Help!!!

[rrazzaq1992]

Hi Everybody
I was wondering if advise can be given to me on how to get into property developing. I am already on the property ladder with a property I own (mortgaged) which I rent out and make £200 on top of the rent. I will reap the benefits of that when the loan ratio decreases and am now looking at a buy cheap, refurb and sell property and possibly make a career out of doing that. What would be the best way to finance the project remortgage or personal loan on top of any savings that I have. Is auction my best bet. Plz advise.

 

[Barny]

I am in a similar position to you in that I'd like to start focusing on property development as more of a career than just a form of extra income.

My partner and I have 3 BTL properties at present and currently in the process of looking for a 4th but my aim would be to buy a run down property that mainly needs cosmetic updates and maybe a wall or 2 moved aswell as adding a small extension.

Therefore, nothing too ambitious but enough to expose me to the world of planning permission, building work and install of services (gas, electric, water) and again with this being a 'smaller' project, it won't mean I need to plough all of my savings into it and then stress about it for x months wondering if I'm going to get my money back. I will then decide whether to keep and rent it out or sell on for a reasonable profit to reinvest in a similar project.

It's amazing what information you can source through Google. If you're serious about it, you should be able to work things out and decide on what would work for you. Just remember to be sensible and realistic as to what you want to achieve.

As a final note, its worth knowing that I'm not from a property background. I've worked in IT for 15 years and noone in my family is interested in property so all my knowledge and ideas have all been formed through my own BTL experience over the last 5 years or so.

Good luck with it and hope to hear how your ideas pan out.