I bought a property in London for £35,903 (brr method)
Vložit
- čas přidán 7. 07. 2024
- In this video I breakdown how this property made me £42,000.
📚 Free Courses, Resources, Etc: linktr.ee/ahmedkhann
👋 Website: www.ahmed-khan.com/
00:00 Intro
00:23 How to Find these Properties
02:26 Minimum Size Requirements
03:23 Type of Buildings to Buy
05:01 When to Speak to a Builder
06:16 How to Pass Building Regulations
07:28 How to Get Permission to Alter the Flat
15:28 Make Money by Extending the Lease
17:51 Numbers/Profit for this Property - Zábava
Arguable the best property channel. I'm not one to comment on youtube, but i felt compelled because of the exceptional value being given. Thank you!!!
really well explained Ahmed!
Thanks mate!
Well done. Very good strategy.
Salute this Bredda..👏🏾👏🏾
Thank you bro!
Awesome stuff, thanks for sharing!
Glad you enjoyed it!
This is Help a lot to make money.
I'm glad:)
Great video! Few questions -
What bridging lender do you use ?
Is there a Risk of buying not knowing you’ll get permission?
Removing boiler. Do you put electric radiators?
Where did you get room size 15sqm from for kitchen living.
Thanks again.
Good clear detail, obviously how your mind works! Just wondered on the definition of kitchen, most look too small for washing machine or dishwasher. Is there an order of necessary equipment to install as priority. The tenant who I knew wanted to rent mine said dishwasher a must. Also if you were to rent out rather than sell would you worry that a washing machine that is now above someone else's living room may give rise to complaints for noise?
Fascinated in your decision making. Thanks again.
Making this kind of demand for a 1-2 bed property is delusional. Dishwashers were made for families. I think the case would be stronger on 3 bedroom family home or HMO. These same potential tenants will likely also tell you a clothes dryer is a must too :)
Great video!
Would you completely remove the old boiler then and put the mega flow system in the open plan kitchen / living room?
Also should you look into getting permission to turn to 2 bed from the freeholder before you actually purchase ?
Hey Ahmed, great vid. I know you use bridge for the purchase. Say if you only had 50k cash and loolokg to execute the purchase and conversion, what do you do if you short on cash for the whole thing? Do you bridge the rest or take different form of finance to be able to finance it all ro actually take the da to refinance stage? Cheers
I am in your WhatsApp group too. These videos are amazing man!! Really love your content ❤️
Awesome! Thank you for the support!
How do you join the WhatsApp group?
@Ahmed Khan please can you add me to the WhatsApp group?
Great video and really useful information. I have just one question. How would you get permission to convert into a 2 bedroom if the property is share of freehold? Thanks 😊
Nice bro how much should we earn yearly to get into this strategy
I love the videos on this channel but there’s a hugely important legal consideration here that wasn’t mentioned and I cannot emphasise enough how important it actually is: almost always, leases in England and Wales have restrictive covenant which means that not only the leaseholder has to be granted consent from the freeholder for turning a 1-bed into a 2-bed flat, but they also need to apply for a licence for alterations, which is costly as when you decide you want to go ahead with the works, the leaseholder is liable for the legal expenses incurred by the freeholder, too (yes, this is sickening, immoral and usurious, but it’s how this feudal, mediaeval system works sadly, as the leaseholder doesn’t actually own anything). Moreover, most leases will only allow 1 household to live in the property, so if you’re planning to rent out the 2nd bedroom, you might have to apply for a lease variation as well, since even a single person with a lodger would legally be considered as 2 households, and this is on top of the licence for alterations which is still needed - total legal costs might get close to £10k in solicitors fees alone - again, the leaseholder pays legal fees for the freeholder, too and this is often a cause of dispute - crucially, just being granted consent in writing from the freeholder might not be enough, unless there are no restrictive covenants on the lease which is extremely rare, so if you go ahead with the works and haven’t applied for a licence for alterations (and lease variation depending on the circumstances), you might risk losing your flat as the freeholder could claim against you and what ultimately happens is lease forfeiture for breaching the lease. So this strategy for making money quickly might work very well for freehold properties or freehold flats, but with leasehold flats owned by private freeholders, this could be a lot more hassle than it’s worth. Lastly, if there are already two rooms and you want to make a third to rent out, this is close to impossible unless you’re a live-in leaseholder, because you will need an HMO licence from the council if you are 3 or more occupants forming more than 1 household, and this is extremely hard or impossible to get in different councils across England that have restrictions, so by purchasing a leasehold flat there are a hundred different things that could go wrong.
I've covered this in detail in my 11-hour course which is free on youtube :)
@@johnpickering17 The leaseholder will need a licence to alter (also called licence for alterations) which will be drafted by the freeholder’s solicitors. So the leaseholder will pay their own legal fees related to seeking legal advice + those of the freeholder for producing whatever document, as the freeholders always set this up so that they pay nothing - again, immoral and usurious, but sadly all perfectly legal. And arguably, if the lease has an absolute prohibition on alterations OR on subletting part of the property, a lease variation will be required too - whether this is ultimately legally absolutely necessary is sadly up to the judge if you have the audacity to go to a first tier tribunal, but generally a licence to alter isn’t suitable when on the lease there are absolute prohibitions for the works you want to do, so both documents are probably needed. So you can end up spending £13k in total legal fees for both documents, and it might take 2-4 months or even longer if there are problems. As always, with absolute prohibitions the freeholder isn’t obliged to grant consent and can unreasonably refuse or ask for a premium to be paid for granting consent (usually several tens of thousands of pounds if flat is worth several hundreds of thousands, as in London). Even in the rare case that some alterations are allowed by the lease - which is not what happens with most leases - part of the works you want to carry out might involve doing things that are restricted by other lease clauses, so in reality it’s always wiser to seek a licence to alter so you don’t risk losing your home - freeholders sadly have the power to re-entry their property for whatever breach of the lease if this is specified on the lease - and it is on 99% of leases. Technically every single word on your lease will be there for a reason: extract money from you (leaseholder) to profit your solicitors, your freeholder’s solicitors and the freeholder himself - if you seek legal advice, you’ll see in fact that your solicitors too will find it easier to consent to whatever requirements the freeholder has, as opposed to truly helping you, as they all make money from you so they serve their respective interests. So what’s written on your lease can affect dramatically what you can and can’t do with a flat - and arguably what your flat is ultimately really worth to you based on your intentions with it… Sadly people don’t talk about this and solicitors often don’t do their due-diligence before completion - as they make money from this after you bought ‘your’ flat - but leasehold is an utterly scandalous scam that needs to be abolished. No other civilised country still retains a similar system… only England and Wales. Everyone else has abolished it. It’s a disgrace.
I think you’re asking for too much and want to do too much with a flat. All I want to do is convert my one bedroom flat into two bedrooms flat like he has explained. My free holder refused to grant me permission …I did as advised in this video and was refused.
Great video. Is there a maximum length that the kitchen waste pipe can be?
hmm not sure about that, will have to ask a builder. But just try to be as close as possible!
Sir, will this help me understand ARV for property deal sourcing/wholesale virtually?
I've not found ONE GURU who can just help me with this 😢
Hi Ahamed, Could you please explain how to put and use mega flow system instead of gas boiler when the kitchen turns into bedroom? where does mega flow system put in the flat? It doesn not seem to have no enough space for this system
You can normally just put it in a cupboard in the hallway that is what I tend to do!
Very useful video, thank you Ahmed.
Pleas could you confirm whether the flats which you bought and converted in London came with parking spaces or not?
I want to understand whether parking spaces matter much with this strategy of converting 1-bed flats to 2-bed flats in London.
Thank you
With the extensive transport network in London . Parking space with a flat is a bonus, not a necessity.
No parking
How do you get £25/30k to do a refurb? Can you get loaned that within a mortgage? I’ve heard to stay away from bridging loans
My builder did a site visit survey of the flat I want to convert and thinks running the waste pipe from the open plan kitchen in the living room to the waste pipe box in the kitchen will be a big problem…… he said he will need to drill the floor and make the waste pipe slant to the existing waste pipe
send me the floor plan on insta @thatahmedkhan
@@ThatAhmedKhan sending it right now
brother can you help me get first property with no money?
Can I do this on a student visa
I earn about 35k can I get into property with this strategy
Ahmed I found a property with MASSIVE potential for 400k. If I manage to buy it and flip it it could make an easy £2-3million based on the prices of similar flats on the same road. How would I be able to finance that since I'm only 18 and a bank would never give me a loan right now??
Edit: It's in Westminster so how would I be able to hack the council issue?
I dont understand what is the issue you see with this property? Maybe you missed something. Are you taking about a zonal change or permission change?
Whats the council issue exactly
How much cash in hand does someone need to do this same deal?
Typically 33% of purchase price
How long did the conversion take?
only a couple months
Hey would be up to a meeting at London? For. Mentorship?
drop me a message on insta and we can sort something @thatahmedkhan
you dont account for things like major works ahmed?
I’ve never really had a major works bill when I buy a property. I do check if any major works are coming up or not that’s not to say that they can’t come up once I’ve purchased a property but I do tend to have a look before buying
@@ThatAhmedKhan thanks for the response
By the way, I gather you do purchased these via Ltd?
If so, which accountant do you use? and his details pls. Thanks.
Check here, bit.ly/propertyteam-msg
Hey Ahmad bhai 7clouds channel you owner
?❓
nope
Bro please speak slowly so that we can understand.
Haha trying!
first
love the commitment lool
Btw really great info
Love your channel great insights on property investment. Could you share your builders infos ? I would really appreciate if you could as I am looking for trusted builders to carry out same type of conversion(1b to 2b) for my next project in London.
Thank you
Sure! Message me on insta, @thatahmedkhan
@@ThatAhmedKhan sorry but I don't have Instagram could we do otherwise
I just sent you a message on Instagram with my wife account
Hi Ahmed, All I wanted to do was convert my one bedroom flat into two bedrooms flat like you explained in one of your videos. My free holder refused to grant me permission …I did as advised in your video and was refused. Please can I consult you with regards to what to do next? I’ve sent you messages on LinkedIn several times to no avail…. I’d like to call you please
I did the before and after professional floor plans, drafted the letter the way you explained and was still refused. Mine is a private block of flats
Hi Ahmed, I’ve just added you on LinkedIn, would like to connect and discuss. Cheers
Sure! Thanks for connecting!