Entering into the world of Renovation and BTL

jyonda

If you don't think property developement is easy money then why are you considering it with no prior experience? It may sound like I just want to burst your bubble but I would rather that than advise someone, anyone, on doing something daft like starting a business in something they knew nothing about.
Do you know how many people come on this forum going 'Oh I want to buy some properties and be a developer/ BTL LL but don't know the first thing about it'? Loads. That's how many. Why? Because they've all been watching property !!!!!! and can't wait to start raking it in. It's pure greed and nothing else. Yeah slap a bit of paint on and mark it up 50K. It reminds me of Harry Enfields LOADSAMONEY character from the 80's Saturday night LIVE.

I have no vested interest in whatever you choose to do so don't get indignant if the response you get back isn't telling you 'HEY YEAH GREAT IDEA GO FOR IT!!!!'.

david29dpo

all i can say is i have done it, with a lot of help, and never looked back. i do all the labour and my partner is a solicitor, so we have a BIG advantage. its not easy, its hard work and a quick turnaround is needed. if YOU think you can do it, go for it. you will never know if you dont.

chant1l

I'm with david29dpo, having said that buying at auction is tricky at best. Most people look at one property, research that property and then feel obligated to buy it. At no point is the auctioneer unaware of this. So the price reflects your commitment to it. The pros look at every property and buy the occasional one that sees them a profit. Cheap houses can happen at auction, and they make good telly, but card carrying disasters are sold there too. Nobody will admit to them though....
Why not use an agent?

Generali

Anecdotally at least, most 'doer-uppers' are going at prices very similar to 'done ups' - from what I've read (and I do not claim to be an expert) most of the money being made by the majority is that by the time they've done up the house, it's risen in value along with everything else.

Doozergirl

'doer-uppers' do generally go for prices that a developer shouldn't want to pay, especially in the lower end of the market.

Thinking outside the box is often required!

PoorDave

Generali wrote:

Anecdotally at least, most 'doer-uppers' are going at prices very similar to 'done ups' - from what I've read (and I do not claim to be an expert) most of the money being made by the majority is that by the time they've done up the house, it's risen in value along with everything else.

This seems to be because the "do-er-upper" has the potential to make the buyer cash roughly equal to the difference between its done up price and its realistic price if the whole country wasn't obsessed with making cash from property!

If you can prove to yourself that the financial side stacks up, and you have the time and enthusiasm, go for it!