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Property Strategy Figured Out! Help With Flipping Strategy Resources


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So. I’ve finally managed to figure out what the right strategy is for me once my deposit is saved. 

May father did tell me that he was willing to borrow me £20,000 towards my first project but as much as i have a great relationship with him I feel borrowing money from him for a first project is not a good idea.

I can currently save 1,500 a month so it’s a better idea to just wait 17 months for a healthy pot to start. 

My strategy is for my first property to get a BTL mortgage and buy a house with the BRR model in mind as it’s slightly less risky than getting bridging for my first project and then for my seconds, when I have more confidence, use bridging. 

My question is where are the best resources for the flipping strategy? 

Can anybody recommend podcasts around Flipping? YouTubers? Books? Anything like that? 

Many help would be really appreciated. 

Thanks in advanced,

Martin

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Hi Martin,

 

Always happy to chat with any questions I might be able to help you with.  Im pretty shit with email so messenger is probably best.  I never really found much online for flipping when I started out, everything seems geared to getting cash out of you.

I havent been able to find anything in my price range where bridging works as the costs are pretty high.

 

If your dad will lend you 20k why not borrow it and pay him back 1.5k per month?

 

Darren

 

 

www.fmp-investments.com

www.f-m-p.uk

property@f-m-p.uk

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Hey Darren. Thanks for the reply as always. 

Good point with the paying back 1500 a month. Didn’t cross my mind. Maybe you’d be right a good strategy could be saving 10,000 myself and then getting the 20,000 off him. 

As I said, I’m just a little bit anxious as it’s my first time. 

As you know I am living in Berlin so would want to be able to do the flip while still keeping my job here (even though I’d take a month off once I have finalized the perchase). 

My offer of a JV is still on the cards Darren!Haha;)

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Not sure what resources you're after, but there's the Home Building & Renovations site. Ithas some resources and ideas on renovations. 

 

They also run events that you can attend. I'll be trying to make the London Excel one in Sept. You can apply for some free tickets.

 

Podcast wise, there's a couple of BRR ones from the Progressive Property podcast. There's also the guys over at Bigger Pockets (although they are US based). They refer it to the Buy, Rehab, Rent, Refinance, Repeat (BRRRR) model if you search for that in iTunes or Stitcher.

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

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Bigger Pockets flip guide

 

Some BRRRR pages from their site and some extra Calculators, including a flip calc.

 

As mentioned, it's US based so keep that in mind as obviously their market, construction, laws, finance differ to the UK. But still some good stuff there...

 

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

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