There are all kinds of somewhat strange and unlikely things that might happen to you in your life, on your road to being a successful entrepreneur and establishing yourself in whichever dimensions of opportunity present themselves to you.
For most of us, the prospect of inheriting property in our youth is not really in the realm of possibility. It’s more the kind of thing that happens to fledgeling superheroes in comic books, or the protagonists in spooky haunted house TV programmes or novels from decades ago.
Nonetheless, what would you do if a distant relative, perhaps, bequeathed their property to you upon their death, and after contacting wills and probate solicitors in sale, you discovered that you were about to inherit property in your youth? What would some of the best possible uses of the property be?
This article is obviously somewhat light-hearted and tongue in cheek, and is by no means meant to detract from the genuine hardship and emotional pain that comes with losing a loved one.
Hypothetically, though, here are some things you could do with inherited property in your youth.
Rent It out in Its Entirety, Live on the Income, and Hit the Road as a Digital Nomad
These days, a lot of people – especially those with an entrepreneurial spark – are moving the heavens and the earth to the best of their ability, in order to enable themselves to live the much vaunted “Digital Nomad” lifestyle, and spend as much time on the adventure path as possible, and as little time at home as possible.
It could be that you, too, have been dreaming of transitioning into the life of the Digital Nomad, and travelling the world with laptop in hand, but have simply hitherto lacked the financial stability to set out on that path in earnest.
Inheriting a property gives you an opportunity to pursue this lifestyle, just so long as you are able to get the property organised, and begin renting it out, with relatively little fuss.
Assuming you are in fact able to do this, you can transition quite quickly into being a young landlord, and can use the money you receive from rent to fund, or at least buffer, a relatively modest lifestyle where you hit the open road, and work on developing yourself as a freelancer, blogger, a self published author, or other form of digital entrepreneur on-the-go.
If you’re travelling in some of the less expensive regions of the world, in particular, and aren’t too choosy about the level of luxury you indulge in on a daily basis, this particular financial buffer can really set you up in quite a significant way.
Move in Immediately, and Use It as a Stepping Stone to Fast Track Yourself into “Adult” Life
A lot of us, when young, have something like a mental checklist of what it means to be a “successful adult” that we carry around in our minds, and refer to periodically. It’s this mental checklist that we often use as the basis of comparison with our peers, to ensure that we’re not lagging too far behind, and are more or less keeping our heads above water.
Inevitably, this “mental checklist” tends to include something about property ownership, usually in the form of taking out a mortgage on a home.
In your early 20s, this will typically seem like something of a distant pipedream. If you’ve been quite organised, and have been working quite diligently, your mid-20s may mark the point where you can realistically expect to put this particular step of the “plan” into action.
Needless to say, however, that inheriting a property gives you an opportunity and a stepping stone to “fast track” yourself through that particular bullet point on the checklist, and into “real adult life” in a fair hurry.
It may be that you don’t necessarily want to occupy the property you’ve inherited. But, assuming you do, and assuming the location of the property works with your professional and social life, you may as well move in immediately, and begin establishing yourself there. You can then be thankful for the savings you made in this particular domain of your life.
Of course, you can always sell the property, and use the money obtained to purchase yourself a new and modest property in a location more of your choosing. In either event, the fact that you’ve been placed onto the property ladder at a relatively early stage of your life is something to take advantage of, and to appreciate the significance of.
Then again, consider also the possibility of beginning development and modifications on the property, with a view in mind of turning it into a long-term project and investment, that will one day be your “dream home.”
Rent out Part of the Property to Tenants, and Occupy the Rest of It
It could be that, at the particular point in your life at which you’ve inherited the property, you’re doing whatever you can to hustle and fund your entrepreneurial ventures, in as many different ways as possible.
If that is the case, you might find that you can save a significant amount of money, and simultaneously earn some – roughly speaking — “passive income” by occupying the property you’ve inherited immediately, but not as the sole tenant.
Instead, you can occupy part of the property, and rent other parts of it out to tenants, in which case you will be earning money, while keeping a roof over your head, and potentially even making some friends.
Of course, if you’re going to go this route, you need to be pretty comfortable with the idea of living with strangers, and you shouldn’t take it for granted that occupying the same physical space as your “tenants” is going to be a stress free and seamless process.
Nonetheless, if you can make this particular arrangement work out for you, and if you are pretty confident in your abilities to vet other people, the strategy could more or less work wonders for your financial life.