How I’m Saving My First Deposit (My Journey‪)‬ On Property Podcast

https://www.youtube.com/watch?v=T10DA4fZUO8

















I might be able to buy my first investment property in the next couple of months. I am finally saving my first house deposit.







It has been a long journey and this episode I want to take you on a journey of the property deposits I have saved in the past. But why didn't I buy property in the past and what am I doing to save my deposit today?







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0:00 - Introduction1:33 - Where I'm at now2:22 - My 1st Deposit (Age 16)5:21 - My 2nd Deposit (Age 25)8:47 - My 3rd Deposit (Age 28)12:05 - My 4th Deposit (Age 31)18:58 - Getting Out of Debt21:55 - Saving My 5th Deposit23:39 - Do I Regret Not Buying Property In The Past?25:00 - It's Never Too Late To Get Into Property26:30 - Building a Large Portfolio27:32 - Property strategy session=







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Transcription







Ryan 0:00I might actually be able to buy a property my first investment property in just a couple of months, which is super exciting. I am finally saving my first house deposit. This is not the first deposit that I've saved, but Fingers crossed, this will be the one that will actually get me my first property. It is absolutely amazing what a difference a couple of years can make. In this episode, I want to take you on the journey of the deposits that I've saved in the past which I've actually saved quite a few and never purchased property. why I did that? Do I regret it? Because, you know, I could have purchased property probably around 15 years ago, which obviously would have grown But why didn't I What happened? And then what am I doing to save my deposit today. So grab yourself a tea or coffee or water and settling because it is storytime This is my journey. This has been a long journey and an arduous journey. But hopefully this will encourage you to go out there and to say that, even if it doesn't happen overnight, if we have a plan, if we strategize if we work towards it, we can get there eventually. And we can have an amazing life along the way, which I actually think is more important than buying the properties. I think the most important thing is having the amazing life, you buy properties as an insurance policy to give you financial freedom to give you choices in order to do that. So now I'm saving my deposit probably got around about the 15 to $25,000 put aside for property, I'm looking at buying something around about 350 to $450,000, with maybe a five to 10% deposit. So I probably need anywhere from around 17 and a half 1000 up to $45,000 for a deposit plus stamp duty and closing costs. So you're looking at another what maybe 1015 $20,000 in order to save for those closing costs. So I'm actually not too far away from purchasing my first property, hopefully in a couple of months. But let's go back and look over my life and see what got me to this point. Why haven't I bought property yet? What sort of things have I done along the way? So my first deposit was saved before I was 18. So I remember going driving out to Lythgoe with my dad at age 16 I had around $20,000 in cash, looking at properties around about the $100,000. Mark. So you're looking at 10 to 15% deposit plus closing costs there. I had the money in order to do that. So looking at those properties. The thing that was difficult for me at that time, being so young, only having a part time job was just serviceability, right. I couldn't get a loan in order to purchase these properties. And that really held me back at that time.