Ah, first sip of the day

I only come here for sipposting

Master ensuite

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I wish I could do that but it would involve talking to normies
But seriously how the fugg can a house go from 220k to 750k. How can you add that much value? I thought it was all about location
Looks noice

The location thing is largely a meme. If the property is in a nice place, ie nice countryside, close enough to to shops main roads etc, people will want to live that country lifestyle. It's all about property selection, this one was completely derelict and people don't like the idea of dealing with contractors, but it's amazing what a tradesman will do for 80 pounds a day. You got to be good at managing the working class,lol.

Plus. Just live crypto, find the undervalued areas that are on the way up..

*like

got any books you'd recommend

Where are the mirrors lol?

Get the self build magazines, gives you a flavour of what people expect of a barn conversion/ fancy new build. In addition they have case studies, showing how long it took and what each element cost. But you have to know your way around buildings, and convince the contractor you know what your taking about, or the price will spiral.. self build case studies are invaluable.

Got to draw the line somewhere. They can buy their mirrors. Lol. I will spring for nice toilet roll holders, but that's it..

Excuse me, but how much % do you pay tax-wise when you sell your property?

And are there additional fees in the UK for when you "flip" the building, aka buying and reselling a property within a set timeframe?

Thanks!

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That's an interesting one. If you call it your main residence, and 'live' there for at least a year (live means pay council tax, water n electric bills) you are tax free. So I try to do one every year or so, pretend i live in it (while actually living in my actual real home/house). I pretend to rent my real home/house out at 600 per month and pay tax on that 7200k, but not tax on profits from development house as it's term my main residence. New build is even better as you can claim your VAT back. My advice to anyone is go see an accountant, they only cost a few hundred pounds n will explain everything.. but basically it's all bankable profit..

Estate agents fees, for a good one, is around 1.5%. so around 11k. + Solicitors fees of around 750.

Very interesting thread thanks OP

>I pretend to rent my real home/house
How do you do that? Just declare it for tax and that's it?

Your welcome, just waiting for the photographer to finish, so time on my hands.. another tip. Employ your own building control officer, not the council appointed one. It costs a little more (maybe 200 more). But because he works for you and not the council, he's a lot more amenable on details which will save your a fortune in unnecessary work..

Unbelievably yes. It's called 'private residence tax relief'. you don't even need to do anything it's automatic, so I pay tax on my rental income from my real home/house which I pretend to rent. It's like a massive loop hole, but you must be able to justify the development house as your main residence, so just pay the bills n say you live there. Seams too good to be true, but this is my third. gov.uk/tax-sell-home

Nice one OP. Thats done to a very nice standard. I'm also based in the UK, Oxfordshire and im just starting the renovation of a Victorian Terrace with the plan to sell it on. Cheers for the tips on the self build mags

Did you get one contractor to complete the whole build or did you subby it out?

So most of your profit are based on fraud?

There's why it looks so profitable, you're avoiding taxes

You have to get small subs and manage them, if you go the main contractor route you loose control of the final finish and it will cost at least twice as much. Learn about construction and invite a handful of subbies to quote for the work (make sure you are specific about the exact extent of work and exactly what you want done) then pick the best fit for you. Don't ask then what they think our what they suggest, you TELL them what you want. If subs think you are inexperienced or don't know what you want the price will be a lot higher, don't come across as a 'honeowner' but as developer. As a 'honeowner' they will small blood in the water and go for as much cash as possible, but as a developer they want extra work,so the attitude is different..

No. I pay stamp duty n vat on all materials n services. the uk has full tax relief if you sell your home see website above. I actually couldn't pay tax if I wanted. Also the profits come from my personal investment (nearly half a million of my own cash as a project like this you cant achieve on borrowed money) my experience, education and massive amounts market research. But sure call it fraud if you like..

What’s your average profit like? Is all you do flip houses? Why doesn’t everyone do it if it’s so easy?

How much capital gains tax can you avoid paying?

Around 100-200k a year. It takes around two years from start to finish, takes time to find the perfect place with enoght potential. The reason 'everybody doesn't do it' is capital and knowledge, I go for properties you can get a mortgage on. And a lot of people are doing it, when you get involved you soon realise. You need a good chunk of capital and to take a risk with what you buy, plus you need to understand buildings and be able to manage very working class men.. interesting skill set really.

All of it, see above.. re primary residence.

Or if new build offset vat against captial gains And probably break even tax wise.

How do I manage working class men? How do I find a good location?

so if you got audited and they could somehow prove that you didn't live there, it wouldn't matter?

Get off this board Pajeet

What does understand buildings entai exactly? Sounds like alot. Nice work though op.

Thank you for bringing some actual discussion and ideas to this board, rather than shilling and fuding of shite coins.

Sorry about delay, paperwork.... Anyway. I know it sounds like a real cliche, but you need to talk, dress n speak like them also you need to have 'on site banter'. You must remember if they think 'hes sounds n knows what's he's talking about' they will respect you and try to impress you, hence good quality with good value. Dress in a suit and instantly you're a prick in the working man's eye. Even cars, I drive a f-type, but turn up to site in a pickup wearing site clothes. Also I will switch from 'sound guy' to asshole if they don't do as expected. They then feel like they have pissed off a friend not a client. It's all very subtle, but be a social camellian.

No. I've was subject to a tax review a few years ago. This is the reason I employ an accountant, they tell you how to avoid as much as possible in a totally legal and accountable way. Same thing applies with all reasonably large money stuff, get an accountant.

I'm an architect by trade, so that helps, but you need to know exactly how everything fits together, and how the tradesman will work. my advice is if your are getting a quote for a brick wall, for example, learn all about the process, the materials, what they are called the bonding or way bricks are arranged the foundations etc. then the tradesman will see you as knowledgeable and won't want to make himself look stupid by grossly over estimating the price. Youtube is excellent for this.. but you have to understand the process n terms used.

Awesome and very interesting. How often do you lose money? What’s the worst business mistake you have made?

You're welcome. Glad people find this interesting, if my bizbros want any advice I can at least point you in the right direction

Lol
I have never lost money with property, it's seams crazy but a finished project is always better and more valuable then you expect. But it will always cost more then you planned, so keep 20% build cost back for unexpected costs. My biggest loss is buying depreciating assets like cars, women, crypto(lol). I once got stung for outstanding fees from a company that folded owing my 40k. But property is such a safe bet even if you sit on it for ten years it will double in value, long term but still.

Good locations, see Zoopla heat map, it's an awesome tool for find that perfect area in a sea of shit. Plus drive round a lot, you will find stuff if you search, but it's a lot harder then clicking on Rightmove..

Bumping this thread, as actual value to this board.

Good read OP.

Any tips on finding decent tradesmen user? Any particular sites you use like mybuilder or anything, or just word of mouth? Oh and what coins are in your portfolio?

you have good taste nigga

how much did you start off with?

I'm thinking about doing this is the future and thankfully my job is in construction so i know quite a few people who i can get advice from. I've worked on a few big residential projects with berkley, ballymore etc

Is the profit that great? and is it something you've got better at from the since you started? like are you better at seeing potential in properties?
what are the negatives?

First was a bungalow, coveted the roof space. Purchase price of 135k And 60k build, sold for 325. It is very hard to find somewhere, but not impossible. Bungalows are idea as the roof often leads it's self to easy conversion and they are often owned by the recently deceased so need a lot of work and the relatives want cash asap, so cash can drive a good bargain. When converted you are looking at a family home with big garden, a different market to two bed bungalow. If you have experience in construction you would find it fairly easy work..

thanks for the info man. A lot of the work I do it building services so i still need to learn a lot about the finishing side of stuff but thankfully i've got quite a few buddies that can help.

At the moment im only 24 and living with my parents in London so houses are an arm and a leg. I plan on buying a small flat outside for cheap paying it off and using any other spare cash to do what you do. How many years have you been doing it?