Property developing

[shyguy2005]

Was wondering if any1 has done property developing for a living? Buy to sell or buy to let?

how did they find it and was it worth it money wise?

 

[Best]

I know people have been successful buying & renting out properties. They are not getting a massive income I think, but after buying most of the properties when prices were low, they now get a steady flow of money that means that for one of them it is his sole employment.
I think the secret is to always buy when property prices are low, or find property at bargain prices that may need repair or that are repossessions etc. Then do all the work that you can to save costs, but only if that pays you and do get the property on the rental market as soon as possible.
Biggest problem they find is getting decent tenants and keeping them.
You need a legal contract with each tenant and proper insurance etc. Boilers got to be safe & serviced & smoke/CO detectors in place & checked, obviously.
All hard graft from what I see, but advantages can be you eventually get an income when you are only working a little each week & you have an asset for the future.
I wouldn't want the typical on benefits people renting of me though.

 

[shyguy2005]

Worked in a lot of rented houses and the tenants I've come across never seem bothered about looking after the property even hovering the carpet seems to much for them!!

Seems like you could be refitting everything every few years . Making it not worthwhile?!?!

 

[joni os]

Finding good tenants starts with providing good housing along with proper maintenance.
If the tenant gets no response when they report a faulty kitchen unit don't be surprised when they ignore a faulty shower until the ceiling starts to collapse.

 

[hammers4spanner]

Finding good tenants starts with providing good housing along with proper maintenance.
If the tenant gets no response when they report a faulty kitchen unit don't be surprised when they ignore a faulty shower until the ceiling starts to collapse.[/QUOTE


wrong ,

I rent houses out and its irrelevant wether your house is kept in good order prior new tenant moving in.As its not their house they really don't care about it , when they move out they demand all sorts from you . Tenants really are scum of the earth and they think you as a landlord owe them everything . Also the govt have moved the goalposts to such a degree a tenant that defaults on rent is nigh on impossible to kick straight out .

 

[Ch4 plumbing]

REALLY!! Massive generalisation there mate I rent and have done for many years and have never fallen out with any of my landlords, I pay my rent on time and look after their houses and n return if something breaks I expect it to be fixed or replaced in a timely manor as per the rental agreement.

 

[mountainman]

Seems to me that with an attitude of "All tenants are scum" then perhaps being a landlord is not a good idea.

 

[SimonG]

I rent my house, its my home, and is treated with respect. I pay my rent on time and the landlord fixes any issues.

 

[hammers4spanner]

Seems to me that with an attitude of "All tenants are scum" then perhaps being a landlord is not a good idea.

I have tried the mates idea doesn't work you end up falling out .

You need to put that divide in place , had so many tenants try it on and basically at some point end up breaking something expensive or move into a house they ultimately can't afford.You have all been on here whining moaning about tenants from a landlords point of view its even worse.

My last tenant had *** burns all over my house even tho she had signed an agreement with it being a no smoking property. When she lost her deposit through damages she kicked right off lol.

Have one currently in broke my boiler by deciding to tamper with it ended up flooding the kitchen which is brand new.

The list is endless with tenants so as a landlord i think i have a right to judge until proven otherwise.

 

[hammers4spanner]

I rent my house, its my home, and is treated with respect. I pay my rent on time and the landlord fixes any issues.

Thats just it its not your house it belongs to another when i rented i treated it as a temp home and eventually it proved just that as was moved at so landlord could sell .

That is how ended up getting couple places

 

[Ray Stafford]

I know a few people that have done this. The most successful now has 40 odd houses and flats that he lets out. Since he started back in the 80's I suppose he must be a pretty wealthy guy by now.

His trick was that he only did property development when the market was right. He once went 3 years without doing a single new property, simply because the market wasn't offering paying opportunities. During that time, he either upgraded his existing stock (loft conversions and extensions) or just did general building work as a contractor. I think he was lucky that he got a good start in the 80s and 90s before all the TV shows started up and created a million new wannabe developers.

 

[joni os]

Circa. 2000 I advised a friend," don't buy anywhere you wouldn't want to live yourself".
He now owns 12 properties, most of his tenants are long term, some longer than 7 years. Apart from routine maintenance he has never had to do a refurb. and speaks highly of his tenants.
Another landlord about the same time went for cheap housing and HMOs. Most of these properties have required two major refurbs. and have seen periods without tenants.
I don't know which make the most profit but I know who has the lest worry's.

 

[shyguy2005]

Has anyone got any experience of buying houses to improve and sell on??

Seems alot of hassle with renting.

 

[Ch4 plumbing]

Thats just it its not your house it belongs to another when i rented i treated it as a temp home and eventually it proved just that as was moved at so landlord could sell .

That is how ended up getting couple places

Your right it's not owned by me but have a think about this, whithout "scum" like me renting properties from outstanding members of the communities like yourself who I can only thank for keeping my family off the street where would you be with your excess properties?

You moan about the tenants but ultimately they are the ones who pay the rent which in turn pays the mortgage, maybe the problem is your renting to the wrong people, or ar'nt vetting them enough.

 

[lame plumber]

bought a huge hotel, hated being a hotelier so turned it into flats, sold a couple to shut the bank up and kept the rest. My only issue is I live in the 4 bed maisonette, which is bigger than most peeps houses!! So now I want to downsize and getting rid of it is a beggar in the current market as there isnt anything to move to and too few buyers out there! The ones I rent out have had the best and worst tenants over the years, you just learn to vet them better over time. In all its one way of getting a pension but it isnt the be all and end all, its not money for nothing either, you have to keep it good if you want tenants to look after them.

Also being a plumber you see how some landlords work and there are scum landlords out there and they dont get the best tenants either, the good landlords spend their money on ensuring they get the best tenants, there is no way of doing it on the cheap.