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Eager aspiring property investor needing advise

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  • Eager aspiring property investor needing advise

    I am looking to get onto the property ladder very soon - I am in the process of putting together a business plan of how I can build a portfolio of properties. I am (amongst the thousands of people!) looking to purchase property below market price at auction.

    I want to start off buying a 2 bedroom house or flat in South East London or East London that needs some work done to modernise etc. I want to live at the house while the work is being done and want to rent out one of the rooms once all the work is completed. After a year, my plan is to either rent out the property to pay off the mortgage, or sell it on.

    I am aware of the issues when it comes to making sure I keep to a tight budget and to make sure I do my research into how much the work will cost. I am planning to put a detailed budget together of all costs (legal, fees etc).

    I am also aware of the issues in the housing market at the moment. However, from what I have read, London reacts very differently to the rest of the country when it comes to property prices. The demand for housing will always be there and there is not an infinite anount of space. I see this purely as a long term investment.

    Is there anything else that I am missing?? What major things do I need to keep an eye out for??

    I also am keen to develop some contacts who work on similar projects - so if anyone is out there who wants to impart some wisdom then pls feel free to contact me!!

  • #2
    Hello my friend.
    Im here to help. The best, most safe and secure way to break into the "property ladder" is to start by purchasing a 1 bedroom flat and then finding a sneaky way of turning it into a spacious 2 bedroom apartment. I have a few more tips of advice which will be of use to you aswell: Firstly, you make your profits when you BUY a house, not when you sell. You should only auction off a house if you are absolutely desperate. Also you should search around for a house wich is being sold off by family members of a person who has recently passed away; (they dont care how much it sells for, they just want to get it of their hands). Another quick tip is that you should never touch a property that has any kind of fire damage or any ind of structural damage. If you have any doubts then you should have a survey done too.
    Good luck!

    PS: Im a 15 year old.
    Last edited by [email protected]; 29-02-2008, 09:07 PM.

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    • #3
      Hi,

      I have been buying, selling, refurbing and letting for over 10 years. I have ways of finding BMV property, and no money down finance deals I can tell you about.

      If you want to chat PM me.

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      • #4
        Hi I am interested in your statement about the finance side. I have been offerd a property at BMV but am currently refurbing a four bed semi and my budget is shrinking fast. How can I acquire the finance to sub this next project without having to place any of my own money down?
        Thanx
        Steve.

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