Guaranteed rental income .

KatrinaWaves

How on Earth are you going to afford to build this new place?

You’re going to lose money on this property and you say you can’t because you need it for the self build. So you can’t afford the self build.

And you say a 3 bed just sold for £215000 at auction and your 2 bed is up for 260k?

You’re going to bankrupt yourself.

phill2-0-0-3

I think you have misunderstood everything I have wrote .
The guy who has the house up for originally 300k brought it from auction for 215k to flip he can't sell it as it had subsidence and it's puting a lot of buyers off .
I have a morgage of 153k the house needs to sell for 270k . It's been reduced by 20k . I would have 110k after fees ect . The house build is 100k ? How would I bankrupt myself ?

Comms69

phill2-0-0-3 wrote: »

I think you have misunderstood everything I have wrote .
The guy who has the house up for originally 300k brought it from auction for 215k to flip he can't sell it as it had subsidence and it's puting a lot of buyers off .
I have a morgage of 153k the house needs to sell for 270k . It's been reduced by 20k . I would have 110k after fees ect . The house build is 100k ? How would I bank ruppet myself ?

Are you building a house? - sorry I missed that.


£10k is not enough put aside for any issues. I haven't heard of a single housebuild completing on target.

phill2-0-0-3

No there is a 3 bedroom house I am being gifted by my parents . Then building a exstention on the side and rear . So they have there own area . The project will cost £100k that's why I need 110k incase of any issues . And I have that as equaty if the house sells for 270k after morgage and fees .