Investing with 5-10k

Discussion in 'General Property Investment Discussion' started by Harry Doolans, Jan 23, 2019.

  1. Harry Doolans

    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
     
  2. Longterminvestor

    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?
     
  3. Harry Doolans

    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
     
  4. Stevie turner

    Stevie turner New Member

  5. Harry Doolans

    Harry Doolans New Member

    Hello Stevie,

    Can I buy to let my first property without putting a 25% deposit in?
     
  6. 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?
     
  7. Harry Doolans

    Harry Doolans New Member

    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.
     
  8. FWL

    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.
     
  9. Harry Doolans

    Harry Doolans New Member

    haha i'm very grateful don't you worry.

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

    Thanks
     
  10. FWL

    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.
     
  11. 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
     
  12. John Wilson

    John Wilson 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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