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I'm at the very beginning!

R

RJPoperty

New Member
Hi all, I'm completely new to this and I have a number of people telling me not to do it and a similar number (already successful) telling me to go for it.

Basically, I have £20k to invest and my strategy is to flip a couple of properties to build capital, before ultimately starting to build a portfolio. Properties in the area I'm looking at that need investment usually sell for £60k/£80k. When refurbed, they sell for between £80k/£110k.

I was planning on using a mortgage for finance and as I work in the construction industry, I have loads of people I can draw upon for favours in terms of refurbs.

Any help or advice would be appreciated!
 
F

FWL

Member
I think you are i a very strong position with your construction industry contacts. My advice, do as much research as you can before you start and make sure you are aware of the upside and the downside. Then give it a go when you feel confident enough.

There is a mentorship program provided by this forum:-

https://www.propertyforum.com/nicholas-wallwork-mentorships

If you are serious, this would be money well spent.
 
T

totallyproperty

Administrator
Staff member
Hi all, I'm completely new to this and I have a number of people telling me not to do it and a similar number (already successful) telling me to go for it.

Basically, I have £20k to invest and my strategy is to flip a couple of properties to build capital, before ultimately starting to build a portfolio. Properties in the area I'm looking at that need investment usually sell for £60k/£80k. When refurbed, they sell for between £80k/£110k.

I was planning on using a mortgage for finance and as I work in the construction industry, I have loads of people I can draw upon for favours in terms of refurbs.

Any help or advice would be appreciated!
Hi, welcome to the forum :)

I think you will always have two 'camps' of people... those who know you can make good money through property but are too risk-averse to ever do anything... and those who are willing to take real steps to make their goals a reality. I think absolutely, research and education should be top of the list...

- Make sure you have a solid exit strategy in place (don't be over-optimistic with your financial predictions)
- Talk to at least 3 local estate agents to understand sale and rental demand, and use Rightmove to look at sold house price (rather than 'for sale' prices) when doing comparables
- Getting the right finance in place is key to making sure you can continue to grow a property portfolio (which is what it sounds like you want to do). Property Forum recommends Vantage Finance (who are a specialist broker offering mortgages, development finance, bridging finance etc),they would be able to advise on the various options available to you (and what each would mean for your cash flow and risk).

Which area of the UK is it you are looking at investing in? Keep us updated on your project progress! :)

Kelly
 
L

lookinginvest

Member
As Kelly suggests, making that first move is always the hardest - am I doing the right thing, can I afford it, etc etc.

Do your research, minimise your liability and wait until the right investment comes up. If you dont take that initial leap you will never know :)
 
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