Property Development

[Lanesra]

I am a first year uni student and would love to go into property development but where do I begin?

Any advice?

[sara3]

are you in a financial position to buy a property?

[Poor-Alfie]

buy a property and , do it up.

good question botty

[Poor-Alfie]

er sara

[sara3]

are you talking to me? botty?

[boxtops]

You have to be able to afford to buy the property, get all the permissions, do it up. Either do it yourself or pay someone else to do it. I wouldn't think you'll have time to do it yourself if you are just starting a uni course.

Is this a windup?

[cassa333]

Use your student loan and buy a property then do it up then sell it. Simples.

[Lanesra]

I think a lot of you have got the wrong end of the stick - I was planning my student loan at all. I want to go into property development as a career after I've graduated. I definitely cannot afford to buy property now. The reason I asked this question is because at uni you are always told to think about your career options early and perhaps how to get into them - so I was just asking for advice. It isn't as thought there are many property development companies recruiting students from campuses (or at least I haven't heard of this happening). This is an industry I'd like to go into in the future and being so it's not a matter of being in a financial position to buy proprty now. So no boxtops this isn't a wind up this is a teenage considering her career options (by the way I know it is a duplicate I didn't realise that this category existed so I decided to repost it here too)

[Finwoodhill]

I am a property developer and given the uncertainty of the property market would not really recommend it at the moment. First you have to find a way to fund it (I was lucky, had quite a lot of equity in my property and re-mortgaged to get going with my first project) then you have to find the right opportunity. It is hard to find property that can offer you a decent profit once you have spent money on renovation - don't be fooled, a run down property isn't always a dead cert to make you money. It is very easy to get sucked in watching programmes like Property Ladder, but please remember there are plenty of people who come really unstuck with thier budgets and assume their property will be snapped up as soon as they put it on the market (these are the ones that will not permit the cameras to film their cock-ups!) and it can easily be 12 - 18 months from finding a property to actually selling it (that's a long time to wait if you have no other income!) If you get it right it can be rewarding but it is very, very difficult. I certainly do not think it is the fast track to riches that it was 20 yrs ago. Good luck anyway!

[Lanesra]

Thank you so much Finwoodhill!! I know this will be very difficult for me to get into in everyway possible. It'll be a couple of years yet before I even attempt to go into it but I am just considering my options. Thanks again!