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My aim is to eventually to get into flipping properties and managing properties for other landlords.
Last year I purchased my first BTL, but a lot of my funds went into this property. End result - I am a bit skint at the moment.
I aim to possibly remortgage the BTL next year, but this won't be until next year.
Are there ways to get into 'flipping' via the route of a loan or bridging (100% loans) or do you have to have some funds yourself? I intend to buy in Kent or the midlands for my first refurb venture, so will be buying a small properties to begin with.
Is there any advice experienced investors can give me on how to get into 'flipping', or do I need to simply be more patient and wait until I can save more funds?
Any advice will be appreciated...
Traditional / Sophisticated / Developer
Would you lend money to someone to start a new business that they have no experience of, with them not putting any money of their own into it so they have nothing to lose?
Take that as a no then.
i had to put 25% deposit into my BTL.
What does the bridging loan process involve?
Speak to a broker to see what options you have regarding bridging.
Do you also own a residential property as well as your BTL ?
Would you consider selling your BTL property to release the funds to get going with another BTS project ?
I will get in contact with a broker I have used in the past, to see what my options are - but he's not back at work until tomorrow.
I do own my residential home as well as my BTL...?
My BTL is a long term plan - it went up by about £60k after I completed the refurb, but another year to go on the mortgage, as I done a 2 year deal. IMHO, I believe it will go up by another £50k (maybe wishful thinking - but we'll see) in the next 3-5,years, due to the area improving around it as well. My intention is to remortgage the property in 12 months time and release the funds.
Ultimately, is a business for my children to take over, when they are old enough. I don't want this to sound cheesy, but all these business ideas are for my children to benefit later in life...
I'm the same mate.. I will run mine for decent pension only. I don't care what happens to my properties when i'm gone.
My kids can have something from me.
Bridging loans will typically loan up to 70% of the purchase price of the property, meaning you have to put in circa 30% and the money necessary to refurb the property.Buy to sell is really the domain of cash buyers, so you will need to build up a pot of cash to undertake this strategy.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Ok...so no different to obtaining a BTL mortgage then really
That is my aim essentially, which is why I won't be taking out a salary from the BTL property or my next venture (touchwood - don't need to rely on it). It is all going back into the pot, to fund the 'flipping' business. However, I will need to buy my first few at least in the midlands or up north possibly, in order to buy a small property outright. Ideally, a property that has 'development' potential, so I can add value to it...then sell or rent out and remortgage 6 months down the line.
I am under no illusions that I will add value on each purchase, so will have a plan A and B on every purchase.
I have a friend who recently went to two auctions, who told me that he simply got out bidded on every property he was going for...!
Good thinking Newbie! You may find this post helpful:Towns and cities to buy property under £50K
Great post - thanks for the link
Hi Newbie - have you done any property training courses? If you have, which ones?