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I became interested in property investing when I was 18 after attending a property workshop one day at work. I read a lot of books on the subject, came across The Investors Club, and went along to a few meetings.
I wanted to take the next step but getting started seemed so hard at a young age. All the meetings seemed to focus on older people who already owned their own home with some established equity. I was young and had no assets whatsoever.
Four years passed and I managed to save $12,000 but it wasn’t enough for a deposit, let alone the purchasing costs on top of that. I was almost going to give up and wait until I was older and had a better-paying job until, at one Investors Club meeting, my Support Member suggested I used some equity my mother had available to get me started. I told mum about it and she was happy to help me out. We went along to see Club Loans who set everything up.
Mum accessed some of the equity built up in her house by taking out a line of credit which I then used as my 20% deposit. I paid the ongoing interest costs on the line of credit as well as the interest on the other 80% that I borrowed. I used my $12,000 savings to pay for the purchasing costs.
For $245,000 I bought a two storey, three bedroom townhouse in a complex with a pool, tennis court and on-site manager. I was so happy and grateful that my mum was able to help me get started, and couldn’t thank her enough.
Nine months later I had the property revalued and was able to draw down on the equity that had built up and pay mum back in full. I can’t wait to keep acquiring high-growth property and gearing into more and more. I am looking forward to my second purchase within the next 12 months and want to take advantage of the property boom expected on the east coast. Now 23, retiring at age 35 is a very achievable goal for me.
Any young people reading this, you too can start investing at an early age; you just need the knowledge and the determination to be able to achieve it.
Good luck.
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