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Ok firstly I would like to make this clear first up. I am mealy asking a question, and seeing which option would be a better start.
So I am a young person looking for the best outcome financially for my future. I have saved up enough money put a deposit on my first home, which i have planned to rent out the other three (3) bedrooms which would help me to pay off the mortgage. I was planning on waiting a few years to gain enough equity on the house to by a second home.
However I also want to eventually own a franchise (McDonald’s, or night owl, i haven’t decided yet. [oh and i do have experience and the knowledge to run my own franchisee as i have worked as a manager for 4 years at McDonald's, so i know how it operates]).
Though Im having trouble deciding which to do first. If I buy a house I’ll have no deposit to buy a franchise and vice-versa.
So should I buy a house (which im planning to use as a investment), and wait a few years to gain equity on the house, then buy a franchise. Or, buy a franchise and then buy a house a few years down the track?
Buy the house..
A house will appreciate over the long term. Businesses fail on a daily basis. The house is the lesser of the 2 risks…
I say you should go buy a franchise first and then buy a house. If you buy a house first, then it will take much longer for you to earn enough money to make a franchise. However, if you make a franchise, then you can make a lot of money very quickly.
If self employed, you will need to show a minimum of 2 years’ income to purchase a house. Are you willing to wait that long?