@@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 😂😂😂
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
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?
@@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?
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)
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?
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!
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.
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.
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
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?
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
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
Yes I have a bridging loan which I factored into this figure. Obviously, as a smart man Kenroy, you’ll understand how a bridge works and so not a penny has come out of my pocket yet other than the set up fees. I won’t know the exact amount I spend until the property sale is completed - so unfortunately I can’t break that down yet
@@jackdavidsmith That's fair enough. Well done for your courage and I really hope it's a fruitful one. Onwards and upwards mate. I looking into bridging loans as I am very interested in doing a flip. Maybe I will get in touch one of these days to pick your brain 🧠 on how you done this 😜
@@TheMalcolms7 yeah bro happy to talk more! Drop me a DM on Instagram if you have any questions. I’ve done a video on bridging loans so might be worth using that. Have you bought a property before? Do you own the house you live in?
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.
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
Love what you do but can I ask why do you drive a Vauxhall if your making large amounts of cash? This isn’t supposed to be a stupid question just wondering if it’s personal or not
Great question Perry. I buy my cars cash and at the moment, the amount I’d spend buying a nicer car, I’d rather put that into property so that I can make more money at this stage
What he did is against every sort of code of conduct out there. Massive conflict of interest for the agent working on behalf of the vendor to take a cash payment from a buyer to sell it off market. If i was the vendor id be suing them. Best hope the address of this property never gets found out...Relationships are key but you still need a moral compass and not screw people over. Clearly there was a value in selling it off market which is why the agent wanted a fee from Jack. Did the agent notify the vendor in writing that they were accepting payment from the buyer???? I suspect not!
@@rosssmith8392 the vendor was fully informed and aware of what was going on. They actually requested it as it meant that they got their property sold much faster. Every party was happy. Are you an estate agent?
@@jackdavidsmith How did you guess. Clearly the agent already had you there as a potential buyer so there was absolutely no reason to then require a payment from you. They should have just sold you the property off market and taken their fee from the vendor as normal. Am i the only one who sees the massive conflict of interest here?? Who is the agents client, you the buyer or the vendor?? Sounded like you paid more to the agent than the vendor did. Its a dodgy way of going about business and you've likely cost yourself money as the agent is obligated to pass on your offer so they cant just refuse to sell it to you because you haven't paid their dodgy fee.
@@rosssmith8392 I understand where you’re coming from Ross. Would be good to chat further about your expertise on this. I know a number of investors and agents that operate in this way and I’ve always seen it as a ‘win-win’. Seller gets a fast sale, buyer gets a good deal and agent gets a good fee... from a business perspective I can’t see the problem but you’ve obviously got a lot of experience in the estate agency industry.
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
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?
A few little pointers, Never mix Blue tones with Yellow tones (fireplace and grey walls) Blues are very cold and yellows are too much of a contrast. I’m a property developer for high end affordable homes and up market homes and there’s so many amazing neutral pallets you can use :) hit me up if you need any design advice :)
If you wanted to do it cheap, shop around for a good deal then fit it yourself. I don’t personally fit them. On this one the kitchen was sourced from Howdens and then fitted by tradesmen
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 👍
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 :)
Looking at doing something like this. Time would be the killer though. Also not the most skilled with my hands! How much of the house was actually done by tradesmen Jack? And what things did you do yourself? Cheers mate.
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
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?
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
Just to be clear, the estate agent wanted a fee from you, the buyer, to sell to you before they put it on the market? So taking a fee from the vendor and the buyer? Is that usual? Id be right cheesed off if I was the seller as it sounds like they would have got more if it went on the open market?
Not usual at all but the seller was more bothered about a fast sale than getting the most amount of money. I personally wouldn’t do it myself😂 but some people are in situations where that’s their best option. I think the seller was waiting to move to a house they had already bought and just wanted it gone
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
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 🙏👌
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
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 as your one of your subscriber one request please. Could you please make a video how you pay tax, how much you pay and in general how to work out tax figures? Thanks
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.
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!!
Are you factoring in finance charges, resale costs, running costs, insurance etc when its going through sales. If people need bridging finance on this I expect its going to be 15k or so alone. Great work mate but misleading saying that all that 39k is profit
Bridging wasn’t £15k😂 You’ve got an expensive bridge lender if you’re spending that much. Sale is costing about £1k which I factored in to the numbers. And yeah true, I didn’t factor into it the building insurance which was about £15 per month
Do you flip houses too? Or have much experience with bridging loans etc? Would be good to hear your experiences too as other people on the feed will massively benefit from the value 😊
@@jackdavidsmith what sort of rate are you paying for bridging loans? Including all arrangement fees etc? I'd suggested 15k assuming in and out in 6 months, 10% plus fees. maybe a bit heavy but interested to hear what rates you're seeing
@@jackdavidsmith there's also council tax, water, gas, electric all adds up plus the tax at 20%? Tax would be nearly £8000 alone no? You've done a great job. A little more clarity on the true profit would be even better 👍🏻
Good video, im looking at investing into property, thinking about a commercial property, shop with flat above, but struggling with mortgage, any advice? Thank you
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.
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 😂😂😂
@@Fairytaleartcorner 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
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
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.
Hell yeah! Literally just finished our renovation. Love it. Great project and great learning curve.
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
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?
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)
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?
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
Hi jack how much of the work done in the house is done by yourself and what do you get tradesmen to do?
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!
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
Great Video, Cheers Jack Mate
Great video Jack. Very honest and straight to the point, and didn’t waffle. Keep em coming!
🙏
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
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!
4:45 can somebody explain keeping this 'feature'?
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.
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
hi jack, so how much hv you achieved at the end? how long was the renovation and selling? tanks
Delighted for you. Absolutely brilliant.
Hi, great house flip. Wondering where you purchased the 6quid doors?
... do you mean the 6 panel doors? Not £6 😂
That makes more sense 🤓
Where you bought kitchen from?
I'd recommend Howdens
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?
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
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
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👍
How did you get the property off market from the agents?
It would be interesting to know how much of that is your actual profit. Did you have any loans or JV partners to split the profit with?
He doesn’t answer this question because he lost a lot of profit using a bridging loan
@@gregrowley7050 😂😂😂😂😂😂
Yes I have a bridging loan which I factored into this figure. Obviously, as a smart man Kenroy, you’ll understand how a bridge works and so not a penny has come out of my pocket yet other than the set up fees. I won’t know the exact amount I spend until the property sale is completed - so unfortunately I can’t break that down yet
@@jackdavidsmith That's fair enough. Well done for your courage and I really hope it's a fruitful one. Onwards and upwards mate.
I looking into bridging loans as I am very interested in doing a flip. Maybe I will get in touch one of these days to pick your brain 🧠 on how you done this 😜
@@TheMalcolms7 yeah bro happy to talk more! Drop me a DM on Instagram if you have any questions. I’ve done a video on bridging loans so might be worth using that. Have you bought a property before? Do you own the house you live in?
Jack, can I ask and I may have missed it somewhere...where is this property?
This one was the West Midlands
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.
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
Wait do you by the property full price? Or did you refinance it then rent it
Love what you do but can I ask why do you drive a Vauxhall if your making large amounts of cash? This isn’t supposed to be a stupid question just wondering if it’s personal or not
Great question Perry. I buy my cars cash and at the moment, the amount I’d spend buying a nicer car, I’d rather put that into property so that I can make more money at this stage
Nice vid. How did you manage to pay the estate a fee off market?
Into their bank account...? If you mean how did I get to get it off market, it’s all about who you know. Relationships are key
What he did is against every sort of code of conduct out there. Massive conflict of interest for the agent working on behalf of the vendor to take a cash payment from a buyer to sell it off market. If i was the vendor id be suing them. Best hope the address of this property never gets found out...Relationships are key but you still need a moral compass and not screw people over. Clearly there was a value in selling it off market which is why the agent wanted a fee from Jack. Did the agent notify the vendor in writing that they were accepting payment from the buyer???? I suspect not!
@@rosssmith8392 the vendor was fully informed and aware of what was going on. They actually requested it as it meant that they got their property sold much faster. Every party was happy.
Are you an estate agent?
@@jackdavidsmith How did you guess. Clearly the agent already had you there as a potential buyer so there was absolutely no reason to then require a payment from you. They should have just sold you the property off market and taken their fee from the vendor as normal. Am i the only one who sees the massive conflict of interest here?? Who is the agents client, you the buyer or the vendor?? Sounded like you paid more to the agent than the vendor did. Its a dodgy way of going about business and you've likely cost yourself money as the agent is obligated to pass on your offer so they cant just refuse to sell it to you because you haven't paid their dodgy fee.
@@rosssmith8392 I understand where you’re coming from Ross. Would be good to chat further about your expertise on this. I know a number of investors and agents that operate in this way and I’ve always seen it as a ‘win-win’. Seller gets a fast sale, buyer gets a good deal and agent gets a good fee... from a business perspective I can’t see the problem but you’ve obviously got a lot of experience in the estate agency industry.
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
Wow 39k profit nice one , I need to get involved in this business
Interesting. Loving it. What about the profit after tax? Attractive?
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?
Great video. Nice and clear how it went and costs. Hopefully get my first one going soon!
Awesome bro! You’ll smash it 🙌
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?
Hi Jack, how do you get around paying CGT when you sell this having bought with a resi mortgage?
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👌
Great video...thanks for sharing. Where did you get the kitchen from and did they give you a nice deal?
Howdens 👍
@@jackdavidsmith Thanks!
Great video Jack and great project!
Thanks Raphael 🙏
@@jackdavidsmith Are you on Insta?
@@RaphOrChuks @jackdavidsmith
Very helpful indeed💗
Hi Jack, when your looking for kitchens and baths, showers etc where are the key places you look/ find them. Love the content
@5:33 What do you mean by you paid the estate agent a fee to "give it to us off market"?
Exactly what I was thinking. 100% NOT how estate agents are supposed to work, unless he meant he paid them a finders fee
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👌
A few little pointers,
Never mix Blue tones with Yellow tones (fireplace and grey walls)
Blues are very cold and yellows are too much of a contrast.
I’m a property developer for high end affordable homes and up market homes and there’s so many amazing neutral pallets you can use :) hit me up if you need any design advice :)
How do you get kitchens fitted as cheap as possible? Or do you fit it yourself?
If you wanted to do it cheap, shop around for a good deal then fit it yourself. I don’t personally fit them. On this one the kitchen was sourced from Howdens and then fitted by tradesmen
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
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 :)
Well done mate. Good job
Cheers Gordon 👌
Looking at doing something like this. Time would be the killer though. Also not the most skilled with my hands! How much of the house was actually done by tradesmen Jack? And what things did you do yourself? Cheers mate.
All of it done by tradesmen. I’m not a DIY kind of person 😂
Perfect if you're already in construction
Good work!
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
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?
What about the capital gain tax and stamp duty?? How do you avoid them??
Hi Jack, did you ever cover a breakdown of the refurb costs? Wondering how you managed to do it all for 11k especially kitchen too
No but that video is coming soon!
Another question for you please Jack, did you pay cash for this house or was it a deposit and then mortgage? Thank you
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
How long did the refurb take
So you’ll just pay 19% CGT on that 30k then the rest is profit?
Yes if I definitely sell it we’ll pay CGT
@@jackdavidsmith if you refinance would you pay any taxes?
@@ACTOYZ nope which is the beauty of refinancing rather than selling
Great job with the refurbs👍
Love them!
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
Hi Jack, how much is the renovation cost for kitchen and bathroom ?
Yeah I was wondering this too. Love to know
Very helpful❤️❤️❤️
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?
Hi Jack, great job, how long was turn round from getting keys to this video?
You renovating your place ?
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
What was used for the bathroom walls please? Looks good!
Just to be clear, the estate agent wanted a fee from you, the buyer, to sell to you before they put it on the market? So taking a fee from the vendor and the buyer? Is that usual? Id be right cheesed off if I was the seller as it sounds like they would have got more if it went on the open market?
Not usual at all but the seller was more bothered about a fast sale than getting the most amount of money. I personally wouldn’t do it myself😂 but some people are in situations where that’s their best option. I think the seller was waiting to move to a house they had already bought and just wanted it gone
@@jackdavidsmith nice. I bet the estate agent was rubbing their hands with glee. Decent fee for doing hardly any work I expect.
@@samjarman3136 haha! Exactly😂
Nice! Any tips for a 16 year old wanting to get into property development in the future?
Knowledge is 🔑 bro 👌 keep educating yourself
@@jackdavidsmith 👍👍
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
By any chance is that green hoodie from Primark? Looks exactly the same as one i've got 😂
😂😂 nah bro I think it’s H&M...
@@jackdavidsmith Ahh close enough 😂👍
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 🙏👌
What do you mean by give it to you off market?
How long did it take to sell?
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 👌
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
How long did the sale end up taking?
Liked the composite of new over old and liked the figures.
This is amazing. Congrats!
Thanks Rachel! You invest yourself?
@@jackdavidsmith Not yet, but will be in the future!
@@TheWellnessAbbey awesome! Well done for the TH-cam hustle👌
Great video Jack thanks. Straight forward
Do you pay tax on your profit?
If yes than what is the process please?
Thank you
Yes you pay tax on the profits. What do you mean, the process? Of paying tax?
@@jackdavidsmith as your one of your subscriber one request please.
Could you please make a video how you pay tax, how much you pay and in general how to work out tax figures?
Thanks
@@mrrana8675 yes, I want to make sure if I do a video on tax I do it really well. Probably will get an accountant in but the video is coming!
How long did this take to buy, renovate and sell.
Are your doors short or are you very tall?
Both 😂
How is 39k just “not bad” profit. Do you get to take that home just like that because that’s loads of money
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.
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
Did you sell this or keep it in the end?
Who painted the ceilings, Stevie Wonder?
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🙌
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
Are you factoring in finance charges, resale costs, running costs, insurance etc when its going through sales. If people need bridging finance on this I expect its going to be 15k or so alone. Great work mate but misleading saying that all that 39k is profit
Bridging wasn’t £15k😂 You’ve got an expensive bridge lender if you’re spending that much. Sale is costing about £1k which I factored in to the numbers. And yeah true, I didn’t factor into it the building insurance which was about £15 per month
Do you flip houses too? Or have much experience with bridging loans etc? Would be good to hear your experiences too as other people on the feed will massively benefit from the value 😊
@@jackdavidsmith what sort of rate are you paying for bridging loans? Including all arrangement fees etc?
I'd suggested 15k assuming in and out in 6 months, 10% plus fees. maybe a bit heavy but interested to hear what rates you're seeing
@@samjarman3136 he wont answer huh. Lol
@@jackdavidsmith there's also council tax, water, gas, electric all adds up plus the tax at 20%? Tax would be nearly £8000 alone no? You've done a great job. A little more clarity on the true profit would be even better 👍🏻
Good video, im looking at investing into property, thinking about a commercial property, shop with flat above, but struggling with mortgage, any advice? Thank you
Get a top quality broker 👌
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?