Lateral thinking investing strategies and sacrifice
According to some, it’s not a good time to get started in property investing. The economy is shaky, and our capital city property prices are certainly not booming.
The good news is that if you are determined, and prepared to put in the hard work, it is possible to acquire your own bit of Australian real estate. With interest rates lower than ever before, there is literally no easier time to get into property investing.
But to be frank, buying real estate is nothing like buying a shirt or dress. It’s probably going to be the most expensive thing you will ever buy, so you need expect to make some sacrifices and allow time to save at least $30,000.
And you need to use the currently uncertainty to your advantage. Because in 2-3 years time you will have still made tens of thousands of dollars if you buy correctly right now.
Here are 5 ways to hop onto the market sooner rather than later!
1) Family equity loans – find a family member who is prepared to harvest some of their property equity to help you out
2) Rent-vesting – Live in a better suburb, for a fraction of the cost, by renting. And use your serviceability to instead purchase an investment property. This is called good debt. Trust me, the maths works in the favour of your ultimate wealth creation
3) Relocation – If it’s too expensive to live in Sydney or Melbourne, pack up stumps and move somewhere more affordable. This allows faster saving and you are able to get into the investing game much faster
4) Combined resources – While logistic and legal matters need to be ironed out, you can join forces with a joint venture partner to split the deposit or the loan
5) Earn more and save more – There’s a saying, “If it’s to be it’s up to me”. Find another job, side hustle, or even strive towards a promotion. It will pay you back in the long term
90% of the world’s millionaires made their first million through real estate.
It’s always been solid wealth creation vehicle and always will be..
.. IF you are educated.