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Where to begin? Financing

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  • Where to begin? Financing

    Really sorry if this question is really trivial/naive but I don't know where to start, I have looked online and cant get a real answer.
    My current property is worth 110k, i have a mortgage of 84k. I am interested in buying a house on my street to develop and sell on, it is for sale for 90k, so there is room for negotiation. The house is identical to my current house, therefore I know all the work it will need to get it to a liveable state. How would I go about financing it? I would aim to buy and sell within a year, would do all the works myself. I do not currently have any savings, although there is a possibility i could loan money from family to act as a 'deposit'.. What would I do 'mortgage wise' for this property, as obviously wouldn't meed a long term mortgage like for my original home. Any advice would be gratefully welcomed

  • #2
    Re: Where to begin? Financing

    Hi Jennie, did you find a solution to this?

    We are in a similar situation and are looking at 'crowdfunding' our next development (putting down 10% as a deposit and then raising the rest through a 'crowd' of private investors online).

    Is this something that could work for you?

    You have to keep the investors happy by sending them updates throughout the build, but it seems appealing over the traditional routes...


    If you have found another route however, it would be great to hear!

    Paul

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