Contingency plan

[WQ - ingo]

Hi i'm trying to put together a realistic contingency plan for if the worst should happen and i dont land a flying job after training. Obviously it's a particularly important ritual at pressing times like this and i have come up with a possible solution.
My parents are selling up and moving over to geneva which left me with the decision of either uni or work. Uni is still high on the agenda but my parents also put this idea forward to me. They put forward the idea of buying a cheap flat for me to rent out - well not buying outright but help with a large deposit - with the mortgage in my name. I would work for a few years to save some money and hopefully allow enough time for the place to gather a bit of equity. The idea in this is firstly to show the bank i'm a reliable handler with finance and secondly be able to secure the loan on the property without the worry of losing the family home.
What do you guys think? If not anyone got any ideas of the jobs one can get with some decent a-levels?

[preduk]

Renting is a good idea if you have a good amount of cash sitting in the bank. You need to remember that if anything goes wrong, pipes burst, kitchen falls apart etc. then you are usually the one that pays for it all. The other issue is; if you do fail to make any payments on your mortgage it could damage your credit rating even more.

It really deppends on what age you are, what sort of job you get.

[WQ - ingo]

Yeah the idea is to rent the place out which will hopefully cover the mortgage, we were thinking of buying in an area close to one of the big FTO's as theres the opportunity to rent to current students. Pros: High in abundance and can provide a cheaper alternative than halls, also can advertise within the FTO itself. Cons - potentially messy and possible high maintenance costs, reliability/consistency issues.

The aim is to obviously remain on top financially to demonstrate to the bank manager that i'm competent with mortgage repayments/bills/maintenance etc and that i have a suitable contingency plan in place if the poop should hit the fan. Through work i should be able to save a bob or two to put towards living expenses when i finally start training hopefully in a year or two. I'm very lucky that my parents are willing to do this for me and with the large deposit put down on the property i should be hopefully in a position within the next year to secure a loan on the property.

Any suggestions?

[preduk]

Yes. Stay away from FTO students for two reasons,

1) They aren't long term residents, you should be trying to get young couples, university students etc who will be there for a long time it means you won’t need to keep looking for new residents every 18months.

2) FTO Students have low budgets for accommodation, so you could possibly be reducing your monthly income just to compete with the halls.

The target market should be young professionals, young couples who are willing to spend that bit extra for a nice place to stay.

[WQ - ingo]

Thanks thats does sound the better option. I have decided to go study Physics at uni whilst renting out the flat.

Thanks.

WQ.