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Been a member for a year or so and this website / forum has become my defacto for anything and everything property related - well done to the founders and certainly to the members for work and effort that goes into maintaining such levels of useful info and dialogue.
We have a portfolio of properties in London that are rented - standard BTL and HMO. What we are now interested in are flips.
Our current thinking is to Finance the purchase of properties for <150K in hotspots in the UK, adding value and flipping for a Gross Profit of 30K ish - doing about 3-4 a year (quick turnaround of 3-4 months per project)- willing to partner with someone who can help source & refurb - we can manage the finance and legals and split the profits.
Would appreciate speaking to someone experienced with flips.
Hi. I will DM you if that is okay.
Hi Mate. We can certainly have a chat.. I am working on few projects right now.
Good luck. I've been looking under that exact criteria for the last two years and can find nothing that stacks up. I'm only looking on South Coast so I can use trades people I know but there's nothing here. Refurbs are virtually same prices as finished article
i'd be interested in having a chat with you to compare notes....
The only thing I would say with regards to your idea, which fundamentally is not a bad one in the current climate. However you need to factor that you won't be able to complete on a sale for 6 months. The reason for this is a lender (ie the lender of your prospective buyer) will not lend on any property that has been owned for less than 6 months.
It is best the purchasers do not even approach a lender until this time has elapsed.
Don't forget to factor this into your schedule. ;-)
Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk
Interesting. So If the buyer needs to raise finance (which is most likely) then I (seller) will have to keep hold of the property for 6 months minimum - out of interest whats the rationale behind this?
Yes that's correct and as you will have no idea what type of buyer will walk through your door you cannot take the chance that a lender won't be involved.
It all started a number years ago. People where buying houses below market value doing very basic refurbs and selling them within a month or so at vastly inflated prices. In a lot of cases the properties were being flipped to connected parties so it was just a way to re-gear for higher borrowing. Lenders saw this as a clear erosion of their risk and a manipulation of the true value of the property. Putting a 6 month limit dissuaded this and reduced the exposure for the lenders.
I believe there are now lenders who will fund refurbs/flips and refinance at the end of the project, if the owner wishes to keep the property and extract the cost of the refurb. They are not bothered about the six month rule. No doubt someone on here will have details.
I can confirm this also.