How to get on the road to property investment if you haven’t much money

There is a saying along the lines of ‘making your first million dollars is the hardest part’; unless you’re lucky enough to win the lottery or inherit a million, this is absolutely true! It is hard when you start with nothing – but it’s not that hard, and you can do it if you really want to.

We’re not saying you’ll definitely make millions investing in property, (although we do know people who have!), but the chances are you’ll make a lot more than sticking it in the bank and hoping for a return on the interest.

So how do you get to start on the property investment road if you’ve not got an awful lot in your back pocket?

Here are some pointers to help you on your way:

Get advice

First and foremost, get advice from a trusted and qualified financial professional.

They will tell you exactly what you need to budget for, points you need to consider and what you need to do now to work towards your financial goals. The sooner you start working towards them, the sooner you’ll reach them.

Save today for a better financial position tomorrow

It may seem obvious, but look at ways in which you can save.

If you are renting, consider moving to a smaller or cheaper area to save on rental costs. Is house sitting an option?

Whether you are renting or own a property, the chances are you can reduce your outgoings. Do you really need Foxtel or all that data for your mobile phone? Forgo the takeaway coffee in the morning. If you manage to save $5/day, that’s an extra $1825 a year!

Work out how much realistically you can save each week and set up a direct debit into a savings account the day after your salary goes into your bank account; if the money’s not in your bank account, you won’t be tempted to spend it!

There are plenty of online resources around to help you track your spending or calculate a savings goal. The Government Money Smart website has some great resources to help you track your spending ( or calculate a savings goal (

If you’re getting disheartened, keep focusing on your long-term financial goals and the rewards you’ll get at the end.

Increase your income

Taking a second job may not be an option, so look at other ways to increase your income. For instance, consider taking in a boarder. In Newcastle, The University is always looking for families to take in young overseas students and you are paid well for them to board with you.

If you are creative, consider opening an etsy shop and sell your creations online – you never know, it might turn into a profitable little business!

Another way to boost your savings is to sell unwanted items online or hold a garage sale. As well as raising cash, you’ll also feel better with less clutter around the place. Make sure you put the money straight into a savings account so you’re not tempted to spend it!

Borrow against your own home

This will probably be your first port of call if you’re a home owner. Equity in your home can be used for a second mortgage, or you can increase your loan and use the additional cash as a deposit.

Speak to a financial specialist who can tell you what your options are and help you make an informed decision.

Invest with family and/or friends

Joint ownership is increasingly popular, but make sure you’re aware of the risks as well as the benefits.

Some relationships have turned sour if one party’s financial situation changes.

Ask a relative

If you do have a relative in a strong financial position, it might be worth asking if they will lend you some money….

Make sure you make the agreement professional – and don’t default on any payments! The last thing you want to do is cause a family rift.

Over our 40 plus years in business we’ve helped  thousands of people realise their financial dreams by suggesting innovative ways in which they can get into real estate.

And we’d like to help you too! Come on in for a chat or give us a call on 02 4956 9777!

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