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    Jay Chak
    • Total posts: 2

    Hi guys,

    My name is Jay, I am 24 years old and currently in my final year at University, studying Accounting.

    I will be quite frank… I have been working in finance from 19 years of age on a basic 55 income. Too be honest, I love to work… it is a part of who I am and I wrote up a small 2-3 year plan that I would love to go through (I am not from a business orientated family and therefore looking for all the help and advise I can get). Thank you in advance.

    What I would like to achieve

    – I am currently renting with a friend and am thinking of buying a 2 bedroom investment property (I do not wish to pay the mortgage right now, and I am not literally paying any rent at where I stay now).

    – I am planning on buying a property around the $280,000 mark and from where I am from, no rent is really under $320 for a two bedroom. Therefore, I will pay the excess amount required for the mortgage repayment per month.

    – Once the apartment is at positive gearing, I wish to take out $100,000 and invest it.

    Business Plan:

    I want to purchase something that has LESS risk. I am not wanting a HUGE return because I will be working full time.

    Hence, I came to the idea of buying an established convenience store for around $100-$110K budget. This way, hoping to have a full time job, and earn a little bit on the side from the business that could add up my income stream and allow further opportunities.


    Is this plan stupid? some people advised i do the business first then the apartment. But I need to at least have an apartment for certain family issues that MIGHT come up.

    And how much could I expect to make from a small store or business after investing $100-$120k per month?

    Thank you for your time


    • Total posts: 1,741

    Hi Jay,

    I think firstly you are trying to juggle too many things. with the convenience store, you may find it is slightly harder than simply buying it and dropping a manager in to run it. Most convenience stores are owner operator and they are still only just making ends meet. A business, especially in it’s earliest stages will not be a set and forget venture. It also sounds like you do not have the capital to invest in it unless you get the equity from your investment property.

    With your investment property, you would also know that it is not simply releasing equity – there is additional payments attached to it. So when you take out the additional $100k (bearing in mind our property market is still slowly recovering and you could be waiting 5+ years before this equity is available), you will be paying approx. $600+ per month for this money. Banks are also not always keen on lending for a new business. Unless your intention is to simply to sell the unit, the above is moot.

    I would choose one thing, based on your financial situation and focus on that. You can certainly find a business opportunity that can be run at arms length, but I would look for something a little less taxing than a convenience store.

    Just my opinion :)

    • Total posts: 155


    I agree with Agentmail!

    Unfortunately, running a business – even one which you only oversee, takes a great deal of time and effort and believe it or not, there are plenty of decisions only you can make.

    Not to mention if you do set up that way, you need to invest alot in finding the right person to run it through the day. It’s not usually the unscrupulous who destroy a business from the inside, it’s the mismanagement and lack of guidance from the top rung that has employees doing less than what is needed.

    It’s good to plan big. It’s great to be thinking about how you can set yourself up.

    I recommend you find a financial planner (not attached to a bank) who deals with wealth creation strategies and can help you to work through your goals and find the path you need to be on.

    Tony Manto
    • Total posts: 581

    I agree with the above post. If you want to run a small business or have extra income streams, you might look at vending machines. My understanding is they are already placed and all you need to do is go past weekly or so and restock them. They are low investment, low risk and low time. You should be able to find a string of 3 – 6 machines already established. Start small and work your way up.

    Tony Manto
    Strategy Specialist
    [email protected]

    • Total posts: 50

    I think you have age on your side and can afford to make a longer term plan. If I were 24 I’d definitely be looking at getting my foot in the door of the property market.

    Perhaps focus on property investment as it can be reasonably hands off if you have a good property manager.

    Or divide your efforts between property investment and shares. You can manage playing the stock market in your ‘spare time’ as an interest that does not require the man hours of the establishment years of a business.

    By doing both those things you are actively securing both financial skills, and creating a diverse future of more passive streams of income (which it sounds like you want). You’re also creating some resources you can either liquidate or rely on for future financing, if in 10 years you decide you want to throw all your efforts into a hands on business venture.

    I am 10 years older than yourself. I don’t ‘feel’ any older but I do wish when I had these inspiring ideas 10 years ago that I had started something small and manageble so I wasn’t starting from scratch now. All the best :)

    Manish Khanna
    • Total posts: 12

    Hi Jay

    I agree with all of the Above, But I would like to give you some suggestions that how is this possible.

    As everyone have already said, saving 100k is not as easy or running convenience store is not that simple. On the other hand I will let you know that finding a convenient store for sale of 100k is very hard and It may not be your best option.

    First you should have a target to saving some money, keep your expenses low and save as much as you could.

    Secondly don’t think about a convenient store as yet. for example think about Vending Machine business that you can fill and empty on the evenings and increase number of machines over time. This will help you save more money.

    Even banks don’t mind lending you $20 to $30 k for personal loans.

    Some of these businesses as as low as $20,000 . Best suited business with a Job as passive income type or automated car wash where you can go as per your convenience.

    You can look for some vending machines businesses for sale here

    You can find some Franchise Options here

    Never let anyone tell you it is Impossible. Their is always a way. Its only matter of hard work and time.

    Manish Khanna
    Managing Director

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