I'm a property investor and developer AMA

[throwaway1i]

Throwaway as I already have an active account here.

I think I've talked about my work on and off and have been asked by other users if I could do an AMA, so ask away

How do you morally justify gazumping or gazundering families who only have one chance of a house in the area - as they are rare to come by at the right price - jumping in with cash only to change to lightbulbs and a kitchen and plonking an extra 500k to sell six months later?

(probably not you but this happens in my part of London)

how do you get reliable builders?

How did you know where to start on your first property? I like the idea of taking something and making it lovely but I just know I'd get the keys and be like 'ohhhh fuck'

When you sell how do you price? Do you underprice and hope for multiple bids or set an asking price that you would hope to achieve?

How do you finance it?

AMA and I won't come back and answer anything

It's a working day, @TinyTear!

Yes, then why start? And not answer at lunch or the evening @HollowTalk

Will you buy me a house please? I don't mind how awful the decor is as long as it's in a livable condition.

Don’t you feel bad capitalising on a basic human need?

What was your return on your first investment?

worst AMA ever

I’m hoping to sell my first (one-bedroom) flat and upgrade to a bigger property. I can’t get a huge mortgage on my salary, so I need to sell at a good price.

The flat is perfectly livable and it has a small garden, which is quite rare around here. However, it’s a bit dated. There’s painted woodchip everywhere, even on the ceilings, and it’s clearly hiding a few cracks. The kitchen looks a bit old-fashioned. The bathroom definitely looks dated, with a cream suite and a bath instead of a shower. The previous owner was a buy-to-let landlord, whose idea of redecorating was just to slap another coat of paint on to every surface.

Anyway, I wonder what work might be worth doing, and what might be better left for the next owner to do to their own taste. Many thanks for any advice.

@ Cattenburg,

My suggestion for a one bedroom would be to not invest much.

Bathroom, put in a brand new white toilet and have someone around to recoat the bath in white, which will be much cheaper than ripping it out. Have someone re-grout any tiles (only replace them if they have a pattern). New vanity and flooring. Take down all curtains / blinds in the bathroom. Declutter all bottles/toiletries and add a new houseplant (which you can take with you when you go).

Kitchen, leave it but definitely declutter, declutter, declutter.

Consider brand new right-sized furniture, a plant and a wool rug for the lounge. You can use Houzz.com to get advice on which furniture and rug will work in your space.

People are surprisingly dazzled by new furniture even though if they think rationally they know it isn't going to stay.

@throwaway1i The point of an AMA is that you actually answer the questions

Loathe

Do you just waltz into an estate agent with a briefcase full of cash, and point to a house and say I want that one.

PMSL that the OP on an AMA thread couldn't be arsed to come back and actually answer any questions 😂😂

How do you morally justify gazumping or gazundering families who only have one chance of a house in the area
It is possible to buy a house without gazumping! We bought a BTL recently and didn't gazump anyone, just paid cash but it hadn't been under offer or anything.