Duracel Funny
Striker
is it still possible to make decent suns flipping properties? Not interested in buy to let just doing them up and selling on. Just wondered what people’s opinions are that have done it?
Renovating properties
- Thread starter Duracel Funny
- Start date
AndrewP
Striker
Yes is the simple answer. Especially if you've got relevant skills yourself or a team ready to go.
Otherwise it'll depend how much under renevated market value you paid.
nyron4england
Striker
middle aged tory voters invasion in 3, 2, 1....
AndrewP
Striker
Who will be first do you think?
nyron4england
Striker
thought you got discount if unoccupied?
edit: just say its getting refurbished and they will give you a discount.
SPUFF
Striker
Ive heard of folk ripping toilets out etc n saying its inhabitable but still been telt to pay up!
MonkeyLove
Striker
I see a lot around here.
Mainly period properties. Total refurb, small extension then back on the market at 150% of what it was bought for.
Very good profit to be made if done right.
Mainly period properties. Total refurb, small extension then back on the market at 150% of what it was bought for.
Very good profit to be made if done right.
Duracel Funny
Striker
It’s something I’ve done previously and would like to do again, not as a living but I’ve a couple of days off a week and it interests me. I have good mates covering all of the trades but I’d like to learn a few more skills
AndrewP
Striker
Sounds like you'll do ok. Look to auctions in decent areas as you don't want to let.
fyl2u
Striker
If you were into letting, a mate of mine runs his own business where he'll find an appropriate property for you to buy that will make money for you, then he goes in with a team to do it up to legal letting standards, then his company acts as the letting agency.
They basically do everything for you if you have the money to invest but don't have the time to do any of the work yourself.
the dark one
Winger
I think you must keep the house for at least 6 months before selling. Money laundering requirements. Although there is a loophole , bungalows not included for some obscure reason.
nyron4england
Striker
who pays for the work? who owns the property?
Lewberry pie
Striker
If you can do the work yourself then yeah, good money, people don't seem to factor in that the hours they put in when discussing their profits though, it's decent if you do it right but most people who can afford to do it will probably earn more just staying in their quite nicely paid job.
Duracel Funny
Striker
I didn’t know that mate. Is that for cash buyers only?
discount for an unoccupied property, but after a certain length of time an LA can bin the discount and charge 150% council tax (DCC do for example) if its still unoccupied
the dark one
Winger
Would imagine so, but not certain.
I only know cos I did a lot of work for a lady who got pensioned off and set up a property development firm.
She basically followed hearses around and put cheeky bids in for bungalows . Most were shitholes but in nice areas and she did well.
fyl2u
Striker
The investor owns the property and pays my mate's company to do the work.
look out piano
Striker
Yeah and everyone else can see that footprint and they'll not be looking to pay the greedy buggers an extra £200k for about £50k's worth of refurb
.