How I’m Saving My First Deposit (My Journey)

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? Book a Free Property Strategy Session - https://onproperty.com/strategy 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= Recommended Videos: I Lost Thousands in Cryptocurrency…Here's What I Learned How I Paid Off $100,000 of Debt in 2.5 Years Financially Free at 32…Again 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. I think if a bank was willing to lend a 16 year old $80,000 or $90,000, in order to buy a house, then I would have gone ahead and done that then and purchased a property in Lythgoe, what, 15 years ago, no, 17 years ago now. And we'll probably I don't know if I'd still own that property today. But that would have been the start of my journey. So that didn't happen. I wasn't able to borrow money. And then in my late teens, early 20s, when I was thinking about what career do I want to pursue, I knew that I wanted to be an entrepreneur, I knew I wanted to make money online. So again, I continued to work, just casually just part time while I tried to build up my business and make this dream a reality of working full time online. So again, my service ability suffered. I also had met an amazing partner, we decided to get married. And so around that time, the deposit that I had saved, got used for things like just living expenses, going on holidays, doing fun things. I gave some of that money away as well, a big chunk of that I actually gave to a cause that I believed in at the time. And so quickly that deposit went from existing in my bank account to not existing to the point where when we got engaged, I actually had to sell laptops and basically sell everything that I own in order to afford the engagement ring to present to who would become my wife so that was first deposit Sade and first deposit gone and then we started married life in a fair amount of debt because we went on a trip to Thailand, we both had credit cards that were given to us by the banks because we're earning okay money and those credit cards quickly filled up as you do when you're not a good money manager. And when you're young so went into marriage with Probably around 10 to $20,000 worth of credit card debt because of this holiday, and previous credit card debts that were combined together, so not after the best, that's for sure. And I was working online trying to build up my business, doing some freelance writing, not making much money. It wasn't until I got a full time job, then moved into a pharmaceutical company, got an internal promotion and started working as a pharmaceutical rep that I started, well, we paid off that debt and saved our second deposit. So that job was really cool because it was 6040 in terms of salary and commissions. So 40% of my salary was in Commission's that were paid once a quarter. So what that meant was that we lived off the 60%. And we got by on the 60%. And if I hit my targets and got my commissions, which I did most quarters, that money would go towards paying off debt, and then go towards saving a deposit. And so what we had done is we paid off and cleared all of our debt, we had started saving a deposit, we were one commission away from a deposit, which I would get paid later. And so we were basically there, right, we had started looking at properties on the Central Coast, which is where we lived stuff around the early $200,000. Mark was the pricing at the time. And so we didn't need a huge amount of money in order to get into the market. And that was when I quit my job and went full time online. I had always wanted to live in Queensland, but my wife at the time, didn't want to move that far away from family, we had already moved up to the central coast, so two hours out of Sydney. And we were living up there. So we can still drive back and see family. We went on a holiday to the Gold Coast with the kids. And then she was like, Okay, I'm ready to move up here. But my condition is that you get a job up here before we move. So I actually did a bunch of interviews, and I did secure a job in marketing in Brisbane, that would have been a similar income to what I was on as a pharmaceutical rep. But what I really felt in my heart was that I wanted to go full time online, I'd built up my side business to be earning around 500 to $1,000 a month. And I felt like with full time dedication, I can make this happen. And we have this savings, we have this deposit, let's actually give this a go. So I quit the high paying six figure job to go full time on a business that was making 500 to $1,000 per month like that was absolutely crazy. And I'm pretty sure that was October 2013. So that was around eight years ago of the time of recording this. And so what happened was we we moved up to Queensland, we did it, I went full time on my business, I got some government support. But the savings that we had got spent on living and getting by my wife at the time, she worked a part time job in order to give us some money as well. And so those two years, those first two years were really rough, because I wasn't earning a lot of money, she wasn't earning a lot of money. And the business was only just starting to grow. And I think back then I didn't realize how the business grows over time and the delay of 12 months to two years before you start making good money. So in hindsight, with the experience I have now I probably could have approached that differently. But regardless, those two years were tough. And it was really in the second year, or the end of the second year that things started to take off. And that I was actually able to start making good money again. And I actually became financially free through my business when I was 28. So five years ago now though the first few years were a massive struggle, then it started getting good. And by year three or four, the business was actually earning enough money by itself that I didn't need to work. And at that point, we could have saved a deposit. We were on the Gold Coast, we'd been there for around three, three and a half years. But we were both just miserable at the time. And so it's like, okay, we know that we can save a deposit and actually purchase an investment property or purchase a home to live in on the Gold Coast. financially speaking, that would probably be the best decision to make at the time. And we did think about that and talk about that. But we also reflected on our lives and our community on the Gold Coast and thought we're just both really unhappy right now. And we looked at the other people around us who you know,