Want to buy to sell my first property but have no money....Help

tysfoot

Hi, This is my first post so be kind, hehe


Im a 24 year old and i want to buy to sell my first property. The only thing is i currently dont have a mortgage and have 10k on credit cards and have no Savings. I have a partner who earns £17000 per year and i earn about £10000

I work part time as a postman so i thought it would be a perfect opportunity for me to make money from buying and selling property as i have all afternoons to myself and i have lots of contacts in building work and can carry out alot of the work out myself.

Is there anyway around this to get my first property.

Cheers

carolt

Yeah really think you should buy now.

House prices can only ever go up.

You can't loose (sic).

Get one of those 100% mortgage thingummies. I hear they're all the rage.

Chollita

Yeah, spend a few afternoons popping into banks, and see how much they'll lend you ... oh, I get it, this is a joke ...

clutton_2

tysfoot - over teh next 2-3 years if you can save save and save some more, read and read and research till your eyes bleed, get another part time job in a property-related business to learn your trade - you might might stand a chance

you CANNOT start any business without any money - get real !!!!!!!!

shelovestobuystuff

Nice idea,now if only you hadn,t gone and blown the kids college fund on Duff everything would be okay.Doh!!!

slipthru

Good post, i'd really like to see how far you get.

Do you read the papers, banks have stopped lending stupid amounts of money to people with no money, and prices are going down.

macaque_2

tysfoot wrote: »

Hi, This is my first post so be kind, hehe


Im a 24 year old and i want to buy to sell my first property. The only thing is i currently dont have a mortgage and have 10k on credit cards and have no Savings. I have a partner who earns £17000 per year and i earn about £10000

I work part time as a postman so i thought it would be a perfect opportunity for me to make money from buying and selling property as i have all afternoons to myself and i have lots of contacts in building work and can carry out alot of the work out myself.

Is there anyway around this to get my first property.

Cheers

If this post had been genuine (which I suspect it is not) I would have suggested that you are being paid too much.

Doozergirl

Mmm. Well it's true you can't start a business without any money.

And then there's the state of the market which means you have no chance of the market correcting any of your mistakes for you.

Then the income multiple you have for a mortgage means you can only buy a cheap property which means your potential profits are eroded by fees. Which would be fine perhaps if you were guaranteed a small profit at the end of it - but you're not.

The only sensible way to start is to buy a house with a sensible deposit and no significant debt, live in it, fix it, extend it perhaps and hope that you make a little bit that way. You make the mistakes in your own home. If it doesn't work out, you've got a roof at least.

What I don't understand, if this post is a wind-up, is what the point is? Does anybody know what the point is??

JonnyBravo

tysfoot wrote: »

Want to buy to sell my first property but have no money....Help


Is there anyway around this to get my first property.

No

This sentence just helps me reach the minimum 10 character rule, I have no other advice.:rolleyes:

Bf109

Trrrrroooollllll!!!!

pinkshoes

tysfoot wrote: »

Im a 24 year old and i want to buy to sell my first property. The only thing is i currently dont have a mortgage and have 10k on credit cards and have no Savings. I have a partner who earns £17000 per year and i earn about £10000

Do you not read newspapers? Watch TV? Do the words "credit crunch" mean anything to you?

Get a full time job, clear your £10k credit card debt first, then save up a 25% deposit, and you'll probably be able to borrow around 3x your joint salaries.


Do some research on the Manchester market, and see what the prices are doing. According to the BBC, prices have dropped 4.7% in the last 3 months. http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/bn.stm