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Author Property Development
Sam
Moderator
Premium Member


Registered: 24th Dec 99
Location: West Midlands
User status: Offline
15th Oct 08 at 15:11   View User's Profile U2U Member Reply With Quote

Anyone on here in the property development game (i.e. buying shitholes, doing them up, and selling them on for profit)?

Interested in hearing of your experiences if so.
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
15th Oct 08 at 15:32   View User's Profile U2U Member Reply With Quote

Not exactly the right time to be moving into this

Cost of money is high, and houses are selling sooo slowly at the moment.

I expect in 6 months or so time it may be a good time to jump on if you have access to cheap money (i.e. if you dont have to borrow). As house prices will of crashed as far as they are going to go, and the cost of borrowing will start to get cheaper so houses should sell a little quicker.
Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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15th Oct 08 at 17:41   View User's Profile U2U Member Reply With Quote

Have been into property development, albeit predominately new build homes, for about 6 year and as said you couldn't picked a worse time to enter the market. I've effectively had to shut up shop because nobody is buying properties any more, although I have picked up a couple of bargain sites recently which I plan to sit on until the market picks up again
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
15th Oct 08 at 18:00   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Mad Moe
I have picked up a couple of bargain sites recently which I plan to sit on until the market picks up again


If you've the money its certainly a good time to do that considering how the prices have crashed lately.
Mad Moe
Member

Registered: 14th Jun 01
Location: Northumberland
User status: Offline
15th Oct 08 at 18:12   View User's Profile U2U Member Reply With Quote

I was lucky enough to put a good portion of money aside off the back of my more successful developments to allow me to invest in potential future projects and hopefully allow me ride out the storm

 
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