By Karen Phelps
Your OE or pursuing your property investing? It’s a hard choice but fortunately one you don’t have to make. It is possible to invest in property while doing your OE. Could you picture yourself sunbathing on a beach in the Caribbean while investing in property? Or perhaps partying with other backpackers in Rio knowing you can return home and buy another house? It is possible and here’s how.
STEP ONE – save up a deposit for your first house
However you choose to do it this will mean putting in a few hard yards. And it may surprise you to know that you don’t need an amazingly high paying job – you just need to know how to budget and make smart choices. For example do you really have to rent a room/house in Remuera or Ponsonby? Could you live a bit further out where rents are cheaper? Can you car pool? Can you cook rather than eating out all the time? There are all sorts of ways you can save which over time will equal a nice first deposit.
STEP TWO – feel the fear and do it anyway
As a newbie investor you will no doubt be terrified of making that first purchase. Don’t worry – we’ve all been there. And there’s always a reason not to buy. Perhaps you think you will wait until you meet that special person, until you’ve saved a bit more money, until…you get the picture. Think like that and you’ll end up an old person living with fifty cats in a council flat in Clendon. Do your research, investigate the market, go to property seminars and read books then bite the bullet...
