is certainly possible to get property with a loan of $180k. You just might need to consider purchasing outside of the area where you live.
why dont you look in the regional space, you can get a good positive cash flow property or neutral and it wont affect your lifestyle. with your salary you dont want to put too much pressure on yourself, what if interest goes up by 1% in the next 12month, how will that affect you?
not always the best option to look at expensive properties
I suggest find a broker when it comes to get a loan. 180k for 32k is too low in my oppion.
JT
thanks for the reply's.
I'll have a look at houses that's not in my area. I think my income is a little bit to low to be thinking about getting a house. Im worried (as someone above has said) that interest will rise even more. etc Ill keep reading and see how I go. lolthanks every one. If anyone's got anymore tips etc feel free to let me know.
I got another question,
say i bought an investment house, i put renters in. What would I do next? just let them pay it off and ill add extra cash into my home loan?
Ive been reading this site and see some people buying like 4 houses within 3 years? how do they do that? is there any infomation sections in this site with guides on how to invest? because I would like to one day invest full time.thanks
i think you will find everyone here has a different strategy and different amount of funds to be able to do that, as in buy 4 houses within 3 years. i would suggest reading a few books, steves, margaret lomas and other ones, after 3 books and some magazines i think you will get a good idea on what you need to do to be able to do that. you will find that you will need to research and do more research, until you find the good area with growth potential and positive cash flow
Hi all,
I am new to this site, actually I am new to the idea of property investing. Although I should have done this along time ago, as I have been in the construction industry for the past 23 years. My question to all of you experienced investors is this: "Is there any software (not to expensive) that I can use to assess each of the properties I am looking at, so I can determine which is the best option to buy". I have looked for some software which I could run in Microsoft Access, but there doesn't seem to be anything available. I guess, I just want to make sure I am researching the properties adequately before I lay down any cash. If there is any advice you could give me about starting out this way, please let me know.Thanking you in advance.
Hi Anthony,
have a look at my blog below, there are some really good free tools available which you can use to better determine if what you are paying is the right price. i have never seen a softwarre like that, but if you do find one post it up
Anthony, have a look at the rental property simulator at http://www.peritus.iinet.net.au
It is spreadsheet-based, cheap and displays all formulas so you can understand how it all works.hope it helps
you can try ipropertyco.com they do a similar thing to the spreadsheet
Thank you for your responses to my question, oh well off to check the links out. Thanks again, have a great day all.
Guys before you rush off outside and acquire anything have a look at what Steve offers by way of an investment template.
Lets face it is his forum which he lets all participate in so where possible I would certainly try and promote his products first.
If they dont fit then by all means see what else is out there to suit your needs.
Richard Taylor | Australia's leading private lender
Are there anything else to invest in for the time being? I might save up for a little bit longer before I get an investment house. Maybe property funds?
You must be logged in to reply to this topic. If you don't have an account, you can register here.
