Quote:
Originally Posted by nuthin' fancy
I'm in property finance in Geelong and the key is to focus on what you can do.
Subject to adequate income and I can get you into a 2 bedroom unit (not in an ex-housing commission area) at a purchase price of $250,000 with a $19,000 all up contribution. The $19,000 doesn't need to be savings, it can be a gift. If you can afford it, you can even put the deposit on a credit card.
Get in, spend 3 years paying the debt down as quickly as you can.
At the end of that time, if you have paid everything off except your mortgage and you have seen a 10% increase in the value of your property, you can buy another one and rent the existing one out.
You are off and running then.
For sure you won't start with a great house in the perfect street, but you'll get a start.
My first house was on a busy street next to a car yard and down wind from a stink pipe.
Focus on what you can do, not on how hard it is to get everything you want right now.
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Not long ago we sold up a rental property in Sydney to buy property on the mid north coast. The property fell through and now we are stuck as to where to invest. Its a huge decision whether to invest or wait it out so that we can get what we are actually looking for. Few and far between atm though.