First step to buying a property

Viewing 5 posts - 1 through 5 (of 5 total)

Steven B
Participant
@steven-b
Join Date: 2010
Post Count: 10
December 4, 2012 - 11:05 am
I'm 20yr what is the first steps and step by step guide to getting a property and step closer to financial freedom.
How do i begin?Where do i begin?How much money do i need? How do i borrow money?
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
December 4, 2012 - 12:08 pm
Hi Steven,
Work backwards.
What's the end goal (perhaps short to medium term)? Then work your way back and determine what type of property vehicle will get you there. High cashflow? Potential for capital growth but can you afford losing on the cashflow? There are too many scenarios but ensure that you do the numbers for each of those scenarios. Emotions lie, people lie but the numbers don't lie.
How much money do you or will have in the near future? This will somewhat answer some of your other questions.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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HomeLoanExperts
Participant
@homeloanexperts
Join Date: 2007
Post Count: 43
December 5, 2012 - 10:02 pm
I couldn't agree more with Shahin. Know where you are going and you are much more likely to get there.
Once you know where you want to go then talk to a mortgage broker to figure out what is possible and what you will need to do to get there.
There is one thing that you can start with that certainly will not hurt. Open a savings account and deposit part of your pay into it. This will show a savings track record which in time will make it easier to get a loan. Aim to save 5% of the purchase price of the property that you want to buy.
It isn't absolutely essential, there are a few ways around saving a deposit however it certainly makes it a lot easier for you and gives you more options!
mattsta
Participant
@mattsta
Join Date: 2011
Post Count: 604
December 7, 2012 - 8:15 pm
First, you need to decide what kind of property you want to invest in. Is it commercial or residential? Where do you want to invest in property? Prices range from city to city. Make sure that you have enough down payment for a property you choose and, of course, do research before buying a property. Not every property will give you a positive cash flow. Good luck!
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
December 7, 2012 - 10:54 pm
1 get an education to get a reasonably paying job
2 Learn about property
3get a well paying job
4 learn about property
5 save like nothing else for a deposit
6 learn about property
7 Research your market
8 learn about property
9 jump in
10 learn about property