I would say thats the easiest part. You can call up any decent mortgage broker and ask for a day 1 remortgage. You can usually get an 80% mortgage right away and the rates are the same as any other straightforward mortgage.
That’s interesting to know indeed! I’ve got a video about true cost of finance when investing in properties! Enjoy 😊 th-cam.com/channels/mzrsLDw_0DOzNvAlkgz5AQ.html
You made a margin of £12k - (Your valuation for resale £85k minus cost of sale £64k, minus £7k refurb minus assumed £2k mortgage fees solicitors fees etc. You can’t pull your deposit out to use again because you haven’t added enough value or made enough money! After your agent fees inc initial fee you are getting £5k a year? Your mortgage interest will be at least £3500 a year so you make £1500 a year profit from rental before maintenance. A good example of how to keep busy whilst not making any money.
He can pull out the 64K he put in, because he got a refinance acceptance which allows him to get a mortgage to buy the house in 20 to 25 years time typically, which if you do the numbers roughly at a interest rate of 2.5% and with 0 deposit (which he has said in other videos is the rate his mortgage broker gets him) would cost him £280 monthly repayment. £525 rent - £285 = +£245 passive income a month OR £2900 a year. Considering the property will, and already has from the refurb, appreiciate in market value over time (because that's the market trend in Darlington) its a "good example of how to keep busy" whilst getting RICH.
Jack Hirst Sadly this is not the case. Property prices in Darlington (as with much of U.K.) have FALLEN since this property was purchased. Darlington is in the top 20 per cent of UKs most deprived areas (source gov stats). This is not and has never been an area of significant capital growth... similar houses were selling for £60k to £80k 15 years ago! It’s all online look for yourself! Zoopla and market stats broadly show the house has fallen in value by around 8 per cent or £5k within the last year. So it hasn’t even kept up with inflation so compounding the capital loss. A property like that is a btl with 80 per cent loan to value maximum so on £75k value £60k mortgage with a rate of 3.5 per cent and an arrangement fee of 2 per cent or £995. I go back to the salient points - he hasn’t added enough value, the market prices have subsequently fallen, it’s an area of social deprivation and the rental income after mortgage is £2k a year before maintenance. Deals like this simply do not make any money.
@@c11yan Point taken on the capital loss, Ive been looking into Darlington for the last few days and you make some good points. However, I think he would still breakeven and get a little extra if he sold the house. Also, he is earning a passive income and he refinanced the property so, he can invest again, so I do think he has made a good deal, regardless if he only breakevens on the capital appreciation of the house. Not a bad deal.
£7,000 refurb? Amazing value! I also like how Samuel is prepared to leave the design decisions to others, and of course lucky enough to have great people.
Hi , I have a building company with all the contacts and best discounts. I could not do that refurbishment myself for £7000. When I say myself I literally mean doing all the work myself, no other labour. I call b.s on that one. If he had done he would have put the full breakdown on the video. I.e. kitchen purchase price including appliances and fitting. Bathroom suit cost, Tiling cost, painting, internal and external. Carpets etc.. That figure he gave is pie in the sky mate
@@davidwhitton5519 That's not the only fishy thing in this video. The place he shows at 0:33 on right move is number 79 Lowson Street (which sold for £72,000 on 28 Sep 2018), and then he goes ahead and buys number 73. If you look online, number 73 Lowson Street was sold in 27 Feb 2019 for £63,000, and then was sold again 12 Jun 2020, for £68,000, so if he refinanced the place for 85-90k, he made a significant loss on this property. In fact he didn't even make money on the refurb...This video hasn't aged well.
@@danielt3497 I suspect he sold it to a holding company of his for asset protection. As for renovation costs, 2019 pre covid prices i think its dooable. That green carpet tho, what a disgusting colour lol
Great video, would be good to see the financials, like all the costs involved, solicitors fees, mortgage rate as well as what the property achieved at valuation after the refurb. I’m struggling to see a good rate of passive income after remortgaging at the market rate after refurb and paying the estate agents full management fees.
Saving this one for later. A step by step like this is so cool and definitely good content for the newer investors that have no clue how this process actually happens!
Daniel Iles Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
You can't eyeball the fusebox and assess the electrical safety of the house. Landlords should take the time to properly assess the electrics with a registered electrician. You could be putting the tenants at risk.
I live in one bed apartment for 900! But I don't think will live somewhere like this place! Yes London is polluted and crowded but this is where the money are! Otherwise will spend happily a few months in the Mediterranean second house with a small boat:)))
Didn't view the property before he bought it then asked the letting agent what the area was like after it had all been done up. Pretty dodgy way to do things if you ask me.
He asked the letting agent after the refurb simply for the purpose of explaining everything on video, I'm sure he would have assessed the area before making any investment
@@krazykanos98 "Be brutally honest with me" he said. Sounds like he was asking for the purpose of the video. He hadn't even viewed the property so what makes you think he'd viewed the area?
Please note any landlords reading this. If you’re renting out a property, a fuse board like Sam’s in this video is not sufficient. You now have to have an electrical certificate to rent and that board wouldn’t have passed. Makes me laugh a bit, he goes on about the kitchen being done but a decent landlord would always focus on safety first and foremost. Gas and electricity can both kill you in your own home!
I agree, I have a small portfolio but still think BRRR is achievable but at a minimum you would need ECIR (for peace of mind), Electrical Safety Cert (12 months), Gas Safety Cert (12) months and potentially a housing license - selective or otherwise depending on the area. I don't live up north but I have heard things are a lot cheaper - so wonder if £7000 as a total refurb is achievable. If it is then kudos! But then you have SDLC and legals...no?
Circuit 1 & 4 had visible scorch damage. 😂😂 And the ‘test’ for the boiler is flawed. Most boiler have pre-heat mode. Some can be perfectly fine but take 5mins to heat up if the pre-hear mode has been turned off to save gas.
Samuel you're a amazing man, what I appreciate the most of you is your spirituality and your purpose of life, you're a real example for me! Thank you for being who you are.
How much does refinancing cost? Is it built into the cost of the new mortgage or is it a set fee payable upon completion of the refinancing? See you this weekend in Birmingham on the Crash Course!
I would love to see a breakdown of costs for the refurb, or a video greater exploring some of the costs associated with setting up a high standard property (HMO!). I know it'll vary somewhat depending on location and other variables but would be a useful benchmark. Can't wait to see you at the crash course this Friday!
That fuse board has not been upgraded in a long time, it does not comply with current regulations, I’d recommend a full electrical inspection condition report prior to any type of remedial/ refurbishments ( electrics arnt given enough appreciation )
His opinion on a "High Spec" certainly differs from mine... Buys property without seeing it before hand, doesn't mention legal pack, doesn't know the area and has to ask the estate agent about it, thinks he can just paint over wall paper, knows nothing about electrical safety, thinks you can renovate to a good spec in 2 weeks, his profit margins are a bit off too, I could carry on ...
The only reason why i watch you is because all the shit you go through is real shit Real talk Real life Real deals Real experiences And a Real teacher Great video for a 18 yr old that needs these types of experiences
@@davidmcewan9255 all his stuff is fake. Classic tactics. Here's some info on Samuel Leeds: th-cam.com/video/SCZJ1mMVMxk/w-d-xo.html&ab_channel=TomNash th-cam.com/video/NOGAwws_eAU/w-d-xo.html&ab_channel=TomNash th-cam.com/video/GQikwt-OjAc/w-d-xo.html&ab_channel=ShafRasul And his rent-to-rent strategy: th-cam.com/video/Zw3qd_btuIM/w-d-xo.html&ab_channel=ShafRasul Just because you have a gold watch does not make you the sh*t lol. Not to mention all of these shocking reviews: nz.trustpilot.com/review/samuelleeds.com To quote the Redditor Tnpenguin717 when he commented on this issue, "You have idiots selling MLM/Pyramid Schemes to other idiots, claiming they are 'property experts', however they have never purchased a property in their life." Another Redditor, procedureszone102, said that "I've found that one person killed himself after getting into lots of debt thanks to Samuel Leeds." Here's another post about him: www.reddit.com/r/UKInvesting/comments/j6291v/warning_about_samuel_leeds_sorry_not_a_frequent/? When someone promises you financial freedom with minimal effort, they're lying. Hard work, dedication, focus, goals, and more things like that will get you places - NOT breaking the bank on some guy who acts 'all that' but lacks substance, action, and integrity.
Celiat Temitope Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
@@markfitzy.86 purchased initially with his own cash then after refurbished and revaluation, freed up a large percentage of the equity with a mortgage.
You are my new property guru!! I watched all the way through. Never been interested into property until recently and watching you makes me excited to get started on my journey! Thank you very much!
Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
Absolutely fantastic for someone who’s never dabbled into property before and doesn’t necessarily know what they’re looking for. Taught me a boat-load in under half an hour. Brilliant!
Great video! Would love to see this as a brrr ‘series’ or maybe a new book! By my calculations (if you had bought the property on a mortgage) you could potentially do what you did here on a £64k property starting with £13-16k + refurb costs which would result in... - Approx £230-£250 net profit monthly recurring - Getting all your deposit and refurb costs back to reinvest as soon as works are done (with the right lender of course) - and Capital Growth! (Stamp duty, fees, legals etc not included!) Nice little strategy 👍
@@adym7201 Yes, I think he was a cash buyer for the £64k and refurb cost. Thereafter he is now in a position to refinance, as he has the leverage. He now wants to gather all that he has invested through a buy-to-let mortgage in order to follow the same process. It's a safe strategy as the bank can just sell the house if he defaults on his mortgage payments or interest payments. In the meantime, he is acquiring around over £3,5k per annum after management and other fees and the house is hopefully increasing in value. I think the hard part is getting the initial outlay to make the first purchase, once the funds are in place, he can then continue to use this strategy and own multiple properties and then perhaps sell them off in 5 years time when the market is at its best, but in the meantime, if he has say 4 properties, has a passive income pre-tax of around £14k per annum, around £1,166 per month.
Interesting video. Surprised to hear SLF blasting out of your car stereo - good taste, fella. Saw them live in Bristol back in 1987 - great gig, so much energy.
Hi mate, it would be great if you could provide some detailed info on the financials of these. From the deposit and purchase costs and the refinancing to give a good idea of the money side. Not sure what remortgage costs and penalties are and if you have any good advice or in the trade info around this aspect. Any further info would be great. 👍
Cmon bro its easy to figure out, will take you five mins!! He's told you what hes paid, the refurb cost, rental figure and resale. Stamp duty and legals are piss easy and EA fees don't vary that much as the cost is mainly a percentage...
Agreed, actual hard facts would be useful. Sure you can work out what it could be, or might be... But what were the figures for sure. Was it a 75 or 80% LTV refinance? At 4 or 5% interest. What did refinance costs amount etc etc. Because if you’re looking to rise and repeat your funds on deals like this all the little financial details matter to keep hold of your initial funds. Beside detailing the hard numbers it’s a good video Sam, thanks for taking the time to walk us through it bud 🙌
@@eztyson Where are you getting 4-5% interest rates from? My last purchase a year ago I got circa 2.7% within a Ltd company @ 75% LTV. My friends are getting even better deals @ 2.4% as mortgages with companies are becoming more popular due to tax reasons. If you've ever done a remortgage you will know the rough costs to refinance a property.
According to the land reg the price was actually £72000 so if you add stamp and fees total cost was £76000. Add renovations brings it to £83000. Refinancing at new value of say £95000 , 75%LTV means he would get back £71250, so he has about £11000 invested. On to the renting. Monthly rent is £525. From that deduct agent fee £58, contingency £44, repair £30, loan interest £131 equals passive income per month of £263. Which is an annual return of 28% on sum invested. Not bad! And don't forget, he might be sitting on a nice capital gain in 10 years or so as well.
As an electrician that house would never pass an Electrcial inspection and as a landlord you are responsible for making sure the electrical installation is in a satisfactory condition, for one not to invalid your insurance and for the safety of the tenants, furthermore every estate again I have worked with has required an electrical inspection for every rented accommodation. I would greatly consider ensuring that your properties all have a satisfactory EICR certificate, it needs to be treated the same as a boiler gas safety certificate. Hope this helps I'm trying to educate more people as many are un aware. Kind Regards.
TC_electrician Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
Similar q as a few below. Great example of pulling the capital out BUT - what was the new valuation and what did you pull out - what was the mortgage cost and was it IO or repayment? - what's the NET passive income post all costs (the 11% + VAT to the agent, insurance and mortgage) Cheers
Probably one of if not the best videos I’ve seen in a while so much detail has been put into this video and I’ve also gained a lot of knowledge from this, looking to see more videos like this and wish you the best of luck a long your way!
Yeah same I’m only 16 and I’ve always loved learning different way/strategies to get into property investment problem is I live in NZ and I know nothing about the market or anything like that.😅😅
@20:42 how do you get the money back out of the house? As far as I understand mortgages, as soon as you get one and pay the deposit, the deposit doesn't exist anymore. The bank doesn't owe your deposit to you, you owe the bank the money you loaned. Your deposit turned into a house. If you then get a reevaluation and it appreciated, then now your equity in the house is bigger. But how do you turn your equity back into money? This is something the video missed
Really appreciate you taking the time to film this, educational and inspiring. Does it say in the video how much the deposit was for this place? £7k to refurbish? Edit* Did he put in the full £64k or a standard 20% deposit?
Using Samuels sums from the crash course, I only make this a 13% return on investment with a refinance at 90k leaving approx 7k in the deal still. 16k deposit Stamp & legals @ 6% (£3.8k) Refurb @ 7k Capital in - £26.8k Mortgage (isn’t only) - £120 maintenance @ 10% mgmt/voids @ 10% Outgoings £220 p/m Rent @ £500 p/m Cash flow £280 Annual £3,360 ROI 13% Refinance @ £90k Pull out £19.5k Left in - £7.3k New cash flow - approx 231.25 New annual - £2.8k Recoup money left in - 32 months Does that sound about right??? 😊👍🤞
I'm an electrician and a landlord . get an ECR done . you will need a new fuse box . from what I seen it has no rcd. I would never let a property with no rcd. rcds save lifes
Fantastico, the energy & the passion is blatantly evident. My young son (Big Roc - 20 yrs) has been singing you praises, I have just been made redundant so Roc recently gave me your property investment book (buy low/rent high) making me promise I read it, yes I read it overnight and I must reiterate originally I was skeptical, however, the book has sown some seeds for me to re-view & re-analise my perception, therefore, I am doing my home-work (old school style - ha ha) and you young fella are very impressive, good job, well done & God Bless.
@@mcallister8893 carpet is dirt cheap bro. consumer prices are way inflated on this crap dude. If you know how to deal you can get all this crap cheap as hell
Hmm.. might be possible. Not a huge house. I'd estimate 9k overall. 1k carpets, 1.5k decorating, 4k kitchen, 2k bathroom, 1k fixtures and fittings, all inclusive of labour.
Samuel. Wow. What you done to that house is amazing. I’d have moved away from my area to live their. Also you seem like an amazing Landlord. The kitchen and bath room are always the first thing I look at. Then it’s if the landlord is a good person. You’re a good geeza.
Loved this video, but it would really help out a lot if you could show all or most of the figures such as legal fee or the fees for refinancing etc, thank you.
Great video detailing the process step by step. For folks doing this, note that with the tax changes, this only works being in a ltd company.. Otherwise the new mortgage on the higher amount wipes out the income.
Just read a few of the negative comments, sorry; "acerbic" comments! I don't know Samuel however, he comes across as a very enthusiastic and honest guy with a "can do" attitude! Irrespective of understanding of electrics and gas, as long as both are certified as safe, it doesn't matter if they are not bang up to date! The fact that someone has taken the time to do a "run through" on a start to finish renovation project which has covered the key financials should be taken as a positive and not a licence to "excessively / rudely" criticise......Merry Christmas everyone LOL
Im currently looking in my area for my first buy to let property. I live in the north east so i can pick a one up for around 45-50k (or even less). So basically if i work with your figures then this will be a good guide on what fees i need to pay. So with a full refurb plus start up costs i need to be looking to have around 20k to start (£13k cost and £7k refurb). I have seen 1 for £49k and im thinking of offering 15% below market value so £41. So once the refurb is done houses on that street are on zoopla for £70k. If i got the initial mortgage for £41k minus 25% so £31k and the value was £70 minus 25% so £53k. So at the end i would make £53k minus £31k which totals £22k which would pull out my deposit fees and refurb? Then i could start all over again and enjoy the profits from the £400 pm rent which this would get me. Hope i have this correct and thinking along the right lines. Also another quick question for you is what if the purchase price is very low like £25-£35k. Is it still same principle for buy to let mortgage and stamp duty etc? Not sure if theres a minimum value to start a buy to let. Thanks lee
Mate you are brilliant. Probably the most detailed yet short and simple property flipping video I have seen. Thanks for all the great advice. Wish you all the success to keep moving forward. Bless you. 😊👍🏻👌👏✌️
Also, how do you get a 2.2% mortgage at 80LTV? Best I can get on a 75LTV is 4.59% as a new investor with Ltd company. That 2.4% difference would be an absolute game changer for me!
have you seen what they've done? it's hardly a bargain for that kind of refurb, probably got paid to take that carpet off someone's hands it's fucking awful and that kitchen is a cheap contractors kitchen.
Couple Questions: 1. How did you solve the damp wall issue by the front door/rough cost 2. If you're new to property and only own 1/2 properties surely it's better to manage yourself on the side of a full-time job?
If you buy a property from the agent then you give it to them to let and managed, the you go in next week to buy another property you're instantly at the top of the list when deals come in. You'll never have a passive income if you self manage.
I'm a big fan of the theory of this video - first video I ever watched about BRRR. Currently doing the refurb of a property I bought using this method. I managed to get it BMV without much hassle as well. Video coming soon of whole project end to end on my channel.
Brilliant video , thank you . Could you elaborate a bit more about the finances side of things please i.e what deposit, the cost of the refinancing and the profit you got back to start on another property? That would be really helpful thank you .
So the estate agents said that they charge 10% for one thing and 11% for the other. I'd like to know what the percentage is that the estate agent charges out of the monthly rent to manage the whole property without you having to do anything. That's the information I've been trying to find.
I would sell it because it would take you 11 years to get your profit back as each month you get 500 and in 142 months you will have 71,000 the amount You totally spent of the house.
I would just caution on not doing the electrical work. It is a very grey area and in the event of an incident it comes down to the landlords ability to demonstrate that suitable steps were taken. I personally rewire my refurbs but that's partly because it helps me sleep at night!
Just stumbled upon your video about BRRRR yours was the best one yet after watch five videos, personally even beat Bigger Pockets since you really went through the updates you did in the property!
My application is for £90k, got the decision in principle but waiting on valuer to visit. Even if it’s downvalued a little I’ll still get money out as it’s an 80% LTV. Hope that helps. Will be sure to update down the line too!
@@SamuelLeeds if you do get that valuation looks like you will get your deposit and refurb fees out but not your purchase fees which could be around £5K including stamp, legals, valuation and mortgage/broker fees etc but still a good "little money left in deal"
Can you show us the numbers? Newly refinanced mortgage monthly payments, any expenses as ground rent, service charge, agent 11% fee... So we can see monthly net: 525 (in rent) minus 58 (estate agent) minus 30 (ground rent) minus 80 (service charge) minus 300 (btl mortgage) equalling positive 158 pounds per month?
brother could you please do one for a hmo rent to rent? would love you forever if you could, thanks again for great content and making the world a better place :)
Can somebody explain "refinancing" to me? And how you can pull out your money out of it by doing so? I'm from Belgium and never heard about it before. Thanks!
I'm missing here something? So you go buy property. Let's say you put 10% towards purchase price and rest will be mortgage. Now as homeowner myself there are always early repayment charges associated with remortgaging/refinancing. So I can't get my head around how remortgaging while still in contract can bring any benefits? If value of property goes up you have equity. So how remortgaging can relive your initial deposit? I can only think by borrowing more while refinancing based on property value? So what's a point when you have to borrow more to relive your initial funds?
You could use a bridging loan or cash for the initial costs or a mortgage product with no tie ins. The extra borrowing up to 75% of the new value would only be a little monthly extra, which is covered by the rent anyway 👍
That new carpet is absolutely grim 😂😂
The refinancing part is the bit I'd like to learn more about.
Agreed! You hear a lot about "refinancing", but rarely do they ever discuss it in depth.
I would say thats the easiest part. You can call up any decent mortgage broker and ask for a day 1 remortgage. You can usually get an 80% mortgage right away and the rates are the same as any other straightforward mortgage.
@@whiteskull20 Damn, that's interesting! I wonder if that works where I live. :)
Are you buying on Buy 2 let's and interest only or paying cash, need more info on the exact numbers please.
That’s interesting to know indeed! I’ve got a video about true cost of finance when investing in properties! Enjoy 😊 th-cam.com/channels/mzrsLDw_0DOzNvAlkgz5AQ.html
You made a margin of £12k - (Your valuation for resale £85k minus cost of sale £64k, minus £7k refurb minus assumed £2k mortgage fees solicitors fees etc.
You can’t pull your deposit out to use again because you haven’t added enough value or made enough money!
After your agent fees inc initial fee you are getting £5k a year? Your mortgage interest will be at least £3500 a year so you make £1500 a year profit from rental before maintenance.
A good example of how to keep busy whilst not making any money.
Samuel: Reply this guys statement
He can pull out the 64K he put in, because he got a refinance acceptance which allows him to get a mortgage to buy the house in 20 to 25 years time typically, which if you do the numbers roughly at a interest rate of 2.5% and with 0 deposit (which he has said in other videos is the rate his mortgage broker gets him) would cost him £280 monthly repayment. £525 rent - £285 = +£245 passive income a month OR £2900 a year. Considering the property will, and already has from the refurb, appreiciate in market value over time (because that's the market trend in Darlington) its a "good example of how to keep busy" whilst getting RICH.
@@leonardohartanto8873 read my reply
Jack Hirst Sadly this is not the case. Property prices in Darlington (as with much of U.K.) have FALLEN since this property was purchased.
Darlington is in the top 20 per cent of UKs most deprived areas (source gov stats). This is not and has never been an area of significant capital growth... similar houses were selling for £60k to £80k 15 years ago! It’s all online look for yourself!
Zoopla and market stats broadly show the house has fallen in value by around 8 per cent or £5k within the last year. So it hasn’t even kept up with inflation so compounding the capital loss.
A property like that is a btl with 80 per cent loan to value maximum so on £75k value £60k mortgage with a rate of 3.5 per cent and an arrangement fee of 2 per cent or £995.
I go back to the salient points - he hasn’t added enough value, the market prices have subsequently fallen, it’s an area of social deprivation and the rental income after mortgage is £2k a year before maintenance.
Deals like this simply do not make any money.
@@c11yan Point taken on the capital loss, Ive been looking into Darlington for the last few days and you make some good points. However, I think he would still breakeven and get a little extra if he sold the house. Also, he is earning a passive income and he refinanced the property so, he can invest again, so I do think he has made a good deal, regardless if he only breakevens on the capital appreciation of the house. Not a bad deal.
David Brent does property renovation
£7,000 refurb? Amazing value! I also like how Samuel is prepared to leave the design decisions to others, and of course lucky enough to have great people.
Hi , I have a building company with all the contacts and best discounts.
I could not do that refurbishment myself for £7000. When I say myself I literally mean doing all the work myself, no other labour. I call b.s on that one.
If he had done he would have put the full breakdown on the video.
I.e. kitchen purchase price including appliances and fitting.
Bathroom suit cost,
Tiling cost, painting, internal and external.
Carpets etc..
That figure he gave is pie in the sky mate
@@davidwhitton5519 That's not the only fishy thing in this video. The place he shows at 0:33 on right move is number 79 Lowson Street (which sold for £72,000 on 28 Sep 2018), and then he goes ahead and buys number 73. If you look online, number 73 Lowson Street was sold in 27 Feb 2019 for £63,000, and then was sold again 12 Jun 2020, for £68,000, so if he refinanced the place for 85-90k, he made a significant loss on this property. In fact he didn't even make money on the refurb...This video hasn't aged well.
@@danielt3497 I think it's aged well... As well as milk in the summer 😂
@@davidwhitton5519 i think hes trying to motivate people🤷♂️
@@danielt3497 I suspect he sold it to a holding company of his for asset protection. As for renovation costs, 2019 pre covid prices i think its dooable. That green carpet tho, what a disgusting colour lol
Great video, would be good to see the financials, like all the costs involved, solicitors fees, mortgage rate as well as what the property achieved at valuation after the refurb. I’m struggling to see a good rate of passive income after remortgaging at the market rate after refurb and paying the estate agents full management fees.
Saving this one for later. A step by step like this is so cool and definitely good content for the newer investors that have no clue how this process actually happens!
Daniel Iles Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
Stop lying.
HAHAHAHAHA
You can't eyeball the fusebox and assess the electrical safety of the house. Landlords should take the time to properly assess the electrics with a registered electrician. You could be putting the tenants at risk.
he is a con man
Bruh the rent is so good 😊 In London all you get is a box room for £500 with no rooms.
Whereas this guy rented a whole house 🏠
I live in one bed apartment for 900! But I don't think will live somewhere like this place! Yes London is polluted and crowded but this is where the money are! Otherwise will spend happily a few months in the Mediterranean second house with a small boat:)))
Didn't view the property before he bought it then asked the letting agent what the area was like after it had all been done up. Pretty dodgy way to do things if you ask me.
I think he works on numbers. If he loses big time he can at least do £10 work on it and sell it again for £10k more than he bought it
He asked the letting agent after the refurb simply for the purpose of explaining everything on video, I'm sure he would have assessed the area before making any investment
@@krazykanos98 "Be brutally honest with me" he said. Sounds like he was asking for the purpose of the video. He hadn't even viewed the property so what makes you think he'd viewed the area?
Darren Maguire For some reason I don’t like him.
Leo Mumford no. He gave. A rundown of property prices in that very street. He would have got what he paid if he was lucky
Please note any landlords reading this. If you’re renting out a property, a fuse board like Sam’s in this video is not sufficient. You now have to have an electrical certificate to rent and that board wouldn’t have passed. Makes me laugh a bit, he goes on about the kitchen being done but a decent landlord would always focus on safety first and foremost. Gas and electricity can both kill you in your own home!
I agree, I have a small portfolio but still think BRRR is achievable but at a minimum you would need ECIR (for peace of mind), Electrical Safety Cert (12 months), Gas Safety Cert (12) months and potentially a housing license - selective or otherwise depending on the area. I don't live up north but I have heard things are a lot cheaper - so wonder if £7000 as a total refurb is achievable. If it is then kudos! But then you have SDLC and legals...no?
Circuit 1 & 4 had visible scorch damage. 😂😂
And the ‘test’ for the boiler is flawed.
Most boiler have pre-heat mode. Some can be perfectly fine but take 5mins to heat up if the pre-hear mode has been turned off to save gas.
Samuel you're a amazing man, what I appreciate the most of you is your spirituality and your purpose of life, you're a real example for me! Thank you for being who you are.
How much does refinancing cost? Is it built into the cost of the new mortgage or is it a set fee payable upon completion of the refinancing? See you this weekend in Birmingham on the Crash Course!
That carpet it’s HIDEOUS. Puke colour eww.
Cheapest carpet he could find, was probably set out in the alley
I agree, why green carpets?! Grey carpets would be the same price and way less offensive!
I like it tbh
😆
I am House I just read carpet as Car Pet 😂
I would love to see a breakdown of costs for the refurb, or a video greater exploring some of the costs associated with setting up a high standard property (HMO!). I know it'll vary somewhat depending on location and other variables but would be a useful benchmark.
Can't wait to see you at the crash course this Friday!
That fuse board has not been upgraded in a long time, it does not comply with current regulations, I’d recommend a full electrical inspection condition report prior to any type of remedial/ refurbishments ( electrics arnt given enough appreciation )
Love these type of videos. Very inspiring and motivational. Thank you, Samuel, I appreciate your knowledge you share with all of us.
His opinion on a "High Spec" certainly differs from mine... Buys property without seeing it before hand, doesn't mention legal pack, doesn't know the area and has to ask the estate agent about it, thinks he can just paint over wall paper, knows nothing about electrical safety, thinks you can renovate to a good spec in 2 weeks, his profit margins are a bit off too, I could carry on ...
The only reason why i watch you is because all the shit you go through is real shit
Real talk
Real life
Real deals
Real experiences
And a Real teacher
Great video for a 18 yr old that needs these types of experiences
Love this one. Had a good laugh at the wood flooring in the bathrooms. Totally what I'd be looking for.
Great step by step guide. Would be great to know the figures at the end - house value and money pulled out etc. Keep it coming. 💪🏼
This man is a contrapreneur.
Why? Haha
@@davidmcewan9255 all his stuff is fake. Classic tactics.
Here's some info on Samuel Leeds:
th-cam.com/video/SCZJ1mMVMxk/w-d-xo.html&ab_channel=TomNash
th-cam.com/video/NOGAwws_eAU/w-d-xo.html&ab_channel=TomNash
th-cam.com/video/GQikwt-OjAc/w-d-xo.html&ab_channel=ShafRasul
And his rent-to-rent strategy:
th-cam.com/video/Zw3qd_btuIM/w-d-xo.html&ab_channel=ShafRasul
Just because you have a gold watch does not make you the sh*t lol.
Not to mention all of these shocking reviews:
nz.trustpilot.com/review/samuelleeds.com
To quote the Redditor Tnpenguin717 when he commented on this issue, "You have idiots selling MLM/Pyramid Schemes to other idiots, claiming they are 'property experts', however they have never purchased a property in their life."
Another Redditor, procedureszone102, said that "I've found that one person killed himself after getting into lots of debt thanks to Samuel Leeds."
Here's another post about him:
www.reddit.com/r/UKInvesting/comments/j6291v/warning_about_samuel_leeds_sorry_not_a_frequent/?
When someone promises you financial freedom with minimal effort, they're lying. Hard work, dedication, focus, goals, and more things like that will get you places - NOT breaking the bank on some guy who acts 'all that' but lacks substance, action, and integrity.
7k for all that refurb including entire house renovation and new kitchen and bathroom seems low to me.
Got here via Patricia...really useful ad I just bought my second house n looking to buy a 3rd..learning all d way
Celiat Temitope Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
I'm from south Africa and in England the homes are so small and rubbish for so much money. No water pressure or good showers.
Great video Samuel, would love to see more videos about the refinancing process 😄
definitely interested in the refinancing side of things as well
Same here. Isn't their penalties? Or was it a top up loan from the new value added
@@markfitzy.86 purchased initially with his own cash then after refurbished and revaluation, freed up a large percentage of the equity with a mortgage.
@@bainsk8 yeah but doesn't that increase your monthly payments?
@@bigdeano162000 Cheers. I need to look into this more. I'm sitting on a decent bit of equity and doing nothing with it. Thanks for reminding me 👍🏼
You are my new property guru!!
I watched all the way through. Never been interested into property until recently and watching you makes me excited to get started on my journey!
Thank you very much!
You have a new female sub from Patricia! Loved this video 👏🏾👏🏾👏🏾
Looking to buy my first property to do up and resell -- these videos have been fantastic! I've gone from panicking to getting so excited!!
Watching this after watching Patricia's interview - super interesting
Blessing Marie me to !!
Ditto! Never heard of him before.
Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
Stop exaggerating. 1 guy committed suicide because he took loans he couldn't afford.
You don't have to pay Samuel anything at all.
@@shaduwy show proof or evidence pls
Absolutely fantastic for someone who’s never dabbled into property before and doesn’t necessarily know what they’re looking for. Taught me a boat-load in under half an hour. Brilliant!
Thomas Spence thank you! Please share with your contacts :) see you soon
Hi Samuel can I ask why this property says on zooplankton it’s hasn’t been sold since 28th September 2018 😃
Great video! Would love to see this as a brrr ‘series’ or maybe a new book!
By my calculations (if you had bought the property on a mortgage) you could potentially do what you did here on a £64k property starting with £13-16k + refurb costs which would result in...
- Approx £230-£250 net profit monthly recurring
- Getting all your deposit and refurb costs back to reinvest as soon as works are done (with the right lender of course)
- and Capital Growth!
(Stamp duty, fees, legals etc not included!)
Nice little strategy 👍
You can’t buy with a mortgage and refinance onto a larger mortgage this quickly. You need to buy with cash or use bridging finance.
dmc Agreed mate, got a bit confused but your spot on
@@adym7201 Yes, I think he was a cash buyer for the £64k and refurb cost. Thereafter he is now in a position to refinance, as he has the leverage. He now wants to gather all that he has invested through a buy-to-let mortgage in order to follow the same process. It's a safe strategy as the bank can just sell the house if he defaults on his mortgage payments or interest payments. In the meantime, he is acquiring around over £3,5k per annum after management and other fees and the house is hopefully increasing in value. I think the hard part is getting the initial outlay to make the first purchase, once the funds are in place, he can then continue to use this strategy and own multiple properties and then perhaps sell them off in 5 years time when the market is at its best, but in the meantime, if he has say 4 properties, has a passive income pre-tax of around £14k per annum, around £1,166 per month.
Interesting video. Surprised to hear SLF blasting out of your car stereo - good taste, fella. Saw them live in Bristol back in 1987 - great gig, so much energy.
Hi mate, it would be great if you could provide some detailed info on the financials of these. From the deposit and purchase costs and the refinancing to give a good idea of the money side. Not sure what remortgage costs and penalties are and if you have any good advice or in the trade info around this aspect. Any further info would be great. 👍
Cmon bro its easy to figure out, will take you five mins!! He's told you what hes paid, the refurb cost, rental figure and resale. Stamp duty and legals are piss easy and EA fees don't vary that much as the cost is mainly a percentage...
Agreed, actual hard facts would be useful.
Sure you can work out what it could be, or might be... But what were the figures for sure.
Was it a 75 or 80% LTV refinance? At 4 or 5% interest. What did refinance costs amount etc etc.
Because if you’re looking to rise and repeat your funds on deals like this all the little financial details matter to keep hold of your initial funds.
Beside detailing the hard numbers it’s a good video Sam, thanks for taking the time to walk us through it bud 🙌
@@eztyson Where are you getting 4-5% interest rates from? My last purchase a year ago I got circa 2.7% within a Ltd company @ 75% LTV. My friends are getting even better deals @ 2.4% as mortgages with companies are becoming more popular due to tax reasons. If you've ever done a remortgage you will know the rough costs to refinance a property.
Most of that 7k was the kitchen and bathroom because the carpet looks cheap and tacky
According to the land reg the price was actually £72000 so if you add stamp and fees total cost was £76000. Add renovations brings it to £83000. Refinancing at new value of say £95000 , 75%LTV means he would get back £71250, so he has about £11000 invested.
On to the renting. Monthly rent is £525. From that deduct agent fee £58, contingency £44, repair £30, loan interest £131 equals passive income per month of £263. Which is an annual return of 28% on sum invested. Not bad!
And don't forget, he might be sitting on a nice capital gain in 10 years or so as well.
Love it Samuel I am on my own brrrr tourney on my 4th property right now 👍
Please do more of these vids.. really good!!
As an electrician that house would never pass an Electrcial inspection and as a landlord you are responsible for making sure the electrical installation is in a satisfactory condition, for one not to invalid your insurance and for the safety of the tenants, furthermore every estate again I have worked with has required an electrical inspection for every rented accommodation. I would greatly consider ensuring that your properties all have a satisfactory EICR certificate, it needs to be treated the same as a boiler gas safety certificate. Hope this helps I'm trying to educate more people as many are un aware. Kind Regards.
TC_electrician Stay away, This man should be in prison for misleading and robbing people’s money with empty promises. fat piece of shit. BBC running investigations after several people took own life’s due to being overwhelmed with debts. Fucking Tosser
Hey please can you tell me the name of the construction guys :)
Similar q as a few below. Great example of pulling the capital out BUT
- what was the new valuation and what did you pull out
- what was the mortgage cost and was it IO or repayment?
- what's the NET passive income post all costs (the 11% + VAT to the agent, insurance and mortgage)
Cheers
Great video. Awesome you completely detailed the whole process warts and all! By far the best way to learn. Definitely do more!
your videos are getting better and better I really like the transparency and honesty of them
Brilliant, this gives me so much more confidence to start investing in property
Probably one of if not the best videos I’ve seen in a while so much detail has been put into this video and I’ve also gained a lot of knowledge from this, looking to see more videos like this and wish you the best of luck a long your way!
See you in London for the crash course
I’m 16 and really intrigued by property
Are you?
Sahib Chawla as a matter of fact.. yes Pancho
Yeah same I’m only 16 and I’ve always loved learning different way/strategies to get into property investment problem is I live in NZ and I know nothing about the market or anything like that.😅😅
@@togiasam8522 won't be able to do anything like this in NZ lol
@daniel hayes whys thats?? lol
@20:42 how do you get the money back out of the house? As far as I understand mortgages, as soon as you get one and pay the deposit, the deposit doesn't exist anymore. The bank doesn't owe your deposit to you, you owe the bank the money you loaned. Your deposit turned into a house. If you then get a reevaluation and it appreciated, then now your equity in the house is bigger. But how do you turn your equity back into money? This is something the video missed
Really appreciate you taking the time to film this, educational and inspiring.
Does it say in the video how much the deposit was for this place? £7k to refurbish?
Edit* Did he put in the full £64k or a standard 20% deposit?
I think he invested £64k of his own money and then paid £7k for the refurb. Total investment £71k
Using Samuels sums from the crash course, I only make this a 13% return on investment with a refinance at 90k leaving approx 7k in the deal still.
16k deposit
Stamp & legals @ 6% (£3.8k)
Refurb @ 7k
Capital in - £26.8k
Mortgage (isn’t only) - £120
maintenance @ 10%
mgmt/voids @ 10%
Outgoings £220 p/m
Rent @ £500 p/m
Cash flow £280
Annual £3,360
ROI 13%
Refinance @ £90k
Pull out £19.5k
Left in - £7.3k
New cash flow - approx 231.25
New annual - £2.8k
Recoup money left in - 32 months
Does that sound about right??? 😊👍🤞
I'm an electrician and a landlord . get an ECR done . you will need a new fuse box . from what I seen it has no rcd. I would never let a property with no rcd.
rcds save lifes
@@steve11211 what are those?
Fantastico, the energy & the passion is blatantly evident. My young son (Big Roc - 20 yrs) has been singing you praises, I have just been made redundant so Roc recently gave me your property investment book (buy low/rent high) making me promise I read it, yes I read it overnight and I must reiterate originally I was skeptical, however, the book has sown some seeds for me to re-view & re-analise my perception, therefore, I am doing my home-work (old school style - ha ha) and you young fella are very impressive, good job, well done & God Bless.
7000 for a new kitchen new bathroom full decoration and carpets throughout I know it's cheaper up north but I smell bull crap
Sean Mcallister depends if you shop right you could easily spend £7000 on both
And full house decoration and carpets throughout I dnt think so especially getting in outside labour
@@mcallister8893 carpet is dirt cheap bro. consumer prices are way inflated on this crap dude. If you know how to deal you can get all this crap cheap as hell
Sean Mcallister super cheap fit out. Awful carpet, blinds. Basic paint job.
Hmm.. might be possible. Not a huge house. I'd estimate 9k overall. 1k carpets, 1.5k decorating, 4k kitchen, 2k bathroom, 1k fixtures and fittings, all inclusive of labour.
Great to see the beginning to end video, very informative. The fact you were singing to Stiff Little Fingers in the car made it for me!!
I see you don’t know much about fuse boxes lol 😂
yeah that board needs changing and a test for sure
Doesn't know much about anything with the look of it
or boilers lol
Defo doesn't make a massive amount.
Really lovely refurb. Perfect finish.
Kitchen is awesome and glad the bathroom got done. Would have liked to have seen the whole refurb. Living room still a bit iffy.
I have zero interest in property but love watching these videos 🙈😂
Certainly looks impressive Samuel. Why did you not have a say in the carpet. Do you use a certain builder?
Thanks Keith
I just subscribed! I hope you make more videos like this 🙏👍
Samuel. Wow. What you done to that house is amazing. I’d have moved away from my area to live their. Also you seem like an amazing Landlord. The kitchen and bath room are always the first thing I look at. Then it’s if the landlord is a good person. You’re a good geeza.
This is such a risky strategy, and only for what, 100-200 pounds a month?
1. Cash Flow
2. Capital Growth
3. Mortgage Paydown
Great video… quick ask, was this purchase a cash buy or mortgage and also can I refinance a buy to let if I buy through a mortgage?
Loved this video, but it would really help out a lot if you could show all or most of the figures such as legal fee or the fees for refinancing etc, thank you.
Great video detailing the process step by step. For folks doing this, note that with the tax changes, this only works being in a ltd company.. Otherwise the new mortgage on the higher amount wipes out the income.
Just read a few of the negative comments, sorry; "acerbic" comments!
I don't know Samuel however, he comes across as a very enthusiastic and honest guy with a "can do" attitude! Irrespective of understanding of electrics and gas, as long as both are certified as safe, it doesn't matter if they are not bang up to date! The fact that someone has taken the time to do a "run through" on a start to finish renovation project which has covered the key financials should be taken as a positive and not a licence to "excessively / rudely" criticise......Merry Christmas everyone LOL
G S why?
G S I didn’t suggest or imply that it would be acceptable to leave an unsafe gas boiler in situ,, just because it wasn’t “bang up to date” !
How has he refurbed this for 7 thousand? Kitchen & bathroom alone with labour is 5K. Plastering 2k. Then you’ve got carpets, painting, new doors?
Best video I’ve watched yet! Really informative and a great insight
Im currently looking in my area for my first buy to let property. I live in the north east so i can pick a one up for around 45-50k (or even less). So basically if i work with your figures then this will be a good guide on what fees i need to pay. So with a full refurb plus start up costs i need to be looking to have around 20k to start (£13k cost and £7k refurb). I have seen 1 for £49k and im thinking of offering 15% below market value so £41. So once the refurb is done houses on that street are on zoopla for £70k. If i got the initial mortgage for £41k minus 25% so £31k and the value was £70 minus 25% so £53k. So at the end i would make £53k minus £31k which totals £22k which would pull out my deposit fees and refurb? Then i could start all over again and enjoy the profits from the £400 pm rent which this would get me. Hope i have this correct and thinking along the right lines. Also another quick question for you is what if the purchase price is very low like £25-£35k. Is it still same principle for buy to let mortgage and stamp duty etc? Not sure if theres a minimum value to start a buy to let. Thanks lee
Don’t forget legal and buying fees and you always need more cash available just incase
Mate you are brilliant. Probably the most detailed yet short and simple property flipping video I have seen. Thanks for all the great advice. Wish you all the success to keep moving forward. Bless you. 😊👍🏻👌👏✌️
Need one advice mate. On your video, how did you find the prices and the dates of the sold properties on the same street.
Lovely video. Very informative.
I would have preferred you see the property before buying it.
Renovating in 2 weeks, I can't believe.
Awesome video, is there a minimum time from first buying a house to refinance it
The whole process can be down in about 4-6 months from the point of making an offer on a property. It just depends how quick you push things through
@@SamuelLeeds sorry samuel i meant when you take out a mortgage, is there a minimum time you need the mortgage for before you can refinance it
Samual do you have an email address or a contact number?
oh man.. can i have contact details of your contractors? i spent more than this on my bathroom only and they done shitter job 😭
@@drasticg you would need to buy cash and put a mortgage after the works are done 💪🏻
I'm from the USA and thought you did a great job with the house except for the carpet color. But the BRRR method really pays off. Good job!
Also, how do you get a 2.2% mortgage at 80LTV? Best I can get on a 75LTV is 4.59% as a new investor with Ltd company.
That 2.4% difference would be an absolute game changer for me!
Limited companies always higher I can get 2.99% all day off any btl provider
Are you going to the back room mortgage brokers in estate agents?
A no bullsh*t, tells it like it is in very simple terms. Brilliant!
Hi Samuel, please could you explain how to get reasonable refurbishment quotes and explain how you did it for 7k on this property?
Thanks
have you seen what they've done? it's hardly a bargain for that kind of refurb, probably got paid to take that carpet off someone's hands it's fucking awful and that kitchen is a cheap contractors kitchen.
Great start on one house and refinancing, i'm learning classic steps here. 🙏
How long do you have to wait until you can re-finance your loan?
How did the whole refurb cost only 7k, whole house decoration, bathroom and kitchen??
The job they’ve done is actually amazing! Well done
Question: Did you get the property surveyed before you bought it? If not, why not? Thanks.
Couple Questions:
1. How did you solve the damp wall issue by the front door/rough cost
2. If you're new to property and only own 1/2 properties surely it's better to manage yourself on the side of a full-time job?
If you buy a property from the agent then you give it to them to let and managed, the you go in next week to buy another property you're instantly at the top of the list when deals come in.
You'll never have a passive income if you self manage.
I'm a big fan of the theory of this video - first video I ever watched about BRRR. Currently doing the refurb of a property I bought using this method. I managed to get it BMV without much hassle as well. Video coming soon of whole project end to end on my channel.
Brilliant video , thank you .
Could you elaborate a bit more about the finances side of things please i.e what deposit, the cost of the refinancing and the profit you got back to start on another property?
That would be really helpful thank you .
So the estate agents said that they charge 10% for one thing and 11% for the other. I'd like to know what the percentage is that the estate agent charges out of the monthly rent to manage the whole property without you having to do anything. That's the information I've been trying to find.
I would sell it because it would take you 11 years to get your profit back as each month you get 500 and in 142 months you will have 71,000 the amount You totally spent of the house.
Lol you have no idea what you are talking about
The profit will always be there, the rent is an additional income till it comes to sell
If he did this same thing with 5 houses in his lifetime, imagine his retirement pot...
He's got dozens of houses plus a very good income from training and mentoring
I would just caution on not doing the electrical work. It is a very grey area and in the event of an incident it comes down to the landlords ability to demonstrate that suitable steps were taken. I personally rewire my refurbs but that's partly because it helps me sleep at night!
Great video. What I want to know is what were your payments on the original mortgage and what did they go up to when you refinanced? Many thanks
waiting for this answer as well. how much actual profit each month
What's the colour of the new carpets? 😣
Dusty concrete?
Samuel Leeds can you do this in other countries, like Ireland. Please
Yaw Aboagye yes you can
@@SamuelLeeds end 🇧🇪 ?
Just stumbled upon your video about BRRRR yours was the best one yet after watch five videos, personally even beat Bigger Pockets since you really went through the updates you did in the property!
What was the re-valuation figure Samuel?
My application is for £90k, got the decision in principle but waiting on valuer to visit. Even if it’s downvalued a little I’ll still get money out as it’s an 80% LTV. Hope that helps. Will be sure to update down the line too!
@@SamuelLeeds if you do get that valuation looks like you will get your deposit and refurb fees out but not your purchase fees which could be around £5K including stamp, legals, valuation and mortgage/broker fees etc but still a good "little money left in deal"
O. M. G. thank you !!! Buy refurbish refinance* rent out repeat!!!! Genius!!!!!!!!!! *effing game changer
Hi Samuel how much did you remortgage for and what sort of profit are you looking at per month thanks
Can you show us the numbers? Newly refinanced mortgage monthly payments, any expenses as ground rent, service charge, agent 11% fee... So we can see monthly net: 525 (in rent) minus 58 (estate agent) minus 30 (ground rent) minus 80 (service charge) minus 300 (btl mortgage) equalling positive 158 pounds per month?
Samuel you are an amazing person, so glad I got to meet you on the crash course and thanks for everything you do never change
Really love the refurbished kitchen and bathroom , really beautiful! Modern looks and cozier
brother could you please do one for a hmo rent to rent? would love you forever if you could, thanks again for great content and making the world a better place :)
Can somebody explain "refinancing" to me? And how you can pull out your money out of it by doing so? I'm from Belgium and never heard about it before. Thanks!
Get this done in 2 weeks...😂😂. He talks so much crap just to convince himself.......the wolf of property...
He will sell you a weeks course for £20k to tell you how to do it.....or not
Is there a loophole to having to pay the second or more property tax when getting a mortgage on the new properties?
Seed money for the average Joe? Money makes money. Refinancing is dead unless you have the initial seed.
Crash course is fantastic. Learnt so much. Strongly recommend anyone to do it. It is so fun too! 🥳
U could end school with the lowest grades possible and do this and become a millionaire
Wallace and grommet Gorgonzola spreadable Imagine you could get hit by lighting and become THOR........
I'm missing here something? So you go buy property. Let's say you put 10% towards purchase price and rest will be mortgage. Now as homeowner myself there are always early repayment charges associated with remortgaging/refinancing. So I can't get my head around how remortgaging while still in contract can bring any benefits? If value of property goes up you have equity. So how remortgaging can relive your initial deposit? I can only think by borrowing more while refinancing based on property value? So what's a point when you have to borrow more to relive your initial funds?
You could use a bridging loan or cash for the initial costs or a mortgage product with no tie ins. The extra borrowing up to 75% of the new value would only be a little monthly extra, which is covered by the rent anyway 👍