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Finding the right property

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  • Finding the right property

    Hello all,

    I'm new to this site and came across it whilst looking for advice on finding the right property to renovate.

    I run a damp proofing company and have a small team of excellent lads including plasterers, carpenters, brickies etc. so actually doing the renovation work is no problem for us. We do it every day as a business.

    What is proving difficult is finding an ideal first project for us to renovate for ourselves, rather than for other people!

    We are only a small company and don't have a huge financial 'safety net' so a low-risk start would be best. We hope to build up slowly to bigger and more expensive properties, but need to start quite small.

    We have seen very run-down properties for as little as £40k, but they would need at least £30k spending on them (even doing the work ourselves) to get them saleable and then would probably go for no more than £75-80k according to local estate agents, which doesn't really seem worth the risk, especially if they take a while to sell - am I expecting too much?

    May I ask where people find the right property to get started? Are auctions the best place? And is there a 'best' way to finance such a project, or are the normal borrowing channels (mortgage, business loans etc.) the only option?

    Any advice would be greatly appreciated. Hope you can give us a bit of guidance! Many thanks. Sally