Property Developing
09 September 2013, 12:21 PM
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09 September 2013, 12:47 PM
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21 September 2013, 02:17 AM
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Yeah I figured the key to this would be tunraround time. Thing is I just wonder if you stick to smaller cheaper properties you will never be a millionaire, but it could still earn you a good living. Seems to me most property developers end up moving up market and often eventually get burned on a massive project that they lose control of.
Also as mattee says if the prices ever do crash you're not going to be overexposed financially if you are only focusing on the cheaper end of the market.
Also as mattee says if the prices ever do crash you're not going to be overexposed financially if you are only focusing on the cheaper end of the market.
21 September 2013, 09:43 AM
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If you can do the majority of the work yourself then go for it.
I've got a few and love doing it.
Terraced houses are best. Easy to renovate and will always sell or let well
I've got a few and love doing it.
Terraced houses are best. Easy to renovate and will always sell or let well
23 September 2013, 02:39 PM
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I find that programme in the morning about property developing is very interesting. Looks as though there is cash to be made even if there is a fair bit of work attached.
Les
Les
23 September 2013, 03:35 PM
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Interesting thread. Having a bit of spare cash myself it's something I've thought of, but I'm also not cut out to be a landlord.
I guess the basics are buy a house for 50k, spend 10k fixing it up, sell for 80k, 20k profit. Therefore get the initial house for a low price, get it fixed up at a good price, then sell for the best price.
1. Where is the best place to buy cheap, auctions?. What about those companies that offer to buy cash, then get them really cheap, do they then sell them to developers?
2. Trustworthy tradesmen. If you do work yourselves and it's a partnership, I could see a conflict if one does more work than the other.
3. Sell, pretty simple tbh.
That's my take on it. Seems too easy.
On a side note, I was in Manchester the other day and say a multi storey that was being converted to yuppy flats. Quite clever if you ask me. That's "real" property development.
As I say, interesting subject. Isn't it how Sarah Beeny made her millions.
I guess the basics are buy a house for 50k, spend 10k fixing it up, sell for 80k, 20k profit. Therefore get the initial house for a low price, get it fixed up at a good price, then sell for the best price.
1. Where is the best place to buy cheap, auctions?. What about those companies that offer to buy cash, then get them really cheap, do they then sell them to developers?
2. Trustworthy tradesmen. If you do work yourselves and it's a partnership, I could see a conflict if one does more work than the other.
3. Sell, pretty simple tbh.
That's my take on it. Seems too easy.
On a side note, I was in Manchester the other day and say a multi storey that was being converted to yuppy flats. Quite clever if you ask me. That's "real" property development.
As I say, interesting subject. Isn't it how Sarah Beeny made her millions.
23 September 2013, 04:06 PM
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Interesting thread. Having a bit of spare cash myself it's something I've thought of, but I'm also not cut out to be a landlord.
I guess the basics are buy a house for 50k, spend 10k fixing it up, sell for 80k, 20k profit. Therefore get the initial house for a low price, get it fixed up at a good price, then sell for the best price.
1. Where is the best place to buy cheap, auctions?. What about those companies that offer to buy cash, then get them really cheap, do they then sell them to developers?
2. Trustworthy tradesmen. If you do work yourselves and it's a partnership, I could see a conflict if one does more work than the other.
3. Sell, pretty simple tbh.
That's my take on it. Seems too easy.
On a side note, I was in Manchester the other day and say a multi storey that was being converted to yuppy flats. Quite clever if you ask me. That's "real" property development.
As I say, interesting subject. Isn't it how Sarah Beeny made her millions.
I guess the basics are buy a house for 50k, spend 10k fixing it up, sell for 80k, 20k profit. Therefore get the initial house for a low price, get it fixed up at a good price, then sell for the best price.
1. Where is the best place to buy cheap, auctions?. What about those companies that offer to buy cash, then get them really cheap, do they then sell them to developers?
2. Trustworthy tradesmen. If you do work yourselves and it's a partnership, I could see a conflict if one does more work than the other.
3. Sell, pretty simple tbh.
That's my take on it. Seems too easy.
On a side note, I was in Manchester the other day and say a multi storey that was being converted to yuppy flats. Quite clever if you ask me. That's "real" property development.
As I say, interesting subject. Isn't it how Sarah Beeny made her millions.
If it was easy everyone would be doing it
23 September 2013, 04:41 PM
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It's not easy as there are so many pitfalls. Is the property as sound as you think it is, can you get it for the right money (incredible how many people go to an auction with a maximum budget and go way over), can you get the right tradesmen for the right price, can you get it done quickly (time is literally money), will you keep within your refurb budget or will you get tempted to develop 'beyond the market' etc. etc.
If it was easy everyone would be doing it
If it was easy everyone would be doing it
23 September 2013, 05:06 PM
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It's not easy as there are so many pitfalls. Is the property as sound as you think it is, can you get it for the right money (incredible how many people go to an auction with a maximum budget and go way over), can you get the right tradesmen for the right price, can you get it done quickly (time is literally money), will you keep within your refurb budget or will you get tempted to develop 'beyond the market' etc. etc.
If it was easy everyone would be doing it
If it was easy everyone would be doing it
23 September 2013, 06:07 PM
#44
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Lots of muppets rode the property boom of the 00's and convinced themselves that their 'skills' as 'property developers' were the cause. Now I guess we are returning to those time. A rising tide lifts all ships as they Warren Buffet says. Or perhaps more accurately a tax payer subsidised tide?
But aren't you the muppet? Lots of them made loads of money and are now sorted for life. You on the other hand rent a one bed flat in Liverpool
23 September 2013, 06:21 PM
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Maybe I am a muppet, but Warren Buffet never made his money chancing on doing up three bed semis. Just saying.
23 September 2013, 06:28 PM
#46
Thinking about investing in a few properties this year. Easy and quick way to make money, And considering Between me and my old man we are fully qualified in HVAC, Electrical, Gas, and mechanical engineering, the only things we will need to sub out are plastering and "wet stuff" (paint, cement plaster etc!)
Old man does wood working as a hobby (makes kitchens out of trees in his spare time lol)
Easy money and as I am now on my wind down from work for the year I think It will keep me entertained for a few months!
Old man does wood working as a hobby (makes kitchens out of trees in his spare time lol)
Easy money and as I am now on my wind down from work for the year I think It will keep me entertained for a few months!
23 September 2013, 06:36 PM
#47
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I'm talking about people with below average ability/skills/knowledge as property developers, your typical amateur. By definition they won't make money long term, the average breaks even only...that is why they are average. But in a bubble or bull market...call it whatever...they will make money.
Maybe I am a muppet, but Warren Buffet never made his money chancing on doing up three bed semis. Just saying.
Maybe I am a muppet, but Warren Buffet never made his money chancing on doing up three bed semis. Just saying.
So do you feel you have much in common with Warren Buffet then?
23 September 2013, 07:42 PM
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23 September 2013, 08:15 PM
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You didn't answer the question. You keep quoting Warren Buffet and promoting him, do you see yourself as having something in common with him? Do you follow his method when it comes to investment?
Last edited by Dingdongler; 23 September 2013 at 08:30 PM.
23 September 2013, 08:34 PM
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I don't keep promoting him. I think I've quoted him a few times is all.
Buffet has always been open about his investment strategies and is very self-aware, unlike our legions of property chancers forever toasting their own genius.
23 September 2013, 09:07 PM
#51
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I think he's an investor. He's not a chancer or speculator, he doesn't believe in the easy buck.
I don't keep promoting him. I think I've quoted him a few times is all.
Buffet has always been open about his investment strategies and is very self-aware, unlike our legions of property chancers forever toasting their own genius.
I don't keep promoting him. I think I've quoted him a few times is all.
Buffet has always been open about his investment strategies and is very self-aware, unlike our legions of property chancers forever toasting their own genius.
Please excuse me for completing ignoring anything you have to say since you have never actually invested in anything, built anything, started a business or done anything for the greater social good
Just talking about things that other people have done doesn't count I'm afraid.
Iirc you even struggled to hold down a job.
Last edited by Dingdongler; 24 September 2013 at 08:42 AM.
24 September 2013, 11:45 AM
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Please excuse me for completing ignoring anything you have to say since you have never actually invested in anything, built anything, started a business or done anything for the greater social good
Just talking about things that other people have done doesn't count I'm afraid.
Iirc you even struggled to hold down a job.
Just talking about things that other people have done doesn't count I'm afraid.
Iirc you even struggled to hold down a job.
24 September 2013, 06:00 PM
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25 September 2013, 02:11 PM
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He's still a bully. I know what he deleted but regardless it's a personal attack meant to humiliate and shame me. It's what he does when he doesn't like the way a debate or discussion is going; he gets personal. I wonder if he treats his kids and colleagues like that?
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