I Flipped An Abandoned House And Made £129,000
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- เผยแพร่เมื่อ 28 ก.ย. 2024
- Back in January 2024 I bought an abandoned house.
Our Free Property Investment Deal Calculator: bit.ly/3zheRkw
It was old, smelly and used to be a cannabis farm.
It was also out of my budget and needed a lot of work done to it!
So, to the untrained eye this might look like a nightmare property.
But, I knew that if I got my calculations right, I could make some serious money, very quickly.
So in this video, I’m going to break down my latest deal and explain exactly how I turned this abandoned house into an investor’s dream.
Want to know how I flipped an abandoned house and made £129,000? In this video, I’ll show you step-by-step how I turned a nightmare property into a profitable investment. If you're interested in house flipping, property renovation, or spotting great deals, this is a must-watch
Our Free Property Investment Deal Calculator: bit.ly/3zheRkw
Thank you so much. This video was really really helpful. I'm new to deal sourcing and I intend on investing once my home sells in a couple of months. I struggle with numbers so the breakdown with an example was so useful. thank you again.
Wow, the calculator is very comprehensive. Do you have a tutorial to go with it? Also, is there a version that includes lease options? Thanks so much.
Lovely renovation, great deal!
@@liszaf3976 thank you! I definitely enjoyed this one
Great project and video! What type of mortgage did you use? I thought you could only purchase a flip using cash (private equity or bridging)?
Even if the intention is to rent it out afterwards can you refinance the property on a BTL mortgage?
I bought on a mortgage with the intention to keep it. I am using 'flip' jargon and figures because it's what most people understand but this one is going to be one I hold onto for a while. I think the area is going to fly up in value over the next few years so I am planning on riding the capital growth wave on this one.
For me it would have been £30 for the bathroom and someone would charge £5k to fit it. £50k for renovation including the extension is good, would have been £50k for the extension alone.
50k on interior AND extension? Must have used some cheap shite for materials
The bathroom angle to this deal was brilliant, very creative.
Thanks Andy. Always finding solutions 🛀
So you put a bathroom in to get a mortgage 🤷♂️ so why not buy as is with a bridging loan, no stamp duty to pay because it uninhabitable, when finished you can then sell on with no penalties to pay on your mortgage? Plus if you want to keep it then surely you want the mortgage applied at new refurbished higher value?
What am I not getting?
@@chriswelsh4397 I normally would but the length of time this renovation was going to take, it didn’t make sense to buy with a bridge. We would have spent £30k ish on bridging costs. Even if we pay a mortgage early repay penalty, it’ll only be 1 year left on the fixed term by the time we sell and that’s no where close to the cost of a bridge. But you’re absolutely right, in most cases a bridge is what I’d normally use
How can you say you MADE £129,000 when you have not yet sold it??
Nice job mate, can you tell us how long the refurb took and hence your total holding costs?
Great work as always mate!
I’m struggling to understand what type of mortgage you went for here? Be very interested to know ?
I know BTL you would struggle based on the condition, can you get a residential mortgage in that condition? Thanks
Do you find being a landlord is becoming harder and harder with all the government restrictions? Is it even still feasible unless you have lots? Video would be good
Where did you find this house through Rightmove?
Is this property in withington?
❤
How much profit would that work out to be each month renting?
@@v2al389 around £700/mo profit
A bathroom for £30 is nuts! It looks so good. What an amazing transformation!
@@niki-mars955 thanks Niki
Awesome work
@@anwar.bfd786 thanks Anwar 🙌🏼
Good on you mate - great achievement
@@benjohnsmith cheers Ben
Brilliant video
@@tantalusgaming 🙏🏼
Looks like a really nice deal, to be honest the before for this property doesn't look too bad at all which is probably why it was mortgageable. I'm amazed more people weren't going for it.
Are you leaving the money tied up, or are you immediately refinancing? Based on the latter it looks to be about £500 per month net profit, which isn't bad for a standard BTL.
What mortgage product did you use that allows you to such extensive work on the property? The first question they ask on the application form is "are you going to do any extensive work on this property?", as they know as soon as you start work, you actually devalue it by ripping it to pieces before you put it back together again (ie add value). Thus you usually have to buy these deals as cash or with a bridging loan. Was this a Ltd co mortgage or a commercial mortgage product?
Wow, incredible renovation Jack, the kitchen/dining area is so spacious and so visually pleasing! Keep up the good work!
It so funny how they think that property only ever goes up in value and never down. At present values are dropping , daily.
If your refinancing it how did it pass the stress test
@@ianbaulk9766 because the rent is about 1.5x the mortgage
Hi how much was the extension ? And what was the width and length of extension ? And bow much were the bifold doors and velux windows ?
@@MichaelField-b1b we got a full job lot price of £25,000 for the extension + bifolds and velux windows. It was 3x6m
Ok thanks . Great finish on the refurb on the house btw
@@MichaelField-b1b Thanks Michael, appreciate it 🙏
Hey mate where is the link to property deals I’m looking for a Sourcer for deals in the area
@@NAAKHAN hey! You can get access to our property deals here: tpnuk.com/join