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Young Property Flipper Wants His Property Profits

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He said: 'It's about getting the right price for this property. With the amount of people that this can reach on social media, I'm sure I will get close to the price I want.' He says he is open to offers in the region of £190,000.

http://www.dailymail.co.uk/news/article-3275716/Homeowner-190-000-house-Facebook.html

Sale Date: 18 Dec 2014. Price Paid: £107,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=41758055&sale=53031404&country=england

Actually Lytham St. Annes doesn't seem such a bad place to buy if you're downsizing/relocating from mega HPI area, or even perhaps getting away from trying to save deposit in HPI super-mad zones. Although some pockets of very high prices there too.

At least from my view of the area from 10+ years ago. Prices seem to be generally 2005-07, but a push for HPI++ going on it seems. I used to enjoy learning to sail dinghies on the (wading depth) Fairhaven Lake.

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Bobby Ball lives in Lytham St Annes

Tommy Cannon lives down the road from me

£107k for it in the state it was + £60k spent

£190k doesn't seem beyond the realms of possibility given the before and after pictures, but let's see - it is one to watch

Fair play to him for taking the initiative to drum up a bit of interest

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http://www.dailymail.co.uk/news/article-3275716/Homeowner-190-000-house-Facebook.html

Sale Date: 18 Dec 2014. Price Paid: £107,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=41758055&sale=53031404&country=england

Actually Lytham St. Annes doesn't seem such a bad place to buy if you're downsizing/relocating from mega HPI area, or even perhaps getting away from trying to save deposit in HPI super-mad zones. Although some pockets of very high prices there too.

At least from my view of the area from 10+ years ago. Prices seem to be generally 2005-07, but a push for HPI++ going on it seems. I used to enjoy learning to sail dinghies on the (wading depth) Fairhaven Lake.

So bought for 107, spent 60k renovating, probably spent another 6k at least in fees and mortgage interest over last year....and rising.

So lets say hes all in for 175k.

He wants 190k. He's probably getting offers circa 10% off that - 170k. Before selling fees. So he's likely made a loss.

Not to mention the value of his time.

Poor *******. Cant go wrong with bricks and mortar.

Edited by Frugal Git

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I don't either.

Probably not selling as he's done it up to what someone in their 20s likes, but none of them can afford.

I don't think there's anyone under 80 living in Lytham is there? It's the northern equivalent of Eastbourne from what I recall.

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Is that £60K of work? Extension already in place (it seems to me).

Archived listing (more pics and description): http://www.zoopla.co.uk/property-history/116-headroomgate-road/st-annes/lytham-st-annes/fy8-3bg/34433250

The house next door sold at about the same time (£105,000) (asking price was £135,000) - ? -

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=48007976&sale=53031401&country=england

http://www.zoopla.co.uk/property-history/114-headroomgate-road/st-annes/lytham-st-annes/fy8-3bg/34433249

*** A fantastic investment opportunity, this cottage style home is one of two semi detached properties that could be bought individually or as A pair. Extensive renovation required this presents an excellent buy for someone looking for A unique project *** With accommodation comprising two bedrooms, lounge, kitchen and bathroom. Benefits from detached Garage.

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Is that £60K of work? Extension already in place (it seems to me).

Archived listing (more pics and description): http://www.zoopla.co.uk/property-history/116-headroomgate-road/st-annes/lytham-st-annes/fy8-3bg/34433250

The house next door sold at about the same time (£105,000) (asking price was £135,000) - ? -

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=48007976&sale=53031401&country=england

http://www.zoopla.co.uk/property-history/114-headroomgate-road/st-annes/lytham-st-annes/fy8-3bg/34433249

He has overspent, probably should have spent less than £30k to successfully flip

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http://www.dailymail.co.uk/news/article-3275716/Homeowner-190-000-house-Facebook.html

Sale Date: 18 Dec 2014. Price Paid: £107,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=41758055&sale=53031404&country=england

Actually Lytham St. Annes doesn't seem such a bad place to buy if you're downsizing/relocating from mega HPI area, or even perhaps getting away from trying to save deposit in HPI super-mad zones. Although some pockets of very high prices there too.

At least from my view of the area from 10+ years ago. Prices seem to be generally 2005-07, but a push for HPI++ going on it seems. I used to enjoy learning to sail dinghies on the (wading depth) Fairhaven Lake.

Hmm, I see about 20-30k of work there.

He's put central heating in, replaced the kitchen and put a solid floor down.

It an obvious probate property - empty and old gas fire from 40+ years always give them away.

So he bought it in Dec 14. And has had it up for sale for 4 months, so thats since June.

The house has 1 - ye, count them! - bedroom

Who the fck is he trying to sell it to FFS? A young family??

If an old person lived in the house then its most likely to be sold to an old person.

Good look shifting it with those fancy taps and slippery floor.

Maybe Lytham St Annes is some sort of single playboy destination. You know, a younger Hugh Hefner?

Lets have a look at how liquid that area is:

https://houseprices.io/?q=FY8+3BG

That postcode has averaged less then 1 house sale per year in the last 15 years.

And one of them was him buying.

Whats his venture costing him?

Lets assume he's been 'gifted' 20k. So, a 90k mortgage @ 400/month.

Lets take his 60k at face value. I doubt he's remortgaged.

So lets assume its a business loan @ 8% - another 300/month.

Ctax + utils another 100/month.

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Why is there lino on the living room floor?

Showing your age and 'below staris' upbringing there ....

I think its some kind of engineered wood or plastic. So, posh lino.

Im sure that the little old ladies, who make up 90% of the people buying there, will bounce right back up after slipping on it.

Look at the pros - any unfortunate 'spillage' will wipe right off.

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I'm a bit old fashioned and don't like kitchens in the lounge

Is there anyone that actually thinks this is a positive?

Every newbuild and conversion has this and it immediately rules out the property for me. Why should I pay for a property with a missing room?

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small world - went to school with him and grew up 500m from there. Its on the corner of main road opposite the local take away, on the right hand side of the main road the ex council estate houses are.

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Guest eight

60k sounds about right. I only sanded my floorboards, painted interia and exterior then paid someone to put in a new wood burner and a hand me down kitchen and that was 7k in total. I'm not spending a penny more as will upsize soon.

Yeah, we are renovating a large house at the moment - 60K does not go far as you might think, I'm afraid. New roof alone was £17K.

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Hmm, I see about 20-30k of work there.

He's put central heating in, replaced the kitchen and put a solid floor down.

It an obvious probate property - empty and old gas fire from 40+ years always give them away.

So he bought it in Dec 14. And has had it up for sale for 4 months, so thats since June.

The house has 1 - ye, count them! - bedroom

Who the fck is he trying to sell it to FFS? A young family??

If an old person lived in the house then its most likely to be sold to an old person.

Good look shifting it with those fancy taps and slippery floor.

Maybe Lytham St Annes is some sort of single playboy destination. You know, a younger Hugh Hefner?

Lets have a look at how liquid that area is:

https://houseprices.io/?q=FY8+3BG

That postcode has averaged less then 1 house sale per year in the last 15 years.

And one of them was him buying.

Whats his venture costing him?

Lets assume he's been 'gifted' 20k. So, a 90k mortgage @ 400/month.

Lets take his 60k at face value. I doubt he's remortgaged.

So lets assume its a business loan @ 8% - another 300/month.

Ctax + utils another 100/month.

Who the hell paid £248k in 1998 for a house in the area :blink:.

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So bought for 107, spent 60k renovating, probably spent another 6k at least in fees and mortgage interest over last year....and rising.

So lets say hes all in for 175k.

He wants 190k. He's probably getting offers circa 10% off that - 170k. Before selling fees. So he's likely made a loss.

Not to mention the value of his time.

Poor *******. Cant go wrong with bricks and mortar.

No wonder The Mail made no mention of the purchase price :lol:.

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Who the hell paid £248k in 1998 for a house in the area :blink:.

It's quite a smart road on the streetview.

£12K probably went further in the crunch. Know someone who got a roofer to beat local roofers by more than 50% and did fine work to roof and problems with chimney stacks.

Busy time at the moment, what with those unable to upsize who have been having extensions and so on.

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Wonder why he hasn't got anywhere with the estate agents???????

Based on his age I'm guessing that this will be his first development & he's fallen into the traps of paying more than he should for both the property & the renovations and compounded the error by doing it up in a style that suits his tastes rather than those of the market. Could be an expensive lesson methinks.

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60k sounds about right. I only sanded my floorboards, painted interia and exterior then paid someone to put in a new wood burner and a hand me down kitchen and that was 7k in total. I'm not spending a penny more as will upsize soon.

Crazy London trade prices?

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Wonder why he hasn't got anywhere with the estate agents???????

Based on his age I'm guessing that this will be his first development & he's fallen into the traps of paying more than he should for both the property & the renovations and compounded the error by doing it up in a style that suits his tastes rather than those of the market. Could be an expensive lesson methinks.

I wonder if he's been on one of those Robbie Fowler (ex-footballer) courses in property "How To Become A Property Millionaire" type guff that's pushed in print and internet ?

Wouldn't surprise me.......

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