Finance advice
Sam Saggers

7 tips for investing on a small income

By Sam Saggers

Investing in property isn't just for big earners and high rollers. Here's how you can buy multiple properties even if you don't earn much money. 

Blogger: Sam Saggers, CEO, Positive Real Estate

A corollary of Parkinson’s Law states “expenditures rise to meet income”.

Have you ever been a victim of this law?

You have if every raise you get is quickly swallowed up in your spending. Soon you reach the point where you can’t imagine ever living on less...even though you did once!

That’s why keeping a budget is so paramount to your success. Yes, those individuals with larger incomes should budget too. However, as someone with less cash at your disposal you’ve got to be really creative and disciplined to make the most of every dollar that comes your way.

Don’t let anyone tell you (including yourself) that you don’t make enough money to invest.

You can invest on a small income. Here’s how to get started:

1. To begin with, exercise patience. It will take time to build up your nest egg. It can be done with persistent, sustained effort. Remember that investing is a long-term strategy - no matter what size your income.

2. Establish a pattern of saving weekly. Whether it’s $25, $50 or $500, consistently put money into an interest bearing savings account.

Lenders will want to see that you’re a steady saver.

3. Start small by buying an investment well within your budget. However, don’t buy ONLY because you can afford it. You’ve got to have a strategy first. In other words, what are you going to do with the property?

4. Combine resources with other investors - preferably investors who have experience with both property investing and joint venture schemes - and buy through a joint venture.

The following factors should be part of the agreement:
● A sinking fund to cover vacancies, repairs and strata fees.
● Who is responsible for what.
● How insurances, taxes and depreciation will be managed.
● How long the property will be held and what will be done with it, including percentages of ownership.
● What to do if someone wants to leave the JV agreement.
● How it will be managed - property manager or one of the partners.
Part ownership is much better than NO ownership at all!

5. If you currently own a home, you can tap into your equity to obtain the capital you need to buy an investment property.

As cash flow will be a concern, don’t opt for negatively geared properties. Find something that will be cash flow positive from the start - before taxes.

6. Unless you are able to put 20 per cent down you’ll be required to carry LMI (lender’s mortgage insurance), which can significantly add to your repayment costs. Be sure to include these costs when calculating what you can afford.

7. Buy an off-the-plan purchase, bought at the early construction stage, using special considerations such as a first homeowner grant. Obviously you’ll have to take possession as a homeowner but after a period of time you can turn it into an investment property and rent or buy another property.

Read more: 

Nation's best property experts uncovered 

What do stock market conditions mean for property investment? 

5 common mortgage mistakes

How you can outplay the market 

6 reasons to fire your property manager 

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About the Blogger

Sam Saggers

Sam Saggers

Sam Saggers is the CEO of Positive Real Estate, one of Australia's leading property investment and educational companies and highly sought-after buyers agencies. As a licensed real estate agent in every state of Australia, Sam's passion is assisting people to invest successfully in the Australian property market. He has personally brokered over 1,600 property deals in his fifteen-year career and has helped to educate more than 5,000 people in real estate principles through Positive Real Estate. Sam is the co-author of Think and Grow Rich In Property by Stuart Zadel and How to be in Debt for Millions and Be Happy About itand is currently in the process of writing another book on investing in property in Australia. Sam Saggers is also a keynote speaker on real estate and has recently founded the Property Wholesales Co-operative.

FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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      More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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