How to quickly save for capital to finance first investment property

Hello beautiful people!

I am a newbie in the world of property investing with a very little knowledge. I work as a fulltime nurse with a couple other casual jobs and I am very keen to get into property investing. What would be other ways feasible aside from OPM to build a capital? Will note investing be a good idea, how can I get into this?

Thanks!

 

Hi Charmaine,

If you are starting at the very beginning and don't want to use other people's money then the obvious path is to save hard. This working hard (it sounds like you are already doing this) - so then it means reducing your current income to the bare minimum. Can you move into a smaller place? Ditch the car and ride a bike? Or sell an expensive car and buy a cheap one for a few years? We nearly all started this way (except those who got an inheritance or gift) - I certainly started this way in my early 20's and it is a great way to learn the foundational truths about money.

In the meantime read on this forum, get a few good basic books (there are threads full of good book lists) from the library (free) or buy them if you wish but learn what you can for a year or 2 whilst saving hard and you will be ready to purchase something in time.

Otherwise, stealing medicine from the hospital and selling on black market could be quicker, but it might not end well...maybe forget that bit.

 

Nurses are in demand! Do casual shifts at a number of hospitals and pick all the good shifts with best penalty rates. Eg 12 night hospitals on weekends and public holidays

You can earn great money as a nurse no point looking to other industries!

You could even pack up and do rural and remote so they pay for your accomm and travel etc. Check out cq nurse

 

This is definitely the hardest part, it is no fun savings lets face it. How did I do it? Lived at home, and saved 95% of my wage for 14 months, now not everyone can do this, but I'm really thankful I did.

 

Might be stating the obvious but do you have any equity in a primary residence that you already own? Can be accessed as a deposit for future purchases...

 

Do you get to salary package? If you're not currently doing it, check if available - you could be saving tax.

 

What would you package?

 

Agreed, as this would lower your loan serviceability and a silly move to make.

 

Weekend shifts, double shifts, overtime, casual pool in other hospitals. Work your ass off and save, save, save. I know quite a few nurses, Drs, psychologists and even enrolled nurses who did this for a time and managed to build a large asset base relatively quickly. Will take a lot of effort and sacrifice but its 100% doable if it's what you want.

Parallel to that, learn like mad the basics to investing, via books, internet, forum etc. Learn what to avoid, how to build a useful team, growth drivers, strategies, Due Diligence, negotiations, Market cycles, etc. So when you're ready to purchase, you will be formidable.

 

oops - of course I meant expenses Leo

 

Just messin with ya

 

I know but I'm too late to edit so its there for posterity

 

Hi @Charmaine , welcome to PC. I am a nurses as well. Worked in a public hospital for a short while, and realized that I was going nowhere, so changed career.

Nurses are on good (not bad) income. Overtime could boost your income heaps, which increase your borrowing power. Reading the forum as much as you can (maybe 2-3 hrs a day) which will give great knowledge, reading books to get the basic ideas of property investing, you could also use buyer's agent to hold you hand for the first one. Once you have good knowledge and confidences, you could go solo.

 

Anything. Staff in public hospitals have a special allowance they can sacrifice $9,000 per year - it could be rent (or mortgage if you own), utility bills, any bills really.

Also, separately they can do up to $2,500 for meal entertainment - eating out at restaurants or café tax free!

 

But she's looking to build savings now, not get a loan, so I think the silly move would be to miss out on the special tax savings benefits nurses get - on expenses she is likely already incurring.

 

Im sure with some overtime a nurse will earn over 100k a year working in a public hospital maybe even more for Senior Nurses

The times i have been in hospital in Darlinghurst Sacred Heart the nurses dont seem to have such a great job and is physically demanding making beds , rushing around, people spitting and vomiting in buckets , washing people etc, doesnt seem easy to me but mentally and physically demsnding and a strong strong stomach

Seems you will get fit very quickly especially working the day shifts

But having said that you will get a job anywhere and never been unemployed

Work overtime, work the best paying shifts , sundays , public holidays etc, night shifts

 

Forget the piddley tax savings and"benefits" pull your finger out and show up! If you have a few years experience and skills you can earn serious coin