So who makes a living from property?

[TheLordJohn]

Hi all.

Not looking for 'employees' as such but people who have self employed/employer experience in all things to do with property?
I am 28, own 2 houses which are both let out. I want to take this big, as big as I can.
I have a half decent amount of equity in one house, and the other has a bit in it, too.
I read, a lot, and I reckon from practical experience I am at about 5% on the knowledge scale in this game. Maybe 15% including the theory side of it.
My main question is how did you learn what to do? When and where to do it?

Naysayers need not reply.

Thanks, Stuart.

[TheLordJohn]

mike74 said:

There are far easier ways of getting the same or better returns than BTL.

Edited by mike74 on Tuesday 21st February 17:27

Indulge me...

PS - if the ship has sailed, why are people still building houses to let or sell.

Edited by TheLordJohn on Tuesday 21st February 17:53

[TheLordJohn]

LaurasOtherHalf said:

Shock Horror, there is a property market outside London and you may be able to make a living from it

Second time buyers are my target market, couples in their late 20s/30's who may already own one or possibly two properties but want to move up the ladder. As per usual with this demographic they want everything now and on the tick.

I've identified an aspirational area in my home town where they want to buy where crucially there are a number of positive factors;

1 Houses available that require total refurb for circa £100-£150k
2 Houses that can be retailed at circa £200-£250k once refurb'd
3 Enough local infrastructure to provide employment where a £250k house is affordable

The market just don't want the hassle of doing up their house so we fully refurb the house to a high standard which still allows a margin.

Good base knowledge is key, I used to be in the building trade so I can within an hour or so have a back of a fag packet calculation on what the spend is going to be on a property. I taught myself (very) basic design skills so I can provide drawings for the development.

Even with all this finance is still an important factor, being able to offer a cash sale to be able to purchase below retail values.

TL;DR
take your money and move north, if you can roll over two properties a year a net £60k+ is easily achievable

Thanks for replies, gents.
I'm from Carlisle anyway, so I'm far from blinkered that the only place to make money is down south.
There's a nice little place out the back of Banners for sale at the minute, been up a while. Going to view it end of this month.

You've hit the nail on the head. So many of Joe Public would rather have £50k higher mortgage for £20k's worth of work done already.

[TheLordJohn]

drainbrain said:

Can you pass it on to me too, because I'm sick of just buying more property with the surplus profit from the portfolio.

Was hoping you'd show your face at some point...
You've taken the time to send me a very comprehensive email reply a good few months ago, so thanks for that.

[TheLordJohn]

XMT said:

However I am st scared of playing on a hunch with that much money.

Probably not the game for you then.

[TheLordJohn]

LaurasOtherHalf said:

Seriously, my biggest quandary on this one is whether to put curtains in it, soft furnishings for me is a step too far but the buyers do really just want to unpack their things and live.

PS Craig, I've PM'd you to the address registered with your PH account