D
dw2019
New Member
Hi everyone,
I am considering purchasing a property with scope to spend a bit of money in and flip to make a profit and potentially repeat again. I have done alot of looking into this, but I just wanted to air my opinion on my strategy and get some views from people that are actually in the game. So here's my situation:
We own two properties out right, one of which my wife and I rent out, both properties are mortgage free, I also own and run a small business which generates me a out 1k per month clear.
With my circumstances, I currently have about 240k in an unit trust investment of which obviously fluctuates but grows year in steadily.
I was thinking of buying a property of let's say 90k but buy it outright, depending on condition etc and work needed (nothing structural) and then sell it on. Minus initial buying fees, fees to do it up etc and selling fees, I would then have the profit left over, with only having to pay for small utilities and council tax whilst renovating and selling etc.
As a gauge I'm guessing if I went say buying a property for a bit more In worse condition i would probably have a bit more scope to make more profit but obviously have higher costs too.
I'm looking at this as I was considering instead purchasing a couple of small flates say 90k each outright and renting them out, but this seemed like another option to help grow the pot.
If anyone has any other ideas of views of what I could do then I'm all ears, just dont really want a load of debt in mortgages!
Think I have probably too many ideas in my head to be fair, but I know people keep saying borrow as much as possible and so on, but I'm in the position where I owe nobody nothing and I like it. I can see what to borrow, so I can get as much property for the least amount of my cash, but I just feel my idea is the safest but obviously not the most profitable.
Thanks for taking the time to read this. All feedback and advice welcome.
I am considering purchasing a property with scope to spend a bit of money in and flip to make a profit and potentially repeat again. I have done alot of looking into this, but I just wanted to air my opinion on my strategy and get some views from people that are actually in the game. So here's my situation:
We own two properties out right, one of which my wife and I rent out, both properties are mortgage free, I also own and run a small business which generates me a out 1k per month clear.
With my circumstances, I currently have about 240k in an unit trust investment of which obviously fluctuates but grows year in steadily.
I was thinking of buying a property of let's say 90k but buy it outright, depending on condition etc and work needed (nothing structural) and then sell it on. Minus initial buying fees, fees to do it up etc and selling fees, I would then have the profit left over, with only having to pay for small utilities and council tax whilst renovating and selling etc.
As a gauge I'm guessing if I went say buying a property for a bit more In worse condition i would probably have a bit more scope to make more profit but obviously have higher costs too.
I'm looking at this as I was considering instead purchasing a couple of small flates say 90k each outright and renting them out, but this seemed like another option to help grow the pot.
If anyone has any other ideas of views of what I could do then I'm all ears, just dont really want a load of debt in mortgages!
Think I have probably too many ideas in my head to be fair, but I know people keep saying borrow as much as possible and so on, but I'm in the position where I owe nobody nothing and I like it. I can see what to borrow, so I can get as much property for the least amount of my cash, but I just feel my idea is the safest but obviously not the most profitable.
Thanks for taking the time to read this. All feedback and advice welcome.