chaos.

My new business idea
Ditched the buy to let plan, takes too long to make profit.
SO..

I was thinking about buying dogged up houses and doing them up with cheapish materials and selling them for a profit.

Say I've got the capital and Im going to buy a cheap house for 50k, I aim to spend 5K on materials, what would be a realistic resale price, 65K? (10K profit)? What time scale would be practical for each house, 6 weeks?

My DIY skills are quite good

mattstant

Just fallen off my chair laughing.
you dont know when to quit do you chaos LOL

Tiggs

you will make loads and its easy....crack on!

davegtt

the you have solicitors bills, estate agents etc, depending how run down they are 5k will be spent on just paint and stuff you find unexpected rot make sure u have the capital to pull you outta a tight spot. basically I dont think its a clever game looking for 10k profit on a house so easy to lose out espec house prices are slowing down and in some areas going down slowly.

dsmith

I reckon you'd get more than 65. prob at least 75. throw some cushions around when you finish and dress the place nicely.

medders

Watch "property ladder" tonight on channel 4.

Luke

2 bed house.


As long as you dont have damp or a bad roof you should be ok.

1 week to gut the place a srequired.
1 week to do first fix of plumbing (New boiler maybe )and sparks new fuse board always looks nice!!). make good decoration/plaster.

1 week to do second fit for any kitchen /bathroom etc.
1 week for further decoration.
1 week for garden (If??) and to tie up any unfinished work.

maybe 6 top wack. get it on to the market when you complete. You could make £10k just for shifting it on...???


Good Luck

chaos.

I dont care about the swear filter!

**** OFF!!

You *******s

thats to all the doubting posts btw.

[Edited by chaos. - 1/6/2004 3:29:50 PM]

[Edited by Andy Tang - 1/6/2004 4:03:16 PM]

chaos.

It must be possible..

65K isn't that much for a house these days...

Scooby96

1 week to gut the place a srequired agree
1 week to do first fix of plumbing (New boiler maybe )and sparks new fuse board always looks nice!!). make good decoration/plaster. dependant on competency at plumbing / plastering - if not that good then this will eat into profit bigtime!

1 week to do second fit for any kitchen /bathroom etc.dependant on competency again / potential for big loss in profit in this area

1 week for further decoration. agree-ish

1 week for garden (If??) and to tie up any unfinished work. agree

maybe 6 top wack. get it on to the market when you complete. You could make £10k just for shifting it on...??? possbile

However I expect cha0s has little project management experience for getting the non-diy stuff done in a timely manner, organising tradesmen can be a nightmare.

Factor in survey costs too unless you want to risk having to replace a roof (c£8k) or discovering subsidence thus making a forward sale much harder to achieve!

[Edited by Scooby96 - 1/6/2004 3:40:59 PM]

J S W

LMFAO at this idea.

chaos, taxi is waiting.

mj

is this a p1ss take?

paulr

1.Buy a street of very cheap terraced houses in a high crime area,preferably one with some boarded up,neglected.(get them cheaper that way)
2.Do them up to moderate standards.
3.Erect security fences at each end and brick up the back alleys.
4.Sell them as low cost crime and nuisance free homes to old people.

mattstant

chris did you manage to buy the flat at auction then

Luke

Chaos



I have the answer



Get "MJ" to do all the work for you for free.....

Scooby96

paul - one flaw:

3.Erect security fences at each end and brick up the back alleys.

cant see a council agreeing to that particular planning application

I've seen a few houses recently with an auction guide price of £5k

chaos.

Yeh, 200 quid mate,..

What a clown

SJ_Skyline

There you go - buy 10 houses in a row, knock them through and live like a king!

JimmyRB5PRO

chaos,
if it was that easy we'd all be doing it, anyway you'd struggle to buy a house WORTH doing up in this area like that........
lmfao....

chaos.

I just don't get it with most of these posts taking the **** out of my ideas.

People make good money out of buying and selling..

On second fukin thoughts, Ill stop with the honest idea and *** with credit card companies and do lots of fraud![img]images/smilies/mad.gif[/img]

Im fed up of *******...

Scooby96

Mattstant - didnt bid in the end as the survey came back a complete nightmare.

Moisture reading was off the surveyors scale and he reckoned it would take 2 years to dry out completely and would cost c£15k - he also informally valued it at only £45k

We set a limit of £65k and there were 3 bidders who battled it out up to £64k

mj

Luke....


cha0s, luckily for you you will never be in my position, as I suspect you don't have any mates to help, even if you did know one end of a trowel from the other....

........in the bedroom/bathroom I imagine

chaos.

Well obviously YOU dont.

Sounds like they *** you sideways, M8!!
In your **** and out your mouth!!

LMAO

[Edited by chaos. - 1/6/2004 4:02:13 PM]

weapon69

Sounds painful.

Brendan Hughes

Damn, Luke got in the mj mention before me.

As for this from our lovely alter ego,
...can someone please cut it out and frame it?

mattstant

Good call then chris looked like little scope for capital improvement so the only real value was its rental income and the first thing you would have had to do was evict youre tennant to do the damproofing.

Sometimes the hardest thing to do is walk away from a deal you had youre heart set on.
The one thing i can say is each time i have to do this it has always been the right decision.

Luke

Brendan

Sorry I got in first... maybe I should have waited???? maybe someone will complain to the mods that I was whoring the thread and did not give others a fair chance??? maybe .....

Redkop

Yet another thread has deteriorated, so I am locking it.