Getting started - buy to sell

Greymug

Haz200 said:

Greymug said:

I'm saying that when you're old enough to get your pension, if you decide to keep working you are potentially taking a job away from someone who financially speaking might need it more than you.

And we can all imagine the effects that this has on the country's economy...

You're making wrong assumptions again - jumping in without thinking.  I'm not entitled to my old age pension for another five years and a few months.  I currently work part time and have an occupational pension that I've paid into for forty years.  How am I taking a job away from a young person ?  We all want to know. 

You did say you are "in receipt of my full occupational monthly pension and lump sum" so yes, if you're getting enough to live from your pension and in addition to that you are also working, you're taking away a job from someone who might need it more than you.

This someone, being unemployed, is probably going to ask and get JSA, increasing the country's debt. Good job, old timers! Crippling the country's economy and screwing over the next generation while at the same time telling them to get a job.

Greymug

You still feel young and want to still feel useful? Go do some volunteering. Help society that way.

TripleH

Is it possible to downsize (assuming you don't have a mortgage on your current property) and move to a cheaper area to flip houses? Or a cheaper area nearby to where you are?

Haz200

Greymug said:

Haz200 said:

Greymug said:

I'm saying that when you're old enough to get your pension, if you decide to keep working you are potentially taking a job away from someone who financially speaking might need it more than you.

And we can all imagine the effects that this has on the country's economy...

You're making wrong assumptions again - jumping in without thinking.  I'm not entitled to my old age pension for another five years and a few months.  I currently work part time and have an occupational pension that I've paid into for forty years.  How am I taking a job away from a young person ?  We all want to know. 

You did say you are "in receipt of my full occupational monthly pension and lump sum" so yes, if you're getting enough to live from your pension and in addition to that you are also working, you're taking away a job from someone who might need it more than you.

This someone, being unemployed, is probably going to ask and get JSA, increasing the country's debt. Good job, old timers! Crippling the country's economy and screwing over the next generation while at the same time telling them to get a job.

I've never told anyone to get a job and I'm not crippling the country's economy.  I very much need to work to continue with an income to help look after some members of my family. The occupational pension on its own is not enough to live on. Try again with another ill-thought vindictive comment.

deannagone

Greymug said:

Haz200 said:

Greymug said:

I'm saying that when you're old enough to get your pension, if you decide to keep working you are potentially taking a job away from someone who financially speaking might need it more than you.

And we can all imagine the effects that this has on the country's economy...

You're making wrong assumptions again - jumping in without thinking.  I'm not entitled to my old age pension for another five years and a few months.  I currently work part time and have an occupational pension that I've paid into for forty years.  How am I taking a job away from a young person ?  We all want to know. 

You did say you are "in receipt of my full occupational monthly pension and lump sum" so yes, if you're getting enough to live from your pension and in addition to that you are also working, you're taking away a job from someone who might need it more than you.

This someone, being unemployed, is probably going to ask and get JSA, increasing the country's debt. Good job, old timers! Crippling the country's economy and screwing over the next generation while at the same time telling them to get a job.

I very much doubt that the sort of unemployed young person you are talking about is going to have the finances to buy a house, renovate and flip it.  If they need to claim benefits due to unemployment they aren't going to have enough money to do this.

So the OP is doing this younger person out of nothing.

No logic there Greymug

TripleH

An older person may not be stopping a younger person getting a job. Skills need to be factored in. A more experienced person can provide mentorship for a less experienced person. Age is not as big an issuexas skills transfer.

GDB2222

FreeBear said:

dimbo61 said: The good old days of watching homes under the hammer and a quick paint job and new cheap kitchen doors do not add £30,000/£40,000 to a property in 6 months.

A house a few doors down from me was bought by a flipper - He did a lot of work internally, and on the face of it, looked OK. The new owner is uncovering no end of bodge jobs and is having to spend a lot of money on fixing it all.

If you are going to buy somewhere to "do up", do a proper job. You won't make any money, but at least you won't gain a reputation of being a bodging flipper.

What has the buyer done to publicly shame the seller? If not, where does "reputation of being a bodging flipper" come into it?

GDB2222

Haz200 said:

dimbo61 said:

Sorry if your just starting out on your property empire but it doesn't quite work like that.
£20,000 is not alot of money when buying a property which needs renovation as well.
Lenders will normally only lend on a property with a working kitchen and bathroom.
The good old days of watching homes under the hammer and a quick paint job and new cheap kitchen doors do not add £30,000/£40,000 to a property in 6 months.
Have you got experience in house renovation ?
Could you learn a trade ? 
Do you have family or friends in the trades ?
Electrician, Plumber, Gas Safe Engineer, Brickie, Builder, Painter and Decorator !

Thanks.  I'm partly retired and am in receipt of my full occupational monthly pension and lump sum while working for the same employer 2.5 days a week.  In truth, I have far more than £20k to invest, and yes I have past experience in property renovation for buy to let.  Clearly, everyone's telling me 'Don't do it !!'

Actually, I'd say DO IT!   That's provided that you have plenty of experience, particularly hands on experience, so you can do some of the work yourself. Plus, you are prepared to work hard the 4.5 days a week you have free, with support from your partner/family/whatever.

As to finance, bridging is a bad idea. It has high arrangement fees and high interest. You'd usually be better off raising money against your home, as a mortgage. You'd have to think about ERFs. Do you see yourself repeating this project?

Haz200

GDB2222 said:

Haz200 said:

dimbo61 said:

Sorry if your just starting out on your property empire but it doesn't quite work like that.
£20,000 is not alot of money when buying a property which needs renovation as well.
Lenders will normally only lend on a property with a working kitchen and bathroom.
The good old days of watching homes under the hammer and a quick paint job and new cheap kitchen doors do not add £30,000/£40,000 to a property in 6 months.
Have you got experience in house renovation ?
Could you learn a trade ? 
Do you have family or friends in the trades ?
Electrician, Plumber, Gas Safe Engineer, Brickie, Builder, Painter and Decorator !

Thanks.  I'm partly retired and am in receipt of my full occupational monthly pension and lump sum while working for the same employer 2.5 days a week.  In truth, I have far more than £20k to invest, and yes I have past experience in property renovation for buy to let.  Clearly, everyone's telling me 'Don't do it !!'

Actually, I'd say DO IT!   That's provided that you have plenty of experience, particularly hands on experience, so you can do some of the work yourself. Plus, you are prepared to work hard the 4.5 days a week you have free, with support from your partner/family/whatever.

As to finance, bridging is a bad idea. It has high arrangement fees and high interest. You'd usually be better off raising money against your home, as a mortgage. You'd have to think about ERFs. Do you see yourself repeating this project?

Thanks.  Yes, I do see myself doing two, maybe three properties.