Housing Market

[mark_INIESTA_davies]

Morning folks!

I know there are a few home owners on here but even more eventual home owners looking to get on the market.

What I was currently looking at was putting down a 10% deposit on houses up North in the Humberside region worth around £60-70,000 at Market Value then getting a 20 year Mortgage on payments for £340-380 a month at 4.9% Interest rate.

The initial thought behind it was to be letting out the property, there are some decent 2 Bedroom houses that go for around £550+ PCM and if I could let out my property at say £140 pw then you'd be paying back your mortgage over 10 years realistically rather than 20?

[TF S4DK]

Only bumpng this cos I wanna know if anybody on here knows about mortgages...

[dub]

What in particular would you like to know?

[Afroman]

There are more certified and appropraite places to discuss mortgages than here tbh..

The only reasons I can see it discussed here are for the following reasons:

bragging rights.

Some how some way it turns to a rappers crib/ slash business venture..

But hey do your thing

[imhim]

u man aint got no money for a house yo

[TF S4DK]

There are more certified and appropraite places to discuss mortgages than here tbh..

The only reasons I can see it discussed here are for the following reasons:

bragging rights.

Some how some way it turns to a rappers crib/ slash business venture..

But hey do your thing

You right...

As you where.

[Captain Planet]

Been watching a lot of property docus recently + the regular doses of grand designs, love that programme

Was walking through Clapham on work duty today and was just inspired, I'm determined to one day buy a nice Victorian freehold and convert it to a couple flats as much as I despise the concept, thats where the money is

I've been looking at stuff like the below, steals with short leases

http://www.rightmove...y-24467271.html

Imagine you go to auction its a good day, guide price 200k, get it 300-350 max, the lease gets renewed which might assf*ck you a bit but then its all yours

Its a conversion so the ground rent is low and the service charges are going to be reasonable and you may be raking in circa 30k a year in rent!

[Guest M12]

1 bed flats are one of the worst investments you can make. Usually leasehold so you cant extend or make any structural alterations and the only people who want them are single FTBs or people looking to rent as a stop gap, before they purcase for themselves. Also the cost between a 1 bed and 2 bed is negligible so most people would rather have a 2 bed even if they are only using the other room as storage.

I CS the sentiment though, adding value to property must be a beautiful feeling. 1 guy i work has a family construction business on top of work. Done a couple mad flips. Got finance for a mansion in Purley, built it all in for 1.5ms. Re-mortgaged on completion and got it valued at 2.5ms. Tried to sell it but couldnt find any buyers. Currently has a russioan don renting it. The mortgage is 7k a month, this russian don is paying £10k a month. His dad's 50 odd and has been in construction for like 30 years but this guys only 28. When all the finance is cleared on that. He can retire easy,

[Yung bawse]

I'm gunna get into properly soon (in a couple years).. more time all a yard needs is a new basic kitchen, Basic bathroom, few licks of paint and other bits & bobs (8k) and you can sell it on for an extra £25k more than you bought it for a few months work

i got the skills to pay the bills need to start using them, my boy (who's a decent plumber) wants to get into it too.

most people can do it, just takes hard work and some big balls

/

if i won that 40 milli on the euros id make a business out of it on big houses buying them outright.. think id actually enjoy it

[TF S4DK]

TBH it isn't THAT easy, it use to be, but it aint so much now

I know a guy that buys land, comes from a family of plumbers, builders, etc... Makes the homes and sells them.

He said he currently has about 17 properties unsold and the bank have been trying to tell him to sell, but he been renting them out as he's refuses to sell them for less than the flip he wanted too (pre-recession when he took out the land loan)

[Captain Planet]

C/s

Itv did a docu on 'Tonight' basically outlining this

The market is at stalemate

Ppl with big houses can't sell because ppl with small houses can't get mortgages to buy them

And in London the market is healthy but the prices are so inflated only real money men can really get in on te action more time.

In spite of that I plan to conquer London someday, the bigger the challenge the greater the feeling of accomplishment

[djbmc]

There are more certified and appropraite places to discuss mortgages than here tbh..

The only reasons I can see it discussed here are for the following reasons:

bragging rights.

Some how some way it turns to a rappers crib/ slash business venture..

But hey do your thing

lol,

/

i don't think the property market will ever be what it was again, here's a chart for the average price of a property in england since the 70s:

http://www.housepricecrash.co.uk/graphs-average-house-price.php

Those kinds of gains wont happen again.

[Gods Son]

Currently looking to buy my council flat

should be eligble for a £75k discount

Will renovate and rent out for about 3 times the cost of the mortgage

[Yung bawse]

TBH it isn't THAT easy, it use to be, but it aint so much now

I know a guy that buys land, comes from a family of plumbers, builders, etc... Makes the homes and sells them.

He said he currently has about 17 properties unsold and the bank have been trying to tell him to sell, but he been renting them out as he's refuses to sell them for less than the flip he wanted too (pre-recession when he took out the land loan)

It's not ment to be easy

first couple of projects id aim to break even (including covering my own labour) and the reward would be the experience

and i know a man that's got 17 properties isn't looking for the kind of profit i'm looking for (few grand per month).. he's looking on big flips, so he has no choice but to be patient

[Kurtis]

17 properties is just greedy IMO

[TF S4DK]

Why break even when your aim is to make money? and your taking on a big finanical commitment to do it...

Yeah of course he wants big flips, he is use to pre-recession flips.

[Yung bawse]

Because the experience would be more valuable than any type of profit i could possibly get off the first couple projects..

obviously if the profit is there to take then yeh but the aim would be to break even

and you bringing that up is pretty void.. he builds houses from plots of land, the time and effort required is far more than what i was talking about and although he has skills & contacts that's still not going to cover EVERYTHING that needs to be done, the risk he takes needs to return a lot of money..the flips i'm talking about are a lot more simple

[TF S4DK]

I know what your saying but learn experience on your mum or your girls parents house tbh.

Should never strive to break even, when your buying a property and taking on the financial commitment, potentially getting lumbered with the property for longer than you want, then working on it and paying for the materials. You gotta flip or it was just never worth taking on the property in the first place.

Lol at thinking he does any actual work, he's a boss, all he does is take out the debt and write cheques for the workers.

He said the most important thing ain't even the workers, materials, etc... It's the archeitures drawings, cos if there f*cked or you try cost cutting there, well... Lets just say he sells new homes, but he'd NEVER live in one.

[O Fenomeno]

I remember when ab man didn't even break even in Vegas

[Yung bawse]

I know what your saying but learn experience on your mum or your girls parents house tbh.

i'm not talking about experience in that aspect, i'm qualified in a few areas and my business partner id go into it with has been a higher end plumber doing kitchens and bathrooms for years

was talking more of the whole property renovation aspect, supplies, confidence, finding out what is are good add ons and what's not (although it would most prob vary from property to property based on the area)

if i could spend half a year doing 2 properties and break even (covering giving myself a basic labour wage) id be happy..

with things like this time is money, with 2 finished projects under our belt, id then be happy to start searching for profit..

i understand what you're saying, iv prob put my point across wrong.. profit would be welcomed with opened arms, just saying id be happy if we broke even or make minimal profit on our first 1 or 2 because i know how valuable the experience would be.

[djbmc]

Lolwut? If ur giving urself a wage ur not breaking even, that's called ur profit

[Yung bawse]

giving myself a minumal wage is hardly profit seeing as this would be my job and not a part-time thing

you know what i ment so don't be annoying

[MARVELL]

TBH it isn't THAT easy, it use to be, but it aint so much now

I know a guy that buys land, comes from a family of plumbers, builders, etc... Makes the homes and sells them.

He said he currently has about 17 properties unsold and the bank have been trying to tell him to sell, but he been renting them out as he's refuses to sell them for less than the flip he wanted too (pre-recession when he took out the land loan)

yet you come on a forum where less than 5 people have a mortgage to ask about a mortgage. talk about gas eh. surely rephan has one by now no?

[Kuffir]

dunno bout the market but i got on the register in record time

gna start biddin new year

[MARVELL]

why next year? still got over 8 weeks for this year.