Becoming a Buy to Sell Property Developer

eddddy

pioneer22 wrote: »

How is your credit file?

afissenden wrote: »

I could make a year living off savings and my credit score is good.

FWIW, don't assume that anybody will give you a loan, mortgage, investment etc in relation to this.

Lenders' views are likely to be that you have no track record in this business, so you are much too high risk.

To be blunt, they will be worried that you will buy a property for say £100k, make a hash of the renovation, run out of money, and end up having to sell a shell at auction for £50k.

So do your maths carefully. It will be very frustrating if you just need another £3k or £4k to finish a project, but nobody will lend it to you.

Without a job, you probably wouldn't get a credit card or personal loan (or even a payday loan). Tactically, it might be an idea to apply for a couple of credit cards now, whilst you still have your job - just in case.

saajan_12

afissenden wrote: »

Thank you for your reply and advice, a career change to property from the education sector is a big decision. Do you have any recommendations of literature I should read before I take this step?
I am more than comfortable with the developing aspect, it's the business/finance side I need to research/read up on.

ReadingTim wrote: »

If you don't know what the position is with regard to "taxes and expenses related to the purchase and sale of these second properties" then I seriously suggest you don't give up the day job.

Asking for anecdotes from randoms on an anonymous internet forum is no substitute for your own research, and if you genuinely don't know where to start, it probably means you're not ready to start.

Bit harsh, why do you think OP is using this thread alone and not doing further research? OP says they want to do more research, and other people's experiences can be a starting point to fuel further investigation in a topic OP may not have thought of.