Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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Anyone on here in the property development game (i.e. buying shitholes, doing them up, and selling them on for profit)?
Interested in hearing of your experiences if so.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Not exactly the right time to be moving into this 
Cost of money is high, and houses are selling sooo slowly at the moment.
I expect in 6 months or so time it may be a good time to jump on if you have access to cheap money (i.e. if you dont have to borrow). As house prices will of crashed as far as they are going to go, and the cost of borrowing will start to get cheaper so houses should sell a little quicker.
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Mad Moe
Member
Registered: 14th Jun 01
Location: Northumberland
User status: Offline
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Have been into property development, albeit predominately new build homes, for about 6 year and as said you couldn't picked a worse time to enter the market. I've effectively had to shut up shop because nobody is buying properties any more, although I have picked up a couple of bargain sites recently which I plan to sit on until the market picks up again
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Mad Moe
I have picked up a couple of bargain sites recently which I plan to sit on until the market picks up again
If you've the money its certainly a good time to do that considering how the prices have crashed lately.
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Mad Moe
Member
Registered: 14th Jun 01
Location: Northumberland
User status: Offline
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I was lucky enough to put a good portion of money aside off the back of my more successful developments to allow me to invest in potential future projects and hopefully allow me ride out the storm
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