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

tysfoot

Well there all doing it on "Property Ladder". I understand the market is going down but when it rises ill definetly get in this game

There is money to be made but like everyone is saying "Not now"

ailuro2

Get a part time,hourly paid job in the afternoons to get rid of that £10K millstone round your neck.

Then strat to build up some money in Cash ISAs and start learning about property developing - maybe you could learn to plaster? That's a much sought after skill, plenty of work for plasterers since it's one of the few things most people can't do themselves.

when the time is right you might be able to pick up a small property that needs your skills.

As you have seen, now is not the time for this to be done.

Pez2

tysfoot wrote: »

Well there all doing it on "Property Ladder". I understand the market is going down but when it rises ill definetly get in this game

There is money to be made but like everyone is saying "Not now"

Even when times are good I doubt very much you'd find a bank to lend you 110% of the value of a property in order to do it up and sell on. You need to bring some money of your own to the table.

And if you really don't have a clue about the finances then you need to find a business partner who does. The financial side of things is not something you should be considering as an afterthought, it's a core part of the business.

Doozergirl

tysfoot wrote: »

Well there all doing it on "Property Ladder". I understand the market is going down but when it rises ill definetly get in this game

There is money to be made but like everyone is saying "Not now"

They don't film Property Ladder in real time you know.

Start saving for the good time and then you will be in the right postion at the right time. When that right time comes, you'll be able to do nothing to the property and still make money. Lord knows I won't be dropping crappy old worktops on my feet and getting covered and breathing in other people's crap if I can make money doing nothing!

Out of interest, have you researched whether your friends house would be worth £130k when finished? How have you laid out your budget?

pinkshoes

tysfoot wrote: »

why, isnt it worth taking a risk if i have good skills at building and designing property but not good skills in fnancial and and understanding of management.
if buy a property for 100k spend 10k doing it up and sell for 130k.

The reason why say that is because my freind has a house he wants to sell and i have told him iam interested in buying it for 100k. needs work to it. only cosmetic. want to extent the kitchen and garage. my estimation are 10k for the work and about 4 months work.

110% mortgages don't exist any more. probably 90% at best, so you'd need to raise £25k (£10k for the deposit, and £10k to spend doing it up, and £5k for buying and selling).

And like everyone else has told you:

HOUSE PRICES IN MANY AREAS (including manchester) ARE FALLING, NOT RISING.

tysfoot wrote: »

Well there all doing it on "Property Ladder". I understand the market is going down but when it rises ill definetly get in this game

Now you are showing some sense. Your friend probably knows the area in which is property in is falling, so save up some money in the next 6 months, then offer him £70k for it in August.

BobProperty

I'm trying to keep out of this but I'll just make one point to the OP. If you put a house on the market at £130k, it will sell for £125k because of the stamp duty threshold. (Unless this property is in one of the special stamp duty areas)

pickledtink

tysfoot wrote: »

So what are all you lot doing then.

Saving like mad or buying and selling like mad

None and all of these things.
We are actually a secret sect of Property Monks who do not share our mystic methods with mere tradespersons.

*Nudge Nudge* ** Funny handshake**
*** Backwards somersault just to show off***

Troll rating - 00 .5%. Must try harder.

m00m00

BobProperty wrote: »

I'm trying to keep out of this but I'll just make one point to the OP. If you put a house on the market at £130k, it will sell for £125k because of the stamp duty threshold. (Unless this property is in one of the special stamp duty areas)

and most special stamp duty areas are very much sub prime heavy areas, where people are having particular trouble in getting any mortgages at all.

clutton_2

https://www.singingpig.co.uk is an extremely good property forum, you could do no worse than read it from front to back, doing lots of cutting and pasting, and learning the business from there - there is a young investors forum on there, and there is info re l ots of networking events - this is the key to any business - mix with those who are successful in it. there is also an excellent booklist on there

nicola1982_2

I think you would need to find a deposit that is equal to or exceeds your debt TBH. You may find you'd get a better mortgage just in your partner's name, however I don't think 100k is realistic.

If you do seriously want to become a property developer I'd suggest starting out by getting your own house (ie one you would want to live in) and see how much work it is to do up etc. If you are still keen, save up a deposit for a second property and take it from there. Or if you really like to live on the edge sell that property and move into the next place to do up. But don't expect it to happen overnight, or even in the next year or so. This isn't 2005, property isn't booming.