blakep82
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| posted on 6/7/10 at 06:15 PM |
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investment property
its something i've had on my mind for a while, on and off, but something i really want to get in to soon, buying a property that needs full
renovation, sorting it out and selling it on, hopefully for a profit.
has anyone/does anyone on here do this?
i've got very little money saved up at the moment, because for all my working life, i've only been doing stupid dead end jobs for rubbish
money  time to try and get on in life a bit.
wondered if anyone could offer me some advice on it?
what to do about mortgages (been a while since i had dealings with them, and i don't know whats available) and stuff
i'm no builder, but i'm pretty good generally with DIY type jobs.
looking to start small, there's a few cheap flats around here at the minute, sort of £35k for a 1 bed flat. think there's some profit to
be made there?
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SeanStone
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| posted on 6/7/10 at 06:21 PM |
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Well when it comes to getting the morgage, you can speak to one of my mates if you want. He's a morgage broker. Pretty busy though so it'd
have to be if you wanted a morgage on a specific property
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blakep82
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| posted on 6/7/10 at 06:23 PM |
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ah cool  yeah, there's one i've seen, its cheap, listed as needing full refurbishment, so hopefully there'll be a profit. will
obviously need to look into it. will try and have a look at this place, but think i'll still struggle for a mortgage. i'm on a very low
income right now, and don't have much in the way of deposit...
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JoelP
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| posted on 6/7/10 at 06:26 PM |
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ive had a few through auction, sold 2 without really doing anything to them though. Kept one other rented out. Also another ive had about 6 years now
thats finally getting refurbed top to bottom, but im all out of money so its been untouched for 4 months.
Id start reading a property investors forum, plenty to choose from. I used to browse singingpig.co.uk but not in a long time now. Lots to learn
really.
Bear in mind the money is made by buying cheap, not by selling expensive.
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eznfrank
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| posted on 6/7/10 at 06:58 PM |
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I've done a few as have friends of mine. I woul definitely say the first time buyer market is the one to target at the moment.
To be honest though if you haven't got any real savings and can't do 99% of the work yourself I think it's an idea to shelve for
now. You really do need the funds to see it through, especially if you're mortaging as every month longer is just eating more of the profit.
On the lower value properties you have to remember that even a 30 - 50% uplift in value by the time you've taken your outgoings off will leave
you without much left
Do you currently own your own home?
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russbost
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| posted on 6/7/10 at 08:40 PM |
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It's what I do for a living! The Furore project earns me very little!
First, only ever deal direct, NEVER even consider dealing thro' someone who is offering to buy property on your behalf as there have been
several investment schemes that have gone *its up leaving people with none of their investment!
At the moment, as long as you're not in a tearing hurry, you'd struggle to go wrong as in 12months to 2 years time, depending on the area
you could expect a 25% return without doing anything to the property, if you were doing a complete refurb possibly double that, if you're trying
to turn your money over much more quickly, then a full refurb is your only route, you need to do all, or nearly all of the work yourself, or get it
done very cheaply (but well) by someone else & be prepared for the fact that buying & selling costs can make a big hole in your return - also
remember that asking prices are not actual prices & you must buy cheap in the first place - be patient & wait for the right one.
I'm just off on holiday, but if you want to give me a ring after the 16th you're welcome to my vast knowledge
I no longer run Furore Products or Furore Cars Ltd, but would still highly recommend them for Acewell dashes, projector headlights, dominator
headlights, indicators, mirrors etc, best prices in the UK! Take a look at http://www.furoreproducts.co.uk/ or find more parts on Ebay, user names
furoreltd & furoreproducts, discounts available for LCB users.
Don't forget Stainless Steel Braided brake hoses, made to your exact requirements in any of around 16 colours.
http://shop.ebay.co.uk/furoreproducts/m.html?_dmd=1&_ipg=50&_sop=12&_rdc=1
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NOTE:This user is registered as a LocostBuilders trader and may offer commercial services to other users
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whitestu
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| posted on 6/7/10 at 09:38 PM |
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quote:
At the moment, as long as you're not in a tearing hurry, you'd struggle to go wrong as in 12months to 2 years time, depending on the area
you could expect a 25% return without doing anything to the property,
Why do you say that Russ? I thought the market was expeted to go the other way!
Stu
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loggyboy
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| posted on 6/7/10 at 09:52 PM |
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If you have to ask advice, best to stay away IMO.
Its a job/pasttime with a million and one pot holes and plenty of foll blown bottomless pits to fall in to.
If you want to invest in property, try the (more) simple 'by to let' market, rather than the do up and move on principle.
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blakep82
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| posted on 6/7/10 at 11:56 PM |
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^couldn't the same be said for building a car? 
thanks everyone
i'm pretty sure i can do most of the work myself, also, my girlfriends dad is a carpet fitter and joiner, and he's taught her how to do
all this stuff. they did all the work between them in her flat  she can even fit carpets and do woodwork, and hang wall paper, and everything! my
dad used to be an electrician many many years ago, but theres been a lot of changes in regulations and stuff since then i think, but i'm
considering training to be an electrician, then also plumbing after the electrics.
I'm looking at the kind of places that need a whole refurb, ie new kitchen, bathroom, and general decoration to start with. not full on building
work!
Russ, i'll give you a shout when you're back! i also need a clutch cable made! still trying to decide on the route it'll take.
don't know whether to run it out next to the engine, or keep it inside and drill through the tunnel
[Edited on 7/7/10 by blakep82]
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loggyboy
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| posted on 9/7/10 at 03:14 PM |
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quote:
Originally posted by blakep82
^couldn't the same be said for building a car?
Mess a kit car up you sell it on and loose a few hundred or a grand or so.
Fuck up on a house (not just the things you do to repair/renew it, but the natural pitfalls there are with buying 2nd hand homes) and you could see
yourself 10k's or even 100k's the wrong way.
Not trying to put you off, as its something I will certainly trying later in my life, just bringing it to the table that it is a big commitment.
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blakep82
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| posted on 9/7/10 at 03:21 PM |
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i know what you mean was just joking yeah, i know theres big dangers like that, which was why i was asking, wanted to see how others got on to
see if it was worth my risk.
i wouldn't rush into the first house i see, but more the kind of house where maybe an older person had it, got too old to look after it and
died. that kind of thing where to start its more just new kitchen and maybe bathroom, and general decoration.
my girlfriend got her flat the same way 3 years ago, it was a wreck (i didn't see it then) spent about £4k on mateerials, and did much of the
work herself and with her dad. its a rented council flat though, so its not worth anything much to her, but would have definitely increased any value
by more than what she spent on it. it wasn't much more than a urine soaked shell. it was an old woman, and her old, very strange son, both in a
1 bed flat... you know lol
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