- 23 September 2017
First Home Myth
This week I thought I would reach out to Jake Sewell and get his opinion about first home buyers struggling to get into the property market. It's all over the news and it's a myth. Who better to ask than the Young Investors Club President. He is helping young investors every day take the next step and buy their first Property - Kevin Young
I'm writing to dispel the myth that it is impossible for the first home buyer to get into the market. I can honestly say especially for those living in QLD that it has never been easier! The media talk about 20% deposits on million dollar properties and of course, this is not achievable. The first time buyer leaving mum and dad's mansion (which they have spent their whole lives paying off) want that 'dream property' first up. Time for a reality check and the realisation that one must work up to this and therefore reset expectations.
My wife and I realised this and only just bought our 'dream home' after first having 4 investment properties. The equity increase in these 4 properties allowed us to then have the 20% deposit for the 'dream house'. But with this equity also buy more good debt investment properties. And we didn't need all 4 to grow in equity to do this, only 1 in fact.
I have helped many young people into their first property here in QLD for less than 10k! By utilising government incentives and basically getting their first property for free, they have been able to get property number two straight away after moving out of property number 1. Now they have two assets growing in value whilst reducing their tax. As they get older and advance and upskill to higher paying jobs, it becomes easier to save for that deposit. Along with this, they have the two investment properties increasing in value creating equity for that next purchase also. That is the power of property!
Buying that first property is not that hard, reading between all the negativity and mistruths in the media is. Property Club knows that and that's why we are here to help.
Jake Sewell - YIC President
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