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PROPERTY development - Help

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YumPies
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2007/06/16 18:08:51 (permalink)
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PROPERTY development - Help

Downsides? Hidden costs/problems? How many houses do you develop and year and when did you start.
Do you think the latest developments reguarding selling homes will be costly to a developer or not a problem? Maybe even a positive?

Very interested in this - If your reluctant to post, please email me atleast some of your opinions

Also, at 20(soon) i assume im free to sign all contracts and whatever, no hidden "must be 25" age limitations are there? Just a odd concern that i had.

Thanks in advanced!!!
#1

24 Replies Related Threads

    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 19:28:29 (permalink)
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    the only downside i can see (and ive been looking inot this for some time) is getting the initial loan to purchase your first property,it can be very expensive.i think once you have done 1 your on your way no stopping you,its just getting the first imo.
    #2
    MT2006
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    RE: PROPERTY development - Help 2007/06/16 19:33:38 (permalink)
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    ORIGINAL: ginasmg

    the only downside i can see (and ive been looking inot this for some time) is getting the initial loan to purchase your first property,it can be very expensive.i think once you have done 1 your on your way no stopping you,its just getting the first imo.


    ditto- first few are your spring step, but the barrier is obviously getting the funds to begin with.

    I don't know anything about you, so I can't really comment on how easily you will find investment. But at your age I doubt it tbf.

    Me and my brother are looking into this, and he is fully corgi trained in plumbing/gas, and knows alot of people in the trade. I think that is the thing that is going to get you the money- keeping cost low by kwoing how to dothe work and knowing people to do some of the work for you on the cheap.



    #3
    YumPies
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    RE: PROPERTY development - Help 2007/06/16 19:38:21 (permalink)
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    I can get hold of the money, thats not a problem.

    I wondered about the problems that may be overlooked - hidden legal fees? Any major floors etc? Capital gains etc?
    #4
    dannyboy
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    RE: PROPERTY development - Help 2007/06/16 19:40:15 (permalink)
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    Most buy to let mortgages have an age limit of 25 but there's no restrictions on anything else.
    #5
    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 19:44:21 (permalink)
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    ORIGINAL: richsINS

    I can get hold of the money, thats not a problem.


    i wish i was in this position im having some trouble getting hold of a loan BUT I WILL as i can do all the work and as cheshire cat says i know many people in the trade as ive been doing it for yrs for other people,it would be realy easy to make money i know but as i say you have to get going first.
    #6
    MT2006
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    RE: PROPERTY development - Help 2007/06/16 19:48:24 (permalink)
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    ORIGINAL: richsINS

    I can get hold of the money, thats not a problem.

    I wondered about the problems that may be overlooked - hidden legal fees? Any major floors etc? Capital gains etc?


    Well if you can get hold of the money, there is possibly money to be made. You say you play 'professional poker' though, so you have enough to put up a few hundred thousand k?? you must be a good player.

    As I said, the costs that would worry me if your not in any trades yourself is the ocst of bring people in. In old houses you do not know what you may find, and if someone is doing the work for you and you come across a problem it will not just be time wasted, but also money for your labour force to put it right.

    Plus theres the task of finding property that is a good investment for returns, and what can increase its value, any previous knowledge in the property market?
    #7
    YumPies
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    RE: PROPERTY development - Help 2007/06/16 19:49:27 (permalink)
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    Gina - What business do you work in? Do you have MSN?

    On a random side note - There was a thread a few months back, a really tanned rather ugly looking EX personal trainer was rich - he was buying a huge mansion, gold laced suites and imported carsi believe. Does anyone know his name? He was very arrogant.

    #8
    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 19:51:57 (permalink)
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    im a carer at the moment so i have some to spend on this when they are at aschool,yes mate i have msn,i will mail it to you.i do all work except gas i have a mate who does that for me.
    post edited by ginasmg - 2007/06/16 19:52:42
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    YumPies
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    RE: PROPERTY development - Help 2007/06/16 19:52:28 (permalink)
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    I'm 20 so very little knowledge, but thats not a problem - knowledge is learnt. I plan to learn just like i have in training and poker, i can get hold a few hundred thousand yeah.

    I'd have surverys done from the get go, but wanted to find out any problems which limit profits.

    Wheter its a form of tax or limitations on morgages etc.

    Appreciate any help i can get from you guys - If anyones in this industry please chip in!
    #10
    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 19:54:08 (permalink)
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    i am seeing a financial adviser this week to find out any pit falls,if there are any i will let you know.
    #11
    MT2006
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    RE: PROPERTY development - Help 2007/06/16 19:56:51 (permalink)
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    ORIGINAL: ginasmg

    im a carer at the moment so i have some to spend on this when they are at aschool,yes mate i have msn,i will mail it to you.i do all work except gas i have a mate who does that for me.


    Dont you need tickets for work though, like electric? So need quailifed people in?? Or are you a trained sparky?
    #12
    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 20:00:14 (permalink)
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    i do all the electrics then have the local board check them for a pass certificate,failing that i have a mate who is qualified if you know what i mean.
    #13
    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 20:34:41 (permalink)
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    one other thing mate if your serious about doing it,go and get accounts at large builders merchants now this willhelp for supply of materials.
    #14
    tuc biscuit
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    RE: PROPERTY development - Help 2007/06/16 22:35:47 (permalink)
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    ORIGINAL: richsINS

    Downsides? Hidden costs/problems?





    you could write a book on the subject, but it can be very lucrative


    you need to think what your goals are; trading properties, investing to let out and seeing long term price gain etc.


    read as much as you can on the subject





    I wish I was more attractive like Dagless.
    #15
    theiopener
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    RE: PROPERTY development - Help 2007/06/16 22:58:26 (permalink)
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    another potential obstacle is whether you get granted plannin gpermission from the local council or not which can old up the process for avery long time if you buy land with the intention to build on it. Some cases green belt land will be protected and you wont be able to built on it for a few hundred years, so best to make sure planning permission has been granted before buying land
    #16
    ginasmg
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    RE: PROPERTY development - Help 2007/06/16 23:02:51 (permalink)
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    i agree,but think (having priced it up) buying land and self building is a good option,obviously this depends on where the land is as various places are far too expensive per acre.
    #17
    JohnOvManchester
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    RE: PROPERTY development - Help 2007/06/17 00:37:31 (permalink)
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    when I was 20 I couldn't get hold of a few hundred quid!!!
    #18
    YumPies
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    RE: PROPERTY development - Help 2007/06/17 01:03:53 (permalink)
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    Lol, cheers guys - Yeah i plan to read everything i can get hold of and from what i've seen, they're are plenty of idiots in the field which should make it easier.

    Just wondered about hidden fees, "Home buyers" book or whatever the goverment are releasing - I wondered what the implications of that may be on property development.

    First i'd be developing built propertys, i think a new build is far to involved to begin with. I start small in everything, then work up the chain - More comfortable that way!

    Post away guys, must be some of you who work in this field! ? Pleeeasseeee
    #19
    tuc biscuit
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    RE: PROPERTY development - Help 2007/06/17 09:23:54 (permalink)
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    I rent a couple out, at a young age this isn't a bad idea, you get the benefits of yield on the rent and capital gain as and when you decide to sell them off and can remortgage them to relase equity.

    I wish I was more attractive like Dagless.
    #20
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