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Investing with 5-10k

H

Harry Doolans

New Member
Hello,

I'm 22 recently graduated and recently landed myself a decent job. I'm now looking to start investing in property. I'm just wondering what option I'd be best off taking with a budget of 5-10k. 5k If I started now and 10k if I started end of the year.
Buy to let?
Buy & Sell?
Buy & Rent a room scheme?

Thanks,

Harry
 
L

Longterminvestor

Administrator
Lets start with a few background questions:-

Do you have sufficient income to support a buy to let mortgage?
What are your long term goals?
Do you currently own a property?
 
H

Harry Doolans

New Member
@Longterminvestor Hello,

Appreciate the reply, I don't currently own my own property so I don't think it's possible to buy to let unless I put down 25%, Correct?. My long term goal is to bring in some extra income monthly until I can eventually rely solely on property. I'm just not sure what my best option is as a first time buyer. I have the option of staying with the parents while owning a property if that helps.

Thanks,

Harry
 
P

PostBrexitInvestor

Member
I am pretty sure you would struggle to get a buy to let mortgage without a 25% deposit. Do you have sufficient income from your employment to cover buy to let mortgage payments? Things are very different these days, they dont really take into account rent from the property - maybe because it is not guaranteed? Then again who has a job which is guaranteed forever?
 
H

Harry Doolans

New Member
I am pretty sure you would struggle to get a buy to let mortgage without a 25% deposit. Do you have sufficient income from your employment to cover buy to let mortgage payments? Things are very different these days, they dont really take into account rent from the property - maybe because it is not guaranteed? Then again who has a job which is guaranteed forever?
Yea i'd struggle to find a 25% deposit this year, I basically earn roughly 2k a month and don't have any out goings.
 
F

FWL

Member
No outgoings? I wish I was in your shoes @Harry Doolans :)

One bit of advice I was given many any years ago, do not rush into buying your first property. Remember the old saying "fools rush in where angels fear to tread". Over stretching your finances in your early years could leave you paying off debts for years to come.
 
H

Harry Doolans

New Member
No outgoings? I wish I was in your shoes @Harry Doolans :)

One bit of advice I was given many any years ago, do not rush into buying your first property. Remember the old saying "fools rush in where angels fear to tread". Over stretching your finances in your early years could leave you paying off debts for years to come.
haha i'm very grateful don't you worry.

so have you got any advice for things to do in the mean time?

Thanks
 
F

FWL

Member
My advice would be to:-

  • Save as much money as you can for a deposit
  • Post questions and comments on this forum to widen your knowledge
  • Do not be afraid to ask ANY questions (other will be thinking the same)
  • Keep up to date with the property market even via something as simple as Google News

In the past I have been inspired by articles/books written by property investors who have been there and done it in the past. Experience is a valuable commodity and if you can learn off someone who has been there and done it, you will find it very useful.
 
Gareth Bain

Gareth Bain

Member
Forum Partner
Hi Harry,

Have you considered Crowdfunding Property Investment? With your £5k you can invest across the entire property sector and not be tied down to only one property. There are many benefits of crowdfunding property investment, like spreading your risk, short to medium term investment and you are investing with other likeminded people.

If you want to find out more information, please feel to visit our site www.shojin.co.uk
 
John Wilson

John Wilson

Member
Premium Member
Hey Harry.. not sure if anyone mentioned crowdfunding but that’s a way you can invest with as little as £100. You can spread your risk too by investing smaller amounts in different projects.

Then you have more hands on strategies like Rent to Rent and Lease Options, nether of which need much investment.

The other option is Sourcing. By finding property deals for other investors, you can hone your skills, make contacts and earn nice fees that can obviously add up to future deposits.

I’ve written about all of these strategies on my website, Property Investment Blueprint. I’d put a link for you but I don’t think I’ve posted enough to do that yet!


Sent from my iPhone using Property Forum mobile app
 
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