Advice for someone starting out

Hey all!

I’ve heard great things about this website and was hoping to ask for much needed some wisdom and expertise on my situation.

I’m currently 24, working a full time graduate job taking in about $1.1k a week. I graduated absolutely hating my degree and after taking on the job full time for 4 months I find myself even more miserable. I was initially planning on straight up quitting and changing to something I’d much prefer doing (which is slightly lower pay to start off with) however, I realised I could possibly use this opportunity to purchase my first investment property while my income is higher before I change jobs.

Before anyone says the idea is straight up terrible (which it might be) and that I’ll need to find a way to cover repayments, the property I’m looking to purchase is my family home and is also capable of generating rental income of about $350/week. My parents are willing to help me and have suggested that subsequent to purchasing the property they would help with repayments if I decide to make the job change. I would still be living at home subsequent to the purchase.

My living expenses are currently quite low (living at home), I’ve been in my current industry for 6 years (inclusive of working part time while at uni), have around $60k for a deposit and the new job although lower paid the first year has a future potential of earning far more compared to current job - not to mention its something I enjoy.

My question is, does this sound like a far fetched or bad idea and does it sound even remotely attainable given my position, from a broker’s perspective. My goal is to ultimately have an investment property and to exit from my current job as soon as possible. Would there perhaps be a better way in achieving an investment property without having to stay in my current job for much longer?

Any tips or advice would be greatly appreciated! Thank you all in advance! Cheers.

 

One of the questions on a Broker's compliance paperwork is "Do the applicant(s) plan or anticipate changes to their future financial circumstances that could ADVERSELY Impact their ability to repay the loan?"
Based on what you've stated in your post, if you/the broker answered NO to this question it would essentially be lying on your application.
IMO asking this on a public forum might not be the best way to get the response you're looking for.

 

I appreciate your response Lindsay_W! I'm guessing a better alternative would be to find a more sustainable job before jumping into the market.

 

What I have learnt is that there will never be a perfect time to jump in. I bought my first house younger than you and making less than you and against the advice of 99% of people that I asked for advice/help. Not going to lie it was quite scary and daunting my first one but after that it become easier and easier.

Its really up to you but I'm very real estate centric and always bullish on real estate and have been since I started. All I know is you'll never get anywhere sitting on the side lines.