We bought another house for £65,000 (full tour with price breakdown)
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Sorry for low energy and slightly less smiles than usual here, I had done so much driving this week.😅 London one day, south of UK the next then Middlesborough and a few other places around the UK. Anyway we wanted to give you guys a tour before any works started on the property! 🏘️🛠️ Any questions just let us know below!
Students love Middlesbrough. You can still get houses that cost millions here too!
well done on the new property. your both savvy and hardworking and deserve the success/ will go far!
Can you do a tour of the knoll in Nottinghamshire?
Would you recommend a managing agent in Middlesbrough
Where did you by the property from please thanks.
Sad to see this, buying a family home on the cheap then renting it out for the maximum price. This practice prevents local people from owning their own home as landlords get richer.
I'm a local person to Middlesbrough (and so proud of it, UTB!) and this is my reaction too! Nothing but admiration for the knowledge and drive of this couple, but seriously saddened that the most affordable houses in my hometown are being bought by outsiders as financial assets. Where am I supposed to live if this is okay?
If they bought this on the cheap then why can’t local people do the same? Or why don’t you do something about this?
High interest rate is the way to prevent that
@@naomihastings3what is the crime like in Middlesbrough?
@@mikebe2090thank you 🤣
I think you should do the right thing and paint the rooms instead of listening to that mean spirited agent lol, your tenants will thank you
Yeah after watching the video when editing it we realised it will look so much better all white & refreshed!
That is so true! ;) happy Tenants happy life
You could just paint the green wall white, will take 30 mins and cost less than £10 using decent trade paint.
Definitely paint some of those walls white if you can x
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Can renters paint walls..
Even if you don’t paint them white, lie and say you will for my peace of mind. Thanks 🙏
Another one 🔑 well done Matt and Summer. Absolute bargain of a house and it’s really nice too! Just a heads up, I would 100% paint that green bedroom. You will have much happier tenants. Our landlord didn’t redecorate any of the granny decor we have in our house, so we did it all but he had to decrease our monthly rent to compromise. It only cost us around £100 in paint and a few weekends in lockdown, but he’s missed out on £600 a year. Just something to think about. ☺️
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Totally agree. That green room looks awful. A nice neutral paint job and it will look lovely.
Nothing wrong with the Colour green! Do you really want to live in something that resembles a Giant White Toilet.
You guys are very inspiring. I would love to see the actual physical process of buying a house. How to deal with/approach agencies and such.
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Go view properties, when you find something you like, make an offer, provisionally, until you’ve had a survey done, ask around for a really good solicitor, that’s very important, not one that takes forever to do very little, estate agents are in,the know for the best solicitor, don’t skimp on survey and solicitor and your problems will be solved.
Don’t listen to that evil agent, definitely paint it white or off grey or something.
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Why it will be ruined in about 3 months.
Buying up £65k homes in an area you have no interest in. Ownership of multiple homes pushing up property prices and exploiting the poor through rents. Everything that is wrong with the world summed up in one video. Disgrace.
What do you recommend? They can buy houses and give them to poor people, lol.
@@thehungrygoldfish It is pretty obvious. They don't buy the house and they don't exploit the poor. If someone can afford the rent they can also afford the mortgage. These people leverage on debt for someone to pay it off. The rich get richer and the poor get poorer. If that's the world you want to support, fine.
@@RedandWhiteKlopp I support a world where people can make their own decisions and other people minding their own business if they're not being directly affected by those decisions.
@@thehungrygoldfish Carry on then you mug. Why don't you mind your own business as you preach unless you were directly affected by my comment...x
@@RedandWhiteKlopp I'm just talking to you, hon. I'm not telling you to not buy a house, like you are with Matt and Summer. There's nothing you can do about it anyway. They already bought the house and they can't sell it or give it away just because you told them to, lol.
Good for you but it’s a shame a person can’t get a mortgage for 65K and buy it and own it living in the property. Or the council buy it and house a family.
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Respect for investing into property, however.
£65000 houses in Middlesbrough only attract the one type of tenants, bad ones. More and more investors from the South are investing in the worst parts of the North, as your video shows. It will only end in tears I’m afraid.
100% this ...shit quality people .Good luck getting the rent and them keeping the property in good order .Also using management to look after stuff is a silly move .
What do you suggest then? Buying a ten million dollar mansion in Kensington? lol
@@thehungrygoldfish if you want to forever chasing rent and forever ploughing money into it when they wreck it full your boots. You might get luck and get the cannabis growers in it, at least they pay the rent up front.
@@carforumwanker exactly, these people ploughing money into the north east make me laugh. I live here and seeing the price they’re paying for houses like this is comical. This one for a start at £65k, it was lucky to break £20k a few years ago. Like I said earlier once the market busts there will be some serious tears.
@@paulgooding3026 I think the couple are too "Life style " and its not going to work out for them. Classic example of he wants to "Flex" and she thinks she is "special" . Its going to sink fast
While I appreciate capitalism I do not see this. If your rent is 500 and a full repayment mortgage is 377 then you are making a bad choice. We own our home outright and it’s a huge sense of security. Sorry but building wealth through tenants is not my cup of tea.
Some can’t get a mortgage and need to rent. So people need to provide the rentals. It’s hard now cause or Airbnb taking away what was once long term rentals into short term rentals.
@@kristinesharp6286 The system is built for the few. A home is an appreciating asset and the risk is minimal. If you can qualify to pay rent you should qualify for a mortgage.
@@TheAppleLoadout down payment. Also some work jobs with high incident of transfer so rental is ideal. You get to know the area before you buy.
@@TheAppleLoadout I think real estate is risky cause it’s hard to evict. Something like covid or war happening. But someone has to do it.
Well done to you both! would love to see a talk-through video of all the admin behind running your ltd company (managing the funds on a monthly basis, bank account set up, accounting, how you calculate your ROI, finding agents & management, etc all the "boring stuff"). Thanks for all the transparency, we love it xx
Same this would super helpful to know the mortgage companies with lower rates and possibly some good managing agents to get them more work
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3 bedroom £65k bargain… congrats on ur investment.
Carpet in the bathroom🤯🤢
Yes, please guys take it away!
The worst right! Yes will do 👍🏼
Why do you go with Interest Only Mortgage and not the normal one where you own it at the end of the mortgage?
Probably because it's better cash flow, but that's just my guess. They might wait three years or so and then refinance it when they can (hopefully) charge a higher rent; then they would be paying down the mortgage and keep their cash flow going nicely. Just my guess.
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Yes cash flow, and inflation is a good thing as a property investor. After 20 years for example the rent will be way higher and the mortgage is about the same still...
It's good Karma to make it as nice as you can, you are providing a home for humans, it's not a dog kennel !! Please Paint the bedrooms and kitchen, put some plants and garden furniture in the back yard, don't max out on the rent;
You will be so glad you did.
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Since you do interest only mortgage and just let the profit accumulate. Do you ever actually pay off the mortgage or do you just plan to sell when the time comes and take the profit?
No need to pay off mortgage, being able to borrow money at 2 - 3% and make 10% is amazing. Unless interest rates dramatically increase we will continue like this. It’s understanding leverage which is a different way of thinking to most, particularly the older generation who were told to pay everything off :)
@@TheLuxuryHomeShow so do you have to remortgage it every so often then? Ive never done interest only so not sure how it works when you come to the end of the loan
@@TheLuxuryHomeShow they are living in the property. Taxes increase over the years to more than the mortgage not having a mortgage does make sense. A paid off home is an investment you live in. But if the market changes it’s a bit risky. I’d hate for your renters to have to suddenly find a place to live if you had to get rid of the property.
Interest only means they're not paying off any of the mortgage, i.e, the debt. When they sell it they'll still owe the lender exactly the same amount they borrowed.
@@jacquigibbons9178 yeh I get that. but thats what I'm saying will they never pay it off and keep it interest only? You can pay it off if you pay extra but i have a feeling they don't want that
Looks like a nice little house for no money. I live in South Yorkshire and even in a run down area such as this that house would be well over £100K possibly £120K, I know that as a fact as my eldest son is house hunting at the moment.
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some mid;ands area 210k
ive a few on my watch list all below or between 60 and 100k what area donny roth sheff barnsley etc?. same username on insra
I’m doing the same things as you guys are, just solo.
I’ll be sure to keep track of your progress, I’m currently on property 3!
Hello, so excited to see what you do with this house!! I have a question... what other areas would you recommend buying a house in that you could refurbish and sell afterwards? Down in London it's so much money here, I need something below £100,000. Please let me know :)
Best thing is to research areas near you, perhaps draw a 10, 25 or 40 or even 100 + mile radius depending on how far you want to travel and set a price limit of £100,000. See how many properties come up, compare ones in bad condition vs good and see if there is money to be made :)
first
Congrats!😁🥇
Nice
Congrats! Thats another great property easy 11% ROI plus capital gains that should be great up there
What do you mean re capital gains?
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Hi Matt and Summer, hope you're doing well ! Which city is this one, if you can tell?
what happened to the knoll video?one of if not my favourite, was maybe planning to take some inspiration from there too
Thanks for sharing 👍could you please explain more the map I live london I don't know much outside london
Efficiency Ratings like in EU
Insurance & Strata Fees ⤴️
Mortgage rates⤴️
Council Tax⤴️
Rents ↘️
Wages⤵️
Job quality⬇️
Pension Age↗️
Govt Red Tape↗️
Tax changes⚠️
Housing and sunk capital over last 20 years ⤵️🔜🔚
Hi Matt and summer, great to watch your videos to get an insight on the buy to let property industry, I’m 20 and looking to purchase my first buy to let but would like to continue purchasing properties and reinvesting, I have £25,000 ready for a deposit on one what would be the best way to get into buying property and still being able to buy more would it be to get one that needs renovation so I could refinance if it increased the properties worth enough so I could use that money for the next one , how would you go about getting the 1st one allowing you to carry on buying more in the future without having to save fully all over again?? Great content !!
Yeah this is a really good question
Hi Thomas. Congrats on that deposit, it’s a great start. One option would be to purchase a property that needs work with some of those savings and use the rest of the savings for the refurb work and then as you could either refinance if there is enough money in it or sell to build your cash pot and go on to purchase another property.
Depending on the property prices in your area you could choose a cheaper area to make your money go further.
If you are a first time buyer and you can buy a property with a 10% deposit this will allow your money to go further but you will need to be mortgageable for the amount and it will also technically need to be classed as a residential property but you don’t need to live there whilst the works are done you would just live there for a few months after the work is done. You’ll make the most of the fact you won’t pay any stamp duty as a first time buyer either.
Speak to a mortgage advisor on a free consultation and find out how much you can borrow. Then when you’re looking to buy remember, worst house on the best street is always best.
would you be able to live in it for a while? take 2 lodgers in rent out some rooms? help with income and live bill free too... means to an end ... no tax either :)
Wall cabinets in the kitchen are way too low. And be8ng a Brit I can say what I've alwyas said, too many damned doors in our houses. Space needs opening up.
Congrats! Can’t believe how different the house prices are around the U.K., in the south that could easily be anywhere from £250k-£450k and rent would be in the thousands haha!! Great video as always :)
Thank you :) I know right, great to see the variety
Yes, but the resale price goes up accordingly. This house will probably sell for only £80-90k in 20 years. Also, rent here would be just a few hundred.
@@rayssamz8386 yes that’s also true - it’s just crazy how the same house if you were to drop it in another piece of land in the U.K. can change the price so drastically
London is a bubble to burst !!
congrats both on your new property👏👏. question... are you guys paying the higher rate of stamp duty....?
Thanks David! Yes we are. Not ideal but we just work it into our offer
@@TheLuxuryHomeShow 🙏
Only 65k wow! 🤩 Silly question but is that rent £500 per room or £500 for the whole property? Also what would you say is the best site/agent to find a place like this please?
It's a single BTL so yes £500 for the whole house
Oh okay thanks!😁
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Dream on 500 per room 😂
500 per month rent for 65k is almost 10% ROI. That is almost double the average. That's fantastic - how did you get such a good deal since home valuations are typically derived from rental income ?
Because the area is a hell hole.
Hella hole - then why is the rent so high? I also want to invest in this hella hole if its liquid and price is non volatile:)
@@orkfund you would forever be throwing money at it, I live in the North east and seeing people investing in these property’s is comical. The price of the property is pushed up because people from the South of England can’t believe you can buy a property for this price. The bubble will burst one day and it won’t be worth half. It was only a few years ago that house could be picked up for around £25k. Research Middlesbrough and it shows how deprived the area is, also I find £500 a month to be taken with a pinch of salt. Non working tenants on Universal credit is your clientele. As the agent says not to bother decorating or changing carpets, there’s a reason why they’re saying that, it’s because they know the tenant won’t look after the house.
@@paulgooding3026 I see what you are saying. I appreciate the insight Paul.
@@orkfund pretty consistent.. has its rough post codes but thoae at 40 to 50k lol.. the right street and the uni etc nearby id have gone 3bed hmo / share possibly also not checked but if you could grt grants if they have been empty a while and you can sit on it a while then it opens up a lot of avenues so to speak :)
Would love to see how this turned out guys, if possible?
How did you buy it for so cheap ?
Have relations is a little mafia in this industry bag very cheap and saling very expensive
Hey can you recommend the property manager on this please - looking into Middlesborough myself
Please change the kitchen tile back splash
Congrats! I’d change the radiators and put them under the windows , especially in the living room , maybe it’s just me but I can’t stand radiators just hung on easiest wall. Good luck
You would lose the heat is best to put on middle walls I think a bigger panel plus radiator be good
@@user-bg4ny6zu6u yea true maybe add, anyhow good seeing them both doing well
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Amazing video! Thank you for clarifying you bought through a limited company! What's the management company that you are using, if you don't mind please? X
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Hi, the first house you bought in the same city did you think you would rent it for £ 350 per room and this one for 550 for the whole house?
Bills are normally included in the room only ones
Yes, first one a student let. Second one is to far from the Uni for a student let. Two different markets both have positive and negatives 😁
Thanks
Hi Matt and Summer. This is a great video - can you let me know who your
mortgage broker is? I’m struggling to find a decent one whose knowledgable about limited company mortgages. Many Thanks
Where it is?
How come you buy it so cheap and on the websites you put it at triple the price?
£65,000 is very cheap but who wants to move to middlesbrough its rough as hell, rent is cheap as well £500 a month
Well, duh lol. What did you expect for 65k? A mansion in Central Lindon? lol
Who’s going to like the colour of the bedroom if you don’t change it?
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£65k for that is an absolute steal. Congratulations guys!! All the best on the renovation
Thanks Hassan!
found one 39k last week too not far from.this... cheap as in the right places :)
Am always waiting and happy to see such videos you make and you are actually given answers to some of my questions I had about property investments. Keep on guys 👏👏
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I'd love to see another sit down video where you guys answer some questions 😊
Good idea! Maybe we can do this soon :)
great informative video! Just wondering, if you purchase your ‘first’ home through a PLC would that mean you are still entitled to first time buyer benefits when you purchase your first residential home outside of the PLC. I want to buy a property for BTL but wouldn’t want to lose my first time buyer status 😂 as I want to keep building the money in my LISA! Please help if possible!
Is there anyway to buy a property from India?
iam bangladeshi youor bediyo very nice
So cheap, in the netherlands house prices are crazy.
We live in exact same house in London and it costs more than half million to buy
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I take it we're meant to ignore the ' Hit me up ' and ' Whatsapp, hit me up ' posts which keep popping up? Perhaps M and S could report whoever it is, please.
U two are making big moves innit ‼️
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Blimey, you've got yourself an absolute bargain there! From my memories of growing up in the Boro the family home I lived in was configured exactly like this,(I had to share the tiny box room with my kid brother, sleeping in bunk beds). My 2 sisters shared the front bedroom and Mam and Dad had the back bedroom overlooking the garden. The miniscule bathroom also housed the airing cupboard with the immersion heater in it and the toilet was downstairs off the kitchen. The property was council owned back then and the rent was about £11 per week,lol. I moved away in 1983. By comparison, my 2 bed housing association flat in a 1960s high rise in Bedford is £114 per week! £60k for what appears to be a more than decently maintained mid terrace with a fairly good sized yard is bloody good going! I'm kinda missing my home town, lol. Well done, guys.
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65K great property
I looking for mortage
Love your videos, especially the travel stuff. Do you have separate bank accounts for each property, or one account that has separate wallets in the banking app to allocate to each property. Would be great if you did a video on managing taxes for the property, and what you can claim back.
Could you tell your audience and budding buy 2 let investors how you source your properties. Is it at auctions ala "Homes Under The Hammer" or through estate agents or your network of contacts etc.? Thanks...
This one was through an agent, originally saw the house on Rightmove. We didn’t even know the agent before the viewing. We just invested the time viewing lots of houses in this area before we found the right ones. We also find deals off market by going direct to vendor
@@TheLuxuryHomeShow Thank You for your response, in other words a good mixture of sources, best way.....👍
What kind of area is middlesbrough in terms of work opportunity.
Hope these Middlesbrough properties are going well for you guys. I know the area. It is a good investment location.
Sorry to be the bearer of bad news but the owner couldn't wait to leave, you bought an ex-council house in an area known for high crime, the tenants you get will be equally as poor. I'm not an expert but I'm a landlord and you're buying in my home town. Rent is too high too, will take a while to find a good tenant and profit might be around £300 a month but I can imagine you'll get sick of it after a few years and sell up, losing all profit you made to capital gains tax, selling the house at a loss given prices of houses in the area generally yo yo and at the moment they are at their peak. Not to mention the tenants will likely not pay their rent, and will trash the property, so you'll have to do work each time people move in and out, taking even more money away from you. I went to school with another landlord who recently sold over 200 houses in Middlesbrough, he'd had enough and just wanted out. You have no idea what you are letting yourself in for thinking this is a good investment. Good luck, and on the upshot at least the area is getting some investment :)
For a relatively low investment, it might good for the long term.
@@thehungrygoldfish for the last 10 years the town has got worse, the population is on the decline and crime rates are on the up, house prices have risen at a rate slower than inflation, the number of people out of work in Teesside is higher than the national average and past and present governments have underfunded the area year on year, so the long term investment outlook seems bleak.
@@Matt-df6hz Well, they already bought it. What do you suggest they do? lol I think the best thing for them to do is hold onto and see what happens. It doesn't seem wise to sell it.
What area is the house?
If I buy a house in UK I will call you to check it's quality before the agreement. Will you come?
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Hi, is your management agent in the Middlesbrough area any good? If so, could you please give me their details? Many thanks
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WHy don't you look at buying commercial property and use permitted development to turn them into flats, seen as commercial sq footage is cheaper than residential price per sq foot
Are you not exposing yourself to high risk from interest rate rises and current high property valuations? This is probably the bottom for interest rates for the next 10 yrs. Feels risky to get high exposure in this way right now?
Hello I would love to buy a property that price too!! Can I have the agent please and I can also invest in buy to let. Thank you
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@@markjkohler232 fake !!!!
Conglatulations :)
Thankyou :)
Location please
Seriously you can buy something like this for that price in UK?
Yes, but nowhere near London or anywhere else that's desirable, of course.
This may be a stupid question, but do you pay less tax on your profit / income if you buy the property through a limited company?
U always get good deals😁, congrats!!. Great video keep it up always love the content 👍!!.
Haha thank you! 😄
Wow didn't think you could get an interest free mortgage these days.
That’s nuts, £65k. A little bit more than a decent car
Nice house for a bargain price
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Which city
This would be £5m in London with 2k a month service charge😂
why would you pay a service charge in a house?
Why would you not pay capital and interest ? Is it not safer and better in the long term, especially as interest rates are so low ?
Repayment mortgages (capital and interest) are also a good idea too. We have properties on repayment too. It can depend what you’re going to do with that extra money each month. For us we reinvest it all which makes us more than if we paid the capital back. If we can borrow money from the bank at 3% interest and make 8 - 10% it makes more sense to borrow more and invest the difference rather than rush to pay it back. Hope that makes sense, hard to explain completely in a comment :)
@@TheLuxuryHomeShow Hi, My family and I just moved to Marbella. I am actually in property also and always sought the life you also seek, luckily i have achieved it.
I am a member of the Puente Romano owners club and think you would like it, therefore if you would like breakfast or a coffee, its on me ). I can show you around here, its really cool, u will like.Also I know the mgrs in Panorama and Engel n Volkers, if you would like to view properties. Rgds Rich
how did you find this property? from which portal ?
This was my old house , I find some of the comments interesting
Well done to you both being so young but having a portfolio. Is this house rented out yet?
Well done to you both being so young but having a portfolio. Is this house rented out yet?
Must be nice having a subsidized life style.
I'm from Middlesbrough!!! Whooop
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Matthew is needlessly dressed again.
+I1I I8I I1I I4I I3I I1I I8I I7I I4I I2I I3I,
65 k that’s cheap how get that cheap house??
Nowhere near anywhere desirable.
As the house is unoccupied are you paying for the interest until you get tenants or payment starts when you get tenants?
Payments start straight away but we’ll have tenants in the next couple of weeks :)
@@TheLuxuryHomeShow thanks, one more question. you mentioned that your taking a hands off approach with this house, under management, i assume they find the tennants for you, does that mean if you guys was handling everything youd have to find/vet potentiall tennants?
congrats to your new investment
Best of Luck
нιτ мє υρ νια ωнατѕαρρ
+I1I I8I I1I I4I I3I I1I I8I I7I I4I I2I I3I^
Can I please ask a question to you two is it Better to rent out or sell??
Which letting agent do you use to manage your property?
Can u do a house or flat in basalheath
Love these straight forward no no sense videos 💯👌
Great buy guys , was the mortgage a repayment or endowment type you used ?Keep up the good work .😀
нιτ мє υρ νια ωнατѕαρρ
нιτ мє υρ νια ωнατѕαρρ..'
So it will take around 5 years to make the £20k deposit back, then after that is is theoretically profit al the way (minus any unexpected repairs that might crop up?) - is my maths correct there? Was never the best at maths lol :)
you would have to take into account the maintainance and stuff but pretty much spot on plus the bonus is the value is likely to increase abour 2 to 3 % per year in boro so adding value all the time so kinda win win... :) thats why a lot will get them needing a tidy up and try add a room etc...add the value remortgahe and have little to nothing left in it then after remortgaging :)
Easy there Blackrock
Good price, well done.
Hi Matt and summer.... love watching your channel it’s very inspirational. I am just wondering how long was the process for you guys? From the date your offer was accepted to the date of key collection?
I am wondering how long it took you basically. Sometimes it seems like it only takes a short amount of time (1-3 months)
Thank you so much. Heidi
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Although informal. Still worth a try. I respect you taking the time from your busy schedule to reply. Wishing you all the best in your future ventures xx
just bought/ buying one here in yorkshire...no chain... week 9 at the moment (probate so taking a little longer) expext to be a further 2 to 3 weeks so id plan 3mths roughly yeah.. aslong as no chaim from the seller
£65,000! really ??