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Young, Dumb and have a pretty good starting fund

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Hi guys,

I joined here a few months ago but just now getting around to posting.

Property Experience:
I am 23 and my partner and I have just moved into our first house, we live over the bridge in Cardiff and my partner is from Atlanta, Georgia. We have no prior experience in property and I’m quite unconfident when it comes to DIY - however I am keen to learn as long as there are youtube tutorials etc. along the way.
My knowledge of property so far comes from the property podcast and Rob D’s books - currently making my way through the complete guide to Property Investment and really want to kick on now.

Current Situation:
I have a well paying job (for my age at least) in recruitment however it is stressful and I get very little downtime so I am looking to replace my job through property asap. We have plans to travel for up to 6 months throughout Australia/Asia in Jan 2021 and would be leaving before then anyway but hoping to finish in July and hopefully this would give me some time to work on a project or two before going.

My aim in property is to accumulate enough passive income that we are free to travel between here and the US and further afield and I can be in a position where I don’t need to work if I don’t want to.

Financial Situation:
I’m pretty lucky in that I have ~£70K cash in the bank which I can use as soon as required and I was fortunate in that my house was bought as a gift from my parents and so I have the option to take out a mortgage on my house of up to £150K if necessary.

Plans for property:
I am predominantly looking at getting involved in Buy Refurb Refinance projects in South Wales and hoping I can learn a lot that way, I’m also strongly considering flips as the profit from a flip between July and December this year would fund our Australia trip nicely, Also intrigued by HMOs as the cash flow would really help. However I’m aware that South Wales sometimes operates very different to England and with things like Article 4 HMOs wouldn’t make much sense so I would be open to hands off projects as I wouldn’t want to miss out on some of the great deals that sound like are happening in the North etc.

Plans for 2020:
I am hoping to achieve the following:

  • Set up a limited company
  • Find a mentor
  • Buy 2 refurb projects that are generating a cash flow by the end of the year

Really looking forward to getting involved and would welcome any messages/words of advice as I understand I’m currently a very small fish in a very big pond so could use all of the help I could get. I would also like to know what peoples thoughts are on what they would do if they were in my position i.e. 23 with a good amount of money to get started with little responsibilities.

Sorry for such a long post!



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Hi Scott

You are in a good position to get started with the 70k and probably won’t have to take out any money from your house. You should be able to get your first property, refurbish it (using bridging finance if you want to take this option), refinance to pull money out, then rent it out and still have money left. I’ve just bought my 3rd property and would advise you to look at refurbs that you can add value to, refinance and rent out once it’s done. Then repeat the same thing using the profit from the property increasing in value.

If you’re interested in chatting further let me know.


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Hi Scott

We operate BRR in the South Wales valleys, and there are loads of high yielding opportunities right on your doorstep, but as far as flips go, keep to the bigger areas where sales are buoyant.  Rightmove is your best friend here.

Article 4 shouldn't put you off, but lack of experience should; cut your teeth on a few refurbs first, it'll teach you so much about how to assess a property, and how to cost it with reasonable accuracy.


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Hi Scott,

I guess your aim of enough passive income as you put it is a longer term goal and not something you're hoping to achieve before you go travelling? 

What income would it take to quit your job and what kind of timeline are you thinking?

For me, I would use the 70k to buy 2 houses, BRRR. Get someone to manage them while you are away then once back look to go again possibly drawing some equity out of your house to snowball the process and build your portfolio faster.

I'm in South Wales also, currently focusing on getting BTL deals around Neath, Port Talbot area. Great yields and as a Zoopla report showed for market value growth in 2019, both towns were in the top 10.



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