Good Afternoon all

I have come across a number of friends who have a good few thousand €'s saved however not enough to purchase property outright and unable to get a mortgage so with this in mind I am thinking of setting up a company where people with a few thousand € savings can pool their money and i'll purchase property on their behalf, outsource the letting and management of the properties to probably another company owned by me (if this is not a conflict of interest) and in an agreed length of time, 7 - 10 years, sell the property on the open market.

The way I would make money is by charging the investors a % of their investment, my letting and management company would charge the standard rate for services and then when the property sales closes charge another nominal fee.

I have been working in the property industry for 8 years and know good investment areas in Ireland which will yield approximately 12% per annum (taking in rent profit and sale profit less initial investment and deductions such as tenancy registrations etc etc) - 120% overall. I also deal with the best contractors, builders, surveyors etc so any renovation works could also be done through my second property lettings and management company.

I welcome people's opinions, thoughts and input as a way of making this a viable business and money maker for both myself and indeed more importantly my investors. Also - I don't mix business with pleasure so my friends will not be my clients - What do you think the best way of sourcing clients is? Until the company takes off I will focus on Ireland but ultimately I will spread the wings of the company and extend the portfolio to other regions.

Looking forward to hearing from you.