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I'm 24 and live with my parents, making reasonable money

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I'm 24 and live with my parents, making reasonable money in the UK. I want to buy two houses, one for me and one to rent out, is this feasible plan / wise investment?
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>>1763143
buy a duplex
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>>1763149
why
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>>1763143
if you are good with computers you can invest in a software and you can almost triple your investment
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>>1763151
Live in one unit rent out the other.Then save up some money for another place for YOU to live then rent out the other unit.
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>>1763154
...go on
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>>1763143
So are your parents going to help you manage it? Or do you not work full time?
I'd do the same thing if I could afford to and worked in a decent area though, especially in an area with high turnover of professionals like near hospitals and large industrial estates, you can be renting out rooms for £100+ a week easily even in cheap areas, I've seen 4 bed houses that have been conveyed to 6 bedrooms and a few toilets plus kitchen and living room, easily £650+ a week in rent if you invest a bit to modernise everything and make it look nice.
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>>1763143
>24
Unlikely to have much capital unless early investor in BITCOIN or rich daddy to fund your little project.

>making reasonable money
Reasonable money in UK for 24 year old? around 30-35k (London) 25-30k (Not London)... anymore is either BS or extremely, extremely above average.

Me being 24 on 26k yearly and generally considered above average with friends (Not London)

>UK
Average house prices around 400-450k+ (London) around 150k-200k+(North of London)

>I want to buy two houses
So you want to "BUY" 300k+ of assets. on "Reasonable Income"... Ok

>Inb4 I own my own company, thats where I get the money.... Then re-invest it into your own company then because its likely to be more beneficial than buying 2 properties... especially in an evident UK housing bubble.
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>>1763143

How will you get two mortgages

You would need about £40,000 before anyone will lend to you

Unless you're a poorthener and houses are cheap
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Go to biggerpockets.com and learn what a good deal looks like. Chances are, you have no idea how to evaluate rental property yet, so start there
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>>1763328

>If he started working at the age of 18 with average income and saved up everything he would now have 150k,
>average house price in the north is around 100k,
>He could buy one and then get a low mortgage on the other which he will rent out so the mortgage will pay itself.
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>>1763403
>having that much foresight and discipline at 18
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>>1763328
Not OP but I make 85k and I'm 22.
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>>1763403
>>If he started working at the age of 18 with average income and saved up everything he would now have 150k,

Why would he possibly have average income at 18... hes literally only just become legally an adult. And its highly, highly unlikely he will have saved ALL his earnings between 18 and 24

>>average house price in the north is around 100k,
[Citation needed]
Just simply google the "average UK house prices"
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>>1763423

I was making 20k/annum at 18 so it is possible for him to be making average wage at 18
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>>1763435
Remember to consider inflation over the 7 years... I was on 16k at 18, 7 years ago... That was way above average for my friends at the time (12-13k)... jump to 24 on 26k still above average for people around me but not as much as 16k was at 18 was... getting 20k+ 7 years ago at 18 was almost unattainable in a realistic scenario in the UK unless loaded dice are used... i.e rich parents, with own company or high up power in a company, or sporting greatness.
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>>1763407
In sterling? What do you do? Assuming you're not bullshitting (which is very unlikely) its rare for people to earn that much even in the city after only a year or so
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>>1763328
I make £27k plus bonus in Scotland, houses around here can be had for £80k.

I have £20k saved for deposits and shit... maybe I don't have enough yet but I will sometime this year.

I'm just trying to get some advice, I don't know it all like you.
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Buy a house if you can afford it and want one.
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>>1763473
>I make £27k plus bonus in Scotland.
This isnt a competition of who earns the most... I'm simply stating facts about average UK wages and average UK house prices.

>houses around here can be had for £80k.
I can pick up a house in the midlands for around 60k... it doesnt make it the average price for the UK housing market now does it?

>I have £20k saved for deposits and shit... maybe I don't have enough yet but I will sometime this year.
I may be wrong but im pretty certain banks normally want around the 30% mark on deposits for loans for the younger generation and dependent on credit ratings... so even at 40k deposit which is double your current savings...that gives you, around 130k.

>I'm just trying to get some advice.
So why you bitching when people actually give you accurate advice?

>I don't know it all like you.
If only!
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>>1763143
No. Wait. The property market is so overheated it's due a correct...

(I've been saying this for years and they just keep going up ;-;)
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I'm recently 21 and have £30k, but most isn't in cash. Liquidating my assets would take some time and awkwardness.

Best thing I've done though for housing is get a help to buy ISA.

Maxed it out so far from the first day it was out. Once I buy a house the govt is going to give me over £1k towards it FOR FREE
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>>1763594
>30%

Yeah you are wrong. You can get them with 5%.
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>>1763731
And that is for first time buyers.
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>>1763731
>>1763734
>5%

have fun with mortgage lenders meme
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>>1763672

It's only due to globalism and the Commonwealth selling itself out to shitskins, which is generating massive political turmoil and will most certainly be checked in the UK as it is being checked everywhere else with massive populist movements.
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>>1763731
>Yeah you are wrong. You can get them with 5%.

Even if true, won't you get screwed in the long run anyway thru interest?

I'm considering getting a property at £100,000

But I'm reluctant to borrow against less than around £40,000
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>>1763328
massive insecurity: the post
Thread posts: 28
Thread images: 2


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