My Latest Buy Refurbish Refinance Property 

Thank you for your videos. Amazing. Clear and concise. May I ask, what are the tex implications on this deal?

Thanks Samuel, always appreciate you watching 😃 and yes I agree, the whole buy-to-let is dead movement is nonsense - buy-to-let has changed, and become harder, but it still works just fine 🔥

Cheers 🍻 absolutely, cash can be a powerful tool to use. Helps to ease the purchase process and takes pressure off the numbers. Appreciate you watching 🤝

Cheers Liam, glad it was useful 🤝

🙌🙌 thanks! Awesome comment and hope you enjoyed watching it!

🫡🫡 thanks Jonathan!

Thanks Peter! Definitely agree, I should have left far more time to paint it and next time il either do that or factor in the painters costs earlier 😂 Appreciate you watching!

"Got that Badge" - yep, seen it too many times where a tenant trashes your £25k refurb ... soul destroying.

Great work Ben! Thanks for watching and great to hear you’re looking to get your first BTL later this year. Obviously i have clear thoughts and feelings towards The Mortgage Works 😂 but Im also a small part of the market, so definitely speak with a broker and get their opinion on TMW. Whilst they have come up with some weird and random things in 2022, I’m hoping they will improve going forward. If the property is very straightforward and so is your income, finances, etc, then they could still be the best lender 🤞🙂

Cheers James and good suggestion, thanks!

Thanks 🤝

Thanks! Glad you liked it

Thanks bro! 🔥

Thanks for watching 🤝

🔥🙌

Thanks Carlos 😃🔥

Great suggestion thank you! On my list from now on 📝

Properties with high end values are unlikely to be cashflow as buy-to-lets unfortunately. Its because your debt on £380,000 will be high at the current time due to interest rates, and the rental figure probably isn't high enough in comparison. Two pieces of advice; first you are likely to see better results from have 2 properties worth £140k-£180k than 1 property around £380k, and secondly for most people investing in property is only viable through a limited company, not personal name as the taxes are too high :(

@@JustinWilkins thank you for the response! I appreciate it. It’s hard as I’m attached to the house and wanted to have it as a back up while relocating for work but it just isn’t viable. Based on my current research it’s advisable to have 3 properties or more before incorporating them would you agree? I appreciate corporation tax is 25% rather than 40% but aware there must be other costs involved as well. I’m fairly savvy with tax from owning a partnership and my own business but neither are VAT registered so this has been a journey for me learning everything 😅

Such a shame that the numbers don’t work, so that you can keep it! The decision on company vs personal name is less about number of properties, and more about your income. If you are in the higher rate tax bracket, which is sounds like you are, then property is incredibly difficult in your own name. Not only because you’ll pay 40% on profits, but because you can claim barely anything as an expense. Worth talking it through with an accountant, but I’d imagine limited company route is likely to be the way you go!!

Thanks 🤝 completely agree!

🔥🔥 thanks!

Hi Phil, thanks for watching. Property was bought in a Ltd company, meaning tax is only 19% on profits. Not 20% of the rent. Obviously it goes without saying that property investing has become less profitable the last couple of years, due to rising interest rates and regulation changes. But property investing is still worthwhile in a limited company - it’s much harder if owned in personal name.

😂😂 I basically paid to learn the lesson that if I’m too busy, then don’t take it on. If I had more time, then I would have easily done it 🙂

Thanks 🤝 Please reach out if I can ever help

From memory I think it was good home. Pretty sure it was my first time using it too. You always have to go for a darker paint than expected, I’ve experienced the same as you in the past!

@@JustinWilkins B+Q Good Home brand is quite a good quality paint, my decorator used it and said the same ✔💯👍

Yes that’s a really interesting topic actually, and one that I’ve not seen many videos about. I do have a 5, 10 and 20 year plan for switching mortgage products, paying down debt, selling vs keeping, etc. il add to the list and see if I can make a video on this 😃

No bridging loan as I bought it cash. Refurb took approx 7-8 weeks, builders moved fast 🙂

Current rates of bridging are around 1% I believe. There’s a few ways you can pay bridging, either roll it up and pay at the end when you refinance, or pay monthly - so that’s worth looking in to!

I’ve always used a broker - find it useful for comparing rates, finding lenders that I’ve never heard of, and getting a second opinion!

This is the north west