Have you seen “George Clarke’s Flipping Fast” on Channel 4?

The program on channel 4 is a competition. Six teams are given £100,000 and one year to make as much profit as possible. The profit must be made by buying, fixing up, and then selling properties.

George Clarke’s Flipping Fast

I don’t want to spoil the show for anyone who has not watched it yet by confirming the winner, but it highlighted some mistakes.  One couple, according to George Clarke, broke the cardinal rule of developing “Not researching the area, or viewing the house and failing to get a survey”. Resulting in a lot of effort and time to make very slim profits.  Honestly, I still think that could have ended even worse, and they did get a bit lucky to come away without losing money!

Although often ignored, two property experts, Stuart and Scarlette Douglas, are on the show to provide advice. So, what tips can we take away from the show if we want to be a successful property developer;

1. It is possible to make a good profit if you work hard
2. Know your location – research the location you are purchasing in. Scarlette said, “Buy the worst house in the best area… you need to know where the best areas are”
3. Stick to a budget
4. Know what properties in the area that are fully renovated can sell for this will help identify a sensible budget
5. Always view the property in person and get a survey
6. Time is money, you need to be careful what you spend on and time.

I have saved the best for last. A good conveyancer is a must. You can not flip properties fast if you get stuck in legal work. It is important to have a conveyancer who does the work to a high standard but as quickly as possible. You also want a conveyancer with transparent fees to keep your budget on track. Attwells are property experts with a proactive approach.

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These have been created for marketing purposes only and should not be considered as legal advice.