Id feel bad cramming people into tiny rooms 😂 If I done property I wouldn’t want to do HMOs they usually bring the area down with the kind of tnts in social housing It just makes areas worse
Mate your videos are sh*t. You show the before pictures but never the after refurbishments pictures. Plus you always assume profits but never after it’s actually been done. Your videos are fairy tales. Viewers want to know the figures not your estimates.
I totally agree witht your views on getting someone to do the refrub. I've heard other property people saying it's better to work on the business than in the business
I was looking for a catch or sponsor, and then about halfway I got my answer :) Not to say its a bad thing, especially if you don't have an eye to pick the right properties, but am not about to trust someone else's judgement over mine (am usually not far off against teams). Thanks but am good
Do you find being a landlord is becoming harder and harder with all the government restrictions? Is it even still feasible unless you have lots? Video would be good
I sort of disagree with the 1st one. If properties are constantly selling on a street then something is wrong. If you live in a nice area, it’s harder to find a property for sale on that road. Also when people ask where to buy, I think they are talking about postcodes, cause like you said - every city has good and bad streets.
For me it would have been £30 for the bathroom and someone would charge £5k to fit it. £50k for renovation including the extension is good, would have been £50k for the extension alone.
The problem with deal sourcers is that it’s unregulated. There are 100s of people advertising this service and you don’t know who is genuine. The joint venture sounds like a loss to the investor. Imagine spending all that money and splitting profit with someone who essentially didn’t do much but look up a deal on rightmove
Looks like a really nice deal, to be honest the before for this property doesn't look too bad at all which is probably why it was mortgageable. I'm amazed more people weren't going for it. Are you leaving the money tied up, or are you immediately refinancing? Based on the latter it looks to be about £500 per month net profit, which isn't bad for a standard BTL.
What mortgage product did you use that allows you to such extensive work on the property? The first question they ask on the application form is "are you going to do any extensive work on this property?", as they know as soon as you start work, you actually devalue it by ripping it to pieces before you put it back together again (ie add value). Thus you usually have to buy these deals as cash or with a bridging loan. Was this a Ltd co mortgage or a commercial mortgage product?
Great work as always mate! I’m struggling to understand what type of mortgage you went for here? Be very interested to know ? I know BTL you would struggle based on the condition, can you get a residential mortgage in that condition? Thanks
Great project and video! What type of mortgage did you use? I thought you could only purchase a flip using cash (private equity or bridging)? Even if the intention is to rent it out afterwards can you refinance the property on a BTL mortgage?
I bought on a mortgage with the intention to keep it. I am using 'flip' jargon and figures because it's what most people understand but this one is going to be one I hold onto for a while. I think the area is going to fly up in value over the next few years so I am planning on riding the capital growth wave on this one.
So you put a bathroom in to get a mortgage 🤷♂️ so why not buy as is with a bridging loan, no stamp duty to pay because it uninhabitable, when finished you can then sell on with no penalties to pay on your mortgage? Plus if you want to keep it then surely you want the mortgage applied at new refurbished higher value? What am I not getting?
@@chriswelsh4397 I normally would but the length of time this renovation was going to take, it didn’t make sense to buy with a bridge. We would have spent £30k ish on bridging costs. Even if we pay a mortgage early repay penalty, it’ll only be 1 year left on the fixed term by the time we sell and that’s no where close to the cost of a bridge. But you’re absolutely right, in most cases a bridge is what I’d normally use
Thank you so much. This video was really really helpful. I'm new to deal sourcing and I intend on investing once my home sells in a couple of months. I struggle with numbers so the breakdown with an example was so useful. thank you again.
that one upper cabinet needs changing I think. There is a gap behind it which I don't think works. I think the most cost affective thing might be to take it down the put floating shelves there instead.
Mr Jack Smith I watched your latest RU-vid video, and it was really amazing. But I think you should improve your video editing quality. I'm a video editor. Bhargav Patel, do you need a video editor? Are you interested to sending my portfolio work? Contact : check channel description...
Great video. What if you get a low valuation from the lender when trying to pull money out to pay the investor back, most of the time it’s hard to pull all of your money out of a brr so in this situation how would you pay the investor back? Thank you
@@Scott89838 you would need a project whereby you pull all your money back out or where you agree something with the investor to mitigate risk. Eg, they receive the rental profits until they’re fully paid back
Jack, thank you for this. Just started my journey and got the keys to my first BTL this week. Sat here now watching this covered in paint. I'm loving every minute and want to start to look or my next property. I like the idea of raising finance as I've put a lot of my own money into the deal I'm now renovating and don't have enough to go again using the funds in my bank right now. I like your idea of a simple loan and have an investor friend who is interested, but how do solicitors and all the regulations about anti money laundering come into it? If I borrow, say £150,000 from my investor) the price of a property I've actually got my eye on, can I just have that put into my account and buy the property "cash" or will solicitors have an issue with it? Will lenders if I want to get the money out and repay my investor my refinancing in 12 months to pay the investor with the interest? Sorry for so many questions but spoke to a broker the other day who said that if I borrowed 25% to cover a conventional deposit from a 3rd party then it wouldn't fly. Any advice greatly accepted. Thank you. James
@@MrGuardcaptain that’s great to hear you’re currently on your first BTL! The first deal is always the most important! Regarding buying cash with investor finance, that’s absolutely fine 👍🏼
So you wouldn’t be able to get a mortgage on a buy to let to refurb and refinance using investor loans? My mortgage broker also told me lendors don’t like the money coming from someone that isn’t a relation
@@Scott89838 yeah lenders don’t like the deposit you put in to be a loan. Hence why, when it’s family etc it could be considered a gift if there is no loan terms attached to the money
@jackdavidsmith so guessing the solution is to get an investor / investors with 100% of the purcahse. Buy the house in my own name / that of my company. Do it up. Do a refinance for me /my company then pay back the loan.
