Happy Easter! When making this video I tried to compact as much information into a short video as possible, so if anything is unclear or doesn’t make sense, drop a question in the comments box! 😃
Your progress is awesome Justin. The smile on your face at the end says it all. This is just more proof (for those who need it) that the typical tried and tested method of BRR(R) still works just fine, even with increase interest rates, in 2023. 🎉
Thanks Samuel, always appreciate you watching 😃 and yes I agree, the whole buy-to-let is dead movement is nonsense - buy-to-let has changed, and become harder, but it still works just fine 🔥
Great video, if I was going to add anything, may I suggest using epoxy grout in your projects? I use them in my btl bathrooms, no maintenance required no discolouration or blackening.
Great video and an excellent refurb too. This project illustrates the power of using cash for your purchase and refurb. It takes so much risk and pressure out of the project. And once you were finished, you got a really good house for only £11k.
Cheers 🍻 absolutely, cash can be a powerful tool to use. Helps to ease the purchase process and takes pressure off the numbers. Appreciate you watching 🤝
Great video and very informative, thank you. I've been looking to buy my first BTL for a little while now. Can i ask, after the refurb and refinance, you monthly profit is only £173 and you've still yet to deduct any tax which would be at least £130 (20%). This only leaves you with £43 a month real profit? I understand you've gained a property, which is almost certain to gain in value, however, the passive incoming is very low. Am i missing something here?
Hi Phil, thanks for watching. Property was bought in a Ltd company, meaning tax is only 19% on profits. Not 20% of the rent. Obviously it goes without saying that property investing has become less profitable the last couple of years, due to rising interest rates and regulation changes. But property investing is still worthwhile in a limited company - it’s much harder if owned in personal name.
Great video Justin! Love a good whiteboard breakdown! Really appreciate the comments about Mortgage Works too, by the end of this year I'm planning to have hit my cash target to buy my first BTL, and because of banking primarily with Nationwide, I was thinking of using them, I might stay clear of them if they cause problems though.
Great work Ben! Thanks for watching and great to hear you’re looking to get your first BTL later this year. Obviously i have clear thoughts and feelings towards The Mortgage Works 😂 but Im also a small part of the market, so definitely speak with a broker and get their opinion on TMW. Whilst they have come up with some weird and random things in 2022, I’m hoping they will improve going forward. If the property is very straightforward and so is your income, finances, etc, then they could still be the best lender 🤞🙂
From memory I think it was good home. Pretty sure it was my first time using it too. You always have to go for a darker paint than expected, I’ve experienced the same as you in the past!
Very clear and concise, Justin. Would really appreciate you doing a video where you focus on your marketing process now you've got the hang of the video making bits. How you select areas to target, what your letter/ adverts look like et al. Thanks again
Great video. Kept it very raw, very real. Admitting to possible mistakes. Your best yet. Really hope to see more from you and that you make a success out of your ventures. Do try to find an extra week out of your time so you can do the decorating yourself, that is unless you are getting better pay elsewhere from work. As said... good luck. PS play hard ball when finding your tenants..... as it would be dreadful to get a bad one in that lovely house. Been there and got that badge.....
Thanks Peter! Definitely agree, I should have left far more time to paint it and next time il either do that or factor in the painters costs earlier 😂 Appreciate you watching!
Hi Justin been following for long time … very good and informative video… i have bought 3 properties and some equity stuck in them for around 5yrs and I’m just struggling to raise finance for the next one… got around 20k saved but don’t think enough so working on it.. also I’m thinking in Liverpool/burnley what would you suggest or if can meet up to discuss if you don’t mind I’m in Manchester… thx…
Current rates of bridging are around 1% I believe. There’s a few ways you can pay bridging, either roll it up and pay at the end when you refinance, or pay monthly - so that’s worth looking in to!
I have a property I’ve refurbished and looking at doing let to buy but the looking at the financials despite having 9% ROI and 5.5% yield (property modest value is currently 380k) it’s coming out after tax at just £480 profit per year (40% tax bracket) making it feel completely unattainable to do anything like this. 😢
Properties with high end values are unlikely to be cashflow as buy-to-lets unfortunately. Its because your debt on £380,000 will be high at the current time due to interest rates, and the rental figure probably isn't high enough in comparison. Two pieces of advice; first you are likely to see better results from have 2 properties worth £140k-£180k than 1 property around £380k, and secondly for most people investing in property is only viable through a limited company, not personal name as the taxes are too high :(
@@JustinWilkins thank you for the response! I appreciate it. It’s hard as I’m attached to the house and wanted to have it as a back up while relocating for work but it just isn’t viable. Based on my current research it’s advisable to have 3 properties or more before incorporating them would you agree? I appreciate corporation tax is 25% rather than 40% but aware there must be other costs involved as well. I’m fairly savvy with tax from owning a partnership and my own business but neither are VAT registered so this has been a journey for me learning everything 😅
Such a shame that the numbers don’t work, so that you can keep it! The decision on company vs personal name is less about number of properties, and more about your income. If you are in the higher rate tax bracket, which is sounds like you are, then property is incredibly difficult in your own name. Not only because you’ll pay 40% on profits, but because you can claim barely anything as an expense. Worth talking it through with an accountant, but I’d imagine limited company route is likely to be the way you go!!
Can you create a video on how to structure your buy to let portfolio if all your assets are interest only BRR - long term plan Fantastic buy well done Justin great work continue with the brilliant content 🎉
Yes that’s a really interesting topic actually, and one that I’ve not seen many videos about. I do have a 5, 10 and 20 year plan for switching mortgage products, paying down debt, selling vs keeping, etc. il add to the list and see if I can make a video on this 😃
Painting ‼️ I paid my decorator very close to two grand to paint the whole house, except the Kitchen and downstairs loo. It took me forever just to do those two rooms . . . 🥺🥺🥺 very bad idea, I hated it ... much better to pay the man - who has all the right long-reach rollers and differing brushes and paint buckets etc. I hated paying that money out, but boy, was it worth it ‼️
Happy Easter! When making this video I tried to compact as much information into a short video as possible, so if anything is unclear or doesn’t make sense, drop a question in the comments box! 😃
Thank you for your videos. Amazing. Clear and concise. May I ask, what are the tex implications on this deal?
Your progress is awesome Justin. The smile on your face at the end says it all. This is just more proof (for those who need it) that the typical tried and tested method of BRR(R) still works just fine, even with increase interest rates, in 2023. 🎉
Thanks Samuel, always appreciate you watching 😃 and yes I agree, the whole buy-to-let is dead movement is nonsense - buy-to-let has changed, and become harder, but it still works just fine 🔥
Great video, if I was going to add anything, may I suggest using epoxy grout in your projects? I use them in my btl bathrooms, no maintenance required no discolouration or blackening.
Great suggestion thank you! On my list from now on 📝
Great video and an excellent refurb too. This project illustrates the power of using cash for your purchase and refurb. It takes so much risk and pressure out of the project. And once you were finished, you got a really good house for only £11k.
Cheers 🍻 absolutely, cash can be a powerful tool to use. Helps to ease the purchase process and takes pressure off the numbers. Appreciate you watching 🤝
Would you be able to share the general area/postcode of this property just to get an idea of rents in specific locations
Hi Justin, I remember watching one of your videos where you talk about how you damp proofed an older Victorian property. Can you link me to it please?
Did you interest only or repayment mortgage for this one?
Great video and very informative, thank you. I've been looking to buy my first BTL for a little while now.
Can i ask, after the refurb and refinance, you monthly profit is only £173 and you've still yet to deduct any tax which would be at least £130 (20%). This only leaves you with £43 a month real profit? I understand you've gained a property, which is almost certain to gain in value, however, the passive incoming is very low. Am i missing something here?
Hi Phil, thanks for watching. Property was bought in a Ltd company, meaning tax is only 19% on profits. Not 20% of the rent.
Obviously it goes without saying that property investing has become less profitable the last couple of years, due to rising interest rates and regulation changes. But property investing is still worthwhile in a limited company - it’s much harder if owned in personal name.
Great video Justin! Love a good whiteboard breakdown! Really appreciate the comments about Mortgage Works too, by the end of this year I'm planning to have hit my cash target to buy my first BTL, and because of banking primarily with Nationwide, I was thinking of using them, I might stay clear of them if they cause problems though.
Great work Ben! Thanks for watching and great to hear you’re looking to get your first BTL later this year. Obviously i have clear thoughts and feelings towards The Mortgage Works 😂 but Im also a small part of the market, so definitely speak with a broker and get their opinion on TMW. Whilst they have come up with some weird and random things in 2022, I’m hoping they will improve going forward. If the property is very straightforward and so is your income, finances, etc, then they could still be the best lender 🤞🙂
Hi Justin. Which solicitors do you use for conveyance and how much do they charge you??
Thanks for making interesting videos. 😊
What a steal! Down to your perseverance and tenacity. Well deserved! Really enjoying your transparency. Thank you. 🎉🎉🎉🎉🎉🎉🎉🎉🎉
🙌🙌 thanks! Awesome comment and hope you enjoyed watching it!
Which brand grey paint do you use for skirting? I've seen slate eggshell, but it ends up looking lighter than your one
From memory I think it was good home. Pretty sure it was my first time using it too. You always have to go for a darker paint than expected, I’ve experienced the same as you in the past!
@@JustinWilkins B+Q Good Home brand is quite a good quality paint, my decorator used it and said the same ✔💯👍
Very clear and concise, Justin. Would really appreciate you doing a video where you focus on your marketing process now you've got the hang of the video making bits. How you select areas to target, what your letter/ adverts look like et al. Thanks again
Cheers James and good suggestion, thanks!
Great video. Kept it very raw, very real. Admitting to possible mistakes. Your best yet. Really hope to see more from you and that you make a success out of your ventures. Do try to find an extra week out of your time so you can do the decorating yourself, that is unless you are getting better pay elsewhere from work. As said... good luck. PS play hard ball when finding your tenants..... as it would be dreadful to get a bad one in that lovely house. Been there and got that badge.....
Thanks Peter! Definitely agree, I should have left far more time to paint it and next time il either do that or factor in the painters costs earlier 😂
Appreciate you watching!
"Got that Badge" - yep, seen it too many times where a tenant trashes your £25k refurb ... soul destroying.
Nice, is this in ur personal name or ltd company?
Hi Justin been following for long time … very good and informative video… i have bought 3 properties and some equity stuck in them for around 5yrs and I’m just struggling to raise finance for the next one… got around 20k saved but don’t think enough so working on it.. also I’m thinking in Liverpool/burnley what would you suggest or if can meet up to discuss if you don’t mind I’m in Manchester… thx…
Well done mate, congrats 👏
🔥🙌
How long was the refurb and bridging loan term if u don’t mind sharing?
No bridging loan as I bought it cash. Refurb took approx 7-8 weeks, builders moved fast 🙂
If you had a bridging loan what % do you pay back per month roughly?
Current rates of bridging are around 1% I believe. There’s a few ways you can pay bridging, either roll it up and pay at the end when you refinance, or pay monthly - so that’s worth looking in to!
I have a property I’ve refurbished and looking at doing let to buy but the looking at the financials despite having 9% ROI and 5.5% yield (property modest value is currently 380k) it’s coming out after tax at just £480 profit per year (40% tax bracket) making it feel completely unattainable to do anything like this. 😢
Properties with high end values are unlikely to be cashflow as buy-to-lets unfortunately. Its because your debt on £380,000 will be high at the current time due to interest rates, and the rental figure probably isn't high enough in comparison. Two pieces of advice; first you are likely to see better results from have 2 properties worth £140k-£180k than 1 property around £380k, and secondly for most people investing in property is only viable through a limited company, not personal name as the taxes are too high :(
@@JustinWilkins thank you for the response! I appreciate it. It’s hard as I’m attached to the house and wanted to have it as a back up while relocating for work but it just isn’t viable. Based on my current research it’s advisable to have 3 properties or more before incorporating them would you agree? I appreciate corporation tax is 25% rather than 40% but aware there must be other costs involved as well. I’m fairly savvy with tax from owning a partnership and my own business but neither are VAT registered so this has been a journey for me learning everything 😅
Such a shame that the numbers don’t work, so that you can keep it!
The decision on company vs personal name is less about number of properties, and more about your income.
If you are in the higher rate tax bracket, which is sounds like you are, then property is incredibly difficult in your own name. Not only because you’ll pay 40% on profits, but because you can claim barely anything as an expense.
Worth talking it through with an accountant, but I’d imagine limited company route is likely to be the way you go!!
Good work Justin. Came across you recently and like how you deliver content. Keep it up
🫡🫡 thanks Jonathan!
Did you go direct to lender or use broker?
I’ve always used a broker - find it useful for comparing rates, finding lenders that I’ve never heard of, and getting a second opinion!
Really loved this video. To the point but didn't miss anything. More of this please
Great work! Thank you for sharing this. The content is great very easy to understand and straight to the point
Cheers Liam, glad it was useful 🤝
Great refurb Justin. Do them up to a high standard and attract people that want to look after it.
Thanks 🤝 completely agree!
Love this video, would love to work with you one day
Thanks 🤝
Please reach out if I can ever help
Awesome video, very, educational, clear and concise 🤝
Thanks bro! 🔥
Can you create a video on how to structure your buy to let portfolio if all your assets are interest only BRR - long term plan
Fantastic buy well done Justin great work continue with the brilliant content 🎉
Yes that’s a really interesting topic actually, and one that I’ve not seen many videos about. I do have a 5, 10 and 20 year plan for switching mortgage products, paying down debt, selling vs keeping, etc. il add to the list and see if I can make a video on this 😃
Great Video and Great House Justin!😊👍
Thanks Carlos 😃🔥
Painting ‼️ I paid my decorator very close to two grand to paint the whole house, except the Kitchen and downstairs loo. It took me forever just to do those two rooms . . . 🥺🥺🥺 very bad idea, I hated it ... much better to pay the man - who has all the right long-reach rollers and differing brushes and paint buckets etc. I hated paying that money out, but boy, was it worth it ‼️
😂😂 I basically paid to learn the lesson that if I’m too busy, then don’t take it on. If I had more time, then I would have easily done it 🙂
Great work, Justin! 👏
Thanks 🤝
Great white board video Justin!!
🔥🔥 thanks!
lovely video Justin!
Thanks! Glad you liked it
Well done Justin. Keep inspiring 😂
Insightful, thanks!
Where was this based?
This is the north west