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  • New Members

    Best route to go down for 19 year old?

    Hi I'm new to this site, I am only 19 years of age have been working since I was 16 full time as an apprentice electrician nearly fully qualified now and have been saving monthly.

    I am very interested in property investment have been listening to podcasts daily, currently reading a book by Rob dix and am very keen to get started but I just wanted to gather different opinions on routes I should take as I know there is so many what are your thoughts, obviously in long term my goal is to have financial freedom.

    As I work in the building trade it'll also be a bonus when it comes to renovating house's! please feel free to give me some advice on how I should start thank you!

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    Work all hours god sends for 5 years

    Earn 50K pa and dont go clubbing holidaying or fast cars

    Be the most boring 19 yr old in history but only because you have a plan

    And  save save save and learn learn learn

    Chances are you will do work for a landlord during that time

    Latch on to one with a portfolio,  give them  discounted rates in return for knowledge

    Then buy an old wreck possibly JV`ing with your builder mates or possibly that LL

    Do it up add real value and extract equity to hold and rent or sell

    Then repeat

    When you have made enough,  go it alone unless the JV is the right fit

    Retire at 40 and start your fun then while all your peer group from school have 20 years work to endure

    Delay gratification is the key and the world is your oyster

    Good Luck

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    Jonathan Clarke. http://www.buytoletmk.com

    Hi Matt, and welcome.

    It's always great when a young person gets interested in property as you have a long time to enjoy the fruits of your labours and having time is also more forgiving if mistakes are made!

    The direction you can take will depend on three key things:

    1.  Your starting pot of cash for deposits and acquisition costs.

    2.   Your ability to access finance (not applicable if you are a cash buyer).

    3.   Your goals - i.e. what you wish to achieve out of property.

    There are other factors such as your skillset, the amount of time you have to dedicate to this, your attitude to risk etc. but the money comes first.

    So, the very first thing to do, is to speak to a reputable broker to understand the financial products you can access.  This will help bring clarity to the direction you can take, because, without the finance, it's all a bit of a moot point!

    The PT Brokers Team on 0333 363 6507 can assist in this regards.  Typically, to access BTL finance, you need a 25 to 35% deposit, a minimum salary of £25K, a clean credit rating, and to be a homeowner of our own home.  If you do not own your own home, you can still access BTL finance but the choice is far more limited.

    With your skills it sounds to me that you should include an element of refurbishment in your property activity - perhaps buying a property, doing it up, and renting it out.

    Buy to let is a much more passive income than buy to sell.

    See - Buy to let vs. Buy to sell - trying to compare an apple to an orange.

    This thread may also assist you:

    Top 10 Property Tribes resources for novice landlords and BTL investors

    We recently ran "Young Entrepreneurs" Week and there was some great content of relevance to you.  I would definitely make time to sit down and watch these interviews:

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    Focus 100% on being the best electrician you can be.

    Eventually,  go it alone as a one man band business.

    Build your firm's reputation to a point where you are getting work by recommendation and have more jobs than you can handle.

    Employ some quality lads to send out on the jobs for you so you can work ON the business,  not IN the business.

    Grow and grow so you've got a large team of sparkies on the road and employ an Operations Manager to run the back office.

    Don't worry about getting into Property Investment until you've achieved the above.

    Once you've reached this point,  you should be able to buy a property or two each year for cash with your business profits.

    You'll be semi retired by aged 30 if you graft, start NOW and follow the above plan.

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    I would buy the biggest house I could afford and take in lodgers. You'll gain plenty of hands on experience of being a landlord while reducing your living costs.

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    Buy a house taking a residential mortgage , do it up a bit , add value , live in it a bit , maybe let a room or two out , then get a BTL mortgage on it , rent it out and take your initial mortgage and deposit to another property and repeat

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    Major hurdle at outset is nobody will earn big bucks as an employed sparky - hence without big deposit that limits options - though my inclination would be the owner occupier plus lodgers route.

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    If I was you buy your own home take lodgers and build your bussinss

    once you have capital behind you buy investment property

    but take lots of tax advice before you buy invest property

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.