Making money

[macafee2]

I'm sure we all like to make money.

In 2021 my wife and I went after this place
https://www.rightmove.co.uk/properti...hannel=RES_BUY but it was sold to someone else

Picture 2 has a red outline of what is for sale, when we went after it the area and 2 buildings that are to the south of the red outline were also included. The whole lot was sold for about £460,000.

In my opinion the buildings for sale are unsafe so it is a knockdown and rebuild or reinforce and some rebuild. The farmhouse to the south suffered damp and smelt of it and apart from a new kitchen the place needed gutting.

Here and now the outbuildings are for sale for £325,000

That leaves the farm house having costed only about £135,000. Add £100,000 for renovation and you have a decent place for just £235,000, lets call it £285,000 that could be sold for perhaps £500,000 plus.

The "current" owners will need to pay some money to the previous owners as there was a clause that if they got planning permission they had to pay a % to the old owners.
I am sure the the money to be paid to the old owners
is less then £100,000.


good luck to the "current" owners if it all comes off.


macafee2

[another_clean_sheet]

Originally Posted by macafee2

I'm sure we all like to make money.

In 2021 my wife and I went after this place
https://www.rightmove.co.uk/properti...hannel=RES_BUY but it was sold to someone else

Picture 2 has a red outline of what is for sale, when we went after it the area and 2 buildings that are to the south of the red outline were also included. The whole lot was sold for about £460,000.

In my opinion the buildings for sale are unsafe so it is a knockdown and rebuild or reinforce and some rebuild. The farmhouse to the south suffered damp and smelt of it and apart from a new kitchen the place needed gutting.

Here and now the outbuildings are for sale for £325,000

That leaves the farm house having costed only about £135,000. Add £100,000 for renovation and you have a decent place for just £235,000, lets call it £285,000 that could be sold for perhaps £500,000 plus.

The "current" owners will need to pay some money to the previous owners as there was a clause that if they got planning permission they had to pay a % to the old owners.
I am sure the the money to be paid to the old owners
is less then £100,000.


good luck to the "current" owners if it all comes off.


macafee2

So what are you suggesting?
The point of the post?

[macafee2]

Originally Posted by another_clean_sheet

So what are you suggesting?
The point of the post?

No suggestion.
The point, I don't know, how to make money? How some people have the vision to make money?

macafee2

[edwardmk]

How to make money is the $64000 question. Buy low and sell high is what any trader hopes for, so you have to take a chance that you can find a buyer who will pay more than you paid. It's knowledge of the proposed product or goods and the guts to take the risk that your offering will appeal to others. Would be entrepreneurs often go bankrupt trying to make a profit. It's rarely a smooth ride. Some 70% of new restaurant start ups for example fail within two years. A huge added risk is if you borrow money to start a business or buy something like a property with a view to flipping it. There is a large industry devoted to 'how to start a business / make a lot of money/ etc' which often takes advantage of the lack of experience of ambitious wannabees. Richard Branson was asked how to be a millionaire running an airline. His response 'start off as a billionaire' has a wry warning for would be business owners. It's easier to lose money than make it in many cases. This is also the reason why so many councils are going bankrupt. They should stick to taxing businesses and stop trying to run them.

[dave lincs]

Ian this is a car club as Mike has said another pointless post from you about a place at Rampton, Perhaps you should have bought it

Dave

[aponte]

Making money is not that easy

[stevestrat]

In order to make money you:

• need to have money in the first place

• need to be able to survive a loss should it all go wrong

[Gelen]

I agree that it is better to be ready for failure. I think this is why it is advisable not to use your personal finance for business. But it seems it depends on how much money you have
I've been thinking about quitting my office job and starting a business for several months. I've already found out the pros and cons of the private limited company, how to check if a business name is available for free (here this article https://www.hoxtonmix.com/blog/a-guide-to-checking-your-company-name/ helped me a lot), how to set up a virtual office, what address to use, etc. But still, it all is frightening because I'm going to invest my money. However, some people advise me to take out a loan.