I'm 22, me and my twin brother just bought our first house with a deposit of 50k that was given to us from our mum. Our mortgage is now £390 a month which we pay half each. This house is for us two to live in personally, not to rent out.
Now we'de both love to begin a property development business and become as sucessful as poss but we don't know where to begin?
I thought maybe this - the deposit rate at the moment is 10%, buy a 4 bed house for 160k, 10% deposit is 16k. We remortgage our house to get 16k and buy a new house. Convert this into 4 self contained flats and charge £130-£150 each. Thats a total income of £2400 per month if we charge £150 per flat. Minus bills etc. For that house say £1000 to be on the safe side, and we make £1400 per month.
Does this sound like a good way to begin or is there a better method? We have noone else to ask or that can help us, so really appreciate any help here. Thanks
Read more: How could I start a propert development business?
