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-   -   Finding the right property (http://www.homemove.co.uk/forums/finding-the-right-property-7853.html)

Sally 21-09-2015 03:57 PM

Finding the right property
 
Hello all,

I'm new to this site and came across it whilst looking for advice on finding the right property to renovate.

I run a damp proofing company and have a small team of excellent lads including plasterers, carpenters, brickies etc. so actually doing the renovation work is no problem for us. We do it every day as a business.

What is proving difficult is finding an ideal first project for us to renovate for ourselves, rather than for other people!

We are only a small company and don't have a huge financial 'safety net' so a low-risk start would be best. We hope to build up slowly to bigger and more expensive properties, but need to start quite small.

We have seen very run-down properties for as little as 40k, but they would need at least 30k spending on them (even doing the work ourselves) to get them saleable and then would probably go for no more than 75-80k according to local estate agents, which doesn't really seem worth the risk, especially if they take a while to sell - am I expecting too much?

May I ask where people find the right property to get started? Are auctions the best place? And is there a 'best' way to finance such a project, or are the normal borrowing channels (mortgage, business loans etc.) the only option?

Any advice would be greatly appreciated. Hope you can give us a bit of guidance! Many thanks. Sally


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