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Author Property Development
James
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Registered: 1st Jun 02
Location: Surrey
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9th Jan 07 at 13:19   View User's Profile U2U Member Reply With Quote

Anyone considered it?

Im thinking about buying a run down property, making it mint and then either renting it out or just selling it, depending on the market.
a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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9th Jan 07 at 13:26   View User's Profile U2U Member Reply With Quote

yes this is what i plan to get into in the future, it is what my dad is doing just now so planning to follow in his footsteps
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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9th Jan 07 at 13:55   View User's Profile U2U Member Reply With Quote

Im hoping to do this with my current house

Bought a run down 3 bed terrace in wales for 67k, currently valued at 85k with work left to be done.

If, when we come to sell, i can make a profit of 20k+ then i will sell, if i can't then i would rent it out for a year and wait for the market to increase

Would eventually like to have 2/3 houses i have rented out, bought with profit from houses i have done up

Alot of stress, but worth it imo
John_C
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Registered: 5th Mar 03
Location: South east, Bromley
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9th Jan 07 at 14:19   View User's Profile U2U Member Reply With Quote

making it work financially is the key
James
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Registered: 1st Jun 02
Location: Surrey
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9th Jan 07 at 14:21   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ally
Im hoping to do this with my current house

Bought a run down 3 bed terrace in wales for 67k, currently valued at 85k with work left to be done.

If, when we come to sell, i can make a profit of 20k+ then i will sell, if i can't then i would rent it out for a year and wait for the market to increase

Would eventually like to have 2/3 houses i have rented out, bought with profit from houses i have done up

Alot of stress, but worth it imo


TBH I think although at times, it would be stressful, I think it would be a lot of fun, my dads a builder/plasterer, my best mates are electricians and carpenters, so I have good contacts.

Where would be good to buy a property? Couldnt buy one near me due to prices

[Edited on 09-01-2007 by James]
a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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9th Jan 07 at 14:32   View User's Profile U2U Member Reply With Quote

my dad owns 3 houses that are rented out, 2 farms that are to be developed (one is rented for 2 or 3 years until times comes to start work)
and the waterhouse that he is developing just now. He was lucky in buying a couple houses before the market boomed, so gave capital.

It is getting alot harder to find reasonably priced property in need of renovation as there are that many people now doing it.

The key is to buy in up and coming areas.

alot of research into your local market/ surrounding area house prices can pay dividends.
James
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Registered: 1st Jun 02
Location: Surrey
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9th Jan 07 at 14:35   View User's Profile U2U Member Reply With Quote

Lucky for me, im near London so there are a lot of commuters, but unfortunately house prices reflect this, according to the research ive recently done, Reading is one the cheaper areas around here.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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9th Jan 07 at 15:29   View User's Profile U2U Member Reply With Quote

Newport is being redeveloped, can get a flat there for about 70k

Pontypool (where i live) houses start from about 75k

Blaneavon (Valley way) houses start from 60k

Llanhilleth houses start from 50k

If your in London i cant help you unless you want to buy in wales
VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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9th Jan 07 at 15:30   View Garage View User's Profile U2U Member Reply With Quote

Buy a Reposessed home James. I can find out when the next local auction is if you like. Think we're doing one in February.


Corsa 2.0 16v Vegas - Sold
James
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Registered: 1st Jun 02
Location: Surrey
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9th Jan 07 at 15:34   View User's Profile U2U Member Reply With Quote

Yes that could be a good call.

Areas im looking at are some parts of Berkshire but mainly areas of Hampshire like Farnborough, Fleet etc, they are on a main line into London but property prices shouldnt be too bad.
James
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Registered: 1st Jun 02
Location: Surrey
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9th Jan 07 at 15:35   View User's Profile U2U Member Reply With Quote

And they are near me.

Hopefully I should be able to get around 140k, but ideally I dont want to get that much incase it goes wrong
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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9th Jan 07 at 15:39   View User's Profile U2U Member Reply With Quote

a 140k mortgage on your own? thats a big whack from your wage every month
James
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Registered: 1st Jun 02
Location: Surrey
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9th Jan 07 at 15:40   View User's Profile U2U Member Reply With Quote

Yeah thats why I dont want to get that much
antscorsa
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Registered: 11th Aug 02
Location: london
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9th Jan 07 at 16:17   View User's Profile U2U Member Reply With Quote

my life aim is to start a side buissness with my dad to knock down houses or parts of land to design and build one off modern minamlist buildings.
definetly a dream of mine, especialy for my own personal house in the future anyway
--Dave--
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Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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9th Jan 07 at 17:03   View User's Profile U2U Member Reply With Quote

would love to do this but don't really have the capital or the balls to get the ball rolling.
Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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9th Jan 07 at 17:21   View User's Profile U2U Member Reply With Quote

Everyone and his dog are jumping on the "propery developement" ladder. The truth is that any old mug could do it a couple of years back as the price of houses were increasing multi fold. It certainly not as easy now and Im looking forward to a lot of people being forced to selling cheaply or going bankrupt so I can get a couple of propertys at a knock down price.
Colin
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Registered: 4th Apr 02
Location: Drives a hire car
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9th Jan 07 at 17:30   View User's Profile U2U Member Reply With Quote

You need money to invest to make it work.
neoquip
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Registered: 12th Aug 02
Location: Nottm
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9th Jan 07 at 21:56   View User's Profile U2U Member Reply With Quote

min 15% deposit if you go for BUY-to-LET.

you gotta buy the place at the right price, ideally below market value, so that when you spend a few grand on it you can sell at the market value and you make some money.

no point buying a place at 140k needing work... and a simlar house onthe same road already done up is on the market at 155k..... they want to sell at 150k!!
so no point spending 15k on your 140k

I've 5x studio flats on buy to let and 1x 2 bed semi on buy to let.
these were all bought at the right price before doing up and stand me at good profit as they stand now. rent is good too on whats being paid on mortage.

remember. you need to show 125% return on rent over your mortgage payments, the banks will want to see you get a better return on the rent than what you pay on the mortgage.

do a bit of a research on www.rightmove.co.uk to see what rents the houses get that you are looking at buying.


if i can be any more help.. just ask.

this is what i bought in november 2004
http://www.salsa-king.fotopic.net/c816933.html

its up for rent now at 395pcm



[Edited on 09-01-2007 by neoquip]

 
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