simonstanley
New Contributor
- Joined
- Sep 3, 2013
- Messages
- 15
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User Power: 153%
Hi there guys!!
First of all, I'd just like to say - What a fantastic forum!! I know this will become a fantastic tool, especially at this very important financial time of my life it has literally come at the right time.
I've gotten myself out the rat race a few years back, built a $100,000+/year (turnover) information publishing business.
So what I'd like to do now is STOP renting, use my current cash flow, and buy my first condo and start building equity (here in the UK). I'm currently single, 28 years old, and running my online business from home.
However here's the dilemma, hoping some people would be able to offer their insights/experience.
Option 1:
Buy the least expensive apartment I can in this area. Looking at around $156,000 for a studio apartment.
Pro's
Use my bachelor situation (with no family) to open up more cash flow to gradually invest in other cash producing assets (building a trading bank, buy to let properties, put money into marketing my current business/products).
Less worry about covering the mortgage repayments.
Cons
Since its a studio apartment, less space to live and operate my business from. (I currently have a studio/mini office and record marketing videos for my business, also my bookkeeper comes in to work / use the printer etc).
Not harnessing my youth (currently 28), to get a larger mortgage and build more equity over 30 years.
Option 2:
Buy a larger condo with larger the mortgage the bank has offered me. Looking at $280,0000 for a 1 bedroom apartment.
Pros
Larger space to operate my business from, turn into a home office, space for camera studio.
Building more equity in a property.
Harnessing the tiny interest rates now on a fixed 5 year mortgage.
Making use of my young(ish) age, to get larger mortgage over 30 years.
Cons
Will have to keep on my toes with the mortgage repayments.
Would I be right in thinking rates could eventually double? Meaning after my fixed term my monthly mortgage repayments could double too?
----
Since this is my first property purchase, It's a huge decision for me and this is the start of my "Fast Track" journey, having done the hard work, quit my 9-5 job, and operating a successful business from home.
I don't want to make the wrong decision here!
Thanks again, and really looking forward to contributing to your forum.
Simon Stanley
First of all, I'd just like to say - What a fantastic forum!! I know this will become a fantastic tool, especially at this very important financial time of my life it has literally come at the right time.
I've gotten myself out the rat race a few years back, built a $100,000+/year (turnover) information publishing business.
So what I'd like to do now is STOP renting, use my current cash flow, and buy my first condo and start building equity (here in the UK). I'm currently single, 28 years old, and running my online business from home.
However here's the dilemma, hoping some people would be able to offer their insights/experience.
Option 1:
Buy the least expensive apartment I can in this area. Looking at around $156,000 for a studio apartment.
Pro's
Use my bachelor situation (with no family) to open up more cash flow to gradually invest in other cash producing assets (building a trading bank, buy to let properties, put money into marketing my current business/products).
Less worry about covering the mortgage repayments.
Cons
Since its a studio apartment, less space to live and operate my business from. (I currently have a studio/mini office and record marketing videos for my business, also my bookkeeper comes in to work / use the printer etc).
Not harnessing my youth (currently 28), to get a larger mortgage and build more equity over 30 years.
Option 2:
Buy a larger condo with larger the mortgage the bank has offered me. Looking at $280,0000 for a 1 bedroom apartment.
Pros
Larger space to operate my business from, turn into a home office, space for camera studio.
Building more equity in a property.
Harnessing the tiny interest rates now on a fixed 5 year mortgage.
Making use of my young(ish) age, to get larger mortgage over 30 years.
Cons
Will have to keep on my toes with the mortgage repayments.
Would I be right in thinking rates could eventually double? Meaning after my fixed term my monthly mortgage repayments could double too?
----
Since this is my first property purchase, It's a huge decision for me and this is the start of my "Fast Track" journey, having done the hard work, quit my 9-5 job, and operating a successful business from home.
I don't want to make the wrong decision here!
Thanks again, and really looking forward to contributing to your forum.
Simon Stanley
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