
Originally Posted by
caytonmiller
I'm a property developer and only time I've struggled to make a living was 2008 when 20k was knocked of house prices in a few days. The house I'm looking at is only a 2 bed terrace, old pit house. So purchase to renovated sale price would be 25k ish. If economy crashes it could knock the stuffing out of any profit..
I have 1 up for sale but nobody is buying. It's been like it since October last year.
Tbh it's been hard for the last few years. When we came out of the last recession around 2011 mortgage company's put lots of clause's when loaning mortgages like huge deposits which everyone knew about.
There were others like a property won't be loaned on until 6 month after a sale. Even when I pay cash I can't sell it for 6 month as the new purchaser can't get a mortgage so quick flips are nonexistent.
A few year ago they added a tax to anyone who owns a property, if they buy a 2nd property you pay 3% on the purchase price. I guess it's to give first time purchasers a advantage.. economic climate has knocked everybody so not moaning