Jump to content

kuro507

Established Member
  • Content Count

    18
  • Joined

  • Last visited

About kuro507

  • Rank
    Established member

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. I'd be interested to know of any recommendations on good/recommended deal Sourcer's covering the south Birmingham/Worcestershire area
  2. Morning all My existing home is going on the market this week Now time to plan my property journey, I'm looking to purchase a house I can add some value to over the next 12 months (B2S), I will be living in it and then may do the same again afterwards. The long term goal is to increase my equity and find good tradesmen along the way ready for a self-build in 5-10 years time. I'm looking in the Droitwich/Bromsgrove (Worcestershire) areas as that's where I'm familiar with and its local for work. I'm a very competent DIY'er and done some big project in my current and previous houses. I would value any advice you may have on things to consider when purchasing this property and the best ways to add value. Simple properties that just need TLC, new bathrooms, kitchens etc (Typically lived in by same old couple for 40+ years and untouched), or buying 3 bed with option to extend to 4 or 5 bedrooms. Or something else. Should I be looking at first time buyers and therefore small family houses and making amazing gardens and entertaining spaces? I have lots of ideas but need to temper them against the maximum gain per expenditure. I've read a few books and watched some youtube videos. Any suggestions, ideas, thoughts gratefully received Who knows, I may be able to start my own property journey blog soon
  3. Great information/advice. How much time did you spend masking off windows, architrave, doors etc?
  4. Sorry, that means nothing to me. Could you elaborate?
  5. Thanks for the advice I am happy to go slow, I will still have a full-time job to juggle. So taking my time over 12 months, to ensure mortgage Company is happy and giving myself some rest would be ok. As long as there is a good return available. I've also subsequently read something about doing it < 12 months could open you up to having to pay tax on income/profit. Your thoughts on flips are very similar to mine. Repossessed or deceased, just needs complete redecoration, new kitchen, bathrooms etc. Pretty much cosmetic. Possibly rear kitchen extension and making it open-plan.
  6. Morning All I've had a couple of bad relationships/marriages and subsequently lost a significant amount of my equity over the years. Now at 46 I want to spend a few years building my capital/equity back up, with a longer term desire to build my own home. I find myself in a position of having no significant dependents, my Kids are largely independent at 16/18, with a reasonable salary and some equity in my existing home. If every the time was right for me to take a few risks, its now. I am thinking of selling my existing 3 bed end-terrace home early next year, with the plan of purchasing a property that needs renovation, maybe a small single story extension etc. With a goal of flipping it within 6-9 months for a profit, which I then invest in the next property. Slowly building up my equity. Property development is the only other career I would enjoy doing, apart from IT. I understand how a building is constructed and have completed a large 2 story extension myself in the past. (Including electrics, plumbing etc) Now I have to accept that although I can do most DIY jobs, I am time precious so will need to carefully choose which bits I would enjoy doing vs the time it would take and the cost for somebody to do it for me. Plus of course the delays taken for me to do it, as afterall this is supposed to be a profit making exercise. I am planning spending the next few months researching and absorbing as much information as I can, to make sure I enter this with my eyes open. I will be planning on purchasing within the Bromsgrove/South West Midlands area as that is easy for work and seeing my Kids. I would be looking for a 3 bed house that just needs modernisation to start with, not too much work. Onto my questions:- Where to start with this? Best sources of advice? Could you give me a list of things to avoid? Obvious pitfalls that newbies fall into? Any advice for somebody new to this? Something you wish you'd known yourself when you started? How to quickly calculate work and costs involved? How do you calculate expected profits up front? The project needs to be worthwhile, with a good level of profit. What sort of profits should I expect? Whats reasonable? Would you be up front with Estate agents about your intentions, or not? Advantages/disadvantages? Best type of house to look for? Most desirable, greatest chance of increasing value etc. Would you buy the most expensive you can afford, biggest mortgage etc, or keep it simple and affordable? Interest only mortgage? I'm planning on living in the house as I do the work, so it will always be my primary residence and not something I have to worry about paying tax on profits etc. Thanks in advance for advice and suggestions :) :)
  7. Thank you Darren I've read your posts/threads with great interest, you have a great way of writing, very engaging. Just need to get this divorce stuff finished, then can plan to start life again next year. I may sell my house first, to put myself in the best position to move quick on any deals. Just need to find a 3 bed house thats not been touched for 20 years, that has space to add a large kitchen extension and open plan. I think thats what people are looking for, along with a good quality makeover. Interesting, a good friend of mine has just bought one, he's planning on renevating it, adding a couple of extensions etc. Although this will be his main family house.
  8. Hi All I'm just going through the final stages of a divorce, its giving me a new outlook on life and a realisation that I need to set new goals for myself and where I want to be in 5, 10 years etc. Fingers crossed, I will keep my house which has around £75k of equity in it, I have always been risk adverse and never pushed myself hard. However property develoipment has always been a unrealised passion. Looking ahead, I want to spend the next 5 years increasing my equity/capital so that I can eventualy build myself a nice house with minimal mortgage. My initial thoughts are to sell my home and purchase a 2-3 bed house thats in need of renovation. Potentialy something I could add a kitchen extension, make it open plan and significantly increase its value, before selling and doing the same thing again. I'm very hands on and would do some of the work myself, living in the property while I do it. I have built a large house extension on a previous house and fully understand property and construction, so project manmging would be easy.That way, as my main home, I shouldn't need to pay any taxes on it and keep stepping up and on while increasing my capital. I have a good job, so can borrow around £200k on a mortgage. I would value thoughts and opinions on this approach, thanks in advance
×