A little Advice

paulm007

Hi all,

Im wanting some advice please, at the moment ive just moved in with my g/f, I have been living with my parents for the past 12 months with my parents. Before that I was lived with the ex g/f where we owned a house together. At that house We got into dept and I got a ccj against my name, :mad: we split up and with my half of the money I paid of my debts.

Now do you think I can get another mortgage at the moment? I want to buy another house to renovate and sell on as the property prices around here are quite good. At the moment im saving £400 a month as I have no major outgoings.

The question is would I make more money buying a property and selling it on or would I be better just saving my £400 a month?

Many Thanks

Paul

sortofok

This plan you have for making money is called "flipping". And very popular it is too. Due, in large part, to the popularity of property !!!!!! shows on TV.

However, it is a tricky game to get into as an amateur and you may have left it too late.

For a start, any properties suitable for this type of venture are quickly drying up. They are often bought by builders and developers before they are even marketed.

Secondly it is only very profitable during a rapidly rising market.

Witness the people on said property shows - most of them make their money from house price inflation not their skill at investing or interior design. They could have made just as much by doing nothing.

However those days are fast disappearing.

In the present climate you will need to be very lucky to produce anywhere near as much profit as you think, because prices are starting to stagnate.