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Help / Advice / Opinion's please?

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  • Help / Advice / Opinion's please?

    Hello. Registered ages ago but this is my first post!

    I'm 23 and I live in Norfolk currently working for John Lewis.

    I've got a real desire to try and start property developing but I think I need some serious non-judgemental advice on where and how to begin (if at all possible!!)

    I still live at home with parents and have just under £5,000 in savings, so if I were to try and acquire somewhere to develop I'm sure I would have to borrow upfront capital from my parents to form a deposit...?

    I have plenty of local tradesmen friends such as plasterers, electricians, bricklayers etc and my brother trained as a plumber so low cost work seems like a real possibility. I am not afraid of hard work and would devote myself 24/7 to any potential project.

    I don't have any extensive knowledge but have a basic idea of what it takes to rejuvenate property.

    I'm not sure of the best way to start? Do I visit Mr. Bank Manager with a potential development plan? Will he laugh in my face and tell me to come back when I've got a clue? Can you obtain a mortgage that covers the purchase price + development budget?

    There are quite a few properties local to me that are up for auction, in need of development/modernisation and the profit margins could potentially be pretty good!

    A 3 bed house at the end of our street was bought for £110,000 by a developer 4 months ago and has just sold for £180,000. So the market seems to be there in our area!

    Just need some advice really on the best way to get started financially and practically from some people that have done it before?

    Everyone has to start somewhere!
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