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I've never done it myself but in a flat to declining market (assuming you are in London / SE) I can't see it being a route to getting rich quickly.
Stamp duty, agents, legal etc all mean you have to make at least 5% profit on purchase cost just to break even.
I think the people that made money in that game between 1992 and 2007 made most of their money through highly leveraged (90+% ltv) exposure to a strongly rising property market, rather than because you get such a huge pickup from money spent sprucing up a property, new kitchen and bathrooms etc etc.
NickCJ-
Ya ya, I know what you mean. Not in London. Selling in North West, but may do this in North East. Stamp duty is negligible nowadays, certainly on sub 200k anyway.
But yeah, I don't wanna get rick quick or owt. Just increase my deposit for my own home. So more like, make 10-20k per house. Do it three or four times. That'll make up my shortfall for what/where I want to buy.
Hairingtons
On the other side of the coin. I'm seriousy thinking I might invest in a do-er upper. Potentially try to flip 3 or 4 houses. In the next year or so.
Has anyone done that kinda shit for a living? Any advice?
I don't wanna do it forever. I've got a job. But I think it might be a good option to work my way towards a larger deposit, for the house I want. Like, if I could flip myself from 65k deposit to about 120k deposit, that'd sort me out.
(I did do a total renovation on house I'm selling now, but over like 6/7 years, and never planned to sell)