‘I transformed a run-down house in Greater Manchester and made £64,000'
18.06.2023 - 07:15
/ manchestereveningnews.co.uk
The notion of buying a derelict house, doing it up and selling it on to make a profit sounds like a good idea in theory, but not everyone is successful in doing so. With interest rates continuing to rise and demand falling, it is proving to be a difficult time for first-time buyers and those wanting to move up the property ladder.
But despite the market uncertainty, property experts are proving that there is still good money to be made in the housing market, especially in the Greater Manchester region, if you know what to do and where to look.
Property entrepreneur Jack Smith from Manchester spent years learning about the trade which led him to start investing in properties. The 26-year-old, who is now the director of The Property Network and runs his own estate agency, bought his first house in the region two years ago which he flipped to make an impressive £64,000 profit.
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“I started exploring property and the opportunity of making money when I was around 22," Jack told the Manchester Evening News.
"I spent a year exploring different ways that you can make money in property. I went to a lot of training events and coaching, I spent about £20,000 on education to learn about the sector before I started making any money.
"The way I got started was I bought a property in Birmingham with a friend of mine who had a lot of experience. I bought the house and they paid for the renovation, and then I got to watch that whole process from start to finish.
"We ended up selling the house and making some good profit on it. After seeing the process through, I realised it was actually a lot easier than I thought it was, so then I went on to flip my own