Join Australia's most dynamic and respected property investment community

Hello from Sydney!

Discussion in 'Introductions' started by Belinda Punshon, 25th Feb, 2016.

  1. Belinda Punshon

    Belinda Punshon Member

    Joined:
    25th Feb, 2016
    Posts:
    8
    Location:
    NSW
    Hi all,

    I'm a 24 year-old from Sydney,NSW and I'd like to learn more about property investing. I'm hoping to purchase an investment property this year (if I can come up with a 20% deposit) so it would be great to engage with people that have first-hand experience.

    Look forward to chatting.

    Thanks,
    Belinda
     
    nap33 likes this.
  2. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    516
    Location:
    Sydney
    Hi Belinda and welcome to the forum. I have a daughter slightly younger than you and I certainly admire your enthusiasm to get started :)

    The first property is always the hardest so keep saving (don't know if you're still living at home but, if so, TAKE ADVANTAGE as this is the BEST time to save the largest amount of $$$$ you possibly can- trust me on this :D) and engage in as much reading/education as you can, both on this forum, via property books and others who have travelled before you.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,756
    Location:
    Perth WA
    Welcome Belinda!

    Don't let the 20% deposit hold you back, it's possible (and often wiser) to use more leverage and keep your cash as a buffer for emergencies. Ask lots of questions, find a good team to help you and you'll be on your way in no time :)
     
    Belinda Punshon and Leo2413 like this.
  4. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    Welcome @Belinda Punshon. @monalisa and I also started similar to your age. Great to start as young as possible. Make the most of this forum & Somersoft (the previous, now archived forum). Exciting times ahead :)
     
  5. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,619
    Location:
    Sydney
    Welcome Belinda. It's great that you've decided to begin your journey at such a young age. The most important thing at the moment is to save- save- save and learn- learn- learn. Like the others have said, use this forum. It's a great resource and many successful investors have used it as a platform to do very well. As well as the the forum and other resources like magazines and property blogs, it's also great to speak and surround yourself with like minded people who are on a similar journey as you are whether it's a few steps behind or many steps ahead. This is often underestimated, but it can make a great deal of difference. In Sydney we have meet ups every second month at Wenty's Leagues Club in Wentworthville. It's a great place to start and meet other investors. Happy investing. :)
     
    Belinda Punshon and Leo2413 like this.
  6. Hodor

    Hodor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    736
    Location:
    Homeless
    Welcome.

    Ask lots of questions and read all the posts you can and you'll be off to a great start, which can really set you up in the long run.
     
  7. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
  8. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,409
    Location:
    33°41'24.7"S 150°55'34.3"E
    A loan to valuation ratio of 88% is the sweet spot for keeping the deposit at a reasonable level and lenders mortgage insurance (LMI) premiums at an affordable level. This allows you to move more quickly to a point where you can buy a property than if you try to save the full 20%. Talk to a broker ( not a bank ) about what might work for your situation. A good broker will give you better service than a bank.

    I personally have set aside a $5k buffer for my IP to cover any unexpected maintenance issues that my crop up. Bank or offset accounts with sub-account facilities allow you to keep these funds set aside from savings for other purposes.
     
    Leo2413 likes this.
  9. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,391
    Location:
    Mt Druuiitt
    Hello Belinda. It's great to see you on board. I have a fair bit of experience, being through 6 or 7 properties and loving these property booms.

    As a single man on mediocre income I know it can get hard to save a deposit. A double income is always better, you know like a partner's income can help immensely, unless one is on a really high salary of course.

    So what I'm leading to is that saving dough is the go....hey, that rhymes lol.

    I got no gold rings on my fingers. No thick gold chain. Just Kmart sunnies and a cheap hairpiece. Yeah, male pattern baldness got me early. Must be all that testosterone that keeps my twin turbos running lol...especially on a Thursday night at Maccas Emerton lol.

    Anyway that's about me and oh yeah welcome aboard once again.
     
    ellejay, Newfast, JDP1 and 3 others like this.
  10. twobobsworth

    twobobsworth Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    245
    Location:
    Sydney, New South Wales
    Seagulls
     
    Colin Rice and datto like this.
  11. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    Welcome aboard!

    Whilst saving and not being in a position to buy now offers a wonderful opportunity to read up and empower yourself with knowledge...steer away from 'property advisors' who will work to convince you that you are too time poor to undertake your own research, to leave it to them and to purchase the products that they have 'researched'...kickbacks are involved in many instances translating to an over inflated purchase price...run if you are offered a rental guarantee as you fund this via the inflated purchase price and if the developer goes under say goodbye to the rental guarantee ...many investors (myself included) have experienced the learning that true success comes from self belief ...to make good decisions that must be grounded in your own research... and buying directly with the seller ...since we did all the research and due diligence ourselves our portfolio improved significantly!
     
    Leo2413 likes this.
  12. Belinda Punshon

    Belinda Punshon Member

    Joined:
    25th Feb, 2016
    Posts:
    8
    Location:
    NSW
  13. Belinda Punshon

    Belinda Punshon Member

    Joined:
    25th Feb, 2016
    Posts:
    8
    Location:
    NSW
    Thanks v much for the advice!
     
    DiligentPM likes this.
  14. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    You're most welcome!
     
  15. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,456
    Location:
    Sydney & Gold Coast
    Welcome @Belinda Punshon. You'll learn heaps here. :)

    Definitely head out to a meet up soon, they're a great way to connect with investors and be exposed to new ideas and perspectives.
     
  16. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

    Joined:
    9th Jul, 2015
    Posts:
    1,078
    Location:
    Perth
    Welcome Belinda.

    You can get an IP for as little as a 5% deposit.

    As wombat mentioned the sweet spot is 88% to get the balance between leverage and not paying bookoo lmi premiums.
     
  17. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,502
    Location:
    Sydney
  18. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,502
    Location:
    Sydney
  19. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
  20. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,502
    Location:
    Sydney
    Where's the OP?