Sunday, 21 January 2018

Young people on a limited income wanting to get into property investing Nathan Birch

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Nathan Birch: Good day guys, its Nathan Birch here from binvested.com.au and today I'm here to talk to you about questions and answers that have been asking from our Facebook page. If you haven't subscribed to the Facebook page that link's below. You might be wondering what is Binvested and what do we do? Basically, here as a group of investors that helps other people, help educate people in a no BS approach. Just like, hey, you can actually build a property portfolio, become financially independent and be able to go tell your boss where to go sooner. So, with that, today I'm answering a question from Ed Hodge. The question is: "Hi Nathan. My question is for young people with limited capital and a low income that want to get started. It seems like a lifetime away before I'll actually be able to have a deposit saved up for an investment property and the banks aren't going to favor lending to a 19 year old with no asset. If you could provide me with some guidance in this area, this would be much appreciated.

Nathan Birch: Well Ed, we've got a problem there and you've got the problem and the problem is that it's your mindset, mate. It's from my side I bought my first property when I was 18 year old and it's something that i never had a big income. My income at the time was like $35,000 a year. I think that the issue you might have here, I'll say it just in a very jovial and fun way is mindset thing. Don't think that the banks won’t lend you money to purchase a property and realize you dreams. The average lenders out there will lend to you. The main thing is that you've got a good lender behind you whether a bank manager or a finance manager at a bank or whether it a good mortgage broker that will be able to help you get that loan.

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