the great housing debate, my story..., page-46

Shawnofc.. it certainly has become difficult to get a substantial size deposit together to secure your first property when the banks keep moving the target. I remember when I did it, I managed to pull $20K together from selling my car and also I had some cash. At the time it was a sacrifice, but one which was possible and I considered worthwhile.

I purchased a block of land for $145K which within the year was valued at around $205K. This then allowed me to borrow 90%LVR equity out of this to purchase the next property which was priced in the low 5's (south side Brisbane)...and so on.

I think its key to explore all options when buying your first property.. can you go into the investment with someone else? can you live at home and rent your first property and treat it as an investment? Is there someone you wouldn't live, but others would you can invest in? Have you considered commercial property or even rural (not that im recommending this).

Its key to think outside the box here.. those who do are more then likely going to be the ones who make it..

Good luck

Regards
Kevi