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Can anyone make these numbers add up????
itsgototstop
Posts: 372 Forumite
I can't!!!
A developer bought house next door for 1.2 million last year, ceiling price for road, most of these houses are 4 flats selling for 360 with garden or loft extension or 300 without in a good market, ie 2@ 300k and 2 at 360k for total
He has spent 6 months working on it to make 4 flats, now changed to 7 flats ( or he wnats PP for seven, not yet given), no way finished yet
How does he make a profit?????
(Last deveopler who did this bought for 800k, and sold 2@300k, one at 450k ( loft conversion) and then market peaked in August and a year on he still has one up for sale at 450k or 375k pw rent)
How does this stack up, I see can buying for 800k would but 1.2 k plus stamp and building costs of circa 9 months surely not or am I missing something?
A developer bought house next door for 1.2 million last year, ceiling price for road, most of these houses are 4 flats selling for 360 with garden or loft extension or 300 without in a good market, ie 2@ 300k and 2 at 360k for total
He has spent 6 months working on it to make 4 flats, now changed to 7 flats ( or he wnats PP for seven, not yet given), no way finished yet
How does he make a profit?????
(Last deveopler who did this bought for 800k, and sold 2@300k, one at 450k ( loft conversion) and then market peaked in August and a year on he still has one up for sale at 450k or 375k pw rent)
How does this stack up, I see can buying for 800k would but 1.2 k plus stamp and building costs of circa 9 months surely not or am I missing something?
0
Comments
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He didn't. Maybe he originally put in for 6 flats, but was only allowed 4.
Maybe he thought each of those 6 at £300 would give him £1.8million.
Then as he was building the 4, the market fell and he bailed as quickly as he could, licked his wounds and remortgaged his house.0 -
well hes still building and desperately trying to pack as many as possible in, but council probably won't go for 7
Wouldn't mind but hes an arangant so and so, done development once before so its his second one and thinks hes about to become a millionaire, packed in his job, obnoxious isn't the word
His own mortgage he let slip is with NR which I was surprised at0 -
He's going dooooowwwwwwn.... big time!0
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PasturesNew wrote: »He's going dooooowwwwwwn.... big time!
Lol...not to hear him he isn't..:-) credit crunch doesn't affect him apparantly, he just pays his builders less???????0 -
I know of someone who has bought a building for 1.2k. It is listed.
He wishes to convert this into 4 flats.
Each flat will be one bed.
The conversion costs will be massive due to layout of building and each flat will be very small.
Similar flats iun a similar location are on the market for 239
http://www.rightmove.co.uk/viewdetails-10076811.rsp?pa_n=2&tr_t=buy
I just dont understand how he ever thought he would make money on this deal :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
itsgototstop wrote: »Can anyone make these numbers add up????
I can't!!!
A developer bought house next door for 1.2 million last year, ceiling price for road, most of these houses are 4 flats selling for 360 with garden or loft extension or 300 without in a good market, ie 2@ 300k and 2 at 360k for total
He has spent 6 months working on it to make 4 flats, now changed to 7 flats ( or he wnats PP for seven, not yet given), no way finished yet
How does he make a profit?????
(Last deveopler who did this bought for 800k, and sold 2@300k, one at 450k ( loft conversion) and then market peaked in August and a year on he still has one up for sale at 450k or 375k pw rent)
How does this stack up, I see can buying for 800k would but 1.2 k plus stamp and building costs of circa 9 months surely not or am I missing something?
I'm not sure if I'm allowed a calculator or not?
4,236,904?
Do I win a prize??0 -
I make it [strike]118[/strike] 122.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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