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John and Sam have just purchased a new site, they plan to build a house and sell it on. With the rising propery prices they assume they will do well
When will we start the build ?
In the next 2 or 3 weeks. When we have all our materials to start the foundations.
After buying the site, John realised they had no planning permsisson to build on the land. As they wanted to get started ASAP, they were granted an emergency meeting with the council. They were approved on the day so building could get started the next day.
After getting their permission, they began work on the build, Craning in materials and getting deliveries. They were happy that they could start the build and wanted to finish as soon as possible so they could get their profit ASAP.
After 6 months work, they had managed to build 3 normal family home, instead of the 1 they intended to build, taking advantage of the housing problem in Dublin .
After completing the build, john went to the local estate agents to try and put the houses on the market. They were valued at €575,000 each, which delighted john and sam. They made over 1million in profit which prompted them to start their own business.
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