Jump to content

Can I make money flipping this 2 bed in Brinnington (Manchester)?


Recommended Posts

Spotted this deal online, 2 bed for sale in Brinnington Manchester. Looking around I see area is not the best, however it is being sold for £95,000 which I can imagine I could bring down if I was a cash buyer and as its been on market for nearly 2 months.

 

So presuming I bought at 95k, I was thinking of doing a refurb and flipping for 125k? I'm thinking 125k as looking on zoopla, I can see a property few doors down (in decent condition) sold for 124k few months ago. F

 

Furthermore I first found its time on market and the fact its price has been decreased concerning, but the fact I can see an identical property in good condition just down the road makes it seem solid to me. 

 

Would love feedback from anyone here, what do you think of this 'deal'?

   

Propertys referenced: https://www.zoopla.co.uk/for-sale/details/45476738?search_identifier=3f25391946b847db7d199f7ec343a497#fijXifF2W5WBKK8i.97 (TO BUY)

      Nearby Property that sold for 124, http://www.rightmove.co.uk/house-prices/SK5/Sandileigh-Avenue.html

        

          

Link to post

Hi Toby

 

my initial impression is that 

1. There is not egnough profit on the numbers when you consider all fees/ refurb costs etc etc

2 . Brinnington is a strange area and I would say that anything over a 100k on a sale in this area is good result.

3. If you still want a punt then I would work back from a sale price of 105k and see what that makes your offer.

 

i run my own construction business and invest pretty much full time on buy to flips in east Manchester, After ALL ( and I mean all ) costs I’d be looking for 15-20k profit. ( but I do it full time)

Assuming loads of info based on your numbers

105 sale price

4k fees ( solicitors / additional duty/survey)

12k refurb

15 profit

that makes your offer around 74 k 

 

Using your numbers

125 sale

4k fees

12 refurb

 

that gives you 14k profit. That is great but I would always be cautious on the sale price 

 

so splitting the difference on my sale price and yours

118 sale

4k fees

12 refurb

that leave a 7k profit o a purchase of 95k. 

 

Hope that focuses the mind

 

my view would be bid lower and / or move on to the next one as there are lots of opportunities available.

 

regards

Ian Brierley

ian@c2cconstruction.co.uk

 

 

 

Link to post
  • 1 month later...

Hi Toby,

 

Try not to make the deal fit your numbers.  If it fits, then great, if it doesn't, walk on.    As with Ian I look for around a 15-20k minimum profit, but for 15k it needs to be a simple in-out job with minimum refurb.

 

I see your post was on Jan 2nd which was over a month ago now, what did you decide to do?

Darren

 

www.fmp-investments.com

www.f-m-p.uk

property@f-m-p.uk

I am looking for private financing

with a 10% ROI - get in touch

Link to post
  • 7 months later...

Unfortunately, I'm not in a position to invest yet but I do still like to properties online that would be good..

 

funnily enough, I've found the property I mentioned here on sell for 135k..

https://www.rightmove.co.uk/property-for-sale/property-55718358.html

 

I want to get into property development, however can't yet due to my age & funds! So just looking to gain knowledge at the moment.

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...