DIYbanter - View Single Post

typed:
Long term, I don't know anyone that hasn't made good money in
property.

What as a property developer with this as your sole income, as is
being suggested.
You must be another I.T. dreamer..

No, I'm not in IT and I'm not a dreamer. Property development is
something I'm starting in part time though.

Ah BIG difference.

I know many people in who are in property and they are all very well
off. That's not to say any 'numpty' can do it and make money,
especially in the current market.

You say you've been in property development since you were 18 and I'm
assuming you mean you've been in it a long time. If you have been
doing it that long you must have had some serious bad luck not to be
making a good income solely from property now.

I have made a very good living from it, but in the early years I was working
an 18 hour day 7 days a week with massive monthly mortgage repayments to
meet. I've survived the booms and busts and never had the luxury of working
for an employer and knocking off at 5pm. I watch programs like Property
Ladder and wonder at the gullibility of people drawn to this easy way of
making money, any numpties can make money in the Boom periods but it takes a
lot more experience to survive the rest of the time.

And if you think there are far easier ways to make more money, why
aren't you doing those instead?

I am, apart from several houses/flats that i own and rent out, I own a
holiday/camping/leisure/centre set in 200 acres of the finest Sussex
download and this year finally mortgage free.
And all financed from a £400 18th birthday present.
I've never said that you cant make money in property development but do the
sums and see what's involved in a 4% growth market, but include ALL the
expenses/tax, pay yourself a wage and see how much profit there is.

good luck but dont give up the day job.

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