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Thinking about investing to start property flipping with friend - need advice please
A book that I would recommend before you even think of going down this path is "How to make money from property" by Gary McCausland (Property Developer). It does give you an eye opener with regards potential pitfalls in developing, and what you should be considering before you take the plunge .
I know several people who have fairly sizeable property portfolios and the one thing that they all say is that it does take a lot of hard work and dedication.
Rgds.
S.
I'm very much a believer in
"In what goes around, comes around".
So try and be nice to each other.
Only you can decide if you have the skills and acumen to make this work profitably. My concern would be that in the current market you would not make a profit. Unless you feel confident to buy something that is really run down (eg an auction) I cannot see how you will make any profit from this, not enough to justify the hard work, "exploitation" of friends and relatives and the risks involved.
I say "exploitation" because either you pay them a near market rate ( say a small discount off market rates, which will still be expensive) or you pay them very little (in which case they will expect some of your graft on their projects).
Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
