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

[iTopz]

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.

 

[Deleted member 226268]

Isn't it true that you have to own the property for at least 6 months before you try to sell it again ?
.

 

[Annoying Donkey]

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...

 

[David Griffiths]

Isn't it true that you have to own the property for at least 6 months before you try to sell it again ?
.

No

 

[RBS]

Look for property auctions.

 

[garyk]

You have to buy at auction, my wife has and does...and has written a book on the subject, link in my sig.

 

[iTopz]

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.

 

[Pish_Pash]

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.

 

[Bill1954]

Always look for the worst houses in the best areas. The houses can be improved, the area guarantees the best price.

 

[Krprop]

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.

 

[iTopz]

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.

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.

 

[adamj123]

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

 

[Mark T Jones]

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

After 3 years he probably has the answer!