I Now Feel The Time Is Right To Go Into Property Development Full Time

[It is different this time]

http://community.channel4.com/eve/forums/a...47/m/5620078798

For years now I have been watching all the programmes about property development, read numerous books on property development in addition to moving house every couple of years following full refurbishment to release the equity/profit gain and put into my next home.

I now feel the time is right to go into property development full time and quit my job (I'm 31). My financial situation is as follows and I’d appreciate any advice you might have, is there anyone on the forum who has made the move to this full time, do I have enough equity or are the risks too high:

Current house on the market for £495k (realistically I’ll get 480k) Mortgage to pay off 225k. That leaves me equity of circa 255.

Being conservative I’ve financially planned to turnaround 4 per annum (however I’ll be aiming to refurb each in 4 weeks so hopefully can do more)

I understand the current market situation, however there will always be properties out there in the perfect location at the right price to develop and make that 20%. Although they are harder to find these days as competition is high.

Any advice apart from he is about 5 years late. I wonder if he can sue Kirsty & her gang when it goes tits up after all he has been watching & brainwashed by property porn for years!

[laurejon]

http://community.channel4.com/eve/forums/a...47/m/5620078798

Any advice apart from he is about 5 years late. I wonder if he can sue Kirsty & her gang when it goes tits up after all he has been watching & brainwashed by property porn for years!

I think he may be pulling your leg.

Assuming he has moved several times over the past four years, he has acheived nothing.

If he had purchased a house for 200k and sat on his hands he would still have the same amount of money today without the work and the moving.

[Red Baron]

Reminds me of the colleague who borrowed £100K against his house to buy dot.com shares, even though most people had seen dot.com as a bubble at least a year before this.

He lost the lot of course and this clown may well follow suit.

[Leonard Hatred]

Remember, kids - it's people like this who are snatching the houses for themselves while you work hard all day.

[maxdiver]

but look at the sums.

20% profit (net of course) every 4 weeks.

225k -> 270k -> 324k -> 389k -> 467k -> 560k -> 672k -> 806k -> 967k -> 1161k -> 1393k

Wow - in just 10 moves he will have made 1 million pounds pure profit!!!

While I like the ambition - I would have trouble not laughing in his face if he told me this sh1t down the pub - you should read the message board - there is one guy:

"I AM a property developer. I think you will find it a lot harder than you think to come by even one of these properites you speak of."

Sounds like a kid going - Please can I have apet - I'll look after hime really well and take him for walks everyday" etc...

[It is different this time]

but look at the sums.

20% profit (net of course) every 4 weeks.

225k -> 270k -> 324k -> 389k -> 467k -> 560k -> 672k -> 806k -> 967k -> 1161k -> 1393k

Wow - in just 10 moves he will have made 1 million pounds pure profit!!!

lol

I would move every week for a year if it was that easy to make a million! to be honest at least he is putting his own money where his mouth is not like others, speculating, on borrowed money. I guess easy come & easy go.

"however there will always be properties out there in the perfect location at the right price to develop and make that 20%"

I wonder why he thinks, as an amateur, he can find such locations at the right price before the experienced professionals can. I think that's where he will get stuck