How Much Money Do I Need Saved To Start Investing?

Doesnt matter how much you save it is what you do with it that counts. I started with none when I was in primary school school ,I got ballons at a show given away for free then walked around and sold them. I bought  something like 10 Pivot shares for  something like $50.00.  I would be wary of the investor club, but you may learn something there but if you do buy something do your own due dilligence.

Hi Ozlat,

save as much as possible. when I graduated 5 years, I simply had nothing. I have slept in one garage for 2 years, lived in a boarding hourse for one year with other 7 people. I don't have a decent job/income. But I managed to save quite a lot to pay for 3 IPs deposits.

So make a plan, start it today!

PEIRANYU

Sorry lodoc loans are not an answer to poor credit.

Whilst there are a few valuable contributions to date i would do nothing until you have a copy of your Credit report.

You can order it from Veda.com.au.

Without this you are wasting your time. Show it to your mortgage broker and see what options you have going forward.

Then read and educate yourself. Avoid organisations like Investors Club who have one goal in mind and that is to make money out of you by selling you property.

It is never too late to start but you need to have the right stucture and foundations in place.

Cheers

Yours in Finance

Hi NHG

1> Yes a credit search is done on all Lodoc loans. (Lodoc loans have nothing to do with poor credit applications).
2> A Lodoc loan is not for clients with limited deposit and are aimed at self employed clients who are unable to supply normal Tax return documentation for the last 2 Years.

With a limited deposit / equity you will not get a loan lodoc or full doc.

Cheers

Yours in Finance

There is no quick fix for starting up your investment other than .. resources .. credibility .. and ingenuity.

One will start the others. You can do collaborative projects to share expenses and rewards .. you can do vendors terms on buffing a place up for a better price at sale …

All you need to remember is that when the banks go to your record they will want to see

Assets – Something they feel they can lend against .. bricks .. mortar .. bluechip shares …
Income – A job .. preferably a steady long term job .. and maybe rental income or share income.
Clean Record – if that means you have to wait for it .. then thats the time to save.
Responsible saving – Some idea that the money for a deposit has been saved up and not foisted upon someone to get a loan.

How you get to that stage is up to you .. but the recommendations i've suggested earlier might make good sense.

Things to remember – ALL PROPERTY IS FOR SALE … AT THE RIGHT PRICE
and of course … when a vendor wants to sell .. he wants a conclusion at an acceptable outcome. Negotiate.

Build your bank .. step by step .. profit by profit … and you should be able to do some amazing things in no time.

I have to admit, and I will upset some forumites by saying so…. that it does upset me that when newcomers come to this PROPERTY investing site to seek advice on investing in PROPERTY, that they are encouraged towards the stock market.  That is not the investment strategy they came here for and it is quite unlikely they have enough knowledge of how to make their money grow on the stock market.  I worry their money pile will reduce, and that yes, in many cases it would be safer saving furiously in a bank account…

Ozlat,

Money is consequence of actions not the other way around. So investing is also consequential outcome of actions and the outcome of investing can be positive (money grows) or negative (money go).

My advise. Do not concentrate on money concentrate on your actions. If you change your actions money comes as a result.

Actions and ultimately decisions leading to $$ or loss are driven by many hings (determination, focus, education, knowhow, vison but also in negative sense lazyness, choice of riends, wanting things too early before we can afford, credit cards etc.)

So how much money do you need? Zero. In some cases it is negative (debth) so in this case if you debth today is minus X and tomorrow your depth is less by even $1 than you are in business of investing. How quickly you reduce your depth or by how much you increase your savings (even is it is $4) is a matter of actions. Money in sense of profits are consequential. 

Many peple say you need money to make money. No that is not a correct statement. Money is only junk of paper, plastic or set of binary codes or 1 and 0 in computer systems of banks. Nothing else.  

Only actions and decisions are influential. So even in case where people invest "money" to make money people do not realise that someone else you give money to decides on actions that makes profit and these people than pass small portion back to you or in many instances they simply tell you "Bad luck mate the fund, venture, … did not perfom this year you made and "investment" loss..marlet is flat,… while they make money as consequence of their actions you make loss… 

Find your own wind and focus on actions, win more often loose less often and be carefull who you decide to accept as a mentor. 
Pick a mentor based on his/hers actions not based on how rich they are. . . Evaluate risk and learn how to calculate and judge risk correctly…make habit to make risk register when acting (indirectly investing).

Sorry if I sound like a father giving advise to his son but this is it. Money do not exist only actions behind the money producing consequence do exist. 
 
I picked up on the fact that you liked crusty's responce. There was a hell of an example of determination in what he did after he refused to accept situation he was in. Followed by consistency. 

Do not measure success of your investments by $$$ always measure it in %%. It is far more encouraging and is far better and more accurate measure of your success. Crusty's initial decisions were by the way producing 200% results or more when you realise that deciding to share rent for instance would straight away produce extremly hoigh % "investment" results. Because decision of sharing rent with other or accepting temporarily very low comfort is drasticaly reducing costs. Provided that you know what to do with consequential savings.

Well to start investing you should budget between 10-15% of the cost of the property. 10% for the deposit and the other 5% for costs. If you have more than the minimum required deposit you can play around with LVR to reduce your LMI. It’s not easy saving but having a steady job and remaining focussed will help.

Hi Ozlat – I think I mentioned James from House of Wealth as a good accountant in a previous thread. He’s a specialist in IP related stuff and is in Melbourne.

Cheers

Jamie