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How can I learn about flipping houses?

DestinyGamer
Posts: 72 Forumite

I've been considering this for many years but now both my fiancé and I are disheartened with our jobs and are really considering this as a way to make extra income and eventually go full-time.
We live in Norfolk, and rent.
We have £20k savings.
We've been looking at houses up north. Some as cheap as £10k at auction.
We'd like a fixer upper and to buy with the intention of adding value to then sell on.
If you have any experience of this or know how we can learn more about it please lete know
We live in Norfolk, and rent.
We have £20k savings.
We've been looking at houses up north. Some as cheap as £10k at auction.
We'd like a fixer upper and to buy with the intention of adding value to then sell on.
If you have any experience of this or know how we can learn more about it please lete know

Total debt 12/18 £9365.74 | Now: DEBT FREE
House Deposit 11/21 £11,192 | Need £25k
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Comments
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First port of call - watch a months worth of Homes Under The Hammer !
This programme gives an insight into basic do's and don'ts, and not at your own expense - there are many pitfalls and before you dive into doing this for a living see how others experience it.
Money and experience are your best friends, not enough of both will be hard lessons learned.4 -
The problem with homes under the hammer is that the often don’t calculate the figures correctly. Or show an actual sale price following survey. You need to make sure you include your borrowing costs and selling fees. You need to make sure the work you do is properly certified and has planning / building regs approval.It can be difficult to make a profit on very cheap houses as the ceiling price for the street can be very low, and materials cost the same wherever you are. Tradesmen might be slightly cheaper but if it is a long way from home you will need to include the costs involved in visiting the site to check the work and answer queries.
I’m not saying don’t do it, just think very carefully and don’t underestimate your costs.6 -
DestinyGamer said:
We've been looking at houses up north. Some as cheap as £10k at auction.They're as cheap as £10k for a reason though. My home is in one of the areas often featured in Homes Under the Hammer. It cost just over £30k 30 years ago and I don't expect to get any more for it if I sell it now.On a very cheap house you can easily spend more doing it up than the house originally cost just with a basic new bathroom, kitchen, central heating boiler and redecorating, and it's not going to double the price of the house.11 -
The great house giveaway with Simon O'Brien was an interesting programme that showed just how difficult it was to turn a profit on flipping houses. You might still be able to watch on 4OD?Make £2023 in 2023 (#36) £3479.30/£2023
Make £2024 in 2024...8 -
@destinygamer Whatever you do, don't shell out a penny for any of the many charlatans who peddle their "training" on the internet on how to get rich quick using buy-refurb-sell.
The most difficult part is actually getting a property that is truly "below market value".
Have a look at this video from Mike Winnet to get a very high level idea of the steps involved.https://youtu.be/ryTx_r5vgUs
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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K_S said:@destinygamer Whatever you do, don't shell out a penny for any of the many charlatans who peddle their "training" on the internet on how to get rich quick using buy-refurb-sell.
The most difficult part is actually getting a property that is truly "below market value".
Have a look at this video from Mike Winnet to get a very high level idea of the steps involved.https://youtu.be/ryTx_r5vgUs
I've been caught out by peddlers of lessons online before - people selling a dream that, more than often, they were born into and never had to strive for in their life! Annoys the heck out of me that people can fake others out of their money selling dreams that aren't achievable to the average person.Total debt 12/18 £9365.74 | Now: DEBT FREEHouse Deposit 11/21 £11,192 | Need £25k0 -
[Deleted User] said:First port of call - watch a months worth of Homes Under The Hammer !
This programme gives an insight into basic do's and don'ts, and not at your own expense - there are many pitfalls and before you dive into doing this for a living see how others experience it.
Money and experience are your best friends, not enough of both will be hard lessons learned.Total debt 12/18 £9365.74 | Now: DEBT FREEHouse Deposit 11/21 £11,192 | Need £25k2 -
Ramouth said:The problem with homes under the hammer is that the often don’t calculate the figures correctly. Or show an actual sale price following survey. You need to make sure you include your borrowing costs and selling fees. You need to make sure the work you do is properly certified and has planning / building regs approval.It can be difficult to make a profit on very cheap houses as the ceiling price for the street can be very low, and materials cost the same wherever you are. Tradesmen might be slightly cheaper but if it is a long way from home you will need to include the costs involved in visiting the site to check the work and answer queries.
I’m not saying don’t do it, just think very carefully and don’t underestimate your costs.Total debt 12/18 £9365.74 | Now: DEBT FREEHouse Deposit 11/21 £11,192 | Need £25k0 -
[Deleted User] said:First port of call - watch a months worth of Homes Under The Hammer !
This programme gives an insight into basic do's and don'ts, and not at your own expense - there are many pitfalls and before you dive into doing this for a living see how others experience it.
Money and experience are your best friends, not enough of both will be hard lessons learned.As someone who has made a living doing it, I cannot watch HUTH as it is the only program on TV that makes me feel violent. So many people with zero integrity on that program.Everything that is supposed to be in heaven is already here on earth.
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p00hsticks said:DestinyGamer said:
We've been looking at houses up north. Some as cheap as £10k at auction.They're as cheap as £10k for a reason though. My home is in one of the areas often featured in Homes Under the Hammer. It cost just over £30k 30 years ago and I don't expect to get any more for it if I sell it now.On a very cheap house you can easily spend more doing it up than the house originally cost just with a basic new bathroom, kitchen, central heating boiler and redecorating, and it's not going to double the price of the house.Everything that is supposed to be in heaven is already here on earth.
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