Sep 05 2023 20 mins 9
In today’s episode, I share my own personal property story, which includes my journey to becoming a buyer’s agent and how I first entered the market while earning $45,000 a year.
I share how in my mid-twenties, I began saving to buy a property while running my own business. Although I eventually decided to leave the business and go into real estate, I managed to save $70,000 towards a deposit while on a significantly lower income.
Although I was earning a pretty modest salary as a trainee buyer’s agent, I still had a strong motivation to become a property owner. Knowing that I would need a good strategy to achieve my goal, I approached my father to act as a parental guarantor. This meant that by leveraging his equity, I wouldn’t need to contribute a deposit. Thankfully he agreed, and I was able to purchase my first property in Newport, Victoria for $400,000.
While there were certain areas I desired to live in, I knew that I probably couldn’t afford to buy there any time soon. I talk about how I adopted the rentvesting strategy, which meant I could enter the property market and build equity without compromising my living preferences.
Once I received a pay increase at work, my mortgage broker encouraged me to look at buying another property. This led me to purchasing my second property in Seddon, Victoria for $380,000. I explain my strategy to avoid paying stamp duty and how this enabled me to undertake $25,000 worth of renovations.
Looking back at the early days of my property journey, there are definitely things I would do differently. I talk about the importance of engaging industry professionals to provide you with valuable insight and guidance as you embark on your own journey.
I hope my property story is a reminder that with determination, strategy and a clear vision, you too can build the life you want and achieve all of your property dreams.
LINKS:
Check out my FREE checklist 100 Things To Look Out For At Property Inspections here
Connect with Amy:
Website: www.thefirsthomeguidebook.com.au
Instagram: @the.first.home.guidebook
