Property Development

[Randomjim]

Does anyone have any knowledge of property development?

I left my old job in august and i've been trying to work out what i wanna do. I've decided i'm going to try my hand at doing up a property for some profit. Only thing is now trying to find a suitable property to start on in the south....

 

[EssVier]

A wee bit, im int he business of Mortgages, Buy to let portflios and big a$$ investment property clients.

 

[Randomjim]

I thought about buy to let but with the cost of property down here the rent would pay for the morgage but not leave me enough to live on.

 

[rasA4]

bit late now watching bbc2 this guy bought his council right to buy

for about £40,00 6-7 years ago now he sold it for £560,000!!!!

 

[Randomjim]

Yea i was just watching that too lol

 

[EssVier]

Buy/rent elsewhere, look up north! Any help im on hand, I have access to every lender in the Uk and dont charge fees (for fellow Audi owners)

 

[Randomjim]

Cheers mate :icon_thumright: will have a look into things up north

 

[rasA4]

question for you mattfinn i have a 2 bed house at the mo and im thinking of renting this out and buying another house do mortgage companies deal in these cases?

 

[rasA4]

Yea i was just watching that too lol

what a lucky bloke and he bought an audi!

 

[Randomjim]

He had a passat when i was watching

 

[jesters3]

Look at Gainsborough, Lincolnshire (DN21) in the North.

They still have properties (2 beds with an attic/3rd room) for @ £45k, once done up they can got for £52-55k depending on street. May not sound a lot but then you get onto the proper 3beds for £65k which then can net you £80k+.

This area is also having some serious development with new marina, retail outlets and the like in 2008, plus with its location near Boston, Lincoln and Grimsby it will be a good commuter place to live.

My in-laws have purchased a couple of houses up there and we nearly did but with the arrival of another daughter I can't afford it now or for that matter ever!

On a serious note; be wary my in-laws have done okay so far (they are renting the property out) however people aren't buying at the mo due to the time of year, happy to sell but not to buy.

Good luck!

 

[Randomjim]

Thanks for the info, i think i have a lot to think about.

 

[Markey]

Im into doing this in the south the houses are very expensive, and depending on how much you put down and your rates etc the rent can somtimes only just cover your outgoings, you need to know if you want to do it properly buy to let high rates, or get a normal mortgage and just rent as long as your are insured and the gas etc is checked properly and the payments are met they dont normally have a problem.
I had place in Black Heath renting at 1200 a month and the mortgage was only 800 so it can pay well depending on where you get the place other places i have the rent is just under the mortgage but its not about making money through rent its all about ong term investments IMO.

 

[Caesium]

Jim, are you competent in building work?
I have renovated 3 properties now and it takes a fair bit of involvement especially if you have a full time job like I have.
If I could give 1 bit of advice it would be to plan everything and check the plan again and again before you start, If your plan is correct then your budget will be spot on and costs wont start spiralling out of control, because what can happen is you want to get the property finished so start doling out cash hand over fist to acheive it.

Planning is definately the key above all else.

 

[Caesium]

BTW if you need any advice (especially practical advice) give me a shout.

I can advise you on tools and procedures etc, I have a penchant for tools!

 

[Randomjim]

I've not really ever tried any building work but i'm thinking about going back to college and learning while i do it.

I've seen how planning an budgets are important from all the property programs on tv lol.

 

[Nickynibbles]

The market for the independant property investor to buy & sell for profit is drying up fast, you need to be doing big *** projects these days to be making any decent money! One thing I looked into was to take advantage of the immigrant worker situation, buy a 3-bed house and rent the rooms to immigrant workers on a weekly basis. You could even use the livign room as another dbl bedroom! From someone i've been speaking to recently who's into this they're more reliable & cleaner than students so a better target market. This only works obviously in immigrant worker hotspots! One place I looked at was a 3-bed with loft conversion giving 3 dbl bedrooms & a single. Could of been making £500 profit a month on this house, couldnt get cash deposit quick enough though & the place was snapped up, shame :-(. Still an opportunity i'd consider if the right property came up.

 

[auditek]

immagrant worker hotspots !
the place is burning up , they are EVERYFUKNWHERE and the romanians are next, the poles tell me they are the lowest of the low, dont wana work, beg and steal anything thats nae nailed down,

 

[auditek]

aye jim go for it, im working up here in inverness, they are throwing houses up here like nothing on earth, im on the tools,joiner, guys up here doing 6 month courses at college, easy enough if u have a bit of commen sense and practical ability, good luck.