The New Guy.

Hi Warren,

If you’re even part way through Uni I’d suggest keep going – no question about it.

One advantage of being a student (over us full time employees) is that you have a few more hours spare per week. You don’t have the income but if you can find property that is ripe for reno / developing and then partner with someone who has the borrowing capacity you should be able to make some money.

I’ve not done this but consider this: Find a property. Post something back here that shows its a project worth considering. Get any interested parties to sign an agreement that they can’t buy the property (that you’ll reveal to them) without them owning you $XXXX (whatever your expected profit would be).

Others may have ideas on how to do this legally.

…but don’t give up the Uni course yet.

I wish I was into property when I was 18. I’m 45 and only just getting going (I’ve got 20 years until retirement so its still plenty time). Your course probably will give you a better income when you finish than without it. You need a carreer in the short term (10 years?) before you can consider giving it up to do property full time (you need the best income possible so you can leverage off it with the banks – and borrow lots).

Be patient – you’re already pointing in the right direction. Educate yourself in property (see this post – get to the mega conference).

https://www.propertyinvesting.com/forums/community/forum-frolic/4331974

Good luck

Dodgy, I just received 5 messages from this money hungry pakistan.

Your on the wrong forum MR faith, go try and make a real dollar and don't try ripping people off.

you know what happens to people like you, they go to prison with an a hole the size of a 5 cent peice and when they get out it is the size of a 50 cent peice.

hey  hows it going im new to this site to and i just noticed your in a sort of similar situation to me, Im a 1st year apprentice painter in VIC ive just turned 20 ive already bought my first property to live in, its a smallish 2 bedroom unit in wodonga but im pretty keen on starting up a portfolio of investment property  as soon as i can. i think i know how u feel its pretty frustrating when you know what you want to do but just arent earning enough cash to make it happen, im going to be focusing my attention on doin as chiz said and finding opportunities to sell opportunities to others until i can get ahead a bit.

sort of in the same boat with the having to study at the moment though but yeah thought id say hi and happy to chat if you feel like it mate.

cheers

Gooday Jared

I am not much older than you, at 20 I started my best business and earned a few bucks but should of focused on property full time but thought it would always be there and property will not rise in value as it was flat, before I new it properties were doubling within a few years and I missed that full boat but made a good nugget from my business, I don't regret the way I started but I am sure I would have made more from property. Working for someone else you will not get far but working for yourself you will go a mile and buying properties you will go two miles.

I don't know if I agree with that, I left school at 13 and the time I was 20 I had seen alot and done alot and had several businesses running and making a whole lot more money than someone with a degree

I know lots of people that went to uni and studied and then when it came time to go out and do what they studied they had a change in what they really wanted to do and they dumped what they studied and went on a different track
I know other people that stuck at what they studied but still are only making above average wage and there in there mid 20's
The time they got to this age and there starting to make a few dollars, I already had a headstart by 12 years
I guess the time they get to there mid 30's or late 30's then they will be where I am today

I really think it comes down to the individual,

Depending on what type of degree you want doesn't always mean you have to go and study for it, you maybe able to get a job and your boss teachers you everything he/she knows and then you start to make money from day one and by day 3 years you dump the boss and start on your own
But if you want to be a doctor well thats a different story, but if you want to be an accountant well it is possible to skip uni.

Thats just my thoughts anyway.

True Keiko, you've made some really good points.

There's no substitute for the school of life (not everything can be learnt through books), but it's fair to say that having a formal education/trade qualification is likely to make navigating through the school of life easier. Talent/natural ability is one thing, but you need to be blessed with opportunity, mentors and luck as well. Education tends to reduce the reliance on these elusive factors.

Luke,

Read Steve McKnights book “0 to 130 properties in 3.5 years”(get the updated one from 2009). It’s a FANTASTIC overview of all then various investment strategies.

Then go to all free seminars you can and learn how they use them to sell you off the plan houses. Don’t buy anything because they are usually in areas that won’t perform too well (areas with lots of spare land, lots of supply). Learn what not to do.

Go to all of Steves seminars (both free and paid) and then you’ll be ready to get going. Remember: One way of another, it’s going to cost you to learn this game. Do you want to learn from your mistakes or from someone else who has made them already? Get to local investor meetings. Learn, learn learn. Then go make $$$

Good luck.

Hi Luke,
I'm another youngish fellow in the army (22), due to be posted into holesworthy around july 9th, raeme aviation, love to brainstorm or headbash some cases with you in the future. I'm in the same boat as you as in where do i start,…im reading the 0 to 130 property in 3.5yrs and still digusting information.

Issue id like to post up here is id like to start investing into more positive cashflow rental returns, which is like finding a needle into a haystack, however my current issue is finding the equitiy for a deposit, as i have just recently paid off all my loans. No doubt i will have money in time to have a deposit, but currently have limited to next to nothing. What finicial institutions would you recommend that would almost allow you to borrow around 90k with no real deposit. Im currently pinlocated a unit on the coast that offers promising returns, (has a full time tentant), but the question ive also got to understand is fees of the hotel complex also…anything else i need to worry about?

Howdy Zance!

just chuck me a PM and il pass you my details (email) would be good to have a chat to someone in a similar situation. and thanks for all the advice guys! greatly appreciated

Luke.

You may find someone willing to lend 90% (but I’m only guessing here) because an army salary is one of the steadiest incomes there is. I’ve never heard of compulsory redundancies in the armed forces.

The reason to be wary of investing in hotel complex rooms is….

Don’t look at answer yet…

….think about who you’re going to sell to?…..can you guess?

…. the only person who is going to buy it off you is another investor (hence limited number of people who want to buy it)