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24 Young entrepreneur, always room for improvement... £100,000 watch

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    Hi all,This is the first time I have ever done this but I am so confused what I want in life/want to do with the money I have saved. I talk to lots of people my age and know one knows what to do if they where in my position.I am currently 24.I set up my business when I turned 18.My dad hasn't been around in my life and my mum struggled to raise me with money issues as a child. I struggled going through school finding it difficult to sit focused and failed all my GCSE'S due to poor coursework grades. However on exam days I managed to do fine...I bought my first house off of the council which is valued at £95,000I currently have £45,000 in equity in the house I currently live in and I have managed to save up £50,000 through work.I am going to spend £14,000 and buy a house to rent out.All I ever wanted as a child was money and now I have some it is messing around with my head and I don't know what to do with it.All I'm asking is, if you were 24 and didn't have a helping hand in life and had to find out how to be a man by yourself...WHAT WOULD YOU DO?
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    (Original post by voltec)
    I am going to spend £14,000 and buy a house to rent out.
    Where is this £14k house you're going to buy?
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    £14,000 is the deposit. The reason of me buying the house to rent out is it is valued at £65,000-£70,000 and someone who I know is letting me buy the house for £50,000. They originally bought the house for £12,000 and has made his money out of it. I want to put £14,000 on a deposit so I owe £36,000. The monthly rental income is £450 pcm... so in 7 years time the house will be paid for. Me buying that house is a real 'no brainer'..
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    hi this is your brother
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    (Original post by voltec)
    £14,000 is the deposit. The reason of me buying the house to rent out is it is valued at £65,000-£70,000 and someone who I know is letting me buy the house for £50,000. They originally bought the house for £12,000 and has made his money out of it. I want to put £14,000 on a deposit so I owe £36,000. The monthly rental income is £450 pcm... so in 7 years time the house will be paid for. Me buying that house is a real 'no brainer'..
    That's a good investment, where is the location for this place...? I mean 7 years to have a paid off house can't be laughed at...

    Being mortgage free is ideal!
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    (Original post by sandvika)
    hi this is your brother
    ??????????
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    (Original post by ebam_uk)
    That's a good investment, where is the location for this place...? I mean 7 years to have a paid off house can't be laughed at...

    Being mortgage free is ideal!
    mortgage free is ideal however not the right move for me.
    the house is on the outskirts of sheffield
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    (Original post by voltec)
    £14,000 is the deposit. The reason of me buying the house to rent out is it is valued at £65,000-£70,000 and someone who I know is letting me buy the house for £50,000. They originally bought the house for £12,000 and has made his money out of it. I want to put £14,000 on a deposit so I owe £36,000. The monthly rental income is £450 pcm... so in 7 years time the house will be paid for. Me buying that house is a real 'no brainer'..
    It'll be longer than 7 years, you aren't really taking into account the mortgage interest plus any insurance/other expenses you'll have to cover as a landlord. Oh and don't forget about tax as well.

    And you're assuming it'll be let constantly, an empty property could be a nightmare for you.

    But to answer your question buying the right kind of property is always the smartest thing to do and I wish you every bit of luck.
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    (Original post by voltec)
    ??????????
    share it with your brother
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    (Original post by Mega0448)
    It'll be longer than 7 years, you aren't really taking into account the mortgage interest plus any insurance/other expenses you'll have to cover as a landlord. Oh and don't forget about tax as well.

    And you're assuming it'll be let constantly, an empty property could be a nightmare for you.

    But to answer your question buying the right kind of property is always the smartest thing to do and I wish you every bit of luck.

    The property could be a nightmare yes however I am in the construction trade and I know the area very well. Lets say it takes 10 years to pay instead of 7 years. I will be 34 with 60-70K if I choose to sell.
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    (Original post by voltec)
    The property could be a nightmare yes however I am in the construction trade and I know the area very well. Lets say it takes 10 years to pay instead of 7 years. I will be 34 with 60-70K if I choose to sell.
    Why sell? If all is going well you could get equity and buy more property.
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    Keep going!
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    (Original post by Mega0448)
    Why sell? If all is going well you could get equity and buy more property.
    who knows what can happen 10 years from now.....
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    by the way look at international property my cousin has a place in new jersey it's a studio apartment cost him $1,000 outright to buy back in '08
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    what trade are you in if you dont mind me asking?
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    (Original post by jamesthehustler)
    by the way look at international property my cousin has a place in new jersey it's a studio apartment cost him $1,000 outright to buy back in '08
    what's it worth now? no go area?
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    (Original post by Bill_Gates)
    what's it worth now? no go area?
    he makes $2,500 a year out of it and was offered $10,000 for it once
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    (Original post by jamesthehustler)
    he makes $2,500 a year out of it and was offered $10,000 for it once
    Decent i know many stories of buying foreclosures which never get rejuvenated eventually just get knocked down.
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    (Original post by Bill_Gates)
    Decent i know many stories of buying foreclosures which never get rejuvenated eventually just get knocked down.
    it pretty crumby from the pictures he's sent me it certainly worth more as land but he thinks its better to milk it while you can then sell to a developer
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    (Original post by voltec)
    Hi all,This is the first time I have ever done this but I am so confused what I want in life/want to do with the money I have saved. I talk to lots of people my age and know one knows what to do if they where in my position.I am currently 24.I set up my business when I turned 18.My dad hasn't been around in my life and my mum struggled to raise me with money issues as a child. I struggled going through school finding it difficult to sit focused and failed all my GCSE'S due to poor coursework grades. However on exam days I managed to do fine...I bought my first house off of the council which is valued at £95,000I currently have £45,000 in equity in the house I currently live in and I have managed to save up £50,000 through work.I am going to spend £14,000 and buy a house to rent out.All I ever wanted as a child was money and now I have some it is messing around with my head and I don't know what to do with it.All I'm asking is, if you were 24 and didn't have a helping hand in life and had to find out how to be a man by yourself...WHAT WOULD YOU DO?
    Property market is the best way to amass wealth quickly. Just keep doing what you doing, but make sure you do it smart.
 
 
 
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