House Renovation Tour - Before and After | UK Property Flipping
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- Опубликовано: 21 ноя 2020
- So this week I wanted to take you around our latest refurb project. We have just completed a house renovation in Birmingham and so in this video we show you the before and after shots of each room so you can see the difference.
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Hell yeah! Literally just finished our renovation. Love it. Great project and great learning curve.
The quality of the refurb is very low in my opinion. The finish feels very cheap like for a rental property.
Paint looks patchy
Very low indeed. Carpets are badly fitted too.
@Jacob Mccullock his dad’s probably a builder
Cold colours choices
I’d agree with this. Bathroom looks cheap. And for 180k I’d be wanting spotlights throughout.
Great video Jack. Very honest and straight to the point, and didn’t waffle. Keep em coming!
🙏
Looks good Jack and a nice little profit there! Well done man, and looking forward to seeing the next project. Gary.
Thanks bro! Got another one we’re in the process of buying so I’ll try and film what I can
@@jackdavidsmith sweet, good luck man!
Delighted for you. Absolutely brilliant.
Great video. Nice and clear how it went and costs. Hopefully get my first one going soon!
Awesome bro! You’ll smash it 🙌
Great video, shame about the leak after the plastering. I'm currently doing flip in the North and having gutted it out myself I've found a few extra hurdles to get over. Always the way, can't wait for it to be finished and on to the next 👍
Yeah man these things happen. Kind of just have to expect it.
Well done though! Keep me updated! Excited to hear about how it’s going
Good stuff, been toying with the idea for a while now. think I will finally take the plunge this year as looking at early retirement, don't want to get bored so might look at doing a couple of projects and see how it goes.
Give it a go Alan! You’ll only regret it if you don’t
Nice video brother. Very inspiring. Keep up the great work. Love
Interesting, currently doing a similar project. Well done 👍🏾 keep up the good work. 👏
Literally in the middle of doing my place up! Loving it🙏👌
Great job, how much money would you recommend having saved up before taking on something on a similar scale to this? Also did you do it as a company or as you if that makes sense? Either way does your personal credit rating come into play?
That's awesome Jack! That is an amazing profit for your first house flip! So happy for you and Jess.
Thanks Steph! Appreciate it 🙏
Made bank. Would have made more bank if he done more of it himself🙌
Hi, i've just come across your youtube channel. Me and my brother are looking at buying a property in the near future because we would like to get into property renovation. I am a narrowboat builder and he is a senior site manager. Ive renovated a bungalow completely just recently for my girlfriends father and he he had done lots of work on his own homes (extentions and putting dormers into a bungalow). Im finding your videos very very helpful, ive signed up for your deals also on your website. Thanks for sharing!
Where abouts in Birmingham is this house? 180k for a 2.5 bed terraced house is ridiculously expensive.
😲 It's so cheap!! Why did I ever leave the Midlands and move down south 😭 £180k here would get you a 1 bed flat no garden and I'm not even in London 😭
@@hamsterpouches for Birmingham that’s expensive lmao
@@hamsterpouches I feel you!
Where I live a 2 bedroom flat is around 200,000 £. Not in London, but quite close.
130,000 for this house is a bargain.
In my area at this price you can only have something shared ownership 😂😂😂
@@powerfulstateofmind thanks for having a little whine with me! 😅
I don't know where you live but the price is at the low end of similar properties in the UK and I have lived in various places around the UK
Great Video, Cheers Jack Mate
Great video Jack and great project!
Thanks Raphael 🙏
@@jackdavidsmith Are you on Insta?
@@RaphOrChuks @jackdavidsmith
Great job with the refurbs👍
Love them!
Very interesting. Keep the videos coming👍
I’m glad you found it interesting! More coming every week 👌
This is amazing. Congrats!
Thanks Rachel! You invest yourself?
@@jackdavidsmith Not yet, but will be in the future!
@@TheWellnessAbbey awesome! Well done for the RUclips hustle👌
Firstly, thank you for the video. I wanted to ask you what you have learned from this project and if you could go back, what would you have done differently?
Great question. I think I would have moved faster on the purchase. I stalled it due to COVID but definitely didn’t need to
Thanks for this, we have 4 we rent out but are thinking of returning from over seas to do a few. Do you know people in the trade or did you have to find them out. ( wondering if that 11 grand is mates rates or normal rates)
Hi Jack, lovley work. I was just wandering how long it took you to complete from start to finish? I'm looking at getting into doing refurbs, allways done all the work for other people thought I might as well do up the house for myself to sale on
Thanks
Peter
Be interested to know how long it takes you sell the property especially in today’s climate.
But great work 👏🏽 loving the videos.
I agree. I think I will get plenty of offers, but actually completing is another question... will try and keep you up to date👌
Well done mate. Good job
Cheers Gordon 👌
Very helpful indeed💗
Awesome stuff Jack. Very inspiring. How did you initially purchase the property? Did you use a bridging loan, mortgage or something else? All the best 👍🏼
Liked the composite of new over old and liked the figures.
Hey man great stuff ! I literally have just come across your channel from suggested and this video is LITERALLY identical to my first property flip video! I’m freaked out haha!
Great job 👏🏾
Thanks 👌
I’ve subscribed ur channel coz u r the only person who shared the cost ..
Costs are only relative to where you are living in all fairness and what extent of works you are having done etc and what your budget would allow you to have anyways.
But i get what you mean. It's nice to see numbers 🙏👌
Good work!
Hi Jack , quick question: When you buy the house i take it you buy it out right without any mortgage or loans from bank? Is it through private investments?
I use private investors now or a mortgage if I plan on keeping it
@@jackdavidsmith So the £39,000 profit isn't an accurate figure then? Firstly estate agents sellers fees and legals haven't been taken in to account (for sale), or your return to investors?
@@spencersanford5384 selling is 1.5k and didn’t use investors
Excellent work Jack, congrats! How long roughly did it take from date of purchase to sale please?
Congrats man, looks brilliant. 💪🏻 looking forward to the next!! Have you seen one yet?
Cheers Callum🙏 yes in the process of buying the next 👌
@@jackdavidsmith brilliant news, similar size project and profit margins? Do you usually have a figure in mind before going into every project which helps you weight up which property to refurb at all?
Yes very similar size and similar profit margin. I don’t look at a specific size or refurb for a deal, I just search for what’s out there and work out if the deal stacks. If it does, I’ll go for it
@@jackdavidsmith I see, cheers for the advice. Still learning all the time, and aiming to get my first refurb in January so looking forward to the tips and follow along
@@callumbruce9616 that’s awesome! Keep updated with it bro! Would be great to hear how you’re getting on 👌
Hi Jack, when your looking for kitchens and baths, showers etc where are the key places you look/ find them. Love the content
Jack how did you raise the initial capital to purchase the house?
I'm assuming mortgage, if so what % of a deposit did you put down?
Hi jack how much of the work done in the house is done by yourself and what do you get tradesmen to do?
Hi there, I’ve only just started watching your vids, love them but one question while you are revamping the house do you get house insurance (brick-mirror) and if so can you get it for short periods . Thanks
Hey Russell! Glad you like the videos.
Yes I get building insurance before the purchase is complete. Just pay monthly
Great content once again
Cheers Bradley!👑
How do you get the estate agency to give you an off market deal? I have money for a deposit and I’m ready to buy but I’m struggling to find properties in need of renovation at a profitable price
Have u got an email address I can contact you on ?
I have the same question, ready to buy a property to flip, pls contact me
Wait do you by the property full price? Or did you refinance it then rent it
spot on.
🙏
Love the video
Very helpful❤️❤️❤️
Nice job Jack. Could you go through the tax you have to pay on buying and selling? I am worried it would really eat into any profit / potential profit. Is there a difference in tax treatment when flipping/trading a property vs BTL? (stamp duty, capital gains etc, a worked example in a video would be helpful..) Thanks Jack
I would also be interested in learning more about the taxes. There must be deductions from the 39k he mentioned. Has he responded and/or made a video about taxes etc since your comment? Thx
Property looks great Jack! Awesome job 👍
Appreciate it Dean 🙏
A quick question so coming from a working class how much would I need initially to invest in properties as a start up?
Plus wouldn’t government start asking questions based on where the money came from etc? If money came from elsewhere?
Hi Jack, did you use a refurb bridge or a standard 70-75% ltv? Interested in how you financed the refurb and repayments. Thanks
I put a higher deposit down and didn’t get a bridge on the refurb👍
Hi Jack, how do you get around paying CGT when you sell this having bought with a resi mortgage?
Did you purchase this with cash or mortgage wondering where to start bridging loan seams like it will cost to much if the property doesn't sell withing loan agreement time
That’s amazing, awesome job mate.
Quick question if you don’t mind, the parts of the house where you didn’t plaster (like in the lounge), did you skim before painting or did you just do a strong coat over it. Thanks
Great question bro!
So, I would usually say strip and plaster every time BUT this wallpaper was thick as hell and wouldn’t have come off without having to board the whole house! And really, the cost of it vs how much money we’d get back wasn’t worth it.
Usually I would plaster but in this situation it wasn’t worth it. So we did a couple of coats👍
@@jackdavidsmith awesome, thanks for the info
@@eawall11 no worries bro
In what order would you do renovations? Would it be plumbing, electrics, masonry, windows, paint, then carpets? Or, what? Thanks.
You should always paint first, then that would give you some time to think of what carpets/furniture to buy
Making sure the property is weatherproof first is a must. Includes Windows, doors and the roof.
Jack you are soo young and inspirational I learn alot from you
Can you please tell us how you fund your projects. E.g. Do you buy on bridge how do you do this? How does it work the whole shebang. I will be so grateful 🙏🏾
Thanks Yvette! I give more detail in other videos but I am looking to buy cash now, and will fund projects purely with my own money and investor finance from now on
There is no mention of solicitors costs or estate agents selling costs plus how was the purchase financed ? Were there any finance costs ?
Thank you
Hi Jack .Really good stuff mate.Just curious about one thing if you dont mind me asking ,do you pay someone s a finder fee and why ?as you look quite knowledgeable and seem to have a lot of information about housing in general.
Be really good if i could get an answer of you as i am starting out in property and i am uncertain wheter i should pay someone to find me the deals or go out there and find them myself.
Regards
Quick question if you purchased the property with a mortgage eg house value £130,000 10% deposit than you have a monthly repayment eg £600 (what happens if you can’t sell the property do you have to factor the monthly repayment in your budget) and if you do how do you get a quick turnaround sale.
Love your video jack can give me heads up on areas I should be buying in budget 60/120 thanks mate
Is that £60k-£120k total or cash?
hi jack, so how much hv you achieved at the end? how long was the renovation and selling? tanks
Well done mate
Cheers Tony 🙏
Hi Jack
What were your finance costs? I think I saw a comment on the previous videos comments that you took out bridging finance. If so, I'd expect them to take a fairly large chunk out of your profit.
What was used for the bathroom walls please? Looks good!
Hi jack. Would you do r2r or just straight into brrr .?
I am thinking of buying my own property then slowly doing up then selling like you explained in one of your vids and start that way instead of trying r2r
Depends on your goals but if you’ve got the money I would personally go straight into BRRR
Absolutely insane work man .. congratulations!
Cheers bro! Really appreciate that!
Great vid
Thank you🙏
Hi Jack when you bought the property did you have a mortgage and principle in place? Whe you do deals like this can you put down a 10% deposit even if your a home owner like myself.
Don't forget the agent fees for the sale, the solicitor and the inevitable tax bill...
Exactly this is what I wanted to say. How much will be the final profit?
How long did you spend renovating the house?
Amazing work Jack! Would love to know more about the financing of this, if that's not too personal... was it with bridging / residential mortgage etc...
Yes I used a bridge on this one
Great content bro! How are you finding the market with COVID ? I can’t find anything bmv at the mo. Expecting it to come back March 2021
Booming currently! That’s why it’s hard to find good BMV deals. Everything is overpriced and still selling.
I’m assuming you think that because of the end of stamp holiday and furlough?
@@jackdavidsmith yep, once furlough ends and repossessions can resume, I’m expecting the market to be flooded with bargains so I’m holding off for now
Wow 39k profit nice one , I need to get involved in this business
Did you use bridging finance for this property ?
UR A G! NAH IM STARTING TO GET INTERESTED IN ALL THIS BRO
🙏
Hi great video appreciate the content. Which area is the property in as it seems a great house for the money paid for it and even better now the refurb is complete. Keep up the good work
Yeah man, it was in Birmingham 👌
Hi Jack, great job, how long was turn round from getting keys to this video?
You renovating your place ?
Amazing Jack, doing this 3/4 times a year could become full time job right? Would you do it full time?
100% could. At the moment I enjoy my job and want to invest all my money back into assets rather than creating a salary for me. But one day, definitely
I'd absolutely love to be able to do it full time. Done mine in a little over 5 months total. Great learning curve
Very interesting vid! Do you own a company that the finances/operational costs of these projects goes through? Or are you running these as a sole trader/self employed? I understand things like this aren’t straight forwards when it’s still on the side of a full time job.
I did it in my personal name as there were benefits as a first time buyer. I will buy in a company from now on though
Are you a bit of a handyman yourself? I’d love to do this kind of thing but I’m useless with a toolbox, reckon I’d lose any potential profit on contractor fees. Also when viewing a property, is there anything that would completely put you off in terms of remodelling? Either because it’s too hard or costly?
How long did this take to buy, renovate and sell.
Did you sell this or keep it in the end?
Another question for you please Jack, did you pay cash for this house or was it a deposit and then mortgage? Thank you
How many months is good until you pull all your money out? Found a house with good cash flow but it would take 90 months to pull out the original £30k of investment. Is 90 months too long? If so what should I be aiming for? Thanks
Hey thank you for this! I’m just confused about something, you’ve always said it’s illegal to buy houses to flip and then sell straight away (something I always wanted to do) but I’m assuming from these videos you are flipping to sell these houses , not to rent them out / live in urself correct? How are doing this/ which mortgage are you using for this to be allowed? Super curious would love to know, thank you!!
Bridging loans or cash allows you to do it. Mortgage lenders don’t allow it
Congrats on the project, following on from a few comments below, what were your overall bridging loan costs?
👍
Great good news story! In terms of profit though, what about seller’s fees, interest etc.? What’s the final net profit please?
Sellers fees are very minimal for us. Do you mean after tax?
@@jackdavidsmith Yes I mean things like interest charges on your borrowing, tax etc. Many thanks 👍
Have you considered the stamp duty in the purchase price?
Great video...thanks for sharing. Where did you get the kitchen from and did they give you a nice deal?
Howdens 👍
@@jackdavidsmith Thanks!
How is 39k just “not bad” profit. Do you get to take that home just like that because that’s loads of money
Hi, great house flip. Wondering where you purchased the 6quid doors?
... do you mean the 6 panel doors? Not £6 😂
That makes more sense 🤓
Congratulations brother just came across your channel, how old are you? Doing a great job keep up the content 👍🏼🔥
24 🙌
What do you do with the profit? Like how much is taxed (eg. Money you don’t get to see) and how do you go about investing that money?
I'd love to do this full time. Flip and invest into the next one
Hi
How did you finance the deal ?
Also that area is the property in?
Thanks.
Bridge - looking at investors and my own capital moving forward.
Birmingham
Great content. Is this your full-time job Jack, or do you work as well?
I work as well
Congrats Jack! How do you calculate everything, do you have a deal analyser spreadsheet?
I used to but don’t really use it. Would something like that for flips be helpful?
@@jackdavidsmith yes, or just to see the process of how you organise and see if the numbers stack up on a flip?
What about paying tax part? Do you have a video explaining that bit with hmrc? New subscriber, sorry if you already explained this part. I am planning to do the same thing like you, i am waiting to cash in for the first house and i have some money to invest. Cheers
I like the refurb - those panels are really nice fast solution for bathrooms - just using in a new refurb myself... how long did the transaction take on acquiring this property from offer to completion?
Yes, very easy and fast. To be honest it’s not the best example of how fast it takes to complete on a property because it got paused for about 2 months due to COVID
@@jackdavidsmith ok cool - it took me about four months to buy in London - a lot of hoop jumping with a lender.. buying through UK SPV... that being said, same lender for the last few transactions and never did they exercise as much scrutiny this time... also had to cough up a higher LTV. All the current units are let so still have a bit of nerves to see how quickly we can get this out... i have been on your channel for a while but only rediscovering it... silly algorithm...
@@fififinance7469 yeah 4 months is long but it’s just the world we’re in at the minute. Also lenders require a higher LTV now anyway. How much did you have to put down?
@@jackdavidsmith We put down 20% through a corporate SPV - last deal we put down 10% and got a lower rate :-/ that being said, i have locked up for longer as finding with BTLs on companies - refinancing is quite cumbersome so i make a good real return post interest, ill take it :)
Hey jack , got a quick question, would you buy a house that has huge amount of damp?
Assuming I can get a discount for it, yeah
What is Your debts comparing to propertys value ?
Hey Jack been watching your vids for a while. Have a question, I want to buy a property to live in for 2 years then either sell or rent. What would be the best kind of mortgage ? I want to reinvest my money after selling or renting then invest into more properties to let out and build a portfolio.
If you reply I’d appreciate it man!
Personally I would do a residential mortgage for the two years you are there. Then speak to a broker and remortgage onto what is called a let to buy mortgage if you’re going to rent it. Basically means you can let this property in order to buy a new residential property for yourself.
If you’re going to sell no need to remortgage
@@jackdavidsmith Thanks for the reply man it helps, been watching you and Samuel Leeds a lot and learnt a lot. plan to set myself up as a ltd company after selling my first house then reinvest in B2L. keep making videos they really help!
Thanks for your great videos. Is it possible to start property developing with £40,000 cash? No ability to get a mortgage, on a minimum wage? I live in Birmingham. Thanks.
Over 27% ROI, smashing it
Not too bad🤷🏻♂️ how you getting on bro?
@@jackdavidsmith good mate, still learning... hope to pull the trigger on a flip next year all going well 💪🏼
@@tomday_td awesome bro! Glad to hear it👌
Interesting. Loving it. What about the profit after tax? Attractive?