cock-eyed octopus Posted February 22, 2017 Share Posted February 22, 2017 1 minute ago, GreenDevil said: Perhaps she found the one road in the country where the buyers won't touch a renovation 100k under market value but are desperate for nice lighting bling? Well ... the Manchester houses didn't look fake to me. Also there was no sign of inflation during the renovation periods. I think it's possible that your average Manchester property developer's idea of renovation is rather more basic than those shown. They did seem to have done a nice job. Getting the decor just right is incredibly important in my experience. You & I may think it shouldn't be, but it can effect even the surveyor's judgement. They'll catch a cold eventually, of course, but I've been waiting 30 years for the crash! So eventually could be a while yet. Quote Link to comment Share on other sites More sharing options...
CunningPlan Posted February 22, 2017 Share Posted February 22, 2017 14 minutes ago, ****-eyed octopus said: Well ... the Manchester houses didn't look fake to me. Also there was no sign of inflation during the renovation periods. I think it's possible that your average Manchester property developer's idea of renovation is rather more basic than those shown. They did seem to have done a nice job. Getting the decor just right is incredibly important in my experience. You & I may think it shouldn't be, but it can effect even the surveyor's judgement. They'll catch a cold eventually, of course, but I've been waiting 30 years for the crash! So eventually could be a while yet. Agreed. They bought well and kept a very close eye on the refurbishment. Part of me admired them. The numbers are of course fake (loads of costs forgotten about) and they have either done a lot of research, come from a building family or were not total newbies. But if they were, fair play to them. Quote Link to comment Share on other sites More sharing options...
Pop321 Posted February 23, 2017 Share Posted February 23, 2017 53 minutes ago, CunningPlan said: Agreed. They bought well and kept a very close eye on the refurbishment. Part of me admired them. The numbers are of course fake (loads of costs forgotten about) and they have either done a lot of research, come from a building family or were not total newbies. But if they were, fair play to them. The key is you make money the day you buy. The margins were high and they were buying well. The town I live in is full of new cars, new everything infact. People pay £50k for a 'travertine and farrow & ball' finish. And that can represent 30% of a value. Balmy The key is paying £230k will represent incredibly poor value when it comes to the new buyer wanting to sell because all that finish dates. Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted February 23, 2017 Share Posted February 23, 2017 3 hours ago, juvenal said: Sadly, he sold it and made £60k profit. The closing captions said the two ladies had also made £200k in their first 12 months. Sickening. This was absolutely depressing. The message going out in the first three episodes is that with absolutely no developing experience anyone who can raise a deposit can buy property, bring in the builders and make the sort of money that would be difficult to save in decades. No pension or savings of real note? Simple! Just buy houses and flip them, and you'll be retiring at 60 and booking those cruises.... To be fair buying unmortgagable properties doing them up and selling them on is a long way from just flipping and relying on HPI to make you money. Also not sure the message was quite anyone could do it, the bedbound lady seemed quite switched on and determined. The Polish guy had the benefit of being able to access Polish builders more easily and probably at a better price than a Brit would get, and got lucky catching the tail end of HPI in Bermondsey. His spiv of an estate agent didn't come across well and probably cost him £10-20k Chances are there will be a few screw ups/financial disasters along soon. My main annoyance is being drawn in to wasting time watching another crap property program, I know I shouldn't. Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted February 23, 2017 Share Posted February 23, 2017 46 minutes ago, Phil321 said: The key is you make money the day you buy. The margins were high and they were buying well. The town I live in is full of new cars, new everything infact. People pay £50k for a 'travertine and farrow & ball' finish. And that can represent 30% of a value. Balmy The key is paying £230k will represent incredibly poor value when it comes to the new buyer wanting to sell because all that finish dates. Did they say how they were finding these properties, was there some inside information involved or just auction properties. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted February 23, 2017 Share Posted February 23, 2017 (edited) Even if she found a mug to pay 30k over the ceiling price for the lighting bling(which IMO is highly unlikely), I challenge you to show me a street where a house is for sale when the house next door worth 200k on zoopla. Edited February 23, 2017 by GreenDevil Quote Link to comment Share on other sites More sharing options...
Pop321 Posted February 23, 2017 Share Posted February 23, 2017 6 minutes ago, GreenDevil said: Even if she found a mug to pay 30k over the ceiling price for the lighting bling(which IMO is highly unlikely), I challenge you to show me a street where a house is for sale when the house next door worth 200k on zoopla. 5 hours ago, Confusion of VIs said: Did they say how they were finding these properties, was there some inside information involved or just auction properties. My experience is you can get very low prices particularly if no mortgages are possible. But to be fair those opportunities are once, maybe twice a year and not sold to first time developers. (Because the seller looks for a track record of quick reliable completions of sale). I have genuinely bought at £160k with next door at £250k...the difference was central heating, a horrid old fire, a small crack in a wall (pad stone missing £250) and decor. It did not cover how they were buying and it was that which seemed to be their success. Either that or those that bought from them were just balmy. For me it was the sale which I question. Who buys for £230k when the one a few doors down was then for sale at such a low price. Just because it was on at £230k does not mean it was worth it....oh wait, once it is 'sold' then it becomes worth it. Then the valuer also believes that if it sold it must be close to the £230k. Self fulfilling valuations. Big problem is too many people read the price tag, rely on finance and believe the hype. Sentiment will change. As for London...that's another planet to me. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted February 23, 2017 Share Posted February 23, 2017 Cash for housing is like finance for cars. Its cheap and readily available. A mortgage offer is like cash. Vendors will ignore an offer for cash and wait for asking price. Maybe in prevoiusly you could get bargains for cash, not any more. Quote Link to comment Share on other sites More sharing options...
thewig Posted February 23, 2017 Share Posted February 23, 2017 9 hours ago, nothernsoul said: Sadly, so many of these types of shows on because the british public love it. I know other countries have had HPI but there cant be anywhere else where property porn dominates the schedules. Seriously, is there some cultural as well as economic reason why the british find property so fascinating as entertainment? I think it's because we're on an island. Quote Link to comment Share on other sites More sharing options...
cock-eyed octopus Posted February 23, 2017 Share Posted February 23, 2017 7 hours ago, Confusion of VIs said: To be fair buying unmortgagable properties doing them up and selling them on is a long way from just flipping and relying on HPI to make you money. Also not sure the message was quite anyone could do it, the bedbound lady seemed quite switched on and determined. The Polish guy had the benefit of being able to access Polish builders more easily and probably at a better price than a Brit would get, and got lucky catching the tail end of HPI in Bermondsey. His spiv of an estate agent didn't come across well and probably cost him £10-20k Chances are there will be a few screw ups/financial disasters along soon. My main annoyance is being drawn in to wasting time watching another crap property program, I know I shouldn't. If you mean the second one, I reckon he cost him a lot more than that! I'm a great believer in the market finding its own level; no offers & it's overpriced (OK, everything's overpriced), if underpriced you'll get a bidding war. We looked at a place for £285k, first to look & offered full price within 2 hours, it eventually sold for £310k. That agent was using the classic ploy of ridiculous valuation to get the vendor, followed a while later by "perhaps we should drop the price a bit". It's a difficult one to resist, because, if you go with the sensible option, there's always the nagging feeling you could have got more. Which completely contradicts my first point! Quote Link to comment Share on other sites More sharing options...
Pop321 Posted February 23, 2017 Share Posted February 23, 2017 6 hours ago, GreenDevil said: Cash for housing is like finance for cars. Its cheap and readily available. A mortgage offer is like cash. Vendors will ignore an offer for cash and wait for asking price. Maybe in prevoiusly you could get bargains for cash, not any more. That's why I bought with a crack in the wall. That £250 pad stone delayed the sale for a year with other vendors being uncertain what it involved and 2 previous sales falling through. Cash 'steps in' with a £70k reduction and everyone is happy. Well almost everybody....well infact just me. Quote Link to comment Share on other sites More sharing options...
Parkwell Posted February 23, 2017 Share Posted February 23, 2017 18 hours ago, sPinwheel said: Anyone know what a "boutique bathroom" is supposed to mean? It's barely big enough for your bouti. Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted February 23, 2017 Share Posted February 23, 2017 15 minutes ago, Phil321 said: That's why I bought with a crack in the wall. That £250 pad stone delayed the sale for a year with other vendors being uncertain what it involved and 2 previous sales falling through. Cash 'steps in' with a £70k reduction and everyone is happy. Well almost everybody....well infact just me. And when did the house fall apart. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted February 23, 2017 Share Posted February 23, 2017 15 minutes ago, Phil321 said: That's why I bought with a crack in the wall. That £250 pad stone delayed the sale for a year with other vendors being uncertain what it involved and 2 previous sales falling through. Cash 'steps in' with a £70k reduction and everyone is happy. Well almost everybody....well infact just me. Yep that'd work. Done that myself too. Cracks usually enable you to knock of big ££ as they are unmorgageable. Vendor is forced to take the best cash offer. Which wasnt the case for our Aussie flippers.. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted February 23, 2017 Share Posted February 23, 2017 2 minutes ago, Parkwell said: It's barely big enough for your bouti. I didn't understand that bathroom, why would you want you bird you just pulled to watch you taking a dump whilst she is in bed waiting for you? Is it an EE thing? Quote Link to comment Share on other sites More sharing options...
12345 Posted February 23, 2017 Share Posted February 23, 2017 20 hours ago, GreenDevil said: I'm astonished that there are places in the UK where you can buy a house on a family street for 120k and have enough headroom to clear 230k a few weeks later fitting a new kiutchen and bathroom. Stinks of BS to me. Show me a place where a house on with a agent for 120k and next door is up worth 230k. Not chance. Its BS. Hate to say it, but not BS according to this... Quote Link to comment Share on other sites More sharing options...
12345 Posted February 23, 2017 Share Posted February 23, 2017 Quote Link to comment Share on other sites More sharing options...
12345 Posted February 23, 2017 Share Posted February 23, 2017 ... http://www.rightmove.co.uk/house-prices/detailMatching.html/svr/2706;jsessionid=FC156AE8B762FF610797F073B57C3762?prop=52169414&sale=4567159&country=england Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted February 23, 2017 Share Posted February 23, 2017 3 hours ago, GreenDevil said: I didn't understand that bathroom, why would you want you bird you just pulled to watch you taking a dump whilst she is in bed waiting for you? Is it an EE thing? No and I don't think he was going to bring any birds there. Quote Link to comment Share on other sites More sharing options...
Straycat_67 Posted February 24, 2017 Share Posted February 24, 2017 4 hours ago, 12345 said: ... http://www.rightmove.co.uk/house-prices/detailMatching.html/svr/2706;jsessionid=FC156AE8B762FF610797F073B57C3762?prop=52169414&sale=4567159&country=england So that's 44 Marshall Road. What's interesting is 52 Marshall Road, wasn't this her property after renovation?? So which is it? 44 or 52? I'll happily admit I've done the odd property refurb and was absolutely astonished that this woman had miraculously found 3 sub 200k properties and profited 30% + netting her £200,000 profit in 12 months. Novice property developer without inside help or info, I think not! http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=61943243&sale=54569322&country=england Quote Link to comment Share on other sites More sharing options...
Pop321 Posted February 24, 2017 Share Posted February 24, 2017 16 hours ago, sPinwheel said: And when did the house fall apart. ?? Quote Link to comment Share on other sites More sharing options...
12345 Posted February 24, 2017 Share Posted February 24, 2017 8 hours ago, Straycat_67 said: So that's 44 Marshall Road. What's interesting is 52 Marshall Road, wasn't this her property after renovation?? So which is it? 44 or 52? I'll happily admit I've done the odd property refurb and was absolutely astonished that this woman had miraculously found 3 sub 200k properties and profited 30% + netting her £200,000 profit in 12 months. Novice property developer without inside help or info, I think not! http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=61943243&sale=54569322&country=england Wow, so that's TWO properties flipped just doors down for almost twice the price in a few months! Good spot! Quote Link to comment Share on other sites More sharing options...
ccc Posted February 24, 2017 Share Posted February 24, 2017 The chances of them being this lucky and also be on TV must be slim to non existent. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted February 24, 2017 Share Posted February 24, 2017 18 hours ago, GreenDevil said: I didn't understand that bathroom, why would you want you bird you just pulled to watch you taking a dump whilst she is in bed waiting for you? Is it an EE thing? I suppose it is a little better than watching her have a dump. Quote Link to comment Share on other sites More sharing options...
kibuc Posted February 24, 2017 Share Posted February 24, 2017 19 hours ago, GreenDevil said: I didn't understand that bathroom, why would you want you bird you just pulled to watch you taking a dump whilst she is in bed waiting for you? Is it an EE thing? It is, and if you haven't tried it you're totally missing out. It's the next big thing after asphyxia. Quote Link to comment Share on other sites More sharing options...
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