Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.
@@JasonStathamOffical I agree. From my own experience with an investment advisor, I've got $1 million in a diverse portfolio that's growing fast. It's not just about having money for stocks; you need to know your stuff, stay determined, and be resilient.
@@StephanieRebecca-0 VICTORIA CARMEN SANTAELLA is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
@@FlorentGulliver Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Nice Paul, this is exactly what Im doing. I bought a studio flat and moved the kitchen to the living room to create a separate bedroom. It''s currently selling on the market
@@jordanhtiffirg1990 No you can choose to sell your home whenever you like... of course you need to move in, get on the electoral register etc to prove its your home but other than that is is practicalities... to buy/refurb/sell is going to take probably 6 months minimum so if you do really well once or twice a year... think how much money you would make tax free vs a normal wage/salary....
@Touchstone Education thanks for the advice I'm going to do another one after I buy my first HMO and then I'm looking to do a commercial to residential
@@jordanhtiffirg1990 In theory there is no limit. However, if you do it a bit too often, for example buying and selling every year or so, HMRC might well investigate you and accuse you of trading, in which case they would want to make you pay income tax on the profits that you make along the way. There is case law on this. Essentially, you will start to need a good reason for the moves if you are doing too many, too quickly. If your family is growing and you need a bigger place, then that is probably okay. If you get a new job that is too distant to commute, then moving seems reasonable.
Great question. You should be able to get 4 to 4.5 times your salary if you are applying on your own. So a salary in the low £40,000 should be enough. If this is not possible then you can get a mortgage with a guarantor. For example Barclays Bank offers zero deposit mortgages that do not depend on your personal salary... of course there are conditions ... link is here (I am not sponsored by Barclays!) www.barclays.co.uk/mortgages/family-springboard-mortgage/ Hope this helps.
My only concern is what money you are using to do the property up with. You may be using money you’ve paid 40% income tax on, when you could do this through a limited company, refurb with revenue then pay up to 25% CT on sale
Hi Paul, Time consuming in Solicitor paper work. Can you advise is it good idea to have buyer & seller same solicitor for residential property? Also SIPP money can only used on commerical properties?
Solicitor being the same company for buyer and seller should make no difference if they represent you properly. SIPP cash can be used for commercial property, stock market and things like gold so quite a lot more... good luck.
Thanks for your reply. So we cannot avoid Solictor time to finish the paper work. Does they work fast within a month for extra premium? So Residential properties cannot be bought in SIPP? do decoration & sell for profit.
@@gopi3019 No residential properties in a SIPP. Not allowed. Try www.smithbenedict.co.uk if you want it done fast, lack of speed used to frustrate me so I bought a legal firm. They are fast.
Hi Paul , I am 17 yrs old and doing my a-levels. After taking an apprenticeship in finance, should I start saving money and then do this method or the Btl method as an ltd? Also , how many years did it take for u to be financially successful after 17 yrs old?
If you think that is a good idea then yes. Educated, determined action over a prolonged period is the best answer. Work bloody hard and do not spend much. If you can do that on your own, crack on. If you need help, ask someone that has done it. Good luck David. Paul
I was thinking of doing something like this. Was planning on saving for a 3ish bedroom property, and rent out 2 rooms under the rent a room scheme. However, if I have the choice of buying a flat/apartment now or saving to buy a house in 1-2 years time what would you recommend?
No wrong answer and great to hear, well done. I do prefer houses now but I started with a flat... waiting 2 years could be expensive with property prices in the future as rent in the meantime... go with what feels right to you.
Hello wise Paul and Team! Im doing your course next week! Yay! I am eager to change my life and not just live on 1 salary with dept and 0 savings to put my family at risk. I want to be wealthy and free! I own a home with mortgage, the plan is to release equity as it increased in price since 2 years I bought it by 100k, then buy another home add value and sell it. But current home Im looking to convert into BTL if bank allows. Will I need to pay capital gains on 2nd home I buy which essentially will be my main home!? Many thanks. Not sure if you will reply but lets give it a shot.
As a general rule, you get PPR (Principal Private Residence) relief on the one house that you live in. This means that you can sell it and not pay any Capital Gains Tax on that one alone, assuming that you lived in it until sale. Other places will be subject to CGT if you sell them at a gain and you are still alive (at death, Inheritance Tax comes into play instead of CGT). Nb if you live in a house and then later turn it into a BTL property, then it will no longer be your home from then, so some of the gains will be taxable, as some of the ownership will not be when you lived there.
With ìnterest rates stabilising is it still difficult to get mortgage if you intend to rent to lodgers x 2 and whether it is still a buyer's market meaning it takes longer to sell
I believe property is a long term investment. Not for the next few months but for the next few decades. Do you believe house prices will be higher of lower in 30 years time?
That's what I am doing, buying my first home for £90000, 3 Bed freehold house in Middlesbrough and will lodge it as well. After 2 years refinance it and move and make that house to HMO. What do you think? Anyways you and Samuel leeds both are doing amazing work. Claps!
You can use the £7,500pa Rent A Room relief so that you do not pay or even have to declare this income up to that level. Beyond that you do. Alternatively, if your running costs are greater than £7,500 pa, then you might be better off declaring the whole rental income minus business expenses and paying income tax on that.
I’ve built a few houses and done ok along the way. Currently own 5 rentals and have £700k equity in my own property. Would you advise selling and freeing up that equity into more rentals?
Thats a bit more than OK Dean! Well done. I never really like selling unless, as per this video, it is your home, which is then tax free. Can you not remortgage to release equity to get more investment property? Whatever you do next you have already done amazing things.
@@PaulSmithTouchstoneEducation Thanks for the reply, I’m in two minds what to do. Would like to carry on developing, something is coming up but maybe a bit too big for me alone but I’ll see.
If you are prepared to move out of your property and put it up for rent, you could remortgage the place to free up some of the equity, with the new tenants paying off the monthly mortgage. Alternatively, you could sell it to free up 100% of the equity! Mind you, I agree with Paul that this might be a pity as you would forego any further increases in value. However, you would move into a cheaper place which would start, hopefully, increasing in value, with the balance for investment purposes. For instance, if you end up freeing up only £100,000, then this could get you a £400,000 property, with a 75% BTL mortgage.
How do I found it which properties I can get a 95% mortgage on ? Also if I don't want to live in the property but just to rent it would I be able to get this type of mortgage . Thanks
If you have £10,000, even with a 95% LTV mortgage, to get £200,000, the lenders would also check that the £190,000 to buy a residential property was no more than 4.5 times the gross salary! So, one would need a salary of about £42.2k to be able to afford it. That is a huge salary compared to the average. Would it not make better sense to get a BTL mortgage that would not require a salary to back it up, although it might stretch to only 75% LTV?
Which bank would lend you 195,000 to buy the house, you would need a good job to get a mortgage , it sounds really good, but does it work in the real world,
you have to keep it for 6 months and often for 2-5 years you have fixed rate so if you will sell it in that period you have to pay early repayment fee to the bank witch is 2% to 5% from outstanding mortgage.
No minimum time period I am aware of. If you want to do this fairly often ask your mortgage broker about mortgages with no redemption penalty or mortgages that you can "port" which means move from one home to the next. Practically once you have finished upgrading the property it will take months to sell one and buy another anyway... good luck
@@lukealex6428 no, you are completely wrong! He lives in a castle in Monaco, drives two Bugatti Veyrons (often at the same time) and I frequently see him at my local airport disembarking from his private jet. He is the real deal - and not some jumped-up wide-boy with bad breath and a weird beer-gut that makes him look like he is going to go into labour at any minute.
