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Where has property developing got you?

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  • Where has property developing got you?

    Hi , Im keen to research the prospects of a career in property.

    Without getting too personal how has property developing worked out for you?

    Ive spoke to guys who are retiring at 40 , Ive also spoke to guys who have had their fingers burnt and strongly advise against it .

    I'm especially interested in folk who have done around 2-6 propertys

    Is developing as a career bringing you security , an improved lifestyle , substancial financial gains ?

    Are folk "getting by" taking a decent salary from a developing buisness or havin financial ups and downs depending on sales ?

    In the current climate , would you go back to full time employement ? 30-50k salary ?

    Interested to hear opinions on whether property developing can be looked at as a career , or is generally a game for the already wealthy.

    Cheers .

  • #2
    Re: Where has property developing got you?

    I believe it depends largely on your current situation.

    If you have the security to be able to develop property then you have far much more flexability to persue such ventures.

    Conversly, if you are struggling to pay the bills and worry about the likelyhood of completing the project on time, it may not be the best option.

    I'm sure you're aware of how much development project's budgets can change over time. One "bad job" could really throw a spanner in the works!

    I wouldn't say it's a "game for the already wealthy", but obviously it requires some initial capitol to get into without major risks to your personal property and savings.
    Last edited by NorthWood Norman; 13-10-2011, 03:50 PM.
    estate agents in bournemouth

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    • #3
      Re: Where has property developing got you?

      I built a new house 20 years ago. I was an experienced building professional.
      It was a lovely house and I should have cleared £20K. When I started interest rates were 10%, when it was on the market they were 6%.
      But I couldnt sell it. No one was buying because of Black Wednesday and market uncertainty IMF etc. Norman Lamont!!!!

      In the end I sold it for cost. I made nothing for six months hard work and I mean hard. I was even being charged Council Tax on it towards the end. On the market for three years!

      Property Development is for people who know building but you can get burned by the market and factors you cant control.
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      • #4
        Re: Where has property developing got you?

        Thanks for your input .

        I'm now at the stage of looking for that first property to flip.

        Little disheartened today has I've been eyeing one up for some time only to find today it has major structural issues , was hard to walk away had great potential but just to much risk on first development.

        Learning small things every day , learning how to properly research areas . Call to the local plod was particularly beneficial on one area!

        I'll keep things updated.

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