Hi, I'm 26 and looking at investing in the property market.
I recently just received a substantial inheritance which I was not expecting. As great as this is, I'm a carpenter and have zero financial literacy about me and I don't want to just piss it up the wall.
I'm looking at getting some solid advice about purchasing real estate, what I should be looking for, how the whole system works, etc
Honestly. Any advice would be great?
Essh. Thank you for your question. As an accredited Mortgage Broker with many different Lenders, I am qualified to give you advice from a Credit perspective in regard to home loans. However, for your situation I would suggest that you book in with a good Financial Planner to determine if this is the best option for you.
Once you get the plan in place, and assuming it may involve borrowing for some property, I would be happy to chat with you on the available Lending options.
Hope this helps
Customers First Mortgages & Insurance
1300 ASK KEN
Congratulations for taking a good action and realising that this is a great opportunity for you to grow financially.
Knowing what to do and how it works, you need to have an A team that covers all areas. This would take pages and pages and pages of information to share here but as a very basic platform and whom you need to speak to, here would be four key people in my opinion that you should speak to:
1. Accountant & or Financial Planner to help you project your wealth and realise tax opportunities
2. A mortgage broker to help you with borrowing capacity / repayments / loan structures and to explain the property purchase process
3. Solicitor / conveyancer to provide you with legal advice on properties
4. Property Investment specialists / Buyers Agent who can help you search for a suitable property
40% of my portfolio is doing exactly this and I just love helping people achieve their dreams through investment property. If you would like to catch up to discuss your specific details then of course always happy to help.
Congratulations on taking the first step - admitting you need help!
Not knowing how much you have to work with, I'll assume you have inherited between $500k and $1m dollars. There are so many options for you that I would invest in a full statement of advice from a financial planner and advisor before making your decision.
Depending on your earning potential, your age and your current financial position it may be better for you to direct some money to your super or even start a self managed super fund. Property is a great long term investment but it is by no means the only avenue available.
Engage a financial planner, pay for their statement of advice and then make your decision
Best of luck
Well done on asking the question. This is the perfect platform for you to not only ask questions but also review other topics, questions, and answers that will help you in your journey.
Firstly I’d suggest grabbing a pen and paper and jotting down what you’d like to achieve with the money you’ve inherited. Not knowing your current living arrangements, financial position or appetite for the type of investments you’d be comfortable with, it would be good for you to gather your thoughts before you meet with a financial adviser.
It is crucial you find a financial adviser who has your best interests at heart. At 26 and from what you’ve mentioned, it would be your first step into the investment world so I’d suggest keeping things simple in terms of minimising the risks associated with any investment.
You could meet with a couple of financial advisers just to get an idea of the type of work they do, they options they suggested and then bounce the ideas off trusted family and friends. They key is to ask questions and establish the options your most comfortable with.
If buying your own home or investment property is the preferred option then I’d suggest meeting with a mortgage or finance broker to understand how much you might be able to borrow. The broker will work through your income, if you’re an employee or contractor, your tax returns and then be able to present some finance options which will include the loan amount, interest rates, the type of product and monthly repayments.
Based on your deposit and how much you can borrow you’ll be in a better position to understand the type of property you can buy and the purchase price.
The key Essh, is to find the right support group to help you understand and be comfortable with the steps you take. If for any reason you’re not comfortable then continue to ask questions.
To help you find the right adviser and mortgage broker you can also use the simplyaskit platform to search and make contact with the expert you feel has the profile and service levels to assist you.
I hope this helps and all the very best