some advice about investments - £300k to invest

ds144

Hi
I would like some advice on investments, I would like to learn as much as possible. here is my situation currently Im 24 years old, i am employed by a company and work full time take home around £1300 each month. At the moment im living with my sister.
Soon i am going to receive a lump sum of £300k, and i would like to invest this money and make it grow.

As this is all completely new to me i would be grateful for some advice.
Property investment, especially buy to let has me interested as i previously worked in the construction industry and i am very hands on, so a lot of repairs and maintenance could be carried out by myself.

I have searched on amazon for property investment buy to let books, can any one recommend me one to start of with?

Any help is greatly appreciated.

Thanks

darrensurrey

Can't help with the book advice but if you're hands-on, then it seems like a "no brainer" to buy a property or two to let out. With £1.3k a month, that should pay for anything that needs sorting out.

ds144

Thanks for the reply.

I forgot to add that not all the money will be invested, some will be kept for repairs and other bills.

I am also unsure if properties should be bought without a mortgage?
I do plan to speak to a financial adviser once i find a suitable one.

Archi_Bald

It takes a heck of a lot more than being hand-on to be a property investor. The first realisation should be that you have all your money in bricks and mortar, i.e. all eggs in one basket. There are many less risky investments.

OP, you could get some information on the House Buying, Renting, Selling board etc. As far as books and websites on general investing go: https://forums.moneysavingexpert.com/discussion/5043692

You can find IFAs on unbiased.co.uk, and it sounds an excellent idea to me to speak to an IFA.

st3v31963

Hi, how much longer do you want to keep living with your sister? What if circumstances change and that's no longer possible or desireable. With £300k coming then I would say your first priority would be to get a place of your own, however additional income is always a good thing.

You say that you were previously in the construction industry. I'm sure you will have contacts who could help out so what about (depending on where you live) buying a house that needs renovation, converting it into 2 flats, keeping one for yourself and renting out the other one?

Or, in some parts of the country, you could buy 2 houses for £300k, do them both up, rent one out and live in the other.

Either way you get the best of both worlds - some tax free gain (hopefully) on your own property, plus the BTL income on the other.

If you don't need a mortgage, then don't have one, it's not compulsory to have a mortgage to buy a house. If things go pear shaped with your income, then not loosing the roof over your head is one less thing to worry about. Maybe later on, if you are buying a bigger place with someone, then having a mortgage might make sense, on the assumption that if one of you looses their income, then the other might at least be able to cover the mortgage.

As an alternative, if BTL is not for you spend some of the £300k on buying your own place, and put the rest into some long term investments (maybe even some in a pension...)

Hope this helps with your thinking.

Cheers

st3v31963

ds144

Hi
Thanks for the reply that has helped.

Yes i have thought about buying my own place so this could be an option.
The house that our family previously lived in is for sale and im considering buying it. Its a newly built house that needs no repairs etc so I may let this out as its in an area that's of high demand for houses to rent, so i would get around £550 a month from this property.




Archi Bald - Thanks for the link i have found some local IFA on the unbiased site that seem to be what im looking for.