Hello from Sydney!

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

 

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 ) and engage in as much reading/education as you can, both on this forum, via property books and others who have travelled before you.

 

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

 

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

 

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.

 

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.

 

Hi @Belinda Punshon , welcome aboard.

 

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.

 

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.

 

Seagulls

 

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!

 

Thank you!

 

Thanks v much for the advice!

 

You're most welcome!

 

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.

 

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.

 

Are you still working at finder.com.au @Belinda Punshon?

 

where's @Belinda Punshon

 

Where?

 

Where's the OP?