Edinburgh/ Scotland - BTL or Flipping? Also Costs To Consider

[kimshepherd75_googlemail_com]

Hi folks,

 

I am new to the Forum although have had a keen obsession in all things property related for many years now!  I've finally decided to do something about it & am in the early stages of research - listening to the podcasts & reading up on all things relevant.

 

I live in Edinburgh & my initial plan was to refurbish properties & sell on - flipping - the new term I have recently learnt! I had planned to start off in Edinburgh as I know it extremely well, buying at around £150,000, refurbish & then sell on & repeat.  I had planned to try & raise the money myself through a combination of equity in already in our home, selling a property we already let in Edinburgh (bought by my husband in the winners curse period 2007 & valued at less than he paid for) & various other sources.

 

However, having listened to the 2 Rob's I am now rethinking my strategy (leverage, inflation, opportunities etc) & feel perhaps I should go down the lettings route initially, starting off with one property (around £150,000) on a BTL & then another one in 6 months time once I've learnt a bit more & hopefully a 3rd after that. Perhaps moving onto flipping after that.  I will be focusing on the Edinburgh area but will also consider East Lothian, Fife & Stirling.

 

I'm looking for some advice on the following:

 

• Do you property investors out there think I've missed the boat for flipping in/ around Edinburgh area? (I have listened to the intriguing 18 year cycle podcast)!

 

• Does anyone know of a resource that summarises all of the key financial considerations I need to factor in for purchasing, letting, selling properties (i.e. stamp duty, estate agency fees, Solicitors fees, management fees, tax charges etc)? I have a lot of these noted already but want to ensure I don't miss any in my calculations & also to help me decide on my strategy. 

 

I am keen to set myself up for success - so any other information you think may help me decide/ determine my strategy would be much appreciated!

 

Thanks :-)

 

[lazareth1]

Hi Fox, 

 

We're in the same boat! Although we live across the water in Fife. 

 

We too are in the early stages of starting up and we've already looked up property auction websites and it seems property in Scotland that would fit for our strategy of purchase, refurb and then BTL and remortgage seems very scarce. 

[kimshepherd75_googlemail_com]

Hi Wai & Sara,

 

Great to hear from you - I'm still deep in the research stages so intersting to hear your views. I'm still pulling together costings etc & trying to determine the best strategy for me, hence all my questions!!

 

 Where are you thinking of buying? Have you bought at auction before?

 

Fox :-)

[Kath and Graham]

HI, I wondered how you are doing? I am just starting in fife, I primarily want to generate income so that i can give up my job, I live in Fife, but fife council dont seem to like landlords much judging by the licence fees for HMOs etc. I was considering Edinburgh or Dundee. Once I have a few cashflow generators I wanted to have a go at flipping. How are you finding it?

[Katherine K]

I am also just getting started.  I live in West Lothian so thinking of starting here.