Any one had a go at it, I am definately going to give it a go next year with a fellow PF user, although I am having thoughts about bringing that forward to this year as I just dont find my office management role challenging enough.
We are planning to put down a 20% deposit on a house that is in need of restoration/redecoration but nothing structural, have a budget to do it up sorted-may mean the car has to go but I am looking into other avenues first, we will keep working until we know that we can A. do it and B. make more money than our current jobs
so, who's done it and have you managed to make a decent income, I have bought lots of books but am always looking to expand my knowledge-any tips please

 

a good friend of mine does it!

first adivce for you is DONT GIVE UP YOUR DAY JOB

secondly is go to college and start learning some trades so you can do alot of the work yourself! you wont make good enough money from just a decoration! gutting a extensions is where the money is! if theres two of you in it,, each learn a trade! just to show my friend does ALL the work himself

always deign the house for the majority of perspective buyers, never how you would like it!

what sort of money property's are we talking about?

 

Unless you can do a LOT of the work yourselves hands on then dont bother imo.....and as gareth says dont give up ya day job too soon...

Good luck if you go for it

 

lee do you buy property as fill in work?

 

i'll let you know what happens with my first one.
biggest problem is getting tradesmen to do the work i have actually
asked to be done,
but you have to be in it to win it, and in 3-4 weeks time,i should be
nearly done,then its for sale board time
my top tip is to get a good financial advisor, mine got me and a few other mates,good deals which the high street banks couldn't do.

 

I am a Building Surveyor by day, and I advise you to be extremely cautious.

The B regs are getting more and more onerous, and if you dont do your homework, you could lose double what you stand to gain.

Dont get over ambitious, and start small - work your way up as you gain experience, and do not underestimate the importance of good advice from professionals! They will usually save you more than they cost (the good ones anyway!)

And good luck!

JJ

 

Dont listen to that .

i am going to do the exact same thing with a bigger plan after making a bit of money. most people i know off doing property development use builders, whilst they go around in their suits from property to property giving orders

because you can end up with more than one property you wont be able to do the work yourself even if you ar a builder and end up losing money because things dont get done in time. Use the same builders whilst building good relationships with them, but i prob dont have to tell you that.

my oldest cousins doing that and has been doing for a long time so i've learnt a bit.

ps: where id you get the books from

 

My brother does buy to let. He has 6 houses now. No short term gains as you won't make immediate money like this but in ten years time he can cash in.

Might be better going this route and keep your day job.

 

ive done a few with the old man, and since he has sold his property development company we are doing more land purchases and building from the ground up, thats where the money is!

 

Gareth upto 150k-200K I reckon but less if possible

 

Books form everywhere mate- but try Play.com they have quite a selection as do Amazon

Thanks to everyone for your input when/if I start I will keep you updated on progress

 

ah cool, so your not looking at the cheaper end of the market!
generally houses in that range just need decorating to bring in more perspective buyers

remember my first rule though

 

Will do Lee, I'm never too proud to take recommendations and advice, especially when taken from people who do it for a living
Thanks mate

 

another rule,,, it always costs more than you think!

 

loads of money to be made doing this but finding the right houses these days are hard, like some people have said if you can do ALOT of the work yourselfs it makes the profit alot nicer

doing alot of extentions at the minute easier, better income, more work

 

Don't worry I will have a contigency fund-thanks to Sarah Beeny

 

i love sarah's show,,, i just love how all the first time property developers think they know more than her and ignore ALL her advice

 

I plan to learn from their mistakes

 

im starting now aswell...im looking for a house to renovate and sell on or put up for rent...my dad and uncle and grandad have done it in the past and they are laughing all the way to the bank...my old man built our own house and sold it for a hell of a profit...we have done it on flats etc...good money to be made if the hpuse is in the right location and if the work is done to top quality

 

Good luck mate Keep us posted too

 

somebody I know said that whatever you budget for renovations etc. double it and your about there

 

good advise i was told by a building contractor he works out the cost of a job to him the marks it up 100% for the quote then if anything goes wrong he can do it twice over but if it all goes to plan the extra cash is his bonus

im doing my family home at the moment and budget its hard to stick to

 

Me and my brother are thinking about maybe having a play with this devloping houses game, what better time than when you both still live at hotel home

 

I wish I still was living at home, would make it a bit more affordable

 

Yeh aint it and its also a start on the property ladder, now having a look whats about and for what money

 

liek what northwester says fron the ground up is the way to do it, but takes mucho experiance

my uncles has being doing this and has just bought himself a DB9

 

i own a proeprty development company, doing new build developments, just bought another site this week for 67 units

 

rich scottish cooont

 

i will also have a site for sale if anyone is interested in jumping in , site for over 100 units in Ayrshire, Scotland

 

when you got one near london where we wont need our central heatering on in july ill be interested

 

Just a bit of advise for you, I'm a construction manager for a large company and I've learnt not to trust anyone no matter how well you get on with them, I've been managing for over 5 years and it doesn't get easier!!

Good Luck mate

 

and don't foget capital gains tax which is currently 40% of your gain

 

on my way to work today i forgot i didnt say about capitol gains

 

Bloody hell 40%

 

What if you buy to let?

 

40%??!?!?!?!!!?!?!!!!!!!!!

Fucking roobing coont government!!!! They really will rob you whenever they can, and half the time it simply ISN'T justified!

They already sting you for "stamp duty" - stamp duty? WTF is that? Hello, I just bought a house, here's a percentage of the cost Mr Chancellor, don't know why you need it from me, but fuck it, here it is

Why in the fuck should the government profit from you BUYING a house FFS? And why in the fuck should they benefit from you SELLING it again?

CUNTS

 

no money in BTL to be honest mate

 

that depends on where you are bTL'ing,,, and also how fast you want your investments to pay off

 

Oh well, I will just have to make as much money as I can on each development and then give 40% away
unbelievable

 

welcome to the world of capitol gains