House flipping

[PerseverancePays]

Has anyone tried this and have they managed to stick to their budget and make a profit?

I am in a position to be able to sell my mortgage— free house and stay at a friend’s empty property for 12 months. I’m on my own so don’t have to think about small children underfoot or stressed out partners.
The reason I want to do it is I really want a Passive House and my current house value isn’t enough.
Is it nuts to risk my house like this?

If you have no idea what you are doing and contacts in the trade then in this market you would be mad to do it and would probably lose money.
There's a program on channel 4 weekdays at 4pm I think and so far only 3 out of 6 made money, the rest made su stantial losses.
Most people that have made money 'flipping' properties only make money due to rising prices, not the work they actually put into it

There's a program on channel 4 weekdays at 4pm I think and so far only 3 out of 6 made money, the rest made su stantial losses

I've only seen a couple of episodes of that show. In one, the pair of girls made a decent profit, but then they seemed quite clued up; one was an electrician, for example. The other episode I watched, the couple just about broke even but they were a pair of morons. There wasn't a braincell between them, and the way they giggled like naughty schoolchildren when they were pulled on why they were consistently missing deadlines was infuriating. Handing a pair of amateurs a property, and asking them to 'do it up' with a tiny budget is never going to end well.

I have no building skills so would be project managing starting with the most basic kitchen/bathroom/floors and paint job to build up contacts and experience. I don’t have any attachment to properties, just want to clean/fix them up so people want to buy them.
Will have a look at the program, thanks for the tip.

Honestly the only way you can have any hope of making money is doing pretty much everything yourself

@Alexalee

Honestly the only way you can have any hope of making money is doing pretty much everything yourself

That’s what I’m worried about, that managing it won’t be enough to make a profit.

It depends on the area. You need to work out the price difference between the purchase price and the done up price + the cost of doing it up. In some areas it’s difficult but in others possible especially if you extend/go into the loft etc adding sq footage and bedrooms etc. However, the market isn’t going to be great so buying now to sell next year doesn’t sound like a brilliant idea.