Flipping houses

[Cooperinliverp00l]

No....i don't mean picking them up and flipping them.

Does anyone as a side line (PLAN B) buy and renovate houses as a hobbie or as an actual PLAN B income. I did it to my last house but lived in it once it was finished. Managed to make 50k profit on it but never felt confident to do it full time.

Thought that maybe i could do it between contracts.....anyone else into flipping houses ??

"Appologise for such a serious question so early on in the day"

[RandyW]

I think now may be the wrong time to be thinking about renovating property. Half of what you gain in value by renovating will probably be wiped out by falling prices.

Doomed.

[Cooperinliverp00l]

I think now may be the wrong time to be thinking about renovating property. Half of what you gain in value by renovating will probably be wiped out by falling prices.

Doomed.

Thanks for the advice Churchill......oops sorry i mean RandyW

[DimPrawn]

My sister-in-law and her other half have just aborted plans to become property developers (ala Property Ladder stylee).

They now have a large old knackered house that no one wants to buy and a huge mortgage to contend with, quotes from builders 3x what they expected and the prospect of falling prices in the area.

Not the wisest of moves to enter this plan b.

[BlasterBates]

You mean become property millionaires

[chicane]

They now have a large old knackered house that no one wants to buy

Incorrect. I'll want to buy it - I have 30 grand waiting in the bank which may be the best offer they'll get in the foreseeable future.