It's true that flipping is tough and once you stop, there's no more income. We've been flipping over the last 4 years and have done 5 now. We've learnt a huge amount and from a bit of luck and some massive action, it's been good financially for us. We're moving to a more hands off model now, so have to be far more selective to make sure its worth it for us, to cover the builder costs. Having said that it will give us our weekends and evenings back now and its made us far more financially stable as a family. So yes it is possible, but it takes a lot of hard work.
interesting, how do you find your flips? I'm trying to find my next one but seriously struggling, the houses are selling for top price but still need 50k worth of work doing to them so not worth it. its getting harder.
@@tonyc1167 at auction or on Rightmove. Takes a long time to find them. View, put an offer that works for you and then move on. Often sales fall through and they come back to you. It's a numbers game really in all senses of the word.
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I just pulled out of a flip. Originally I thought the GDV was £330k and at a purchase price of £240k and project cost of £40-50k I thought it would be okay. The house next door sold for £295k so after 5 months, I pulled out.
Hi Jamie what about council taxes whilst renovating a property. does it vary with the area? I keep hearing so many different answers to this Great video 👍
in England, yes! Scotland, nope! Ric valuers set the asking prices (legally calues are included in home reports in Scotland) and outside of the typical 20% above market value they've been slapping on properties, they also have no idea about renovation costs. for example, a flat or a house that needs a full renovation from internal insulation to decorating and kitchens at £20k, Rics valuers knock off £4k and then reference the lack of modernisation in the home report which justifies their £4k reduction. Then Scots flippers have to try and negotiate not only the over-inflated 20% but also the "realistic" estimates for the refurb and sellers listen to the valuers! Flippin in England would be a breeze if I had a team down there i trusted!
@@JamieYork I’m confused. My accountant said that if you buy a house with the intent to renovate it and sell it, then the HMRC deems you as a property developer and to be trading property, which means you need to be CIS. He said it also means it’ll be trading income (income tax) and not capital gains tax. Can you elaborate please if you think he’s wrong?
I’ve never sold any houses, I do em up and rent them out, I’ve had people offer me lots of money for houses but I’m not interested , my kids will prob sell them first chance they get,
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