Just because you have a limited budget doesn't mean you can't go into property investment. You could do it with the right approach and focus. In fact, you'll have an advantage by having a small budget. For one, you'll likely be more careful with your buying decisions compared to people with serious amounts of money. But let's not delay anymore. Move on to the next paragraph for our tips.
Like everyone else in the market, you have to start somewhere. You should begin by saving money every week to build up your funds to invest. Ten dollars a week should be a good starting point. Don't worry about starting small though, as the money you save builds up over time.
You don't need to buy a mansion to start out. A small apartment will usually do. What's important is that you make your budget really work for you by choosing an ideal location and working hard to get the right tenants in. Focus on that first property because it will have a huge effect on whether or not you could move up the investment ladder.
If you're starting small, don't expect to gobble up properties immediately after your first investment. It doesn't work that way. Rather, take a long-term strategy in your investment. It's better to have a steady stream of income rather than make large yet sporadic profits. Once your first property is running like a well-oiled machine, move on to your next one. Rinse and repeat. Before you know it, you've grown your business to several properties already. Sure, it will take time to get you to that point, but it will all be worth it in the end.
You could also consider going into joint ventures. This increases your buying power while you're starting out and also minimizes your risk when you already own several properties.
All it takes is a focused and strategic approach to get you started with property investments. You don't need a lot of money--you only need to be smart with the money you already have.
Need a home loan for your property investment? Contact our Rate Detectives today. They will provide you with everything you need to make the right decision, including a rate comparison of Australia's top lenders. Start investing right by consulting the experts.