Any Low Income Earners with a Property Portfolio?

Thanks Corey! I think I will definitely try to do so and get more involved with other investors alike

 

Thanks! Welcome to forums and get ready for the crazy adventure that is property investing

 

Haha thanks @The Dark Knight

I'm ready for the crazy adventure alright.

 

I was on $14p/hr working about 30hrs p/wk when I bought my first property in 2000, which I bought with a NAB personal loan & my Dad going guarantor. It was 5 acres zoned rural living in the Moorabool shire. It was on the market for a while at $25K & I ended up negotiating it down to $10K due to the local water authority saying it could never be built on. The rates notice valued it much higher & I used this valuation to extract equity to purchase a 2bdrm unit in Ballarat in 2005. At this point I was still in the same position but full time, probably on about $36K a year. In 2007 I used equity in the 2bdrm unit to buy land & build eventual PPoR (with the fantastic assistance of a broker from SS forum). I rented it out for 12mths before I could afford to move in. All this time I was on a below avg income. In fact, this year is the first year I have begun earning a good (6 figure) income and had only been on an above avg income for about 3-4yrs prior. Doing this entailed getting a qualification in a new area and starting at the bottom of that and working my way up. I had to sell my 2bdrm unit in 2011 due to the calculated pay hit I took as part of that strategy. I sold the first property last year for $150K, after the prospective buyers managed to get building permits. I used part of this as a deposit for an IP last year and am looking for another one at the moment.

Anyway, the point is, there are ways and means and you don't have to be on a low income forever. Just try and find any way you can get your foot in the door and work from there.

 

Exactly. Awesome stuff @Toon

 

What was the reason the water company said the vacant block couldn't be built on?

 

Mainly because it is within a water catchment area and they had a whole lot of their own restrictions, which override council requirements.

 

Yeh, or country?