I’m 22 and am very lucky to have inherited a house with no debt attached. Although the house is half mine and half my brother’s and we are both keen on investing together…. Taking a loan against the house etc..
I’m also a qualified carpenter which makes me think I should use this to my advantage in terms of renovating or developing ?
So far we have discussed several different options but still Have no idea which is the safest and best way of going about it.
Any advice you guys have would be greatly appreciated.
Things you should know..
– House value $350,000 no debt attached
– no children
– I’m a qualified carpenter ( perhaps build own development??)
– we live together (in the inherited house)but would like go separate ways in the next few years but continue investing together.
Accessing the equity on the property for deposit funds (and possibly renovation funds) means you do have the potential for your brother and yourself to purchase several properties (seperately or together) and have funds to renovate if you want to go down this pathway. This is subject to serviceability (income, liabilities etc), however if you're currently living in an unencumbered property that is helpful with this respect.
You have all the groundwork in place to start a substantial portfolio, I would suggest increasing your knowledge in property investment, read, go to property investor meet ups if you can. The knowledge out there is immense. Also build yourself a strong team of professionals (accountant, solicitor/conveyancer, broker, Property managers etc) who can help you achieve your goals and provide greater options.
Yeah definitely looking to draw upon the equity in the current house. As for a long term plan we just want to have a few properties weather we develop them or not it doesn’t matter. Just want to have secure investments really.
What would your advice be on what and how to borrow money for these situations?