Has anyone done any property developing?

I watch many a TV show about this, particularly one yesterday where the "developer" actually had no idea about DIY, just got everyone in to help do it but managed to make a fortune on buying/selling property. Is anyone else on here doing a similar thing? It seems a risky business but if you're willing to take that on, then it could be very profitable!

If you are brave and have the funds at hand it is not too bad but you really need to do your homework. The sweet deals are always sold immediately and you need to know what it will sell for and what the cheapest & quickest turnaround will be.
The market at the moment is only really selling if you have something people see as really cheap so if you are into doing it up and renting there is a lot out there but the buy / sell is slowing fast

Originally Posted by robchester

I watch many a TV show about this, particularly one yesterday where the "developer" actually had no idea about DIY, just got everyone in to help do it but managed to make a fortune on buying/selling property. Is anyone else on here doing a similar thing? It seems a risky business but if you're willing to take that on, then it could be very profitable!

not exactly, i am very lucky that my first and current house shoudl make me an excellent return, but that was more by luck than judgement.

Woudl i do it again...

not to the extent i did this time, its just too much hard work when u cannot do it full time...

I know a couple of people who have done so, but it's not as easy as it sounds! The first few deals are a steep learning curve, and it's only really when you get into the swing of things properly that you start making a decent living. They were lucky in that they started out in a sharply rising market, but when prices are relatively flat your early mistakes are more likely to cost you!

Interestingy, one has actually now dropped out of the game - had his eye on the money but then realised that project managing building works isn't actually what he wants to do.

I quite like DIY, so this sort of thing appeals to me, but I've always been frightened away by the tales of woe (as above ). I've helped do up a house my parents bought for renting out, but that's the only experience I've got!

Oh except I have this year helped my Dad build a new double garage for his house, does that count as DIY (or property developing!)

[johnnyrod]

I'm renovating our house, but to keep not to sell. We have some spare cash so thought about doing another to sell, but it's not happening. There are so many people wanting to jump on the bandwagon that the houses in need of work are overpriced something stupid, so after some homework I had to ditch the idea. Reason is, houses are selling very quickly at the moment, and as you've seen on the telly, most people are good at massively underestimating their costs, and thinking that they can't go wrong. You also need to decide if you're gonna get your hands dirty, which for the first house I'd say is a must given the cost of labour, plus if you know nothing how can you look round a place and tell if it needs a tickle or has bodges that need undoing?
If you want to give it a go, go to some estate agents, view a few houses, do a costing on one, and who cares if it sells in the meantime - call it homework. There'll be another one along soon enough if you decide the numbers stack up. And look into how you will be taxed cos if it isn't your main home then it's CGT or income tax. Ouch!