How would you navigate a late start on a low income?

I totally agree with my wise friend @wylie. Mr Angel and I bought the cheapest house in the greater Brisbane area in 1980, and by the end of the same year it had doubled in value. That was part-way through a boom year. With two of us sharing the costs, we paid off that mortgage in eight years then had enough for a 40% deposit on the home we still live in today, in a desirable suburb much closer to the CBD than our first house. I am guessing that first place would be worth about $400k today, unless the owner knows anyone can now build a medium density high-rise on it quite close to the Petrie Mill Development.

 

Why most joint ventures and money partner arrangements do not end up well. I have built up a property portfolio and am very close to borrowing ceiling. I am considering becoming a money partner in some development projects. i.e. I provide deposit and other partner(s) use their borrowing capacity.

 

I was in a similar financial position many years ago.I bought a property. Leverage and patience. Understand everyone’s situation is different, for me personally I wouldn’t have accumulated as much if I went for shares first. It’s really hard to make $1m in 5 years with a 20% investment, maybe others here have experienced otherwise. It can be done with property relatively effortlessly once you’ve bought it, with a bit of luck and a boom in the property cycle. You may not be playing with those numbers now, but once you own one you are well on your way.

 

Free from the public library (can request online) never buy books!

 

Meeds..great advice here..You talk about risk..it's not really if you do your homework properly..Buy the book (great investment) ...Have you got a hobby or a talent, or a interest you can capitalise on as a second job..A second job is easier if it's something you like...Selling something online??? Have a think about that...starting on EBay etc. online selling is really taking off finally. Anyway...You should be able to find a unit with a very low Body Corporate, in Brisbane. Just think it's easier to start off small & affordable, something you can reno, in about 2 years after letting tenants help pay it off ...but with minimal stress as no garden to maintain etc. Then after doing this a few times you might be able to afford a house more easliy... The advice is right about being so careful with the amount of times someone checks yr borrowing ability...there is online comparison sites where you can check it yrself without the chance. You can do it!! 1st step should be good clear advice like the Barefoot Investors ...then make a plan..little biteable chunks

 

If I were you I would focus on getting an education of some sort and a higher paying job first.

 

Purchase your own copies of investment books, such as Barefoot Investor, so that you can highlight all the bits that jump out at you and you can scribble notes in the margins.

 

You don’t have to move back within 6 years for the rule to apply but there are some potential benefits if you do.

Look up @Terry_w tax tips on this one.

 

Yes it can - but if you don’t, the first 6 years still applies, ie you don’t lose it.