Once you've decided where you are now and where you want to be in the future, you need to think about how you are going to get there and in what time frame.
There are a number of different ways to make money from property, and only some of them are applicable if you are on a low income. They vary depending on your situation.
In essense, the main techniques for making money from property on a low income are:
- Sharing your current house, or taking in boarders
- Renovating to sell
- Building to sell
- Renting out a house for income
- And last but not least, subdivision.
All of these can be done on a very low income, if they are approached correctly. Some of these techniques are more effective than others on a low income, and each technique is discussed in more depth on its own page.
However, investing in property costs money. If you have no money and no assets right now, you are not going to be able to continue. First, you will need to get your initial deposit together. If you already have assets or cash that you can use to get you started, either go straight to the technique you are most interested in from the list above, or just read on to our next topic - sharing your house.