How To Buy a House Cheap in 2024
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- เผยแพร่เมื่อ 27 มิ.ย. 2024
- Are you looking to buy a house in 2024 but worried about the costs? In this video, we'll share the cheapest way to buy a house and provide valuable property training that will help you make a smart and affordable investment. Watch now and start planning for your future home!
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Video Chapters
0:00 Intro
0:39 The Problem
1:41 The Strategy
5:47 Case Study
7:38 Secret Twist
8:16 Creative Strategy's
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This is some of the worst advice i have ever received. Becoming a slave to the bank and continuously getting larger and larger loans is not a way to live life. Regardless of the number of properties you may have. All you're doing is paying interest to banks and making bankers richer. This guy has skipped over a lot of key factors such as the deposit for the second loan, the MASSIVE headache of selling a house, the legal fees involved with all the processing, the extensive time, effort and money even for simple refurbishment.Most fix rates are also a min of 3-5 years. NOT ALL HOMES WILL DOUBLE IN VALUE. Buying a house is impossible because salaries are stagnant and cost if living keeps going up.
He just uses crazy headlines and bs statistics so people buy his shite course…that’s how he makes money a blind man can see that
Being a slave to the bank is not a bad thing, I’m sure you know of good debt, using it to leverage an asset or cash flow which he is doing. All economy’s are built on debt. No one has 250k cash to buy a property. And governments dont have billions on disposable to fix everything. Banks are the only form on lending in the economy that’s just how things work. Even If you own a business u will borrow from the bank or buy bonds. The financial system is the backbone of the economy. Bankers do create massive wealth and income inequality but they are acting in their best interest, if you have the skills and knowledge you’d be doing the same
Misleading statement - Houses do NOT double - even on average - every 10 years! The only time they have done this is periods of high inflation eg the 70s, but in adjusted for inflation they did not double. Just look at the nationwide index to see it for yourself. If you bought a house in 1988 for £57,245 , 10 years later it would be valued at £62,903 accounting for inflation. You could select many 10 year time periods where the value actually fell a lot. In nominal terms, house price growth was only approx 5.3% a year over the 30 years from 1991 to 2021. But in real terms - after inflation - annual growth was only a little over 3%
Thanks, you should start your own channel, so many misleading people like this guy.
This is exactly how me and my girlfriend started out in property 2 and a half years ago! We now own 8 properties 👌🏼
how did you do it?
@@ayres6727😂😂
Don't believe him, this comment is designed to suck u in
I'll like to learn from you @greendevelopments and know how you did it.
@@forepiecegardensconcept.221 this isn’t something I teach people even though I probably should! book one of Samual’s £1 events. You will learn a lot 👍
I did this a year ago currently renovating it mad am ahead of the game this has made me feel like boss ahaha
You say it’s not click bait but look at the thumbnail 😂
Exactly, for that reason I’m out! Disliked the video paused it commented this and I’m on to the next video
Thanks for sharing, shared.
Damn Mr. Leeds you are looking fresh in this one! Thanks for the useful content my man!
What about legal fees and surveyor costs?
I would love to come on the explain what I did, I got a 95 percent mortgage on a 175,500 the house was up for 200,000 btw, got below market deal as got tipped of that the seller was desperate. The house needed renovation, and am a builder so currently renovating. Like you say tho am in a 2 year fixed mortgage but can pay a penalty and refinance sooner than that. What makes it even better I had a help to buy isa that I maxed and got given 4000 for free of the government! So I paid in total for the house a payment off £4775. For a £200,000 house ! And at the time I came up with this idea and fitting by many that I would get black listed and it wouldn’t work so to see you post this video has really made my day !
tell us how. did you do seller finance?
@@snorttroll4379 You do not need seller finance to buy a house this way! It's all about the numbers. I bought my first residential house in 1993 with a 95% Mortgage and paid 5% of the 50k purchase price which was £2500. Then released equity in 1998 when Mortgage Express was the first Buy To Let lender on the market. At this time you could genuinely purchase a buy to let at 85% LTV. This eventually was built into a portfolio of 32 properties. Today the basics have not changed. You can still buy a residential house with a 95% mortgage at Auction or up north in places like Middlesbrough, Stockton on Tees etc. for 50k so its all about making sure you have a provable income with multiples that stack up with your lender. Period.
Yes brv, looking good, keep it up 😎
Section 24 now applies to furnished holiday lets!! Did you watch the budget 😂
Exactly all this guy and his company want to do is get people to get in debt
Landlords who are leveraged are getting out of the market. the sums just don't add up. Due to tax changes you will make a loss. The only way to be a landlord now is to own the house outright.
@@voice.of.reasonrubbish
In the states landlords are having to give away approx 2 months free rent to try and tempt tenants as all the landlords compete for the same tenants as landlords are running out of tenants to pay their mortgages for them
It’s good for first time buyers. Not sure if there is anything for someone owning a house already and wanting to buy an investment property…
Brilliant 🙌🏻🙌🏻🙌🏻🙌🏻
What is the best for buying a second property if you currently own a house on a residential mortgage ?
Is exactly what I am in the middle of doing!!
Great vid. If i buy on a residential / no stamp duty / live in it, but then switch it to buy to let later on, / rent it out, is there a stamp duty charge later on or does it get forgotten about?
Stamp duty is only when you first purchase
No, you only pay stamp duty at point of purchase. You will then possibly need to pay equivalent stampduty when you go and buy yourself another proeprty to live in though,. unless your buying the aformentioned shithole that this guy is recommending on the cheap, (under £250,000 and it wont be a problem I guess). Also keep in mind that when you then go to buy a new property to live in you will definitely need to include the mortgage payments for your new Buy to Let property on your affordability calculator, (BTL rates are higher than Res in most cases so this may not be cheap unless you take an IO loan), but a lot of banks will (sensibly) require you to complete a full years worth of personal tax returns showing a full years worth of rental income before you can offset this mortgage with the rent your collecting. So your salary will probably need to cover the full mortgage value of your BTL and any Residential property you want to buy, hope it's high enough. If seriously considering making investments in rental property, take independant legal/financial advice rather than listneing to a guy who is promoting a version of mortgage fraud.
@@Nexus804 Thank you loads for that :)
So basically get a concent to rent? I tried doing this when I purchased my BTL last summer and was advised not to as not all mortgage companies accept it. Is this still the case or are more lenders accepting now?
Gosh! Caught this one right from up in the air! 😂🤣😂
Does this strategy only work if buying personally? is this method redundant if buying through a company?
Can this be done if you buy the residential via ltd co or does it have to be in your name?
You can sometimes make a video trying to find cheapest stuff, cheapest workers maybe from some other country among some from own and build without company profits and resellers and see how much it costs, could be some company idea for someone to look it up for someone where they can get and maybe city could help tax payers with kids or osmething, also had idea all college/harwards could be online free to watch lectures, study whenever interested, use college moneys for building first house with city help without any resellers company profits to get off tax burden and have some build skills to go with
Need to high a high salary initially for a first time buyer.
Is this help to buy?
I've been on a similar course. I do believe the methods are real you just have to do it. However I had to buy properties in a different way as I did not want to borrow money and pay interest and borrowing is a foundation of these models.
You need a good Credit Score for a 95% mortgage.
Or give your private mortgage broker a bag to pull some strings
Also a salary of around 40k
Do we have smt similar in Canada?
I remember telling someone that I was going to do this and they were like “don’t think of this as a way to get into property”
done this strategy
20 years ago
How did it go for you, if you don’t mind sharing?
What you spent £15k on a property and increased its value by £125k!?? Yea sure you did! 😂😂😂
Oh sick, this is basically what i was unknowingly planning on doing anyway - does this same tactic work with a flat?
We sold our inherited home in old Portsmouth for £500,000 7 years ago. It was in very good order but not touched for 30 years although pretty modern for its time. An identical house in the same order and with the same same size garden is up for sale today for £520,000 in old Portsmouth. 100% proof that house prices are the same as 7 years ago and the ONS and Land registry are cooking the books on house prices. In industry that would be called fraud but this is the government doing this and it is a disgrace.
Pretty much impossible to get holiday let mortgage as first time buyer without prior but to let experience???
unless you bridge for the purchase then convert to mortgage
Had to sell a my property due to financial reasons leaving me with £170k after paying off the locusts! Any suggestions in turning my life around? Is it possible with this small amount to make a go of it? Poor credit record as well?
Aren’t the government removing this as part of the march budget?
Well if only got limited funds theres a company buying, refurbishing, installing tenants and selling on to you with 3 year guarantee. But from what i see the sell on cost wipes out any future profit if you come to sell.
Nationwide allow to switch the mortgage from the start
what do you mean?
Only temp letting (12 months )
Not true. 😊
Well I didn’t know you could remortgage as a furnished holiday let mortgage! Why am I only hearing this now!? 😫
I also had a life time ISA and got 4,000 for free towards deposit ha basically no money down deal
Not sure if the uk market is in z bubble, let's see what's happening after Oct 24
You request to rent it out
So with the example you give you want me to get into debt up to my eyeballs and in 2 years then make out like I’m getting 18k out of the deal which “pays for my deposit” but you’re forgetting you told me to take ANOTHER loan out so 18k - 7.5k is 10.5k I’m assuming if I’m doing a light refurb that will cost minimum 10k if not more so at the end of 2 year 1) I’m out of pocket 2) I’ve had to live in a run down property and “do the majority of the work myself “ whilst working full time 3) I have to deal with tenants that come the end of the month won’t even pay my rent at which point it falls on me to pay probably a £1000 mortgage payment + insurance + maintenance out of my own pocket then it takes me 12months to evict. All for a grand profit of £300 a month but don’t worry you own a property (the property that was your home which you have now sold 😂👌) do not listen to this man he lives in cuckoo land makes it seem like its so simple so you can buy his courses that’s how he makes his money people his “education business “ will 10x his property income. There’s a reason his shows are £1 so he can show you “how easy it is “ then all of a sudden you’ve paid a grand for a course
DONT BE FOOLED
So what if you have a Lifetime ISA?
Samuel, did you miss from the budget that they are abolishing section 24 relief for furnished holiday let’s, unfortunately this advice doesn’t apply any longer.
Only the last rule doesn't apply then or all?
@@mumsspaghetti5852 the latest change to UK law that is going through Parliament and was announced in the latest budget by the Chancellor of the Exchequer, kind of renders a lot of what Sam is talking about here as a non starter. The conversion into a furnished holiday let allows for the avoidance of section 24, which is the removal of the ability to offset mortgage interest against income tax which destroys profit. Section 24 is an absolutely evil part of our UK tax law, and doesn’t exist in any other country in the world other than the United Kingdom. It’s absolutely criminal, in no other business, are you unable to offset your costs against your profits. Unless buying through a company structure, which doesn’t really work. For this example, I think it kind of renders all of the advice, null and void unfortunately.
@@francom2052 @francom2052 good info and totally agree with your perspective on it
Although, just clarifying - this law doesn't apply to doing these strats and then selling or renting the property? It only applies to holiday let?
@@mumsspaghetti5852 hi ya. It’s basically the exit strategy that Sam is recommending that wouldn’t apply by converting to holiday let’s that doesn’t work. Kind of makes the rest of it a non starter in my eyes.
Buying a house for 150k, spending 15k and it magically being worth 200k is a bit of a flaw here... yes it can happen, but with the cost of materials alone now... you're simply not adding 50k for 15k investment.
I'd go as far to say that the majority end up spending more on home improvements than the price increase it reflects.
You've also totally ignored that when he goes to now buy a house for himself, the stamp duty is massive as it's a second home.
Credit?
Long time not see your videos you done well on lost weight ! Me to lazy :@:)
I'm 26 and can't afford to move out of parents house 😢
come to belfast bro
2nd this
I feel I have no hope in the US. I appreciate your work though.
I would much rather be in the US for property 😂
The government will abolish the Furnished Holiday Lettings tax regime, eliminating the tax advantage for landlords who let out short-term furnished holiday properties over those who let out residential properties to longer-term tenants. This will take effect from April 2025
Samuel do you still have to pay capital gains tax if you sell the property later down the line, if its on a new Mortgage ? I purchased my home on the right to buy scheme over 5 years ago and now I'm thinking of moving out and letting rooms outs or making two flats.
No mention whatsoever of rental income cover then ? You can't simply get a 75% BTL mortgage. Rental income cover will be 125% or 145% if ur a high rate tax payer. Section 24 can easily push you into high rate tax when ur really just a basic rate taxpayer. Rental income cover is crucial to a lender not just ltv.
Can also give houses away so you rent it for young couples if you got spare and they got kids and let em pay off in rent
bad credit check?
How the hell does one learn these rules?
Bon jour, i am à french person et je wanna buy a bon luverly petite holiday cottage in ze souths of Birmingham 🎉
yeah but still have to pay it back
Then a correction comes and has yer pants down.
Holiday let’s now affected by section 24
You need to pay 25% for mortgage on all the companies he mentioned that's false information
Great on you, you've lost so much weight 😮
Guys recommending Mortgage Fraud. Any intents to let technically does not qualify for resi. Also buying 2-3 hours away from where you live could easily decline by lender to buy residential
I commented this last night and it's been removed so.... Not sure there is much point 😂😂
This guy running a loan company so it's not in his best interest to tell you not to buy
just like homes under the hammer
you have to watch this a few times to understand it somthing simpler would be better samuel remember we are brain dead people out here
Do you make money from property or from flogging training to naive people on the internet?
100k to 225k in 24 months 😂
Anyone else notice Samuel only helps black people or people with a black partner.
Totally untrue. Have you ever attended any of his courses or interacted with the delegates? Even his Winners on a Wednesday videos feature plenty of other races, including white couples who come on together. I’d barely say the majority are black/ have black partners.
Your comment seems like an assumption. Just because he helps SOME black people doesn’t mean he ONLY helps black people.
Besides, is there a problem with him helping people of other races?
bs
Too theatrical. It's not kids tv.
How many followers does your property investment channel have?
So…this is fraud?
Learn to sell real estate please
STOP! According to this joker, you buy a property for £100k; spend £15k on a refurb; and it’s now worth £225k !!!
Ha, ha,ha 🤣🤣🤣.
The cheapest way is not buy one at all in 2024 You'd be crazy stupid and so on 😂😂😂
PONZI SCHEME
Bulshit...
You need to pay 25% for mortgage on all the companies he mentioned that's false information