Life changing property career decision

Reply to the comment left by “Mark Alexander” at “23/09/2014 – 12:07“:

Hi Mark, I think it is an excellent tool. When the time comes I can see it being very useful especially as there is so much information all in one place. Previously it had been incredibly frustrating having to flit between lots of different sites.

As i have said previously i intend to my homework before any purchase and this will help enormously. Thank You.

Reply to the comment left by “Onslow Clough” at “23/09/2014 – 13:03“:

Your welcome – the really cool thing about this tool is that is was built as a result of suggestions from members and paid for with their donations – see >>> https://www.property118.com/donations/43590/

It is an ever evolving project so if you come across another postcode driven website which is useful please let us know and we will take a view on getting it added 🙂
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I can certainly vouch for the research tool; it’s great for adding to your due diligence on any potential property purchase.

I used to love using upmystreet, until it was bought by Zoopla and done away with! This has certainly proved to be the closest replacement since. Mouseprice also has some useful features and info too.

My plan will only work if i do plenty of due diligence, these tools make that so much easier. It all used to be so much harder before we had the internet.

Just for the record I agreed a sale on my house yesterday, so quickly approaching the point of no return.

Thank you to everyone who has responded i have found it very helpful.

Any last minute advice will still be gratefully received.

Reply to the comment left by “Onslow Clough” at “25/09/2014 – 09:12“:

Congratulations!

Just remember that most people at the top of their game have a mentor, even the likes of Tiger Woods and Andy Murray have coaches!
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Reply to the comment left by “Onslow Clough” at “19/09/2014 – 15:14“:

Hi Onslow,
I do quite a few refurbs to sell on, but I would be wary about budgeting a £10-15k profit, that feels a bit tight to me, and occasionally you will get a blip of some sort so you need to budget for the poor performers. I would avoid the auction route as everything in an auction has been trawled over by every developer in the area and your chances of finding a bargain are not very high.Also there are plenty of pups with defective titles,bad neighbours, serious structural defects etc You are better to look very hard for unusual property that you can see an angle on that everyone else has missed. Opportunity to create extra room, extend, repossesion, highly motivated vendor(timing is everything) turn into flats, put a conservatory on, sell off a bit of garden, build in the garden that sort of thing that could easily net closer to 30-50k a deal, also I am finding getting mortgages and conveyancing seems to be getting slower and slower, so your aim to turnover 6 a year might be a bit ambitious, sales can now drag on for months and that puts your interest costs up and if its eating into a £10k profit you could end up hungry! Good luck with your venture there are plenty of interesting deals out there
Regards
Andrea

Reply to the comment left by “Andrea Peacock” at “03/10/2014 – 18:51“:

Thank you Andrea for taking time to look at this. I appreciate a budget of £15k could seem tight but i suppose it’s all relative. I am looking at houses around £50-£70k so it actually represents quite a high proportion of the costs.

I agree with your opinion of auctions but this is just one avenue i will be looking at along with all your other suggestions.

With regard to mortgages and interest rates, i will be a cash buyer so this won’t be a problem and the idea is to have up to 3 properties on the go at any one time so if one sticks i have others to fall back on thus spreading my risk.

I also have a modest portfolio of houses already so there will always be other properties available for sale if i need to raise extra money.

Once again thank you for your input and hopefully I have all these pitfalls covered.

A great thread with an interesting starting point and brilliant comments & responses. As a novice I am afraid I have nothing to add but I am fascinated to know 8 months down the line, how is it progressing Onslow?

Reply to the comment left by “Tim Bol” at “02/06/2015 – 10:33“:

Hi Tim, So far things are going well, as a lot of people suggested, timescales have been stretched, it took longer than expected for the sale of our house to go through, but we finally got going late March. At present we have bought the 3 houses we planned.

One is a big renovation project,. The second property was a straight investment ie no work to do, we simply rented it out.. We got a good deal on it as we were able to offer cash but we were able to get a BTL mortgage on it while we waited for the sale to go through. A bit cheeky but it meant we got the best of both worlds. It of course meant we had extra fund to put back into the pot.

We are due to complete on the 3rd house in the next couple of weeks. It needs work doing which should add value but it will be very rentable so i think i will sit on it for a while, put a tenant in and take a mortgage out later

Give it a month or to, and i will hopefully be in a position to go again with the second phase.