Advice on renovation houses?

[Briniuk]

I am trying to learn all the aspects of buying renovating and selling on auction or medium level refurbs.

I have about 25k spare and want to make a business from flipping but I’d like to have advice on strategies and things like bridging loans etc but who can help?

 

[Longterminvestor]

Hi @Briniuk

First of all welcome to the forum - I am sure you will receive plenty of help and guidance.

What kind of properties are you looking at? Are you able to do the renovations yourself?

The owner of this forum has a mentor program which might interest you. Are you there @Nicholas Wallwork ?

 

[Briniuk]

I can do more manual labour painting etc but have some contacts for further work.
It would be 2/3 bed houses to sell only

 

[Longterminvestor]

Interesting, if you are able to chip in with the diy and also have good contacts then flipping and the auction route sounds interesting. However, please please make sure that you visit the property, read the literature and make sure you carry out all of the basic checks. Assume nothing when it comes to auction properties!

 

[Briniuk]

The auction site I am looking at has a fee of 6k is that normal ?
Who’s the best person or business to learn things like cg tax etc etc?

 

[realdeals]

Hi @Briniuk

What was the value of the property? That does seems quite steep.

If you are looking for property investment advice you will find this page interesting:-

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[Nicholas Wallwork]

The auction site I am looking at has a fee of 6k is that normal ?
Who’s the best person or business to learn things like cg tax etc etc?

£6k seems high but it depends on what that includes and the price of the property you’re buying through them? If it’s a £5m property then it’s not high...

I can help with a lot of business related questions what specific questions do you have? Maybe start a thread on each of the main questions you have and we can try to help?

For tax advice then I can refer you to a suitable firm if you like? Just DM me...

Thanks
Nicholas






Sent from my iPhone using Property Forum

 

[realdeals]

Hi @Nicholas Wallwork

Do you have any experience of property auctions - it would be good to hear the dos and donts.

 

[ElosMight]

I think that it all depends on your desires

 

[ScotJohns]

You can hire a special team to deal with the renovation process or do it by yourself. Also, a significant factor here is the budget that you are ready to spend on the renovation. I would advise you to work with the guys that are working with house rendering. I worked with them in 2019, and I am delighted with their work. They came with a great house plan, and also they helped me find the best materials at a very acceptable price. I think that you should contact them for help.

 

[BeardDemon]

Go minimalistic...it always pays off.