Singing Pig

I have saved hard for past year and got together 10k in savings, i am working full fime as postman. I am also 21, live at home (pay £80 rent a week) i hope to get my own place at some point, but after reading through this site, beginning to think i could make my money work abit for me. I have looked around my local area (Canterbury,Kent) there is not much in the area which is reasonably priced i have seen afew flats which go for around £100k and are rented for approx £550-600 a month is btl the way to go? I wanted to get into development buy something run down do it up sell or rent, (i done quite abit of work as a handyman and feel confident enough to take the task on) but not found any suitable properties, but then again i may be looking in the wrong place. Anyway any advice would be great, i am not jumping straight into it i have done a fair bit of research but still working on making the first big step :)

Just want to make money, or just interested in property?

There are better investments around, I think.

bet of both really lol want to have my own place, also interested in developing if can get on the ladder, hopefully making money as well  

hi ... i was a postie every summer when i was at uni ... good times ... bit of banter in the depot, throwing up your round, out on road on your own, fresh air ... ahhh!

if i were you, i'd buy myself a small 2-bed house that needs work doing ... but work that will add a bit of value, not just a bit of decorating.  if i could pick something up for £100k, put £5k down, £1k for costs ... and £4k left as the refurb budget, plus my wage coming in ... then, once i had the place looking smart, i would get a lodger in and live pretty cheaply ... i bet you could get £200-250 for a lodger ... and a £95k mortgage might only be £435 a month interest-only at 5.5% ... so you might have your own place for £185 to £235 a month ... not bad. 

then ... concentrate on building up a cash reserve (you now own a house ... things go wrong that cost money ... and you no longer have a landlord, or parents, to pay for these things!) ... and then i'd start another investment pot ...

i'd steer clear of BTL until, at least, you've cut your teeth on a small, minor refurb of your own place ... take it nice and slow ... !

Very sound advice Pod. Uncanily similar to how I got my first house last year too! Postie. It's all about finding the right house in the right location. Then do as Pod says. Start small and before you know it you'll be flying!

Good luck with it all!

Regards

Jai
 

thanks for the replies :), the advice is great only prob is i would be lucky to find a 2 bedroom place for 100k local 120k is possible slightly further a field. Where should i be looking for good morgage deals? Posties wage aint brilliant but the overtime potenial is :) I do think lodger is a great idea and defo a great way to start out :)

PoorDave:

Just want to make money, or just interested in property?

There are better investments around, I think.

 

 

Like what? 

Pod:

if i were you, i'd buy myself a small 2-bed house that needs work doing ... but work that will add a bit of value, not just a bit of decorating.

 

Wouldn't he be better trying to find BMV properties?  maybe sending some leaflets out targeting FTB houses.