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1st investment property please help

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Emily | 07 Sep 2013, 04:35 PM Agree 0
My name is Emily im 22 years old and want to buy my 1st investment property. I already own a house outright from inheritence money. I am stuck as where to begin. What are my first steps? Im from victoria but currently living in wa. Do i need to save money for a deposit or could i use equity from my house i already have ? I have owned the house my mum is living in for 12 years now. Who are the best people to talk to ? Im trying to save some money now and am very eager to get started on all this asap. please help,

  • Eos Property | 08 Sep 2013, 11:11 AM Agree 0
    Hi Emily,

    Banks will look at you from two angles when determining whether or not they will lend you some money - one is the amount of deposit/security (equity) you have and the other is how much you earn.

    Given you have lots of equity in your inherited property it does mean you are probably in a position to start investing. You also need to have a 'suitable' income to service any money you borrow.

    Having said that if I was advising you I would like to see some sort of cash management strategy in place so you can show me you have money management under control. It is one thing to borrow money - it is another to manage it.

    I can recommend a pretty good Perth broker for you to speak to if you like. I always suggest a broker over a bank as brokers can often see a bigger picture not always evident to a bank.

    Finally - a small word of caution - you do have plenty of time to start, and succeed, in property. I say this because being 'very eager to get started' is not required.

    Try and surround yourself with people you trust and can relate to. Often I find these sorts of people are outside of your immediate family and friends.

    Happy to chat.
  • E | 08 Sep 2013, 08:11 PM Agree 0
    I have a full time job at the moment and im contracted for 1 year so i have a steady income. I have some savings in a term deposit and also have some savings in my bank account. Ive been searching for people to seek advise from, ill keep asking around. That would be great to get the brokers number thanks
  • Eos Property | 08 Sep 2013, 09:50 PM Agree 0
    Hi Emily,

    I use a company called Crystal Finance (the are based in Canningvale - T: 94553072). Mark is great for initial stuff (knows his stuff) and has great customer skills. Brad is great for strategy.

    Hope this helps.
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