Been following you for a while and enjoy your videos. Suggestion: buy a lapel microphone. It’ll make all the difference to your production quality and the experience from your viewers. You can get a top notch one for £100.
Thanks for watching and following 👊 It’s on my list 100%. I just bought another one but it gave us load of editing issues, so just in the process of swapping!
From what I can gather the best thing to do for Some one whos starting out is go down the BTL route, then once youve built a big enough portfolio, go down the BRR route to accelerate property aquisition
Really great content. The main concern for me is how do you handle a refurb happening all the way in Liverpool if you live 5 hours away? Drive up constantly? Video calls? Source local builders? Get contracts with builders/contractors in place first? Lots of questions...
Everything you’ve said! This is my point of view - At the end of the day, if you live 5 minutes from the investment you buy… are you going to be doing work on it yourself? If that’s a no, then it doesn’t matter where you are located. Obviously, it’s a lot easier if you are able to nip round and let trades in - however this can be overcomed with trusted contacts.
Great video! If you use the brrr method rather than a standard BTL, surely pulling any money out is better that no money as it starts your pot up for the next one? For example if I bought a standard BTL with a deposit of 25k, it would be better to do the brrr method as even if I pulled out 5k, that's a fifth of the way to the next one? Is that correct?
Yes, absolutely correct! The more the better, so that you can continue cycling money. Most BRR projects will cost at least a total of £30-£40k, as you’ll need to purchase and then refurbish. So if you can do that and only leave in £5-£10k after refinance - that’s a great place to be! 😃
Good video Justin - you mention the council tax costs while property is empty. In Scotland we only pay that if the property is furnished, so I have more recently been renting out unfurnished to avoid council tax when empty. Also I think ( but dont know for sure) that tenants stay longer in unfurnished flats. Do you rent furnished or unfurnished ?
So are you saying you got a bridging loan for the deposit and refurb and took out a mortgage? You said you only had £32k in and took out £20k. When you re-finance or remortgage are you saying the increase in value was enough to pay the bridge in full plus interest, leave 25% in for the BTL mortgage also. I don’t think I’m following this correctly.
Hi Justin, Can you do an update on your first Liverpool property. what was the real RIO and how did it deviate (or not) from you initial whiteboard numbers? If you could do it again would you have waited to save more for a more expensive property?
Great suggestion, and funnily enough ive started to put together some content for this as it’s been almost 2 years since I bought it! I will definitely get this video made and shared in the upcoming week- month latest. 🙏
Another insightful video Justin. Been Following you for absolutely ages, I might actually look to book another 1-1 call quite soon as I've learnt alot more now.
Hi Justin, thank you for all your brilliant videos. I have two rentals and would like to buy more but I need to refinance one of them and I am thinking I should start a limited company for any further properties I buy going forward. My question is can I just refinance my rental and put that cash into my company and then buy properties through the company going forward? Can I use my personally owned rental refinance to start up my company? I hope that makes sense. Thank you again for all that you do.
Interesting video Justin, nice to see it all come together. Question: just what is the purpose of that music? It's incredibly irritating, you can't hear it, it just throbs intermittently in the background and does nothing to enhance what you are talking about. The only good thing was that it was not loud !! Get rid, is my advice !!
Thanks watching Jo! And good feedback, the media guy I work with Tom has added in the music, it’s often used to give the video a certain tone or pace. For me it’s all about trial and error. Im always trying to improve quality and come up with new ideas. Some work and some don’t 🙂 but it’s good to know your feedback for future videos! Thanks
Thanks for another informative video Justin! I’m hoping to do a BRR for my next deal and make a RUclips series documenting it! Keep up the good work mate
Great video Justin, good to see you making the time to travel up to a different area, the location thing often holds me back as its so damn expensive in my area. If your 5 hours away from Liverpool, it'd be great to know how you fouind out about the vacant run down property?
Hi Simon, Thanks for watching and yes I know investing in different areas can be difficult and daunting! I went direct to vendor on this property, and I found the property by driving round the streets in between viewings on one of my visits. It’s not efficient or time effective, but it can work as I’ve found it 😃
Great video Justin. Would you consider selling your DTV letter template for others to make use of? I purchased your BTL and BRR spreadsheet and found these extremely useful. Thanks mate.
great vid Justin. I'm in the process of getting educated and have set up my deal packaging business. Also want to build my own portfolio so this is very helpful
Hi Justin, you know at your ‘repeat’ section, if you cannot refinance enough money or if your refinance is below your total costs, what do you do then in this instance? You need to have enough capital / deposit if you repeat it
My understanding from my own broker on refurbing via a standard mortgage is that they expect the work to be completed so that the property is in a lettable condition within 28 days. If it's just a bathroom or kitchen and TLC, prbably doable but for a full refurb nigh on impossible I would think. Really appreciate the honest content.
Thanks for the comment, useful for people to see what you’ve found out. Usually if using a normal mortgage, they probably have a timescale in which they want the house ready to rent. If doing a large refurb, or lots of projects every year then it can be best to work with bridging finance or purchase the property cash 🙂
All these videos on buy refurbish rent out and refinance all sounds great but what are you telling the banks about how your going to repay the mortgage?
Really useful. Thank you! I hope next year I can buy my first investment property. The problem is that i have no connections to trades people. I feel like experienced people like yourself have trusted tradesmen you always work with. I'm scared of being ripped off . Can you give any advice on how to find good tradesmen and how much certain works tend to cost. Thanks!
Thanks for watching! Glad it was useful 👊 I would recommend networking within the area you are looking, go to property meet-ups or business meet ups. Build up your network and connections, then ask for recommendations within your new network. Alternatively you could just get quotes from builders on check a trade or social media - but you are taking more of a risk that route. Hope that helps 👍🏻
Yes absolutely, in fact I used one on this deal 🙂 with regards to the ‘cash flow suffers’ comment. This means that there is a short period of time usually 3-6 months where you can earn money from the property because you are refurbing it, so then you are paying for your mortgage cost, or bridging cost… whilst not having any incoming rent.
@@JustinWilkins so why would you sell it instead of just refinancing and renting out? Seems like if you refinance you get the profit from the value increase and the rent too? Am I missing something here
Great videos as always Justin. So happy to see how much you’ve learnt and how far you’ve come. Do you have a template of the letter you have sent to vendors as part of the direct to vendor method?
Thanks Abdul! Really appreciate you watching mate. I’m afraid I have to keep my D2V letter exclusive to my property x program members as it’s part of what’s included when they sign up. But I believe there are some ok letters on Google, which you can find and improve upon! Good luck 😃🙏
Thanks for the insight! I’m looking to Buy and renovate to sell next year. - to avoid CGT how long do I have to hold the property? (It would be my only & main residence) - where the sale or and renovation take too long, could I rent it as HMO until I can sell it? Any advice or opinion welcome
Hi Justin been following you a while now. I have quick question. I’m looking at starting into property myself after been inspired by yourself. I was going to go down the route of flipping. So refurbing and selling on. can you get a normal mortgage on them rather than a buy to let as the plan would be to always sell on? I’m asking as a BTL Is 25% deposit. So I thought a standard Mortgage could be 10% instead. Any idea on this? Thanks
Hi Wesley, cheers for watching man. So best to speak with a good mortgage broker (sorry generic boring response lol!) but a good broker will find you a mortgage lender with a low or no ERC (early repayment charge). You just need to explain your goals, and plans for the mortgage / bridging and they’ll try to suit you with the best product!
@@Rocky333-n5d I typically get a 2 year 90/95% LTV, reno while living on site in 3-6 months. Enjoy the fruits and save more capital for 18 months, then refinance to BTL, and repeat. I just don’t like the idea of giving the bank more money which could be used on the next deposit (or a nice holiday ☺️)
Once the project is done, do you use the 25% equity in the refinance as a deposit or some portion of the released 75% to repeat the process again for buying another property?
Just found your videos, really great content ! Do you have a BRRR deal analyser that I could use ? Now in the process on buying my first student HMO, would be handy to have a ready made spreadsheet for it. Thanks in advance
Thanks mate! Appreciate your support brother. Yes it’s called Hera London. They do oversized style tshirts 🤙 (brand is nothing to do with me - just don’t mind their Tshirts and hoodies haha)
Hi June- I usually work with either a group of individual trades, although the organisation of that can be difficult and it only takes one trade to be off on their timing and it can upset everyone else. OR I use a full build team, I did this on my most recent refurb and my btl was transformed it just a matter of weeks!
I’m pretty sure this differs based on the actual council. They often have a vacant property “rate” or grace period; especially if the house is uninhabitable (no functional kitchen or bathroom) 👍🏼
When I bought my first house I got a reduced rate, however I'm not sure how it works when it goes through a LTD company or if it even makes a difference. Thanks for your replies 🙂
@@Holdeenio Yes, some councils do give a reduction, you have to apply and it's at their discretion. My present council (Durham) gives abso no redutions at all 😠 Of course, once a tenant takes occupation they pay.
@@Holdeenio The vacant property rate/grace period tends to only apply when the property is in a serious state of structural disrepair. We're talking major subsidence, missing roofs etc, not just a missing/non-functional kitchen or bathroom.
When you refinance the house and you pull out more money, the rate of the mortgage will increase or will increase the interest and the years of the mortgage?
When you refinance, you are basically taking out a new loan of a higher amount. The interest rate and term (on interest-only payments) will entirely depend on the product and your circumstances, borrowing more doesn’t necessarily mean a higher rate of interest will be charged
I have been in this game a very long time and I will share the biggest problem to have when you come to refinance and itts this a lender will send out a man with a clip board to do the valuation and he may not value with the same eyes as you and he can stop dead what you are trying to achive i learned long ago that you need to save good deposits in cash and then move on what your trying to use was used in the early 2000s when lending was very differant from today you could buy on a monday and remortgage the next week up to 85%LTV
Great video as usual mate!👍 Man loves a white board! 😂 So when you take the money out does that not increase the mortgage repayments and cut into the rent profit a little? Cheers
Mortgage payments will be low as it will likely be an interest only and the rent from the tenant will more than cover this. When doing due diligence and assessing how viable a deal is, the mortgage payments will be taken into consideration. 👌🏼
@@thepropertynoobs9089 What happens when you're on interest only payments and you eventually reach the time where you need to produce the cash to settle the original full mortgage amount?
@@Cronus111 you have a few options. One is to sell the property which should have gone up in value due to capital appreciation (by how much is dependent on a few factors). This will more than cover the mortgage debt plus should net you quite a healthy return. Another option is to refinance the property taking out another mortgage. My understanding is that when a property investor comes to the end of their journey so to speak, they will sell off a portion of their portfolio and pay off the remaining mortgages leaving them with a number of mortgage free houses bringing in income for the rest of the investors life.
Been following you for a while and enjoy your videos. Suggestion: buy a lapel microphone. It’ll make all the difference to your production quality and the experience from your viewers. You can get a top notch one for £100.
Thanks for watching and following 👊 It’s on my list 100%. I just bought another one but it gave us load of editing issues, so just in the process of swapping!
Brilliant video. Very detailed. One of the best channels I have come across on property stuff.
Legend, thanks for the amazing feedback 🤝🔥
Which builder in Liverpool have you worked with?
Thanks for sharing these. Really useful. How should we find out refurbishments costs before buying?
From what I can gather the best thing to do for
Some one whos starting out is go down the BTL route, then once youve built a big enough portfolio, go down the BRR route to accelerate property aquisition
Really great content. The main concern for me is how do you handle a refurb happening all the way in Liverpool if you live 5 hours away? Drive up constantly? Video calls? Source local builders? Get contracts with builders/contractors in place first? Lots of questions...
Everything you’ve said!
This is my point of view - At the end of the day, if you live 5 minutes from the investment you buy… are you going to be doing work on it yourself?
If that’s a no, then it doesn’t matter where you are located.
Obviously, it’s a lot easier if you are able to nip round and let trades in - however this can be overcomed with trusted contacts.
Great way to grow your portfolio, just a lot more money needed in hand
100% accurate. A lot more cash intensive at the start
Another great video! Really enjoying following your journey, thanks for sharing it
Thanks 🙂 really glad you enjoyed it and thanks for watching!
Great video! If you use the brrr method rather than a standard BTL, surely pulling any money out is better that no money as it starts your pot up for the next one? For example if I bought a standard BTL with a deposit of 25k, it would be better to do the brrr method as even if I pulled out 5k, that's a fifth of the way to the next one? Is that correct?
Yes, absolutely correct!
The more the better, so that you can continue cycling money.
Most BRR projects will cost at least a total of £30-£40k, as you’ll need to purchase and then refurbish. So if you can do that and only leave in £5-£10k after refinance - that’s a great place to be! 😃
Good video Justin - you mention the council tax costs while property is empty. In Scotland we only pay that if the property is furnished, so I have more recently been renting out unfurnished to avoid council tax when empty. Also I think ( but dont know for sure) that tenants stay longer in unfurnished flats. Do you rent furnished or unfurnished ?
So are you saying you got a bridging loan for the deposit and refurb and took out a mortgage? You said you only had £32k in and took out £20k.
When you re-finance or remortgage are you saying the increase in value was enough to pay the bridge in full plus interest, leave 25% in for the BTL mortgage also.
I don’t think I’m following this correctly.
I was looking for a comment making this point
Hi Justin, Can you do an update on your first Liverpool property. what was the real RIO and how did it deviate (or not) from you initial whiteboard numbers? If you could do it again would you have waited to save more for a more expensive property?
Great suggestion, and funnily enough ive started to put together some content for this as it’s been almost 2 years since I bought it! I will definitely get this video made and shared in the upcoming week- month latest. 🙏
@@JustinWilkins looking forward to it!
Another insightful video Justin. Been Following you for absolutely ages, I might actually look to book another 1-1 call quite soon as I've learnt alot more now.
Cheers 🍻 glad it was useful !! Thanks for the ongoing support
Great vid Justin for making this content simple that even a child can understand this great stuff mate cheers👍
Haha I hope that’s a compliment 😝😝
Very well done! It's cool to see the differences from here in the States compared to over there!
Thanks Erik! I often do the same in reverse, and watch US videos to see how you guys approach investing 😄
Hi Justin, thank you for all your brilliant videos. I have two rentals and would like to buy more but I need to refinance one of them and I am thinking I should start a limited company for any further properties I buy going forward. My question is can I just refinance my rental and put that cash into my company and then buy properties through the company going forward? Can I use my personally owned rental refinance to start up my company? I hope that makes sense. Thank you again for all that you do.
Interesting video Justin, nice to see it all come together. Question: just what is the purpose of that music? It's incredibly irritating, you can't hear it, it just throbs intermittently in the background and does nothing to enhance what you are talking about. The only good thing was that it was not loud !! Get rid, is my advice !!
Thanks watching Jo! And good feedback, the media guy I work with Tom has added in the music, it’s often used to give the video a certain tone or pace. For me it’s all about trial and error. Im always trying to improve quality and come up with new ideas. Some work and some don’t 🙂 but it’s good to know your feedback for future videos! Thanks
Thanks for another informative video Justin! I’m hoping to do a BRR for my next deal and make a RUclips series documenting it! Keep up the good work mate
Thanks for watching Ben! Great to hear it and be sure to send me the links when you get started :)
Great video Justin, good to see you making the time to travel up to a different area, the location thing often holds me back as its so damn expensive in my area. If your 5 hours away from Liverpool, it'd be great to know how you fouind out about the vacant run down property?
Hi Simon,
Thanks for watching and yes I know investing in different areas can be difficult and daunting! I went direct to vendor on this property, and I found the property by driving round the streets in between viewings on one of my visits.
It’s not efficient or time effective, but it can work as I’ve found it 😃
So do you get a buy to let mortgage eveytime? Guessing you need to leave 25% in the property when refinancing?
Great video Justin. Would you consider selling your DTV letter template for others to make use of? I purchased your BTL and BRR spreadsheet and found these extremely useful. Thanks mate.
Another fantastic video Justin!
Cheers my man! 👊
great vid Justin. I'm in the process of getting educated and have set up my deal packaging business. Also want to build my own portfolio so this is very helpful
Just want to check do you guys use personal bank accounts or LTD company bank accounts ??
If buying properties in a limited company, then a business bank account. For people that buy in personal name, use a personal bank account :)
@ thanks mate ♥️🙌
Does not refinancing and pulling money out increase your mortgage and hence decreases your cash flow?
Correct, hit the nail on the head. Positive is releasing capital to purchase more, negative is that cashflow decreases.
Hi Justin, you know at your ‘repeat’ section, if you cannot refinance enough money or if your refinance is below your total costs, what do you do then in this instance? You need to have enough capital / deposit if you repeat it
My understanding from my own broker on refurbing via a standard mortgage is that they expect the work to be completed so that the property is in a lettable condition within 28 days. If it's just a bathroom or kitchen and TLC, prbably doable but for a full refurb nigh on impossible I would think. Really appreciate the honest content.
Thanks for the comment, useful for people to see what you’ve found out. Usually if using a normal mortgage, they probably have a timescale in which they want the house ready to rent. If doing a large refurb, or lots of projects every year then it can be best to work with bridging finance or purchase the property cash 🙂
All these videos on buy refurbish rent out and refinance all sounds great but what are you telling the banks about how your going to repay the mortgage?
Really useful. Thank you! I hope next year I can buy my first investment property. The problem is that i have no connections to trades people. I feel like experienced people like yourself have trusted tradesmen you always work with. I'm scared of being ripped off . Can you give any advice on how to find good tradesmen and how much certain works tend to cost.
Thanks!
Thanks for watching! Glad it was useful 👊
I would recommend networking within the area you are looking, go to property meet-ups or business meet ups. Build up your network and connections, then ask for recommendations within your new network. Alternatively you could just get quotes from builders on check a trade or social media - but you are taking more of a risk that route. Hope that helps 👍🏻
@@JustinWilkins thank you!
Can I ask, do you get the builder to quote for labour only, some materials or everything?
Quote was labour and materials 👍
Why dont you just bridge it? Just find deposit the Bridging company will cover rest plus refurbishment...you could have two delas on the go then....
That’s what I did 🙂 except, I just did 1 BTL as I had my bungalow refurb going on aswell. Not sure the stress of 3 refurbs would be good for me 😅
Love it Justin, must be nice to take a deep breath and look around to see what you’ve achieved🙏🏽 Keep smashing it!
Cheers Lance!
100% man. I’m still new and just getting started, but each step, each property feels like a great achievement 🙏🔥
Can I ask what is the positive cash flow out of the £575 rent after the mortgage interest and costs have been paid?
This one is £308 profit per month 🙂
Cash flow suffers? Did you consider a bridging loan to not put as much of your cash in the deal.
Yes absolutely, in fact I used one on this deal 🙂 with regards to the ‘cash flow suffers’ comment. This means that there is a short period of time usually 3-6 months where you can earn money from the property because you are refurbing it, so then you are paying for your mortgage cost, or bridging cost… whilst not having any incoming rent.
When you refinance a property i dont understand how you get the difference in proft? do you get paid cash frrom the lender?
Correct, once original debt is repaid, then any remaining balance is paid into your bank account.
@@JustinWilkins so why would you sell it instead of just refinancing and renting out? Seems like if you refinance you get the profit from the value increase and the rent too? Am I missing something here
Great videos as always Justin. So happy to see how much you’ve learnt and how far you’ve come. Do you have a template of the letter you have sent to vendors as part of the direct to vendor method?
Thanks Abdul! Really appreciate you watching mate.
I’m afraid I have to keep my D2V letter exclusive to my property x program members as it’s part of what’s included when they sign up.
But I believe there are some ok letters on Google, which you can find and improve upon! Good luck 😃🙏
Thanks for the insight!
I’m looking to Buy and renovate to sell next year.
- to avoid CGT how long do I have to hold the property? (It would be my only & main residence)
- where the sale or and renovation take too long, could I rent it as HMO until I can sell it?
Any advice or opinion welcome
Given that you live 5 hours away how did you research properties that were empty? Did you pay someone to send you that information?
I go up to the area regularly and in between viewings I drive all the roads seeking for empty houses 😃
@@JustinWilkins ahh makes sense. Thank you.
Hi ...who is the best mortgage broker for buy to lets deals ?
Thx
Hi Stuart, feel free to email me at team@propertyx.store and il intro you to my broker 🙂
Great work 🔥🔥
Thanks 🔥
Hi Justin been following you a while now. I have quick question. I’m looking at starting into property myself after been inspired by yourself. I was going to go down the route of flipping. So refurbing and selling on. can you get a normal mortgage on them rather than a buy to let as the plan would be to always sell on? I’m asking as a BTL Is 25% deposit. So I thought a standard
Mortgage could be 10% instead. Any idea on this? Thanks
Where are you finding mortgage/finance which doesn’t have an exit fee when you refinance
Hi Wesley, cheers for watching man. So best to speak with a good mortgage broker (sorry generic boring response lol!) but a good broker will find you a mortgage lender with a low or no ERC (early repayment charge). You just need to explain your goals, and plans for the mortgage / bridging and they’ll try to suit you with the best product!
Hello Justin, thanks for the prompt response dude, I’ll mention it to my broker next time we chat 🤙🏼
@@wesleybrett9711 I opted for a tracker mortgage as rates aren't going to rise anytime soon.
@@wesleybrett9711 If the exsit free is 2k, and the profit is 30k, then is worth paying in my opinion
@@Rocky333-n5d I typically get a 2 year 90/95% LTV, reno while living on site in 3-6 months. Enjoy the fruits and save more capital for 18 months, then refinance to BTL, and repeat. I just don’t like the idea of giving the bank more money which could be used on the next deposit (or a nice holiday ☺️)
Once the project is done, do you use the 25% equity in the refinance as a deposit or some portion of the released 75% to repeat the process again for buying another property?
Just found your videos, really great content !
Do you have a BRRR deal analyser that I could use ? Now in the process on buying my first student HMO, would be handy to have a ready made spreadsheet for it.
Thanks in advance
Another banger mate. What’s Hera?
Bodybuilding brand
Thanks mate! Appreciate your support brother. Yes it’s called Hera London. They do oversized style tshirts 🤙 (brand is nothing to do with me - just don’t mind their Tshirts and hoodies haha)
@@JustinWilkins Are you getting ripped you will have to be showing the guns in future videos.
😂😂 I am absolutely not getting ripped, or doing that hahaha
Hi Justin, what were the numbers and estimated GDV on this one?
thanks for watching. I will do a full numbers breakdown soon, but pp £50k, refurb £17k and est GDV is £80k :)
Nice one mate. Keep up the good work 👌🏼
Thanks man! Let me know if I can ever help 🤙
Hey man, who is your solicitor?!
Secret 😉
Not really but she’s on maternity leave, so no use right now haha
@@JustinWilkins 😅 Fair
Brilliant, thanks for sharing
Thanks man!! 🙏
How do you schedule the refurb trades
Hi June- I usually work with either a group of individual trades, although the organisation of that can be difficult and it only takes one trade to be off on their timing and it can upset everyone else. OR I use a full build team, I did this on my most recent refurb and my btl was transformed it just a matter of weeks!
Thank you for sharing
Cheers Dan
Another quality video
Cheers Callum 👊
Another great video, interesting to see your tips and things that you've learned through the process
Thanks Dan! Glad it was interesting and thanks for watching !!
For the first 1 minute I thought the word "HERA" on his t shirt was a subtitle that wouldn't disappear
Haha 😂👌 classic
Great video - thanks
Thanks for the great tips!
Pleasure 🤝
Great video! What happens with the council tax while the property is empty/being refurbished?
You have to pay it from day 1 - bummer 🤨
I’m pretty sure this differs based on the actual council. They often have a vacant property “rate” or grace period; especially if the house is uninhabitable (no functional kitchen or bathroom) 👍🏼
When I bought my first house I got a reduced rate, however I'm not sure how it works when it goes through a LTD company or if it even makes a difference.
Thanks for your replies 🙂
@@Holdeenio Yes, some councils do give a reduction, you have to apply and it's at their discretion. My present council (Durham) gives abso no redutions at all 😠 Of course, once a tenant takes occupation they pay.
@@Holdeenio The vacant property rate/grace period tends to only apply when the property is in a serious state of structural disrepair. We're talking major subsidence, missing roofs etc, not just a missing/non-functional kitchen or bathroom.
Is the money withdrawn during the refinance tax free?
Correct 😃👍🏻
When you refinance the house and you pull out more money, the rate of the mortgage will increase or will increase the interest and the years of the mortgage?
When you refinance, you are basically taking out a new loan of a higher amount. The interest rate and term (on interest-only payments) will entirely depend on the product and your circumstances, borrowing more doesn’t necessarily mean a higher rate of interest will be charged
@@Holdeenio thank you very much
I have been in this game a very long time and I will share the biggest problem to have when you come to refinance and itts this a lender will send out a man with a clip board to do the valuation and he may not value with the same eyes as you and he can stop dead what you are trying to achive i learned long ago that you need to save good deposits in cash and then move on what your trying to use was used in the early 2000s when lending was very differant from today you could buy on a monday and remortgage the next week up to 85%LTV
Good video 👍
Cheers Joe 🤙
Can I have a copy of that Direct to vendor letter? Thank you
What makes you think he'll just give that to you?! Write one yourself and then see how you feel about giving it out to others
Great video as usual mate!👍 Man loves a white board! 😂 So when you take the money out does that not increase the mortgage repayments and cut into the rent profit a little? Cheers
Mortgage payments will be low as it will likely be an interest only and the rent from the tenant will more than cover this. When doing due diligence and assessing how viable a deal is, the mortgage payments will be taken into consideration. 👌🏼
@@thepropertynoobs9089 What happens when you're on interest only payments and you eventually reach the time where you need to produce the cash to settle the original full mortgage amount?
@@Cronus111 you have a few options.
One is to sell the property which should have gone up in value due to capital appreciation (by how much is dependent on a few factors). This will more than cover the mortgage debt plus should net you quite a healthy return.
Another option is to refinance the property taking out another mortgage.
My understanding is that when a property investor comes to the end of their journey so to speak, they will sell off a portion of their portfolio and pay off the remaining mortgages leaving them with a number of mortgage free houses bringing in income for the rest of the investors life.
5 hours away? There must have been similar deal within 30 mins of your home?
If only! Not even close sadly. Same house would have costed £175,000+ for pretty much 2 hour radius around where I live!
Can we have your solicitor’s contact?
She’s on maternity leave atm 😢😢
🍺🍺🍺
Cheers Nick 🍻
That finger click at the end... I hate it. Otherwise good video
Haha well if thats all you hate about watching my videos, then I am happy! The click is a trade mark, so you won't see it going anytime soon
I think you need to buy a mic first
😂😂 have done now, check recent videos
Need to show figures
Will do in a future video