Finance advice
Sam Saggers

5 ways to buy property on a modest income

By Sam Saggers

Having a low income does not automatically exclude you from investing in property, you simply need to be diligent with your finance and perhaps be a little bit creative as well.

Blogger: Sam Saggers, CEO, Positive Real Estate

Having a low income does not automatically exclude you from investing in property, you simply need to be diligent with your finance and perhaps be a little bit creative as well.

To begin the process, take stock of your particular situation.

● How much debt am I in? The hard truth about living on a lower income is the need to be debt free. You want to have the maximum amount of money possible to put towards your financial future.
● What level of risk am I willing to accept?
● Am I living beyond my means?
● What am I willing to sacrifice to do this?

The following strategies work well for many individuals, including those on lower incomes:

Off The Plan
Using time to your advantage, you put the power of capital growth at your disposal because you buy a property at today’s prices and obtain financing at tomorrow’s value. This means that part of perhaps even all of your deposit is recovered when you settle.

This strategy is not without its risks, however when you buy in the right growth location and allow enough time for values to increase it can be a great way to get into the property market if your funds are limited.

Joint Venture
I’ve always said I’d rather have a “little bit” of something than a “whole lot” of nothing!

A joint venture can be a fantastic way to get into the property market if done correctly. The idea is to get a financial partner who can help sponsor the purchasing costs and then you each take a share in the profits.

A vital part of every joint venture is the agreement. Everyone needs to understand their role in the plan; what they’re expected to do and by when, and what will happen when a) things don’t go as planned and b) things do go as planned!

Tap into Equity
If you’re already a homeowner you may already have money sitting around that you’ve not considered...equity.

Tap into your home’s equity and use it towards the purchase of an investment property.

You can do this through a mortgage redraw or offset account and/or refinancing to obtain a lump sum or line of credit.

Option Agreements
An option agreement works best when you have a distressed seller who has been unable to sell his property.

With an option agreement, the vendor and the buyer agree to a specified amount of money for a deposit, together with the right to purchase the property at a specific date.

The idea is to buy a property at a discount, do cosmetic improvements, sell your interest at the higher valuation amount and then pocket the difference.

Note that the buyer has the “right”, but NOT the “obligation” to purchase the property. If the buyer purchases the property, then the deposit will go towards the purchase.

Should the buyer choose to not purchase the property, the seller keeps the deposit.

Long Settlement
This is a plan similar to an off-the-plan strategy.

The property must be located in a strong growth market in order for this to be feasible because you’re betting on the increase in value to help fund the purchase of the property.

While risky, this can be a way to get into the market by using the power of capital growth.

When the market is right you can add a cosmetic renovation to this strategy to help boost value even more.

Other Strategies
Financing strategies such as vendor financing, low deposit loans and even cross-collateralising with a relative can help you get on the property ladder.
Let’s just say that for every potential problem you might face when trying to buy property on a modest income there is a possible solution to help you overcome it.

Read more: 

Why paying off your home with your salary is a waste of time

4 ways to find a bargain property

How to understand property data

How to start investing without a plan

5 things that annoy your tenants

Increasing the rent for your investment property

NEWSLETTER
Be the first to hear the latest property investment insights
 

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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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

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!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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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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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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    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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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!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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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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Getting finance approved in this tightening lending environment

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