Property Tycoons.. Where Do They Start From With No Money!!!

TIPPY

i must say i do agree with doozergirl. who in their right mind is going to invest in someone who has little experience in developing. we dont have capital in our existing house as we borrowed money for home improvements, ie mortgage £100,000 , loan for improvements £15,000 , valuation by estate agents on our house is about £130,000. i imagine that the difference of £15,000 is locked up and cannot be got at. plus im not sure if borrowing up to the max is a wise idea, especially if house prices fall.

Doozergirl

My husband had a plan from day one and the very first property he bought was a 'doer upper'.

For literally the entirity of my first pregnancy, I sat on an upturned bin with a cushion on top for a sofa, had a tiny fridge and a microwave for a kitchen and slept on one of those god-awful Ikea futons. Needless to say I spent quite a bit of time at my mum's house.

On my due date I was watching the carpets go down. Luckily DS was five days late. Doozer was late to collect us from the hospital because he was fetching me an armchair to sit in!

If you can save up a bit and sell up your house, you have the deposit for another one. Work slowly, live in and you'll build up confidence. I managed to build a baby in the time it took him to renovate a one bedroom flat!

Needless to say, it doesn't take that long to turn a house around these days. Second baby took the same time though, shame on me!

propertydealer

best way to start in the property game without having any money is to work as a finder for investors or developers. this way you get experience, see what is out there and for how much, pass on the leads for a price and gain valuable experience in the process, once you have done this for a few months you will have built up a good reputation within the property industry, gained valuable contacts and built up a tidy amount to start developing/investing yourself

rizla01

BUT WE KNOW WE COULD DO IT... AND DO IT WELL.

Well TIPPY.

I believed you!

Do YOU believe you?

Now you need to convince someone ELSE to believe in you.

Or sell down and release some capital.

Or find that Genies Lamp.:)

rizla01

propertydealer wrote:

best way to start in the property game without having any money is to work as a finder for investors or developers. this way you get experience, see what is out there and for how much, pass on the leads for a price and gain valuable experience in the process, once you have done this for a few months you will have built up a good reputation within the property industry, gained valuable contacts and built up a tidy amount to start developing/investing yourself

Have you actual experience of doing this and how long ago?

There are HUNDREDS of people purporting to do this but I have not found one that succeeded in finding good investments that I hadn't found myself.

itsakidsworld

It is hard these days to start out with what you would like to do as prices are so high.

The idea from Doozergirl is excellent, if you sell what you have and look to buy something that needs refurbishing but which you can still live in ( no matter how bad!!) then this is the best start for you I feel. Also by doing it this way you will avoid the nasty CGT as Gorgeous George pointed out because this is your main residence!!

I would not like to be getting a mortgage AND a loan somehow to finance a project in the current climate because it would be difficult for all the figures to stack up.

However, never give in and follow your dreams, that's what makes people achieve success. Good luck.

hearts

It is very difficult to find properties at the lower end of the market to "do up" A lot of these properties are bought by first time buyers just looking for a home. So they are prepared to pay a lot more than a developer.

propertydealer

rizla01 wrote:

Have you actual experience of doing this and how long ago?




yes i have experience of doing this, made a very health living and gained extensive knowledge of the property game. how long ago? last few yrs

chant1l

I am in the business of property trading and read with interest the comments that ;
I needed loans from family, only made money in a rising market, only made money by buying run down properties, only made money by buying off plan years ago, couldn't do it now as the market is different etcetcetcetcetcetc....

All of which is absolute nonsense.
The property business is very much alive and well and I know nobody making a loss who is doing it full time.
My advice is to ignore absolutely everything you read or see on the telly and figure out where the money is yourself.

Doozergirl

The question is basically how the OP can turn themself into a developer with *no money* and asking how others would have managed it with *no money*

Of course you can still make money from property, but some money to invest in the first place helps!

To be fair, the OP probably needs a little more direction than 'figure out where the money is yourself'