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Any Advice?

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  • Any Advice?

    Hi,

    Ive always been interested in property development, and Ive always had the desire to try and do it myself. Ive been in education though, and Im currently trying to get some money together so that I can start off. Im trying to scrape a good few thousand pounds together, so that I can buy a small, run down terraced house on a BTL mortgage. My plan is to renovate it, turn it round (take around 3 months?), sell it on, and make a profit.

    I understand that I need to find a property with some potential (maybe from an auction?), and need to look into the previous sold prices for similar houses in the area.

    Im hoping that you can give me some advice or something that you think I need to look up.

    Thanks

  • #2
    Re: Any Advice?

    i feel exactly the same but thinking about renting out instead after finishing work

    Comment


    • #3
      Re: Any Advice?

      The cons of buying to let a run down terrace is the type of clients you may find living in there. I would buy low to mid range to get the better tenant. Its not an easy job being a landlord and when it comes too much, a lot of landlords dont factor in the possible cost of a letting agent, so make sure that you do if you decide to go ahead.

      Comment


      • #4
        Re: Any Advice?

        Hi Neil

        This is pretty much what I want to start doing, I'd be interested in knowing how you have got on over the last few months since your inital post in this thread.

        Thanks

        Kevin

        Comment


        • #5
          Re: Any Advice?

          I have been quite succesfull in the past 10 years at turning around houses to sell and rent and it was good, when i rented the houses out i did it my self and had no problems,
          However I would not chance it in the current climate house prices are not great any more, morgages are in the few deposits are high. rental fees are on par with morgage payments, and you most definatly do not want to be stuck with a property you cant do anything with, but there are still some gems out there you just need to be carefull research researh and research what you want where you want it and why people would want it so do your home work first and do it well, Also whatever budget you have planned for the renovation cost "Double" it as things rarely go to plan and always have a backup.
          Good luck!
          www.tradesmanschoice.co.uk

          Comment


          • #6
            Re: Any Advice?

            Originally posted by DW1 View Post
            Hi,

            Ive always been interested in property development, and Ive always had the desire to try and do it myself. Ive been in education though, and Im currently trying to get some money together so that I can start off. Im trying to scrape a good few thousand pounds together, so that I can buy a small, run down terraced house on a BTL mortgage. My plan is to renovate it, turn it round (take around 3 months?), sell it on, and make a profit.

            I understand that I need to find a property with some potential (maybe from an auction?), and need to look into the previous sold prices for similar houses in the area.

            Im hoping that you can give me some advice or something that you think I need to look up.

            Thanks
            You are too young and dont know what you are doing!

            My advice would be to go and work for a builder for a few years and get experience and contacts before doing something like this.

            It is unlikely you would get a Buy to Let mortgage in the current climate anyway. Do your research first!
            BRAND NEW HOMES
            Information for UK new home buyers
            New Home Blog The latest news and views

            Comment


            • #7
              Re: Any Advice?

              Originally posted by New Homes Expert View Post
              You are too young and dont know what you are doing!

              My advice would be to go and work for a builder for a few years and get experience and contacts before doing something like this.

              It is unlikely you would get a Buy to Let mortgage in the current climate anyway. Do your research first!
              New Homes Expert - I'm not sure you are position to comment on his/her age unless you know them directly?

              Having said that I would agree based on the opening thread that the OP is a long way off being ready for such a venture...

              Best of luck either way

              Comment


              • #8
                Re: Any Advice?

                Originally posted by New Homes Expert View Post
                You are too young and dont know what you are doing!

                My advice would be to go and work for a builder for a few years and get experience and contacts before doing something like this.

                It is unlikely you would get a Buy to Let mortgage in the current climate anyway. Do your research first!
                New Homes Expert Is right get a better understanding of waht is exactly involved, do your research other wise you wont last 5 minuets if you have no idea where to start of finish, there is more to being a developer thant developing it is a business and like anyother business you need to know how to run it, both financialy and physically, so dont go at it blind. Or you will fail
                www.tradesmanschoice.co.uk

                Comment


                • #9
                  Re: Any Advice?

                  Originally posted by Dan_Manchester View Post
                  New Homes Expert - I'm not sure you are position to comment on his/her age unless you know them directly?

                  Having said that I would agree based on the opening thread that the OP is a long way off being ready for such a venture...

                  Best of luck either way
                  Anyone this naive must be young!
                  But if they are indeed older, I apologise for assuming they are young!!!
                  BRAND NEW HOMES
                  Information for UK new home buyers
                  New Home Blog The latest news and views

                  Comment


                  • #10
                    Re: Any Advice?

                    Also be mindful if the property needs work then to get a BTL mortgage it must in its current state be in a habitable and lettable condition. Otherwise a full rentention will be held which will kill the deal.

                    Comment

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