Here is my story of how I got started in the property market at the age of 24.

I purchased my first property in 1993 for $82,500. Interest rates in Australia had come off highs of 17% in 1989 and 16% in 1990. There was still a lot of fear in the market and property prices were not moving.

My parents were not supportive of paying rent. They did not agree with paying off somebody else’s investment property, if I could pay off my own and get started in the property market.

Whilst at university I also worked the equivalent of full-time hours between two casual jobs. Working full-time hours whilst living at home and acquiring no personal debt enabled me to save the required deposit.

The property was a new two-bedroom unit in a small complex of seven units in a location destined for capital growth due to extensive plans for development.

However, property prices were not moving in the 1990’s. I was young and excited to be in the property market. I wanted to see the value of my property growing. I wanted to build equity in the property. Given that property prices were not moving, the only way I knew to build equity was to pay off the loan.

So that was the plan … focus hard on paying off the loan.

In 1996, I moved to Queensland with a girlfriend.

The property market was still not moving and it took over 12 months plus three collapsed contracts before the property sold. The property sold for $84,500 … only $2,000 more than I had paid for it in 1993.

However, between 1993 and 1996 I was heavily focused on paying down the loan. I may not have achieved equity in the property through capital growth, but I had achieved it by paying down the loan.

I purchased a four-bedroom home in Queensland for $165,000. On the sale of the two-bedroom unit, I had a $55,000 deposit for the property in Queensland. This had been achieved not by the capital growth of the two-bedroom unit, but by applying good money management Silagra skills and staying focused on paying down the home loan. I created my own equity rather than waiting for the market to grow.

Property prices still did not move for a number of years, however they did eventually. I suddenly had more equity available and was able to really start on my property investment journey.

Our long-term property investing strategy has evolved into one of buy and hold. With the power of hindsight, I would not have sold the two-bedroom unit. It was a good property in the right location, which has consequently boomed and at least tripled in value. Subsequent education and experience has taught me how I could have held both properties.

Author Bio: Suzie Crawford works with people who are tired of working for others and want expert guidance on how to make money through property. Register here for free 8-week online Training Program PLUS receive bonuses to the value of $162. http://www.youcan.com.au

Category: Inspirational/Motivational
Keywords: investment properties,property investor,invest property,investments property,create wealth,creating wealth