Always get "landlord's boiler insurance." It costs roughly £17 a month for zero excess, including unlimited call outs, parts and labour for the boiler and central heating system including all radiators. Or, if you want more certainty regarding monthly costs, for around £30 a month you can also cover the boiler, central heating system, electrics, drains and all plumbing. These kinds of cover do not effect your regular buildings and contents insurance no matter how many claims you make. The biggest mistake I made in property was not calculating the true maintenance costs, which can be very, very variable. I would recommend that you take insurance at least for the boiler. This cover will usually also include £750 to replace the boiler, if it can't be fixed. It's much easier to factor in £17 a month, rather than take a chance on a very, very expensive boiler problem, especially as tenants have a legal right to stop rental payments if they have no hot water and no heating for a prolonged period of time.
@@JamieYork Thanks Jamie, your shows are incredicbly informative and also a lot of fun to watch. There's one nagging question in my mind: When the new government EPC rules come in for rental properties how will this effect landlords in real terms and will there be any exemptions? For example, if you're renting out a grade II listed property, will you be required to drag out the beautiful leaded windows and replace them by UPVC, (which wouldn't be allowed anyway), and therefore, would the property no longer be "rentable" without the double glazing? A tricky question, but just wondering if you could host a show regarding this, as it will be madatory in the coming years and anyone planning a portfolio should bear this in mind. Thanks
@@francissaunders4050 epc requirements will change in 2025 and its going to cripple a lot of us with older properties. Be prepared to invest 10 to 15k per property to get up to the mininum epc level of C come 2025. Be warned all and prepare
@@caryj1590 Many thanks. Actually, because of this I'm thinking of changing strategy and only investing in new build apartments from now on. This is a pity because the service charges are a factor landlord/leaseholders can't control and the capital growth is much less than investing in houses - (I know this from personal experience). But this EPC rating crap has really thrown a spanner in the works :(
@@francissaunders4050 one can still buy older propertie but you need to factor in costs to upgrade heating system and insulating walls externally or internally. This is expensive. Only worth buying older houses if you are going to gut them and completly re modernise imo.
Jamie. Great advice thanks. Got out of BTL in 2014 when rules changed. Getting back in now thanks to you and a few others on RU-vid. You mentioned "Wheat from Chaff" When wheat is havested it comes with protective shell. In sorting the wheat you remove the chaff ie the bit you dont want (the shell).
Thanks for the video Jamie, nice to see some good honest advise. I did try a property training course last year, but lost confidence when the guy doing the course said he went from 20K worth of credit card debt to being financially free in 9 months, I just thoughts they are trying to sell you a dream and more expensive courses, not tell you the truth , its bloody hard work.
@@JamieYork ronseal is a brand of decking paint and there motto is "does what it says on the tin" so he's saying you dont mess about and get straight to the point
what i learned from this video - Don't be over confident if your first couple of deals have worked well stay humble calculate risks correctly, not calculating over head costs i.e. kitchen needs replacing in 15 years or boiler needs replacing in 3 years etc can cost ££££, follow your strategy don't switch because x is doing this and is making this much ££££ - you will FAIL if you consistently try to switch because x has done 3 LOA this month ( they have educated and trained themselves in this field), Don't become frustrated and buy a crappy deal because of your motivation, use formulas (numbers - make sure they add up) not feelings, DONT compare yourself to someone who has 10 years experience to your first 6 months experience they have thicker skin in the game, instead LEARN from them so you don't make the mistakes they did, Educate yourself if you don't know something get advice or get a mentor to teach you and then progress.
Jamie, great content. Would be interesting to see a video about: scenario - have properties and the mortgages are coming to an end of their term - not the product the actual mortgage. If you bought ie BTL interest owner, then after 20 years you still owe the principle sum. What do you do - sell? What to do
APG no leasehold properties or student pods thank. Ideally HMO's in East Midlands or Birmingham but after building up a small HMO portfolio would consider potential holiday lets as well. Great content keep it up thanks Chris
I wish I had used a pro to source a property. I like the house I bought but had no idea the costs that would be involved after they changed the EPC rules.
Great content, thanks! I’m seriously thinking of getting my first BTL next year. I’m based in Brighton and Hove where £180k gets you a very average studio flat. So I’ve looked elsewhere including my home town of basingstoke which I know very well but even a house in a half decent area is well out of budget. So I need to look further afield. Would you advise against looking really far from home for investment no.1 or do you think it’s the only option I have? A house is much more preferable than a flat. Or do you think go local and get a flat? Cheers
Hi , we have 8 btl properties , 6 in the Bristol area and 2 in South Wales. We are interested in going again but finding the right deal hard to find. Should we use a sourcing strategy Regards Guy Lindley
Came across this channel recently and thank you for all the info. Wondering was there a video about over exposure? Heard about this term in couple of the videos but want to understand more about this. Thanks
Excellent content as always great advice thanks quick question what's your feeling about equity in residential property would you use that capital in investing in more BTLS
I used to want to do it alone, after this video, think I would give a shoot. Do you have any advice on how to find a good deal packagers or sourcers? Especially when you don't really have a lot of budget and prefer not to buy in cash. Thanks!
Hi, I'm in my 20s and I bought a personal property in Hastings, East Sussex in 2017 on a repayment mortgage and its gone up in value by 100K, circumstances have changed and I now live 5hours away with my partner rent free. Should I sell my first property and purchase 2x BLT in my new area (Manchester) with interest only /repayment mortgage if my outcome is to own property as a means for extra cash flow and asset. Or should I hold onto the first property and change it from a residential to a BLT mortgage so I keep that property. Any opinion is appreciated. I know you aren't an accountant.
@@JamieYork Thanks man. Love the content and keep up the good work! I have completed on my first BTL deal @11% ROCE and any capital appreciation would be an additional bonus. I only learned about ROCE from your channel. :)
"if you've got £100k and lost 20%, which I've done anyway aswell". Humble. I felt that. Haven't lost 20% but have made mistakes as well. It definitely makes you a better investor if you learn from it.
@@JamieYork Hey Jamie, thanks for sending this! I filled out the details around a week ago but so far haven’t had a call. I know you may be busy! Is there anything else I need to do?
Hi Jamie, really love the videos, I’m asset rich and cash poor, with repayment mortgages. I need guidance and support to remortgage and buy more properties. Even though good videos, I don’t know enough to do it alone. Can you help. APG
Thanks for reaching out Thelma! I do train people on what to do with property. If you need help Go to bit.ly/aspireeducation and fill in your details :
In my experience it is cheaper to not pay every month for a contract to cover a boiler. They dont go wrong that often if they are serviced annually and treated with inhibitor.
if you're such an educator start with educating yourself how to pronounce HMO - it's "an HMO" and not "a HMO" it's pronounced like in NHS or in Honest or in Honour. Not a rocket science or quantum physics. ALPHABET. I'm really sick of this.
@@JamieYork Hmm... I disagree. But then I multi-task... I don't just sit and listen/watch... I am doing numbers in the background based on what you're talking about!
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
Thanks! Would be great to work together! Head over to www.aspireeducation.co.uk/joinaspireeducation and fill in your details, and a member of my team will be in touch! 😊
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RU-vidOrganic and fill in your details, and a member of my team will be in touch! 😊
