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How would you invest 170K short term

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  • 11-03-2019 9:51am
    #1
    MrWyatt
    Registered Users Posts: 22 ✭


    How would you invest 170K short term? I need to buy a family home ASAP but don't have enough to buy in the right location and can't get a mortgage. Thinking of buying a tenanted property at auction. I have not other income at the moment and am a first time buyer. Is this a good way to invest the money short term? What other options should I consider?


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    #2
    Tell me how
    Registered Users Posts: 21,654 ✭✭✭✭Tell me how


    Define short term? 1 Year, 3 Years, 5 years?

    I'd be very surprised if you can't get a mortgage with such savings as long as you can identify how the income is legitimate and consistent.

    Several companies do managed shares schemes. I've one with Irish Life which is up 7.2% in 12 months.

    Remember, the value of your investment could fall as well as rise....


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    #3
    MrWyatt
    Registered Users Posts: 22 ✭MrWyatt


    Tell me how wrote: »
    Define short term? 1 Year, 3 Years, 5 years?

    I'd be very surprised if you can't get a mortgage with such savings as long as you can identify how the income is legitimate and consistent.

    Long enough to be able to buy a family home. I can't work work full time as I have two kids and no help. Part time I can't earn enough to get a mortgage with 2 dependents under the current regulations, yes even with 170K. And I have health problems as well.


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    #4
    Tell me how
    Registered Users Posts: 21,654 ✭✭✭✭Tell me how


    MrWyatt wrote: »
    Long enough to be able to buy a family home. I can't work work full time as I have two kids and no help. Part time I can't earn enough to get a mortgage with 2 dependents under the current regulations, yes even with 170K. And I have health problems as well.

    This is all I can suggest. But, depending on your location, you might be looking to double your money before buying.
    That scheme I mentioned is up 50% in last 5 years.
    Tell me how wrote: »
    Define short term? 1 Year, 3 Years, 5 years?

    I'd be very surprised if you can't get a mortgage with such savings as long as you can identify how the income is legitimate and consistent.

    Several companies do managed shares schemes. I've one with Irish Life which is up 7.2% in 12 months.

    Remember, the value of your investment could fall as well as rise....


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    #5
    MrWyatt
    Registered Users Posts: 22 ✭MrWyatt


    Tell me how wrote: »
    This is all I can suggest. But, depending on your location, you might be looking to double your money before buying.
    That scheme I mentioned is up 50% in last 5 years.


    How risky is the investment?


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    #6
    Tell me how
    Registered Users Posts: 21,654 ✭✭✭✭Tell me how


    MrWyatt wrote: »
    How risky is the investment?

    The value dropped around 35% between 2008 and early 2009 (at the time of the global crash).

    You can pick low risk, low yield plans or high risk high yield. But there is some element of risk everywhere.

    You should talk to a financial advisor.


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    #7
    PHG
    Registered Users Posts: 475 ✭✭PHG


    Hi OP,

    Don't go risking your money on things you see here (unless you understand them). We are just keyboard warrior.s Saying you can invest until you have a enough to buy a mortgage is not giving information. I assume it will take years as you only work part time (but I have no idea of what you earn).

    I have 2 pieces of advice.

    - Keep enough for a rainy day fund (about 6 months of living expenses) in case of an emergency e.g. Car breaks down, medical bills etc.
    - Go see a Financial Advisor. I don't mean just 1, talk to a few and find one you are comfortable with, who can explain the ins and outs of what to do with your money. I am quite ok in the world of the markets but talked to 3 Advisors before setting up a pension and was well worth the effort!

    Best of Luck

    PHG


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    #8
    MrWyatt
    Registered Users Posts: 22 ✭MrWyatt


    PHG wrote: »
    Hi OP,

    Don't go risking your money on things you see here (unless you understand them). We are just keyboard warrior.s Saying you can invest until you have a enough to buy a mortgage is not giving information. I assume it will take years as you only work part time (but I have no idea of what you earn).

    I have 2 pieces of advice.

    - Keep enough for a rainy day fund (about 6 months of living expenses) in case of an emergency e.g. Car breaks down, medical bills etc.
    - Go see a Financial Advisor. I don't mean just 1, talk to a few and find one you are comfortable with, who can explain the ins and outs of what to do with your money. I am quite ok in the world of the markets but talked to 3 Advisors before setting up a pension and was well worth the effort!

    Best of Luck

    PHG
    The reason I posted here is because I am seeking to understand. I am realising now that this is probably not the best place to get advice haha. It was worth a try. Thank you for your advice, I will go see a financial advisor.


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    #9
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    MrWyatt wrote: »
    The reason I posted here is because I am seeking to understand. I am realising now that this is probably not the best place to get advice haha. It was worth a try. Thank you for your advice, I will go see a financial advisor.

    I saw your other thread and I appreciate you're in a tricky spot. To be honest though I don't think you're in the right frame of mine to be looking at these things right now. I think the best thing to do is put this into a zero risk investment until you are in a better position to make the best decision for you. Even if it's something like premium bonds that arent a great investment but offer you potential with no risk. This money could go a long way towards your children's future so you definitely don't want to jump into something you don't understand.


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