THE PLAN: Save, Buy Property, Retire at 50.

jones87_2

Do you mean "I am a 22 year old who has given up on ever having a love life"?

Maybe you are a gay man who hopes to find a rich daddy figure some day. But otherwise, one day you may want to "settle down and start a family".

Actually, I am gay and have lived with my partner for 3 years so kids don't come into it.

It sounds from your language used that you've maybe read the book 'Rich Dad, Poor Dad'?

Yes, I have read that book and have took from it what I think is mainly good advice, that said the author has apparently made it all up, but the sentiment as you said is good despite being rather risky, eg: he seemed to have always bought in rising markets and doesn't mention his losses.

As for everybody else's comments, thanks for your input. It was my intention to draw criticism and I'm glad I did.

My plan was flawed and it was all based on an ideal scenario of no voids, good valuations etc etc.

I really don't think buying one property per year is a good idea based on my low deposits, perhaps try my toe in a few years but I will always research, research and research my goals before going deep.

Those that shot me down please remember it wasn't a 'absolutely' serious plan, just an idea and I'm glad you picked it to pieces

Thanks..

ricll

In your situation I would forget about BTL for the near future and put £7,200 each year into a tax-free Shares ISA and the rest (you said you can save £12,000/year) in a savings for a future deposit.

jones87_2

Thanks ricll, good point. I will be saving for now for the next few years.

cheerfulcat

jones87, you might be better off in the meantime ( before you start your property empire! ) looking at REITS or residential/commercial property-owning unit trusts. Always bearing in mind that, as several people have said on this thread , you would probably be better off spreading your investments a little more widely.

sheslookinhot

jones87 what career do you have, I am intrigued that one so young can be earning the amount you earn, which by any standards is a good wage.

thanks

greenface

I have freinds on County Rd (L4)who have a property empire around you/wirral and overseas totalling over 100 BTL they bought well but still struggle. And are working 6 days a week to get a wage. Good luck but think worse case

jones87_2

jones87 what career do you have, I am intrigued that one so young can be earning the amount you earn, which by any standards is a good wage.

I own 50% of a ecommerce company which I run.

I will be putting my money into ISA's for now :T until I can find a better way of making my cashpot grow.

Thanks greenface and cheerfulcat.

dopester

sheslookinhot wrote: »

jones87 what career do you have, I am intrigued that one so young can be earning the amount you earn, which by any standards is a good wage.

thanks

Whatever he does, it doesn't feed through to real world rough-and-tumble.

From my pot, if I followed a similar path using his expectations, with willing lenders to keep supplying me with leverage, I could own all the properties in Liverpool within a few decades.

What type of math is that? That's fool's math, playa!

Does the OP know what makes house prices rise in the first place?