Getting Started In Development

[newbiedeveloper2009]

Hello everyone,
This is my first foray into property development, and I would very much appreciate the benefit of your advice.
I have recently finished paying off the mortgage on my home which is valued at £300,000 and I am considering using the money to fund a ‘first project’.
As I have no previous experience, I thought that I might outline one or two ideas and ask for your comments.

The first being the purchase of a plot of land (If I can find one) for £100,000
And use £150,000 to build a house with the remainder of the money being used for conveyancing and solicitors fees.
I would live on site during the build.

The second idea was to buy a semi-detached property in need of renovation and spend money updating the kitchen, the wiring, the bathrooms etc. Again I would live in the house during the remedial work.

My third idea was to purchase two terraced houses in a university town or city to let out to students.

Any money earned from my chosen project/s would be ploughed back to fund future activities; obviously, I would need to take a subsistence wage to live on .

I’m sure all of the above ideas will have their pro’s and cons, but I really would value your opinions before I embark on this ‘venture’

I should have mentioned earlier that I am not in a position to undertake the work myself, and would have to employ the necessary people to do this on my behalf.

Many thanks in anticipation

[rapidspeed]

The Sky is the limit all your ideas make financial sense but you must understand that research research research is the key! Your thorough due diligence will make you money and as the old saying goes you make your money when you buy nit sell.

What are your main objectives;

Is it to make a large sum of money or monthly cashflow.

We source property deals throughout the country from land, houses, garages, flats and buildings for investors.

PM me if you would be interested in finding a cheap deal