Buying Property

[newbie]

Hi

Im a first year medical science student. Although I enjoy what I do at university, I want to be able to afford a better life style for myself in the future, and Im i know i will enjoy the challenge. I have a 'business partner', my cousin, whos in the same situation as me. We decided on buying property.

 

This would be amazing. However, down payment for students is an enormous amount. Because we're in full time eduction, its very difficut to raise £5000 between us! we both have part time jobs, but as you know, with the degree, we can do a max of 20 hours a week, which is alot as it is.

 

We were looking for properties around the £50,000 range, which is difficult to get in an 'alright' area. the idea is to buy it, fix it in the next 3 years, pay the mortgage at the same time, sell it for more, and by the time we graduate we'll ave a back up income.

 

It sounds great, but so diffucult to do. Does anyone have any tips? Raising money, or any idea of other businesses that worked for you? Anything at all would be superb.

 

PS. we're not total morons, we know what were getting into as my uncle is in the business, so we do know about solicitor fees etc.

[Moose]

Sorry, I can't help you. Looks like you're in another country and I'm not familiar with any laws there. I know that you can never go wrong in realestate as long as you follow rule number 1:

 

location, location, location

 

and number 2:

 

you have to have money, to make money

[Zoot]

Considering that you are referring to pounds I'll assume you are in a different arena than the US in which I have more knowledge of.

 

To your asset now- you guys have one thing - good credit with your future earning power to back it up. Use that when applying at a bank. Making an investment at this time towards furture revenue is a great idea. Give them an idea of what you are paying for the propery - as oppposed to it's future reward financially - as well as the reminder of if you are mistaken - you have your own career revenue to fall back on to meet the bank note.

 

You should do well. I applaud you. Looking ahead is so rare these days.

[moimeme]

Hello, people? People in "England" use pounds. You know. England. Queen. Prince Harry. Diana. Fish and chips. That place.

 

[Zoot]

So do Cypress and Egypt.

[newbie]

thanks everyone for replying.

 

Yes, I do live in England and I apologise from not stating so.

 

Again, if u have any other business ideas, other than property (which is the best i know!), please let me know. Although I would love to go into property, I dont think i will be able to acheive anything by this year, is gona have to be next year. There simply sint enough time to make so much money.

As I am pretty impatient, not a good thing I know, I want a project for this summer.

Thanks again for replying!

[tiki]

I only remember putting down several grand down on my house...like maybe $6000.00 at the most (sorry, I can't convert). But my father was my loan officer and he was axplaining that some loans (if you qualify for them) you can roll the down payment into your monthly payments. I prefered to pay it upfront, seeing that I already had the cash. But you could check into that. Good luck, buying a home is probably the best investment that you will make, only increasing in value.

[quankanne]

not sure if they've got the same thing in the UK, but here (at least in Texas), people can bid on forfeited or seized property. I've heard that a number of people go through sheriff's auctions to pick up some really good stuff being sold for practically pennies on the dollar, often for whatever amount back taxes equal.

 

I seem to recall that foreclosed lots are posted on the bulletin board of the county courthouse, and list location and whatever back taxes amount to.

 

we bought our farm through the Texas Veterans Land Board, which does a forfeited property auction twice a year, and the going amount was really, really cheap for an 11-acre tract that had trees cleared off half of it, a spring-fed pond and barb-wire fencing. Of course, we bid over the going rate so that we could ensure winning the bid

 

my suggestion to you is to check the local body that appraises or deals with land (called the "county appraisal office" in this country) and see how to find out about forfeited property. if they don't handle that, I'm sure they can point you in the right direction

[Moose]

Also try to find some possible immenant domain regions. I bought 20 acres with the intentions of building a house on it. I was taking my time when I was told the utility company needed a new plant. I was forced to sell. I made a good chunk of change though. Sometimes you could end up on the wrong end of that stick......so be carefull!

[tattoomytoe]

it is harder than it seems.

 

so you get a place at a decent price. you still have to put money into the property to sell it. make sure you estimate your cost for repairs first.

Can you do the work yourself? are you going to have time to do all the repairs? can you afford all the supplies and labor.

what are the property values in the area like? are the going increasing or decreasing?

 

 

i would definately make sure i would break way better than even on something like this. you will not get reimbursed for the time you spend to rebuild.