Inexperienced

YouthAVFC

Hello, i need some help for the future because i wish to buy multiple property's and then rent out those property's, let me tell you abit about myself.. I'm 22 years old and i still live with my parents, i have a full time job with an income of approx £1200 a month coming in. I have no savings as of yet, I've got no experience whatsoever in buying or renting out but it interests me. So basically i need some advice on how i get started and how i go about the whole situation. Any help would be great and thanks for anyone who reply's

Fire_Fox

Welcome! You can't do anything until you have a solid deposit and costs of buying under your belt. Absolutely pointless doing any other serious research util you have that because the property market and the legislation will have changed substantially by then.

If you want more information the advanced search function is well worth getting your head around
http://forums.moneysavingexpert.com/search.php?searchid=134490659
http://forums.moneysavingexpert.com/search.php?searchid=134490679

YouthAVFC

Fire_Fox wrote: »

Welcome! You can't do anything until you have a solid deposit and costs of buying under your belt. Absolutely pointless doing any other serious research util you have that because the property market and the legislation will have changed substantially by then

Yes i figured i'd need a deposit, what do you mean "buying under your belt"?. Also would you recommend me having my own house with a mortgage before i even consider getting into the market?

thanks for your time

Fire_Fox

I recommend you start reading those threads and get saving, as already stated.

YouthAVFC

I'll start saving now
the two links you sent me don't work..

angelbob

i'd suggest moving out of home, how can you be a landlord to others when you have no experience of running a household.
theres repairs, bills, budgetting etc to learn.
i cant see you getting much of a mortgage on your income neither. pipe dream

Tigsteroonie

Fire_Fox wrote: »

Welcome! You can't do anything until you have a solid deposit and costs of buying under your belt.

YouthAVFC wrote: »

Yes i figured i'd need a deposit, what do you mean "buying under your belt"?.

Mis-translation. Fire Fox was actually saying that you should have in hand, under your belt, saved up [pick any saying you want]

(1) a solid deposit and
(2) the costs of buying, e.g. conveyancing fees etc.

00ec25

YouthAVFC wrote: »

Also would you recommend me having my own house with a mortgage before i even consider getting into the market?

many BTL lenders require just that before they will give a loan

ambition should never be discouraged but over extending yourself when you do not have the income and financial reserves to support it is entirely another matter

Fire_Fox

YouthAVFC wrote: »

I'll start saving now
the two links you sent me don't work..

Advanced search function, keywords for the first search were "buy to let" the other search was "landlord", change from 'search entire posts' to 'search thread titles'. Reading those should keep you busy for several days!

Sparx

£1200 p/mo income, never lived or maintained your own home before, yet you want to buy multiple properties to rent out?

You must be dreaming.

thegirlintheattic

Consider actually running a home before rushing into things. Most lenders will require you to have had a residential mortgage before BTL, and you will need a deposit plus savings for maintenance etc.