Melissa works in the advertising industry and has a love for family, fashion, and property. Her passion for learning and success is strong. This tenacious young woman is on her way now - watch out world!
3 Key Things to Live By when starting out in the Property Business.
I bought my first investment property just a week short of turning 20. A lot of people ask me how on earth did I get into the property business so young but it's been a lot of hard work. In the years leading up to my first purchase, I lived my life by three simple ideas to help keep me on track to achieving my goal.
- Save Save Save.
I made the commitment to my savings very early on by deciding to begin funneling nearly all of my work money directly into my savings account as soon as payday hit. I'd leave around $50 per week to help pay any bills and to have as minimal spending money.
The key here is to find small ways of saving as this can add up immensely over time. For example, I'd try to always make lunch at home for work instead of buying out, saving more than $10 a day. I also saved thousands by choosing to live at home rather than renting. If I did need to splurge and treat myself with a purchase, I was always sure to wait until there was a sale on so that I could best maximise my savings. You just have to be a little creative and the results will definitely speak for themselves.
One thing that I have definitely learned during this journey is that you absolutely have to maintain motivation and faith that you will reach your goal. There were many a night where I would feel disastrous about the whole thing, feeling as if my goals were leagues and leagues away from me and as if the whole thing was just a waste of my time. There were days where I got so close to securing properties, only to have them fall through because someone else put in a deposit only hours before mine.
When trying to enter the property market so many issues can come up, whether they be because of the loan, because of your savings or even because of your competition. You've got to stay vigilant and positive and keep pushing forward through the doubt. Create a good support network, always have back up options and always persevere.The road to success is paved with obstacles at first but the more time you devote to it, you better you get at navigating them.
Research always pays off. Buying your first investment property is not an overnight job. It requires hours of self-education and investment in knowledge. I personally spent so much time on real estate, com comparing house prices in different suburbs and looking up insights to try and get the highest percentage of positive growth and cash flow. I immersed myself in Money Magazine every month as well, learning the tricks of the trade from others who have already achieved what I wanted to. It's not a lot of effort to do these things for a few minutes each day but over the space of a few months, you'll surprise yourself with how much you've really learned.
If you're just starting out and find this all very overwhelming, I would very much recommend attending one of Jo's Property Women talks as I found this immensely helpful as a starter as it just provides you with all the information you need to stay on track and gives you access to unbiased information about the property business. You can try and attend local property talks in your area but these are usually hosted by companies trying to sell your property so be wary and go just for the information. Stay smart, stay hungry, never stop learning.