How to BUY 6 PROPERTIES with £60K? | Property Investment UK | Buy to let UK | Jamie York
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- เผยแพร่เมื่อ 16 มิ.ย. 2024
- Do you want to know how to buy 6 properties with £60K? Have you already bought 6 properties with £60K? Did you know you can buy 6 properties for £60K? Well this video is going to give you some all important tips and tricks to show you how you can buy 6 properties for £60K!
Let me know if this video has helped, would you now look to buy 6 properties with £60K? Leave a comment below it would be great to hear everyones experience!
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Yep, hands up! I got the calculations a little wrong l! 🤦🏼♂️ but hopefully you get value from the theory about how this can work!
Could you do a video explaining the new epc rules for landlords and ways older properties can get exemptions from them.
Theory is correct Jamie. And I did that in the past - like 2-3 years ago.. but this is no longer valid.. lots circumstances changed now. But good video. My only feedback- you need to be more realistic- as this is confusing your viewers.. you will lose trust mate
@@tomce217 l agree 👍
Jamie, this would only work in theory. I don’t think you can get away leaving 10k in property- this is no longer the case buddy. Labour cost went up and so utilities which u need to pay while refurbishing.. insurance; agency fees; certs- will kill it. Also imagine now doing BRR within current mortgage offers and interest % - your cashflow would be negative man.. nice on youtube, not so nice in reality buddy
Correct. His vids are increasingly at odds with the reality of the current situation.
The only way l see this possibly working is by the ones with a large wedge of wonga £$€ who could take the short term knock but in the long term be the winners 🤔 But that’s the select few with deep 😂pockets I’m afraid.
@ tomce. I’m one of those landlords you’re referring to and yes it’s currently crippling out there. i.e a roll of solder was £5.99 ish. Now £28 pounds! So plumbers prices are skyrocketing as the raw materials themselves are. So like you I’d suggest approach with caution and make sure you’ve some back up money to cover the current soaring costs 🤔
Yes hes talking poop minimum buy 2 let 25% so so 60k will get u 1 2 if ur lucky then game over
Literally away to comment just that. Had to repair underfloor heat cable under tile. Ran out of solder which I seldom do. Gone to from a fiver a reel to £28 a local merchants. Symbolic of everything else
Thanks, well explained 👍🏼
Only works until the mortgage surveyor comes out and undervalues it, then your screwed or as the market is now on the decline leaving negative equity 😮
Super entertaining as always 😊
Thanks Feri!
Guns coming along nicely well done 👏
Can you let me know what make of white board you use please Jamie?
I done this in 2006-2008 and started with 15k bought 1 property done it up then 2 years later and 27 properties only with the £15k started with but then the banks shut down the borrowing capacity so you really have to be savvy now a days, spread the risk buy refurb sell, BTL, and Serviced accommodation also rent to rent.
These strategies will work in any market but only if you are set up in the first place.
Good luck
Good info on these videos and gets people thinking which gets the power multiple minds thinking.
Love this James
can I do this now?
@@ayres6727 hi there I think you can still do it but bearing in mind the banks and government are really cracking down on btl but it’s all scaremongering as usual.
Just think carefully about what your goal is. I.e is it long term or short term
Do you want extra cash flow so you can give up work, if so you need to work out realistically how much that is and how to package in a way that if you have problem tenants or repairs you can do it.
I would do all kinds of investing from buy refurb, letting, holiday let(SA) and become property sourced for other investors which if packaged right can net a healthy sum on top.
The property market becomes like a drug and if you let it it can take over your life so just be careful and do lots of research.
Good luck
If you have a 100k and bang a deposit on 1 House, spending 10k or 20k deposit wheres the refurbishing money coming from? Wheres the solicitor and estate agent fees coming from? Could use the bridging but that also costs high interests rates to borrow 🤔. I have a 100k cash to invest but thinking to put a deposit down and refurb with extra cost say 20-30k depending on value to add ie exstension on back or extra rooms etc. I'm also finding in todays times the rent is pretty much the same price as mortgage repayments and if you have no tenant who covers all the council tax and bills? Serviced accommodation or hmo is probably only way to go to make any profit nowadays.
Agreed
Can't be asking sensible questions, we're in the business of selling hopes and dreams here!!!!
I will have mixed that a bit, buy 2 flip 1.
Nice strategy. Nice with a bit of a mix :)
Hi Jamie , have you thought about setting up your own letting agency for your investors and your own portfolio to help protect from rogue tenants and also ensure your investors abide by regulations which are ever changing ..... in that way you could be closer to future opportunities for rental properties where a quick sale is needed and sellers come to you as an option as you have investors ready ?
We've just set up our in house lettings!
Feel as a potential investor that will be a great selling point as a one stop shop , I am moving to Leeds very soon , so once that all sorted I would like to consider your training as a potential trader to build up capital to then invest with a 10 year plan
I dont know where you can find a BTL mortgage with 25% deposit these days.
The max loan is based on rental value.
Besides, if property needs full refurbishment then it may not be eligible for mortgage in the first place.
I’ve never put more than 25%. We did 200+ last year. I guess it depends on your location
You didn’t add stamp duties and legals which is 5k
Hi Jamie,
Can you do a video on private investers loan to finance the property and what rate they should be paid back and when to refinance with the bank, etc.
Thanks
Even if you manage to get the survey value to where you need it to get most of your money out, the mortgage lender will demand you have “skin in the game” and reduce the LTV on the loan to make you leave more money in.
If within 6 months that can happen. After 6 months, I’ve never had that on any of my properties 💪
@@JamieYork in my experience the banks insist on lowering the LTV, if not enough has been spent on the refurb. They don’t want the borrower to get “something for nothing”
I've been property developing for over 20 years and My last 2 properties (November 2022 and beginning of January) were under valued by the mortgage company making it impossible to get to the 10k left in. I would say 25k plus is more the norm.
Something that really was annoying was 2 other identical property's have recently sold for 168k and 170k.
After a full Refurb I valued mine at 165k. The mortgage company said sorry it's 140k...
That’s a killer! Did you contest them? Fucking valuers sometimes eh!
@@JamieYork I didn't see the point. Tbh were in the hands of the valuers.
@@andrewwalker9020 Did you bridge then try and get a mortgage on the property mate? Also, what was the time scale?
I purchased both with cash the one that disappointed/annoyed me the most was the full Refurb. It was the perfect modern BRR.
The other one was at an auction. A light refurb and Tennant moved in. Frustrating but we move onwards and upwards. No point in worrying.
Listen dave , all well being said!! This cannot be done without you having a job and 6 month payslips period!! 60k this minute will get you A house!!!
As per above!!!
Bare in kind this vid what posted in. Jan 2023
Jamie i'm a uni student and want to get into property. What is the best way to do this going forward in my situation?
Deal packaging :) I did a video on it about 10 days ago!
Hey Jamie, great video but on a serious note what kind of time scale would you be able to achieve this and what time scale do you think a newbie could achieve this if they had the £100,000
3 refurbishments did last year mate.. hated every moment.. my family hated too.. just an idea for u
You can't achieve it in the real world. Will Not Happen.
@@tombfc123 I don't think it's impossible just will take time to find those deals I found 2 last year that I actually made money on refinancing but I'm on hold at the moment due to interest rates
@Richard Clarke last year rates were VERY low and house price growth was VERY high. A combination we won't see again for a long time...
@@tombfc123 yes very possible I still think you can add value to places for a moderate profit I'm lucky enough to be in a position to not buy with finance so I can continue to flip this year until rates stabilise.
Hey Jamie. We have just signed up with Aspire and really looking forward to growing our long term portfolio. I want to follow this exact route and to a degree it made sense watching this video, but I do have questions and would like to explore this more thoroughly. What's the best way forward please?
Amazing… and n the education side or the property side? Ask away I’ll do some more videos on it
Finding properties like this is very hard. Remember property is a slow game and you’re looking for the long term pay off
@@JamieYork We've signed up to the property side and working with Toyan, but I am very keen on upskilling myself and developing my understanding, especially around the model you worked through in this video
Love it. He’s great isn’t he! It takes a LOT of effort
Step one: get your first coupe of property investments so that you’re taken seriously by lenders (toyan can serve this)
Step 2: get educated to make sure you’re able to get direct to vendor yourself and be able to raise the cash from other investor
Step 3: implement and action. These types of deals are VERY hard and not typical for most people. You will need to put in the time
For now, focus on getting 2 boring vanilla buy to lets :)
what's the link for aspire?
Www.aspirepropertygroup.co.uk
Unless you're a 1 in a million investor, which if you're watching this video, you're not, you cannot get 6 properties with 60k. Absolutely not in the current climate. DON'T FALL FOR THIS SHIT, saddle yourself with bridging loans and hit issues you're in big trouble.
The problem is that I really think you need to know what you are doing. I know a few people who have went all in with buy to let's and they are probably on a work salary of about 45k a year, now they've a property portfolio of around 700k plus their own house, so effectively responsible, PERSONALLY, for 900k of property mortgages, each financing the next. If he loses two tenants then this ponzi type scheme will be over and he could end up in a lot of trouble in this climate.
Jamie York knows it can be done and done well as he has done it and knows how to do it but let's be honest, the biggest risks bring in the biggest returns and there's a big risk if you don't get the right properties.
Spot on chief, you NEED to know what you’re doing! Ideally you’d be able to buy ing cash of course. And then refinance :)
@Jamie York I've not pissed on anyone's ambition. You're obviously successful in property and good luck to anyone coming into the sector. However putting a video out suggesting people should get £100k bridging loans to attempt this strategy is at best irresponsible. The average joe is going to get themselves deep in the shit very quickly doing this.
I hope they don’t and get the right advice and guidance. Apologies if I’ve misread the tone of your message… harder to get over a message of course 😊
Tried this twice both times the valuer undervalued our property . This was in Liverpool . They are severely undervaluing properties now and over charging on labour ! It’s not as easy as it sound unfortunately.
Or maybe the registered valuer is not under-valuing. You
e right though - it is not easy.
Where is legal fees where is stamp duty , broker fees
By refinancing, hasn't your loan on the property gone up from 75k to 105k?? Isn't it important to keep the debt under control otherwise the rental won't cover the monthly interest payment. Your property rent will remain same but you have increased your mortgage payments by refinancing?? What's the point of having 6 properties with debt that the rent can hardly cover? Specially if the properties are bought in an area where the value doesn't increase then its pointless creating a portfolio where there is no rental profit and no increase in value of properties.
lol Jamie. 105k - 75k = 35k? REALLY lol. not when I went to school, Jamie, hehe. only playing though, mate I get the principal.
Oops! 😂
Not fair making the renters pay high prices to cover your debts, these methods make certain individuals rich whilst causing greater harm to society as a whole.
Refinance isn't quick though is it if your tied into a mortgage at least 12 months fixed ....
Pulling the money out takes a while
Oh yeah, at least 6 months
Jamie I don’t see stamp duty every time you buy not being accounted for ?
Stamp duty can vary from deal to deal (sometimes not needed!) so I’m just trying to focus the theory for you 😃
I bought a property for £125,000 I put £32,000 deposit down it’s now worth £145,000 I want to get a buy to let is this possible with adverse credit
You'll probs fail the credit check tbh
“Making £200 each” ok and we have just seen interest rates rise massively so most people will make nothing after what’s happened. Best bet is leave more money in there and not stretch yourself folks..don’t be greedy be smart.
Definitely don’t be greedy and definitely do NOT over leverage!
£200 net is achievable on a lot of locations though and variable interests are up dm fixed have started to come down a little since late last year which is nice
Can you source properties for us?
@@Jamesdoeshealth in Norfolk yes. Send me your email and I will.
Just to give an example
£90K property cash in the deal £26K
£25K spend. Revalued to £140K.
Cash out £36K cash left in = £16K
Rent net £400
In 1 years time the cash pot will accumalate back to £50K to go again!
Boom!
This is ideal though if the valuation for the mortgage company says. ooops sorry. I value it at 120k. Then where do you go.
I posted on this thread about my last 2 properties being under. Valued. Yesterday I got news of a remortgage on one of my properties that has come back 30k under what I believe is the valuation. I started doubting myself as I thought I couldn't value a property after over 20 years of experience. I contacted a colleague who is in the same business. Didn't tell him this property belonged to me and I asked him to value it from the info Available.. he actually came back with figures 5k above what I was working too. The whole process ATM is very annoying Btw I'm not talking about expensive property. It's the Jamie special a std boring vanilla BTL.
I've decided to go down the appeal process and see if I can get the valuation up to a reasonable difference.
what if someone don't have money to buy?
Id recommend saving up some money first as it'll really help! 👍
@@JamieYork but other mentors like Robert Kiyosaki saying to use debt, meaning take loan from bank and buy properties?
th-cam.com/video/pwAXRfHu6kI/w-d-xo.html 105k - 75k = 30k not 35k
But to be honest the worth video you got so far... And I Probably saw 100 of your vidios. Where are the cost of the bridging loan, stamps duty, state agent, solicitors, council taxes, unrealistic 50k house, mi opinion. Cheers
It’s not a numbers video… which I said at the start… it’s the concept of it which I’m teaching as a lot of people don’t know of it :)
I can do further videos on the numbers if you like
@@JamieYork yes please do a video on the actual numbers using real examples reflecting the reality of lenders and what people actually need to know or do :)
Why only 6 properties not 16 ?
Haha to samo pomyslalem . Jak leciec to grubo . Ze ktos to lyka
Hi jaime its Daniel from venezuela 105000 - 35000 its 30000 not 35000😀👌
Sorry 😩105000 - 75000 = 30000 not 35000💪
Haha… oops! Good spot!