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.
@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.
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.
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! 😊
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,
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! 😊
EDUCATION - Interested in getting educated by me about all thing Property Investing then go to: www.aspireeducation.co.uk/joinaspireeducation
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.
@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.
Do you need to be CIS registered to do flips?
Flippin heck first here!
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.
That’s my biggest scare, being left with it and the finance that you can’t pay off, how many exit strategies did you have?
Don't apologise for swearing, you swear the perfect amount. Great Channel
I appreciate that! Cheers mate! LOL
Mint bloke best information on RUclips amazing 🎉
Cheers mate! Glad they help!
Plenty of houses for sale for 60k with houses on same street selling for 90k. Why not spend 15k Reno and flip in 6 months?
Education
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! 😊
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 👍
inform the local council this house isn't occupied and you won't be liable to pay council tax. but make sure you let them know or they'll charge you
If you property is unoccupied its only a 10 percent discount on council tax you still have to pay it
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!
That’s very true in Scotland BUT only for agency sales. Private sales don’t have those rules placed on them so go DTV 😊
Hi Jamie. Do you need to be CIS registered if you’re doing a flip?
Nope. But your contractors should be
@@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,
You got the right idea there mate! Let's hope they dont!
Did you get the money out to buy more? Or is it tied up in there
First comment!
Great to see you again!
Education
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! 😊