How much $ do you need to 'get started'?

Yeah I think there is a nice compromise, if someone asked me I'd say put away $100 a week and live life with the rest of it and grow that $100 with each payrise you get, it's not that long before you'll be able to live and put $500 a week away

Also, I totally read "tucking something manageable away each week" wrong

 

Ooooh, I hadn't thought of that. I love it when people think outside the box, and come up unexpected answers……. Thanks @Y-man.

 

Which of these can generally be put on C/C to speed things up:

• Stamp Duty
• Conveyancing/Legal
• Buyers Agent Fees
• LMI

 

You really shouldnt be purchasing a home or INV property using cards, but if you had to pick one of those expenses- legals. They will be the smallest amount

 

All up around $15k for a $300k package, with a 95/95+ lend. Fhog and reduced stamp duty make a difference. They need to make it their ppor for 12 months before they can rent it out. Though they could lease out the other rooms during their initial stay there.

 

$0.

One can team up in a joint venture and be the 'time partner'. Yes, profits will be split but the lessons learned will most likely be extremely valuable.

 

I've never heard of a 'time partner', @Ethan Timor . If you've got any details, I'd love to hear your story/views/knowledge about what this is.

 

Is this realistic to for someone getting started do you think?

Someone is bringing money to the table (and likely experience) if you are just starting out with no experience and bringing only your time. Pretty hard sell IMO.

 

Hi Kay,

Happy to elaborate

Generally speaking, at least three things are needed to invest in property: Capital (the deposit and other costs), finance (mortgage) and time.

It's not always that one investor has all of these things so joint ventures are formed.

They are usually being referred to as 'money partner' (or partners if one brings the capital and the other brings the finance) and 'time partner' (the one that runs around and does all the work, which the other partners only sign off on).

Hope this helps?

Realistic? Yes. Hard sell? Also yes

Too many of my mates have no experience in property investing because they are oh-so-busy with their work. One of them did discuss such an option with his mate that isn't that busy but doesn't have the borrowing power, they intend to split the costs needed.

Would it be better for him to team up with an experienced investor? Sure! But instead of him doing nothing, he thinks of doing that. It's not that different than him investing all by himself, I guess, except lower profit share, of course.

I've also been approached by a different mate recently about such an arrangement. Being time-rich (or 'time-tycoon' as he calls me ) and him being time-poor, we are discussing such an option. We are both experienced investors and have the same views on many matters, including property. It could be an option for me once my borrowing power is exhausted I guess. We'll see

 

In terms of actual cash money, we bought both of our IP's with zero cash put into them. Not a dollar.

Both were built new, and both were borrowed using LVR's of 105%. I was fairly shocked to see the bank was happy to let us go with no money in, but they did.

This was before APRA changes though. Interesting to hear many people can't get in now without sizeable deposits.