Property Punt

[Too Late]

Hi.

Has anyone taken a punt on a property to try and make some money in a 1 or 2 year window?
A plot has come available and has plans to build 2 houses on it. Smallish gardens, both 5 bed houses in the plans. It went to auction but never sold so is now on RM again.

I am interested but was wondering if there were any others on the PH forums who have taken a risk on a project this size or bigger. I dont have the funds to write it off if it goes wrong so just wondering who else has done something similar.

Thanks
Nick

[Too Late]

Interesting..
Here is the land and the approved site for 2 houses for those interested.

http://www.rightmove.co.uk/property-for-sale/prope...

Phoning up 2 local estate agents, they all price around £750,000 once complete.
Some very helpful comments so thanks chaps

[Too Late]

Yes those 3 points are the big negatives
VERY quick man math..

700k for plot
250k for House 2 build
150 for house 1 build
1.1m

sell both at 750k
- 100k for sales and solicitors

Return 1.4m

[Too Late]

As it failed to sell at auction, its only stamp and solicitor fees. Unless i am confused.
Neighbours dont seem happy with the plans looking at the portal.

Plan would be to either Caravan it and work on both at the same time, or live in the current one while work begins on both so we could flip them quickly

Here are a few pictures taken today when i went over to check it out!