First step on the property ladder when single?

[MoreThanSmooth]

I've just hit 27 (really should correct my age on here). Single. Living in the southern UK.

At the moment I'm just finishing doctoral college and I've been living with my parents for a few months. It's not got such a "loser" stigma over here as it has in the US, since land/property is considerably more expensive, rent is pricey and the job market is kind of on it's arse for young people in general.

Recently I had a stupid argument with my father about something petty and he gave me "12 hours to leave". We were both really stressed out and not thinking straight. He immediately apologised and got quite emotional about what he said, saying he didn't mean it at all.

I didn't take it seriously, but it was food for thought anyway. I started thinking "If I really had 12 hours to leave, WTF would I do? And WTF am I going to do when I need to move out anyway?"

I've saved up some cash over the last year but only enough for a few months of rent, since rent prices are insane near me. And renting feels like I'm just p*ssing money away completely - money that is precious.

Does anyone have any tips for that first step on the property ladder? Almost everyone I know is pretty much LTR dating or getting married almost purely so they can pool cash for their first house or whatever, it's almost impossible to buy otherwise.

By contrast I'm single and I don't want to date someone just to afford a house. It's ridiculous.

I'm putting serious thought into moving to the North to some sh*thole apartment in a sh*thole town, because I just cannot see any sensible way to buy anywhere else. I should be lined up with a nice paying job soon, but I'm the sort of person that likes to get advice early and plan ahead...

The best option I think I have is to save £40,000 in the next 5 years for a dilapidated flat in a poor town, then buy it with cash and live in it while I do it up and sell it on...

 

[Billtx49]

Shop rental rates first where you plan to buy. It has to be a location and property where you can positive cash flow it’s rental vs. your mortgage payment after enough $ down. Buy it, rent it out, then rent your own place and get the positive cash flow deduction applied to your own rent. Renters pay your mortgage and you get reduced rent and savings opportunity.

 

[MoreThanSmooth]

Shop rental rates first where you plan to buy. It has to be a location and property where you can positive cash flow it’s rental vs. your mortgage payment after enough $ down. Buy it, rent it out, then rent your own place and get the positive cash flow deduction applied to your own rent. Renters pay your mortgage and you get reduced rent and savings opportunity.

Really neat advice, thank you.

 

[Billtx49]

Really neat advice, thank you.

Don’t get me wrong, there’s a certain degree of renter approval needed, property damage risk, and renter risk, but if you set it up right from the get go, it’s a win win for you.

 

[BeExcellent]

If I had it to do over again I'd have started off with a two family property, a duplex is what we call them in the states. I assume its similar lingo over there. You live in one side and rent out the other, with the rent from your tenant paying most if not all of your mortgage.

I know a woman who started out this way as an uneducated young widow in her 20s with two young boys. She died a multimillionaire and put both her sons through university with rental income.
She figured she didn't know much but she knew how to save, buy, rent, and do it again and again.

 

[DEEZEDBRAH]

I've just hit 27 (really should correct my age on here). Single. Living in the southern UK.

At the moment I'm just finishing doctoral college and I've been living with my parents for a few months. It's not got such a "loser" stigma over here as it has in the US, since land/property is considerably more expensive, rent is pricey and the job market is kind of on it's arse for young people in general.

Recently I had a stupid argument with my father about something petty and he gave me "12 hours to leave". We were both really stressed out and not thinking straight. He immediately apologised and got quite emotional about what he said, saying he didn't mean it at all.

I didn't take it seriously, but it was food for thought anyway. I started thinking "If I really had 12 hours to leave, WTF would I do? And WTF am I going to do when I need to move out anyway?"

I've saved up some cash over the last year but only enough for a few months of rent, since rent prices are insane near me. And renting feels like I'm just p*ssing money away completely - money that is precious.

Does anyone have any tips for that first step on the property ladder? Almost everyone I know is pretty much LTR dating or getting married almost purely so they can pool cash for their first house or whatever, it's almost impossible to buy otherwise.

By contrast I'm single and I don't want to date someone just to afford a house. It's ridiculous.

I'm putting serious thought into moving to the North to some sh*thole apartment in a sh*thole town, because I just cannot see any sensible way to buy anywhere else. I should be lined up with a nice paying job soon, but I'm the sort of person that likes to get advice early and plan ahead...

The best option I think I have is to save £40,000 in the next 5 years for a dilapidated flat in a poor town, then buy it with cash and live in it while I do it up and sell it on...

Stay home until you've banked crazy amounts. What are you studying? Do you have parents paying for school or are you carrying debt? Visa? Student loans?

If they are paying school, stfu,and sing their praises. Carry your weight. Save money. Its not what you make. Its how much you've spent. Save and be frugal.

Hopefully, you're studying something STEM or business related. Not something useless like women studies.

 

[DEEZEDBRAH]

She figured she didn't know much but she knew how to save, buy, rent, and do it again and again.

That's better edu then her kids got IMHO.

A friend of mine bought a house. He has rental agreement with students. He does up rooms and its close to school. Its not quite a duplex but, its a start.

Lmfao @ Opie, don't get married and **** up.