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January 18 2022 4.40pm

Property Moguls

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View kingdowieonthewall's Profile kingdowieonthewall Flag glorious Goring by sea 03 Mar 15 6.21am Send a Private Message to kingdowieonthewall Add kingdowieonthewall as a friend

Quote Lyons550 at 02 Mar 2015 3.15pm

Anyone on here with a property portfolio, or in the property development game?

I'm about to start myself and wondered if there was anyopne on here with experience in both fields (i.e that have more than one properties with tennants, or that buys, rennovates and moves on).

If so, what are the top 3 tips you'd give to anyone about to enter the fray....whilst i'd appreciate comments from anyone it'd be more meanigful if it simply wasnt someone who's been watching Homes Under The Hammer moere than once but someone who is actually doing this.

Ta

look at west Croydon.
A lot of still cheap older properties.
As a decorating contractor, i do a lot of this sort of work.
People are buying in Croydon, a lot in west Croydon.

 


Kids,tired of being bothered by your pesky parents?
Then leave home, get a job & pay your own bills, while you still know everything.

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View suttonEagle2010's Profile suttonEagle2010 Flag Shirley 03 Mar 15 8.35am Send a Private Message to suttonEagle2010 Add suttonEagle2010 as a friend

Quote kingdowieonthewall at 03 Mar 2015 6.21am

Quote Lyons550 at 02 Mar 2015 3.15pm

Anyone on here with a property portfolio, or in the property development game?

I'm about to start myself and wondered if there was anyopne on here with experience in both fields (i.e that have more than one properties with tennants, or that buys, rennovates and moves on).

If so, what are the top 3 tips you'd give to anyone about to enter the fray....whilst i'd appreciate comments from anyone it'd be more meanigful if it simply wasnt someone who's been watching Homes Under The Hammer moere than once but someone who is actually doing this.

Ta

look at west Croydon.
A lot of still cheap older properties.
As a decorating contractor, i do a lot of this sort of work.
People are buying in Croydon, a lot in west Croydon.

House prices in and around croydon are going to go crazy over the next few years, especially when they finally start work on the new Westfield centre. Also Peckham Rye is on the rader of most developers now. It's been a poo hole for many years but it's starting to turn. This is where we have the flat we are about to sell.

Always go to the local high street, when you start to see a couple of trendy cafes and bakery's opening, that's always a good indicator of what's starting to happen in that area.

 

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Hoof Hearted 03 Mar 15 9.44am

Buy your properties in Southall with large gardens, so that you can erect sheds/outbuildings to house illegal immigrants, who will pay cash and ask no awkward questions about safety certificates etc.

 

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Hoof Hearted 03 Mar 15 9.58am

Quote 7mins at 03 Mar 2015 1.15am

I buy run down property, live in it while I do it up, then sell.
Did 3 last yr whilst holding down a full time job.
Pros... my best yr I earned about 160k Worst yr 92k

Cons... I have worked my nuts off, my back is f***ed. 2 relationships have failed and a few friends have disappeared due to me working 7 days a week for 47-50 weeks of the yr.


You seem to have enough time for 5 a side footy and with a bad back?

 

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View Lyons550's Profile Lyons550 Flag Shirley 03 Mar 15 11.17am Send a Private Message to Lyons550 Add Lyons550 as a friend

Thanks for the responses guys some interesting pointers

Just one more question? Have those of you that have done it set up a shell company within which you keep all the finances separate?

 


The Voice of Reason In An Otherwise Mediocre World

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View 7mins's Profile 7mins Flag In the bush 03 Mar 15 11.24am Send a Private Message to 7mins Add 7mins as a friend

Quote Hoof Hearted at 03 Mar 2015 9.58am

Quote 7mins at 03 Mar 2015 1.15am

I buy run down property, live in it while I do it up, then sell.
Did 3 last yr whilst holding down a full time job.
Pros... my best yr I earned about 160k Worst yr 92k

Cons... I have worked my nuts off, my back is f***ed. 2 relationships have failed and a few friends have disappeared due to me working 7 days a week for 47-50 weeks of the yr.


You seem to have enough time for 5 a side footy and with a bad back?


Yes, and tennis. Anyone who has suffered a bad back will tell you, it's inactivity that causes the pain.

 

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View 7mins's Profile 7mins Flag In the bush 03 Mar 15 11.40am Send a Private Message to 7mins Add 7mins as a friend

Oh... And Naproxen

 

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View Lyons550's Profile Lyons550 Flag Shirley 03 Mar 15 11.42am Send a Private Message to Lyons550 Add Lyons550 as a friend

Quote 7mins at 03 Mar 2015 1.15am

I buy run down property, live in it while I do it up, then sell.
Did 3 last yr whilst holding down a full time job.
Pros... my best yr I earned about 160k Worst yr 92k

Cons... I have worked my nuts off, my back is f***ed. 2 relationships have failed and a few friends have disappeared due to me working 7 days a week for 47-50 weeks of the yr.


Do you buy at Auction or on the open Market 7mins? Do you also do all the work yourself?

 


The Voice of Reason In An Otherwise Mediocre World

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View TUX's Profile TUX Flag redhill 03 Mar 15 6.42pm Send a Private Message to TUX Add TUX as a friend

Quote 7mins at 03 Mar 2015 1.15am

I buy run down property, live in it while I do it up, then sell.
Did 3 last yr whilst holding down a full time job.
Pros... my best yr I earned about 160k Worst yr 92k

Cons... I have worked my nuts off, my back is f***ed. 2 relationships have failed and a few friends have disappeared due to me working 7 days a week for 47-50 weeks of the yr.

All that tells me is money is your God tbh.
Enjoy.


 

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View 7mins's Profile 7mins Flag In the bush 03 Mar 15 8.05pm Send a Private Message to 7mins Add 7mins as a friend

Quote TUX at 03 Mar 2015 6.42pm

Quote 7mins at 03 Mar 2015 1.15am

I buy run down property, live in it while I do it up, then sell.
Did 3 last yr whilst holding down a full time job.
Pros... my best yr I earned about 160k Worst yr 92k

Cons... I have worked my nuts off, my back is f***ed. 2 relationships have failed and a few friends have disappeared due to me working 7 days a week for 47-50 weeks of the yr.

All that tells me is money is your God tbh.
Enjoy.


Sadly you are probably right, I hate my full time job, and this is the only way I see out of it.
Thanks for the feedback.


 

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View 7mins's Profile 7mins Flag In the bush 03 Mar 15 8.06pm Send a Private Message to 7mins Add 7mins as a friend

Quote Lyons550 at 03 Mar 2015 11.42am

Quote 7mins at 03 Mar 2015 1.15am

I buy run down property, live in it while I do it up, then sell.
Did 3 last yr whilst holding down a full time job.
Pros... my best yr I earned about 160k Worst yr 92k

Cons... I have worked my nuts off, my back is f***ed. 2 relationships have failed and a few friends have disappeared due to me working 7 days a week for 47-50 weeks of the yr.


Do you buy at Auction or on the open Market 7mins? Do you also do all the work yourself?


Never brought at auction, although I plan to. I (or my family) do 90% of the work. Boilers and some of the more complicated electricity work, we usually get someone in... I never work to a time frame so I can usually wait until someone is free if I need someone in. I get my mortgages with HSBC, I think they've cottoned on that this is a secondary income, I'm not sure if they can let the tax office know... I'm not even sure if I should be paying tax... All the properties I have done, I've lived at, so I think that means I don't get CGT.
My friend has overpaid on his mortgage, and HSBC have been more than accommodating... They have even let him have a interest only mortgage on a residential property with no "Repayment Vehicle", I've been told this is rare. So if you have a few extra quid, overpay on your mortgage.

 

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View johnfirewall's Profile johnfirewall Flag 03 Mar 15 9.26pm Send a Private Message to johnfirewall Add johnfirewall as a friend

Got no builder mates or any that need work that badly. A mate at the moment has a family friend repeatedly going AWOL while doing up his gaff, due to being a bit mental and thus taking an eternity. Could not deal with that as I'd have to live in the place at the same time.

Otherwise I'd be all over it.

 

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