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UK Real estate/flipping houses (Does anyone do this?)

Discussion in 'General Business Forum' started by iTopz, Aug 26, 2015.

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  1. iTopz

    iTopz UKBF Regular Free Member

    176 8
    Hello, firstly I apologise in advance if this is in the wrong section.

    Basically I want to get into real estate, and for the past few weeks I have been educating myself on how to buy/sell houses for profit. In short, I plan to buy my first property in early 2016, so by then I will be even more knowledgeable with a real plan in place.

    However, my question is; how exactly do you find deals which are profitable to flip? So far I have been scouring sites like Right Move and Zoopla and the best I have found are houses which are cheap, but not cheap enough to flip. I do not know if I am missing a key part of finding deals, or whether I am just not being patient enough, but if anyone has done this before then I would love to know how you came across your house, because so far I have had no luck.

    (For the record, I have been looking at US house flippers and their market seems more open). Obviously I know people do flip houses in the UK, but based on my very limited research it looks very, very hard to find a potentially profitable property?

    Thanks.
     
    Posted: Aug 26, 2015 By: iTopz Member since: Feb 3, 2009
    #1
  2. dave archer

    dave archer UKBF Regular Free Member

    790 165
    Isn't it true that you have to own the property for at least 6 months before you try to sell it again ?
    .
     
    Posted: Aug 27, 2015 By: dave archer Member since: Mar 8, 2014
    #2
  3. Annoying Donkey

    Annoying Donkey UKBF Ace Free Member

    2,797 954
    Most of the best deals are done long before the property appears on Rightmove. You need to find a tame agent or two or get to know a few probates or repossession people - insiders who know what's coming on the market where a deal can be struck.
    Or advertise - we-buy-any-house dot com! ;)
    Or a direct approach. Just get out there and talk to owners. Sell them on a deal.
    Very risky business, unless you go for options...
     
    Posted: Aug 27, 2015 By: Annoying Donkey Member since: Sep 13, 2009
    #3
  4. David Griffiths

    David Griffiths UKBF Legend Full Member - Verified Business

    11,427 3,561
    No
     
    Posted: Aug 27, 2015 By: David Griffiths Member since: Jun 21, 2008
    #4
  5. RBS

    RBS UKBF Ace Free Member

    2,644 326
    Look for property auctions.
     
    Posted: Aug 27, 2015 By: RBS Member since: Jul 13, 2009
    #5
  6. garyk

    garyk UKBF Legend Full Member

    5,994 1,018
    You have to buy at auction, my wife has and does...and has written a book on the subject, link in my sig.
     
    Posted: Aug 27, 2015 By: garyk Member since: Jun 14, 2006
    #6
  7. iTopz

    iTopz UKBF Regular Free Member

    176 8
    Thanks for the replies guys, it seems auctions are the way to do it. I imagine I was looking in the wrong places before. Come to think of it, I believe most US flippers did not browse property sites.
     
    Posted: Aug 27, 2015 By: iTopz Member since: Feb 3, 2009
    #7
  8. Pish_Pash

    Pish_Pash UKBF Ace Free Member

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    Can't imagine the genre has much life left in it (to allow flipping), off the top of the bat....

    1. A virtually unhindered 25 year bull run (here in London at least) - prices are very toppy.
    2. Recent budget changes to the detriment of BTL (therefore potentially more supply/less demand)( http://www.theguardian.com/money/2015/jul/11/buy-to-let-budget-tax-profits-mortgage
    3. Interest rates are soon to be going up (after 6 years of being held at 0.5%) ...albeit slowly, but it'll likely be a wake up call for many who think 0.5% base rates are the norm!
    4. Clampdown of 'dirty money' which has found its way into the UK property market (albeit mainly London...but it ripples out)
    5. People asking on forums if it's possible to flip property.

    Homes under the hammer has a lot to answer for.
     
    Posted: Aug 28, 2015 By: Pish_Pash Member since: Feb 1, 2013
    #8
  9. Bill1954

    Bill1954 UKBF Enthusiast Full Member - Verified Business

    734 134
    Always look for the worst houses in the best areas. The houses can be improved, the area guarantees the best price.
     
    Posted: Aug 28, 2015 By: Bill1954 Member since: May 24, 2010
    #9
  10. Krprop

    Krprop UKBF Contributor Free Member

    45 7
    You need to build up a relationship with your local estate agents. Pop in every couple of weeks to say hello, then ask whats new and remind them your looking to buy the real rubbish houses. When a bad one does pop up, they'll call you first even before it goes on the market.
     
    Posted: Aug 28, 2015 By: Krprop Member since: Jan 12, 2015
    #10
  11. iTopz

    iTopz UKBF Regular Free Member

    176 8
    I think you're definitely right with London, but thankfully I am much more North than that. I couldn't imagine trying to even buy a house in London, let alone flipping it.

    Basically, your 4 points are based on London, and/or paying with a mortgage. I would be paying 100% cash so no interest rates, and I would be avoiding the London prices.
     
    Posted: Aug 28, 2015 By: iTopz Member since: Feb 3, 2009
    #11
  12. adamj123

    adamj123 UKBF Newcomer Free Member

    1 0
    It's definitely possible, and as most of the comments above allude to, auctions are often the best place to get started with.

    There are tonnes of guides out there online that'll help you get started with 'flipping' properties. A quick Google search should give you a good guide! Good luck with it and do let us know how you get on!

    THanks
     
    Posted: Oct 10, 2018 By: adamj123 Member since: Oct 10, 2018
    #12
  13. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,613 1,090
    After 3 years he probably has the answer!
     
    Posted: Oct 10, 2018 By: Mark T Jones Member since: Nov 4, 2015
    #13
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