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Andrew Morello: Getting Started in Property

In this article:

An excerpt from Andrew Morello's eBook The Morello Matrix: your guide to property investment. Andrew, the winner of the first series of Celebrity Apprentice Australia, provides his comprehensive personal approach to buying real estate and building a property portfolio.

To get your free copy of the full Morello Matrix eBook visit www.ybr.com.au/morellomatrix

Start with a Plan

  • Save for a deposit: The first step is to get a deposit, usually 5-10 percent of the purchase price plus costs.
  • Map it out: Establish what you want to buy, the likely cost of it, and how much your lender will require as a deposit.
  • Do your homework: find out the actual amount you will need for stamp duty and conveyancing fees.
  • Set a deadline on your goal of saving this money.
  • Accept it will take some sacrifice.

Take the first step

Ways to Save

  • Live with mum and dad while you save the deposit.
  • Make a budget and stick to it.
  • Use a high-interest savings account or managed fund that is separated from your daily account.
  • Cut out luxuries and bank the savings, such as coffees, eating out and exotic beers or wines.
  • Get a second job, and save all the income from that job.
  • The golden rule is to pay yourself first, direct from employer into an account that doesn’t have a plastic card attached.
  • Look for overtime, do the worst shifts, then bank the extra pay.
  • Pay a regular amount into your savings, which you don’t have easy access to.

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