Is there much profit in buying to sell with 3 people?

**jamiec** · 06-04-2011, 03:13 AM

Hi,

I'm very new to real estate and have a question. 2 of my family members suggested putting all our money together and purchasing a run down property, renovating it, and reselling to make a profit.

I wasn't interested at first, but it's starting to grow on me. The problem I have is if we make a major loss, or can't sell the property, thats all my personal savings down the drain.

We was looking at property on the outskirts of London (yes I'm from the UK). But I just can't help think that going in with 3 people is not going to be worth it and there are more issues than meets the eye.

I have a lot to learn, but if someone could offer any advice that would be great.

Thanks

J

**Zabbiey** · 06-05-2011, 12:47 PM

It's all about your return on investment or the bottom line. How much will you spend to fix it up, buy it and so on? What are the prices of homes in that area? How much profit potential is there? And also make out several scenarios for the best and worst situations and then do the math.

**Sabir** · 06-07-2011, 06:43 AM

Hnn.. well it all really matters a lot BC totally depend upon planning you have made for.

**E.Schmidty** · 06-13-2011, 09:11 AM

If 3 of you are willing to spend a large amount of money each, then it means that the 1 house will eventually turn into a masterpiece with the 3 different sources of income! If it were just you doing the project individually, then there would be a bigger chance that you would come out of it losing money instead of gaining. Seems to me that the London house would turn into a beautiful home if 3 of you are working on it, with WAY less of a chance of losing money. I say GO FOR IT!

Good luck, and cheers!

E.