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Help - 21 year old property decisions

A

AJ97

New Member
Hi everyone I am new to this forum,

This is my situation I have just graduated from uni, 21 and I am currently working as a graduate trainee property manager. I have had an interest in properties for over two years now and have attended many events and have learned many of them just want to up sell their courses.

Having spoken to a mortgage broker I am planning on purchasing my first btl in the midlands but due to me being a ftb and ftl the interest rates are very high there are only 3 lenders who will maybe give me a mortgage at rates of 6% +.

I don’t own a home but I hope to get my first property as an investment starting off as a single let then after a year maybe considering an HMO and change it to multi let. I also live in London where property prices are extortionate. So I won’t be able to afford anything near me.

I am still saving up for a deposit but what would you guys/girls recommend I should do? I want to get an investment property so I can earn additional income but I don’t want to buy a property to live in because I’ll be losing money like that, thanks I look forward to your replies.
 
Nicholas Wallwork

Nicholas Wallwork

Editor-in-Chief
Staff member
Premium Member
Hi everyone I am new to this forum,

This is my situation I have just graduated from uni, 21 and I am currently working as a graduate trainee property manager. I have had an interest in properties for over two years now and have attended many events and have learned many of them just want to up sell their courses.

Having spoken to a mortgage broker I am planning on purchasing my first btl in the midlands but due to me being a ftb and ftl the interest rates are very high there are only 3 lenders who will maybe give me a mortgage at rates of 6% +.

I don’t own a home but I hope to get my first property as an investment starting off as a single let then after a year maybe considering an HMO and change it to multi let. I also live in London where property prices are extortionate. So I won’t be able to afford anything near me.

I am still saving up for a deposit but what would you guys/girls recommend I should do? I want to get an investment property so I can earn additional income but I don’t want to buy a property to live in because I’ll be losing money like that, thanks I look forward to your replies.
Hi and welcome to Property Forum!

There are a lot of ways to answer your question but I'll do a quick brain dump for you here! As the other person commented I do offer 1-2-1 mentorships as well to help kick start your journey or get started but I would have some pre-requisit work I'd need you to do if we were to work together to ensure you got maximum value out of the paid time spent with me.

You're along the right tracks with education and it's importance... it's much easier to get started with property investing than many other "skilled professions" as it comes down to some key peices of practical knowledge. Namely understanding finance, finding deals, carrying out the deals and work required on them, refinancing, alternative finance, cash flow and financial matters and legals, tax, accounting and corporate structure setup.

The good news is you can use other people for a lot of the above (espeically the tax, accounting and legal elements).

I'd start exactly as you have! On free forums like this (and all the others out there),then move to cheap paid routes like books, podcasts, youtube e.t.c. and watch everything and anything you can to become a "sponge" sucking up all knowledge you can! Only then should you start looking at more expensive paid courses and mentoring e.t.c. as you'll then get the true value out of them. Be careful who you choose to work with and make sure they actually do deals themselves and have an excellent track record of success in property. There are many poor quality trainers out there who don't have enough knowledge or ecperience but still sell themseoves as educators. Do your due diligence and you should be ok.

In terms of actually getting started your own property for your home I actually think is a great idea as it kills two birds with one stone! You can live there whilst imporving the property and perhaps changing it's use! My first ever property investment (and bare in mind we now have a portfolio at the time of writing of over £25m and 200+ tenants) was a 3 bed house which I lived in and convertied to a 5 bed HMO over time whilst living there.

You can read my full story in my "for Dummies" book on propert investing here:
https://nicholaswallwork.com/investing-in-international-real-estate-for-dummies/

I also cover lots of different strategies that can get you started such as HMOs, rent to rent, lese options, property development, JVs, finance, serviced accomodation and much, much more!

Good luck on your journey and please let us know if we can help further and keep us up to date with how you're getting on!

Kind Regards
Nicholas
 
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