How to become a Property Developer?

Question

Hi, I am very interested in becoming a Property Developer but I have no equity or assets to finance this nor my day job is able to finance it neither. I believe that I have a viable idea (do not wish to disclose my ideas as I had too many local people with money profiting and becoming wealthy off my idea's) that will be a bit different from normal property development which will make me a tidy profit. I am a well educated man (thus why many people with money had profited off my ideas listening into my conversations in the local pub) so I am very due diligent but unfortunately there are no jobs locally suited to my qualifications nor any jobs within 100 miles where I live to go to. I can't even afford to relocate. So therefore going into Property Development part-time will given some capital to finance my relocation to a better job and better way of life. What finance options are there to do this? I am interested in a short term loan (say 2 months) which is interest only and then when I sell the property pay off the loan and the interest rolled-up and also give me some profit. Help!

dream a little dream! Can't you see that the poor are getting poorer and the rich are getting richer? It's just a rich man world!

Answer 1

dream a little dream

Answer 2

Congratulations on finding something that you want to do, most have no idea of what they want to do. Don't let a little thing like not having money put you off, trust me if you can find a deal where there is a good profit after costs, you can find a wealth of people or businesses who are only be too happy to lend you the money. Yes, you can buy property with very little or none of your own money (not going into the how's, but it can be done legally). Where I think you are going to have a bit of work is where you don't have a track record or experience in developing, which is what traditional intuitions are looking for, before they with lend you anything. What I think you can do:- if you find a opportunity where the figures add up (this is what you bring to the table) you could partner with some who has a track record in developing property, you could partner for either a percentage of the overall profits or for a finders fee. This way, you join forces and you receive the all important experience, if you can do this a few times you could be on your way to becoming a developer. Your partner could handle the development funding and holding costs Look for property networking events, where you can meet those with the cash to invest and you can start discussing the opportunities you have found (rough location, cost of the refurbishment, the overall profit and the length of time the project will take to complete). However, what will define whether you become a developer or not, is whether you get started looking for deals and approach people. Hope this gets you started Good luck Steve

Answer 3

If you have an understanding bank and good credit rating you can borrow a large LTV (loan to value) and top this up with a personal loan. Unfortunately in my experience as a developer you will need working capital and some sort of asset/guarantor to give the bank security and confidence in your ability to repay the loans/mortgage. It looks an easy way to make big bucks but let me tell you its not. Another thing to remember is the agent/solictor fee's etc to buy and sell which in my last property came to around £6k-£7k (only on a £120k sale price) and only included 4mths mortgage/insurance/utility bill payments in that. I think your time scale of 2mth is very unrealatistic. If you are making major changes to a property these can take from 6-12mths and more depending on what your doing and tradesmen availibility. Also takes on average around 2mths or longer for a buyer to complete a purchase. You may have many great idea's but finding the right property at the right price to bring them to life before another developer with assets in place snaps it up is alas very hard. Best advice is to have a: very realistic buget with a contingency in place b: realistic timescale to complete work and sell c: be prepared financially to make the payments if property doesn't sell for around a year d: speak to and have a close relationship with all the local agents they know the market and potential of property and have been a great help for me. Good luck if you are able to go for it but keep your head and heart down to earth it can be risking alot if it goes pear shaped.

Answer 4

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Answer 5

Don't!!!
1. You have to be a shark, and tell lies.
2. Making a fast profit involves dishonesty in your own life.
3. This market is a false market & is coming to an end.
4. Do honest work and be happy, with a clear conscience.
5. The reason you can't afford to relocate is proof that the property market has gone crazy.
6. Homes should be for living in, it all went wrong when they became a way of making fast money.

Answer 6

property developer

Answer 7

"I have no equity or assets to finance this nor my day job is able to finance it neither"

... perhaps your situation should be telling you something about your ability to handle money ..

Answer 8

Take your idea to a bank, see what they think.

Answer 9

Buy a shed and do it up, sell it to hombase and see what they think!!