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New to development...advice needed

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  • New to development...advice needed

    Hi there,

    I am seriously considering starting to property develop in the next few months.

    I have recently purchased my own home and renovated that and have thoroughly enjoyed so much of it. This is quite unexpected as I am a city worker in professional services but the feeling you get from turning something bad into something good is fantastic. I have thoroughly enjoyed working with a very different group of people and am very keen to cut myself free from the 9 - 5 city grind.

    I am hoping to purchase my first actual investment property within the next few months but will keep my day job (going to be tough) but with a view to resigning after the resale (hoping for end of 2012). I want to hold on to my job for as long as possible so that I can obtain finance easier.

    Sometimes I pinch myself and wonder if I have just watched too many homes under the hammer or sarah beeny shows but really do believe it's a good option for me.

    Is there any developers out there in London that have any advice? Anyone else in same situation as me? Or any advice in general? It would all be gratefully received.

    Thank you

  • #2
    Re: New to development...advice needed

    I know my mate told me that there's property investment development Company based around London which is really very good way to invest if you are new. The way it work you control you money. They will find the investment property for you whether undervalue property or auction. You will pay for it and they will take care of everything Completing the renovation.Then they putt it in the market. When the property is sold you pay them commission based on how much you invest. I think this is good idea to keep your job and at the same time some one will take care of your investment.
    Thanks
    Plus Security

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    • #3
      Re: New to development...advice needed

      Over the last year and a half I've been slowly getting into property developing from a totally unrelated job in the city.

      I'm currently on my second property, and the one piece of advice I would give to someone starting out is don't take on too much for your first project. You will find a lot of unexpected costs and complications which you will not have predicted (irrespective of how much research you do), but if you start with a small project you'll be in a much better position to cope these difficulties.

      My first development was a one bedroom repossession. The work involved a thorough refurbishment, removal of an internal wall, moving the kitchen to a new open-plan living room/dining room and an expansion of the bathroom including a new suite. I took it slowly and kept it small and after the work was completed I had valuations of between 15-20% above what I paid (including all costs from legal fees to development work). The property is currently rented out, and the re-mortgage has allowed me to start on my next. It's another one bed and has presented a whole lot of new complications I could not have foreseen, but hopefully by keeping it a relatively simple job none of the complications will be insurmountable!

      Good luck

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      • #4
        Re: New to development...advice needed

        I think the best way to start with property development is to equip your self with all the information you can gather related to property investment. Beside from the right ups and statistics you can read, experience will be your best teacher. bdh198 is right, you should not give all of what you have in your first investment. Make your first investment as your training on this field and remember all what you can learn on your first investment. I would also suggest to socialize with people that you know were successful in property investment. These people can give you advices and tips on the field you are taking that they're been well knowledgeable of.

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