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Investing on a low income - how you can grow your wealth with just a little cash

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Your Investment Property | 20 Jan 2015, 10:22 AM Agree 0
The single, silliest thing to believe about property investing is that you need a lot of money to do it.
  • EM | 20 Jan 2015, 04:00 PM Agree 1
    Soooo now where do I find a property for $65,000?
    • Daniel Cameron | 21 Jan 2015, 12:52 PM Agree 0
      I'm researching one for 17k ATM moment mate. I drove past it yesterday, i have only heard about it through word of mouth so far and don't know that much more about it. It looked pretty ratty and rundown and very small. I am seriously going to look into it some more because i think i could start to extend it out with brand new bedroom extensions or something like that. 65k is hard to find but they do come up!! I was amazed that someone would accept my offer of 7k via a simple text message for 1.2 acres and a three bedroom oldish weatherboard house, numerous sheds and trees and a council valuation that same year for $165k. I am spewing i made a mistake with another property last year where i was researching it (a very reasonable 3BR) i didn't send them the letter. I found out they sold it for 32k. This was the deal of the decade. I'm talking Country towns i know prices are much higher in larger town up the ladder and into the City. The most recent deal i missed out on indecent months was 99k.
    • Daniel Cameron | 21 Jan 2015, 12:54 PM Agree 0
      That 7k above was supposed to be 72k as in the YIP article. Sorry i typo!
  • | 20 Jan 2015, 04:34 PM Agree 0
    I've got $90,000 sitting in a bank account, an income of $46,000 per year and I still cant find get approval for a loan. Why? Apparently because I'm single, 53, and have 3 sources of income rather than 1, and not enough Super for their liking. Anyone got any great ideas???
    • Daniel Cameron | 21 Jan 2015, 12:34 PM Agree 1
      G'day mate! This is what i find really strange and i faced the same wall for a few years and my situation was worse then you. I once talked to a private lending institution i asked the bloke why i was getting knocked back everywhere, he said he was in the lending industry with ANZ for 30 years and that i would NEVER get a loan and would always hit a wall. A month later i had a loan approved somewhere else. As one bank manager said to me and this is a lesson i never forgot. Me to bank manager - "I asked Westpac for a loan for my first house and you never gave me one!?", Bank Managers reply, "That's because you didn't see me". The big lesson was you need to find the right business mind a good money manager. Could buy a house for 90k without a loan sometimes it about moving up the ladder and starting in leaser then desirable locations. Though you could be in the city and this is a little different. Go for a cheaper house say 250k and put a large deposit up perhaps. Reno over a year sell buy a better house working your way up. There is a way!!
  • Harry | 20 Jan 2015, 05:22 PM Agree 0
    Do Helens course Real wealth Australia and learn a little first cheers
    • Daniel Cameron | 21 Jan 2015, 12:22 PM Agree 0
      My take on this! I learnt from online in forums, watching you tubes and in the street really looking at deals where it's at. You could learn from courses. I was in a well known Australian based real estate educational course and after two failed deals and six months in after getting no results pulled myself out of the course. I'm a big believer in knowing a good bank manager and even a few over various banks and getting in the car and driving around and getting out of the car and looking at deals.
  • Harry | 20 Jan 2015, 05:25 PM Agree 0
    Great work. Shows when you think you can you can
    • Daniel Cameron (Jaffasoft) | 21 Jan 2015, 12:16 PM Agree 0
      Thanks Harry. The roads not easy! It's right if you think you can it's the first step to subconsciously training your mind to achieve whatever it is you want. If the first word (like often ppl use) is "CAN'T" then they have already talked themselves out of it. CAN'T = Can And Never Tried or Could And Not Trying. Next i CAN go on to JV's and sharing the successes with a JV Partner in buy/reno/sell where the good money is and break free off this pension.
  • Vin | 20 Jan 2015, 06:08 PM Agree 0
    I hope my parents can do the same, can anyone recommend a broker similar to Daniel's story? Thanks.
    • Daniel Cameron | 21 Jan 2015, 12:08 PM Agree 0
      I don't recommend mortgage brokers at all because i tried many and none could get a loan for me across the line. I also don't for instance just submit the standard application forms to say a young rookie in the bank just processes app forms. I get to know an older experience bank manager by going in and talking with them and getting to know them over a period of time. Brokers may suit the better off! I developed my own application with info in it which i believe helped me a lot also.
  • Bob | 21 Jan 2015, 07:37 AM Agree 0
    Australian hey? Interesting that he mentions a British breakfast cereal "Weetabix" that is generally difficult to find in AU.
    • Daniel Cameron | 21 Jan 2015, 11:59 AM Agree 0
      Good morning Bob, i've just finished my bowl of WheatBix. I visited the wheatbix factory where they are made at Corowa during my travels. I also ate Vegemight sandwiches with the cheese mentioned in the article and a multivitimum tablet, sometimes a Subway Salad roll or dropped into a pub for a counter meal and the occasional snag on the barby in a park.
  • | 22 Jan 2015, 10:42 PM Agree 0
    Thanks for all your thoughts Daniel. Much appreciated and I am inspired!
    • Daniel Cameron | 19 Mar 2015, 09:12 AM Agree 0
      Your inspired... that's good that means you have been motivated within yourself to want to achieve things in real estate. So what goals and plans have you put down? I started by going into a bank and opening a new savings account and setting a direct debit to start a savings plan. I had never saved a large amount before in my life so this was a completely different "out of my comfort zone" thing for me to do.
  • Robert | 17 Mar 2015, 06:18 PM Agree 0
    I like what you have shared Daniel, and luckily you find a good manager and help you a lot with your financial status of purchasing that house.
    • Daniel Cameron | 19 Mar 2015, 09:07 AM Agree 0
      Thanks for your comments Robert! A good property manager would be good do such things exist?
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