Exactly how do you "get into property "

Sambostar

spark240

Did it 10yrs ago, just caught the last price rise wave, stuck it all in a Ltd Co. which in my opinion was the best way to go. benefited from interest rate drops, as I never went more than 2 yr fixed, so at the moment...8 houses ( 2 beds / midlands) generating around 30k PA gross after I/O mortgages are paid....Would I do it now...probably not, but I am looking to buy renovation projects to sell on. I always stuck to I/O...I just cant see the benefit of paying off in my position and time of life,

Sambostar

If only I could invent some sort of bio software that locks the keyboard or edits my posts when I am off my head and sell it to myself.  I'd be rich enough to get on the housing market.

It's kind of annoying when you lay bricks for others and make all these outhouses and stuff and can do everything to a decent standard, not having the money in the first place, but it doesn't really bother me that much to be honest.

A plot of land with sole permission for a static caravan is more my style anyway.

octatonic

Sambostar said:

If only I could invent some sort of bio software that locks the keyboard or edits my posts when I am off my head and sell it to myself.  I'd be rich enough to get on the housing market.

It's kind of annoying when you lay bricks for others and make all these outhouses and stuff and can do everything to a decent standard, not having the money in the first place, but it doesn't really bother me that much to be honest.

A plot of land with sole permission for a static caravan is more my style anyway.

Ro_S

benmurray85 said:

Quick background. My family is probably representative of the majority of families in the UK. Very little disposable income, we get by but scrimp and save for any benefits (holidays, cars, nice clothes etc) It has always been like that since I can remember. My mum and dad both worked bloody hard (numerous jobs each) to give us everything we had and its instilled both me and my sis with a good work ethic. Now I have a son of my own I deseperately feel like I want to provide more for him and his future and Id love later in life to be able to work less and spend more time with him as well as leaving him a decent nest egg.

One of my passions would be to "get into property" I love all the TV shows and appreciate that they are probably heavily rose tinted but its something I'd love to at least try one day. It just strikes me that theres quite significant barriers at almost every level.

I dont see any possible way I could get into it, it seems like a closed shop. Has anyone done it? I'm 30 now and have started saving to try it one day (im planning 10-15 years ahead!) but Im saving minimal amounts and I know the inevitable will happen, Car will die, house repairs etc.

Anyways Im just mithering on it - would appreciate any advice from anyone who's done it from scratch.

I'm unclear whether you mean getting a mortgage for a home or buying a property to re-sell/let, anyway, I'm assuming the former....

Here's three things that have hampered you and your family in regard to buying a house , just from your opening info:

"holidays, cars, nice clothes etc"  
-  these things are not essentials.  people have different priorities.  life is about choices.   

"I'm 30 now and have started saving"  
- you did not start saving young enough.  and in the meantime housing is even more expensive.   what were you doing in the previous ten years?

"I have a son"
-  get a home before starting a family.

Emp_Fab

Unless you have a time machine to sell, your advice is perhaps a little belated.  The OP wanted advice on what to do, not lecturing on what he should have done.

octatonic

I see Mr Helpful has returned to spread joy and sensible advice.

ennspek

Ro_S said:

benmurray85 said:

Quick background. My family is probably representative of the majority of families in the UK. Very little disposable income, we get by but scrimp and save for any benefits (holidays, cars, nice clothes etc) It has always been like that since I can remember. My mum and dad both worked bloody hard (numerous jobs each) to give us everything we had and its instilled both me and my sis with a good work ethic. Now I have a son of my own I deseperately feel like I want to provide more for him and his future and Id love later in life to be able to work less and spend more time with him as well as leaving him a decent nest egg.

One of my passions would be to "get into property" I love all the TV shows and appreciate that they are probably heavily rose tinted but its something I'd love to at least try one day. It just strikes me that theres quite significant barriers at almost every level.

I dont see any possible way I could get into it, it seems like a closed shop. Has anyone done it? I'm 30 now and have started saving to try it one day (im planning 10-15 years ahead!) but Im saving minimal amounts and I know the inevitable will happen, Car will die, house repairs etc.

Anyways Im just mithering on it - would appreciate any advice from anyone who's done it from scratch.

I'm unclear whether you mean getting a mortgage for a home or buying a property to re-sell/let, anyway, I'm assuming the former....

Here's three things that have hampered you and your family in regard to buying a house , just from your opening info:

"holidays, cars, nice clothes etc"  
-  these things are not essentials.  people have different priorities.  life is about choices.   

"I'm 30 now and have started saving"  
- you did not start saving young enough.  and in the meantime housing is even more expensive.   what were you doing in the previous ten years?

"I have a son"
-  get a home before starting a family.

So, so tiresome.

Sambostar

Daily Mail extract.

benmurray85

Thanks for the advice everyone. Loads to take in here for future reference. 

Really appreciate ate everyone's words of wisdom 

richardhomer

@hootsmon - I don't suppose you were anywhere around Sourh Manchester this morning? Someone tried to crowbar my next door neighbour's patio doors....