Buying A House To Flip - Property Deal | UK Property Investing VLOG
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- Äas pĆidĂĄn 20. 06. 2020
- So in this weeks video I give your a tour around one of my house flips. Because I am currently buying a property which is going to be a flip deal, I decided to film it in more of a vlog style, so I hope you like it!
I hope you enjoy it!
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The best feature of the house is that itâs number 69
Itâs a real selling point
@@jackdavidsmith is it actually?
Hey! Thanks for checking out the vlog. Hope you liked this style of video! Let me know if you did! I definitely enjoyed making it đđ„
Awesome video mate, love these type of property style vids! Subscribed, looking forward to checking out more of your stuff
Investing with Dean thanks Dean! Appreciate the support bro!
Hey Jack! Loving these. Taking real action. Good luck with the refurb, hope it's massively profitable. All the best!
Thanks Ashley! Really appreciate! Hope all is well at Dealsourcr!
Hi Jack, I'm a fan of the content, and great to see your property investor journey! As someone who is aspiring to get into flipping properties in the South, can I ask how you found the right contractors for the job (plumbers, builders, sparks), was this a project you managed yourself, or did you hire one contractor for all the works?
Hi Jack - congrats on completing a deal through lockdown, we are struggling a bit to progress our opps. Hope the reno/getting tenants in are going well as well!
Thanks! Itâs definitely not been easy with everything shut down! What project do you have at the moment?
@@jackdavidsmith We are looking in London at the moment but also a priority is getting tenants in to a couple of units. Do sub and I will post a vlog comparison when I close this whenever that is!
Will definitely! What units? Are they apartments?
@@jackdavidsmith Yes apartments but we find the individual tenants for the apartments as well so a little bit more work in how we manage them though we dont think agents generally earn their fee and we get dragged into the issues so just take it on ourselves...
Great idea! All the best with that going forward! Are you looking at expanding at any point?
Really great video, Jack. Looks like a great property and I'm looking forward to seeing the update!
Thank you! I really appreciate that! An update will be coming in the next few weeks!đDo you also invest yourself?
Jack Smith I do indeed, however I donât flip them I buy and hold!
Free your Finance thatâs awesome! How many do you have?đ
@@jackdavidsmith Thanks man, I have 5 right now. Slowly growing my portfolio, but it's expensive near London!
Thatâs awesome man! Congrats! Keep smashing it đ
Here for the Jess content and the Jess content only because I miss seeing her face!! How exciting, happy renovating you two :)
Hahaha! Thanks! Weâre looking forward to getting it done! đ
Should knock the wall between the kitchen and lounge out then where the kitchen windows and back door is install steel and fit bifold doors will add huge value
Kettle chips and Lindts, as a casual snack⊠you know this lads loaded
Relly nice video, Iâd love to see the finished result
Hi jack. Do you have to pay stamp duty as a first time buyer ? Secondly what advice would you give to someone as a complete beginner who wants to get started in buying and selling property? Or if you could make a step by step video regarding this in the future , that would be great đ
Hi Jack, I'm new to your vlogs but looking for ideas as would like to renovate my maisonette for renting in London as I've moved to a new house. I have a limited budget at the moment due to the cost of moving but hope to rent out in about 1 years time. Until then I will shop around and try and get some good deals on bathroom and kitchen suites. I would like to rip out my bedroom carpet but the sitting room and hall/stairs carpets are in good condition. I need to remove wall paper and paint the walls. The small hallway I would like to to use Edwardian tiles around the small monk seat (to reflect the period of property) instead of carpet. I have architectural drawings for an attic extension and converting my separate toilet and bathroom into one room. The wall isn't structural so hopefully I won't need planning permission. The first stage is to rent my flat as a one bedroomed property but once I save up the revenue from renting in 5 years time I hope to be able to afford my attic extension. Thanks.
your photography is so so beautiful!! you need more subs!! I'm confused !
Love from Dubai đđđđ
Rori K. Thank you! I appreciate it! Do you invest in Dubai?
@@jackdavidsmith well for me as a local the government makes it easy, I do plan to invest
we can't do flipping here because almost homes all new built on the desert
.. I think because government give free home to locals we grew up with too much comfort culture that we miss out on investing here
Hopefully I can in the next two years :D AMEN
Wow impressive stuff there mate, very inspiring!
Thanks bro! đ
Love the soundtrack!
hey Jack, thanks for the video! for someone who is new to house flipping, what would you advise in terms of finding people to carry out the works? also wouldnt agent fees eat up quite a large portion of the 35k profit? thanks!
Hi jack have just come across your channel and itâs brilliant and hope you are staying safe and well
Glad you found it Ben! Great to have you as part of the community. Iâm well my friend! Hope youâre good
Hello mate quick question, did you get a loan or a mortgage for the house. And did you get the money to do the home improvement included on the loan?
Hey Jack
How much was the stamp duty and solicitor cost ?
Thanks you doing a great job,keep it goingđđŒ
Nice and straight forward mate! Love the transparent honest approach. What area is this property in?
Thank you! Itâs in Birmingham đ
I'm 22 and I'm self studying property investment, ive bought a few books and listening to the property hub podcast on Spotify. I'd love to take some tips and tricks from you! I'd even drive you about for free so I can get more tips đ
My parents might be selling their house and giving me between 30k and 50k so instead of spending it all on drinks like my mates would im concentrating on property and getting me on the property ladder.
great video jack
Thanks Louis I appreciate the support!đ
Hello Jack, I must say what an amazing simple video of showing how your gonna refurb this home! I would just like ask which bridging finance companies would you recommend as I am young getting started in flipping properties. Thanks!
Hey Jayden! Thanks for the encouragement! I canât recommend a lender as I donât know your situation but if I was you, I would speak to a finance broker that can help you with your specific needsđ
@@jackdavidsmith how are you financing this?
@@samjarman3136 bridge đ
@@jackdavidsmith nice one cheers. just found your channel and making my way through your back catalogue.
@@samjarman3136 awesome bro! Hope you enjoy it and find the videos helpful!đ
Love the vids, just bought my first flip during lockdown and made ÂŁ45k profit, should of been ÂŁ52,500 but got undervalued on buyers mortgage valuation so he was unable to get the mortgage, so I bit the bullet and took less of a profit but still very happy with the profit, keep the flip videos going as thereâs not many on CZcams in the uk
Thatâs awesome Jon! Congrats on that bro.
Yeah I hope to do more! Update on this one coming very soon
How do you figure out how much you should make profit wise on a properties
Would you advice buying at auction and then refurbish and refinance?
wheres abouts did u end up buying and how did u survive without pay whilst doing the works jon
Do not paint over the wall paper... if thatâs what you meant. Strip it, sand it, paint it!
I wouldnât usually but this wallpaper wasnât going to come off easily so weâve painted it. Saved a lot of money on plastering and made no difference to the end value
@@jackdavidsmith All credit to you for your venture and entrepreneurial spirit, but câmon, painting over old and tired wallpaper just reeks of cutting corners and trying to make a quick buck. I understand the need to minimise your expenditure on the project but this needs to be offset with adding value and building a sound reputation surely? Especially when you are potentially looking at profits of ÂŁ30-ÂŁ35k...it just seems a bit of a slap dash cover up job.
Really helpful video, well done
Thanks Ruth! Iâm glad you found it helpful!đ
Great Video mate, are you using auctions to source?
How did you go about with the wallpaper and painting it? Did you manage to do that or did you need to strip it because the wallpaper would of needed to have been in great condition in order to paint over. Another one, I hope that wasn't damp on the wall where you said you was going to paint over it in the master bedroom below the window!
Hey Thomas! Thanks for checking out the video.
The wallpaper in most parts of the house was incredibly good condition so we painted it. Some of it we stripped and plastered.
And it was slight damp as I said but only minimal due to a lack of air circulation. We sorted it out very easily đ
All in good condition, as you walk past a wall covered in mould? Might want to move that rad to beneath the window
Hi Jack,
Great video, if you don't mind me asking did you get a mortgage on this property or are you using a bridging loan to finance this sort of buy refurb and sell deal?
Hi Alex! Bridge :) are you flipping houses at the minute? Or looking to?
Hi jack is that area or location is important for choose to buy a house for refurbishment?
I am from hong kong. Maybe will come to UK next year. Thx for reply.
Hey Jack great video đ I'm considering bridging finance for my first flip - thing that concerns me is if it doesn't sell quick it's a lot of interest. Have you got a plan in place in case it doesn't sell quickly? Would you mortgage it at some point?
Ryan Baxter if it doesnât sell for what you want, sell it for less or get a BTL mortgage on it
How do you start with the flipping what would anyone start with. I have a 30k proeprty accepted in scotland which should be apparently 50k? Could I start with this? What loan or mortgage or sometjjg to support you with small deposit
Nice! just out of curiosity - do you rent the current house you live in?
Nice video!
How much is a mentor ? I've heard it can be in the range of 8k. Is this kind of price true ?
may i ask how did you borrow the money to get the house
This is a great game to play, I recently bought a house did a bit of tidying up 6 months later flipped it, around ÂŁ50k profit not bad 6 months work
what area brucy
Hi Jack... Been watching for a while. How did you finance the purchase?
No such thing as lockdown regulations mate.
Keep up the videos mate.
I love her!!! If I watch your vid its because of her đđđ
Where do you usually source kitchens and bathrooms from? Are they big well known suppliers or just small dealers?
Howdens
Can you avoid stamp duty on flipping multiple properties or do you do one at a time?
You only avoid stamp duty if itâs your first time purchasing a residential house, I believe.
nobody:
Jack: PAINT IT
đ lot of painting to be done
where is the best place to sell these kind of refurbishment properties,? (2-4 bed, terrace, semi & detached) any guidance much appreciated cheers.
Great video, keep it up
Mudasir Iqbal Official thanks!
Whats the 2nd video called?
Perfect property for an easy flip. Just requiring a light refurb to unveil its true value.
Was this property sourced off market or did you buy from and estate agent?
Looking forward to following your journey.
John Morris exactly! Thanks John! Sourced off market BY and estate agent. Relationships are key in this industry!
Do you flip houses yourself?
Jack Smith I have indeed. Just looking for the next project. Everything seems to be going for crazy prices. Not willing to pay over the odds just to get a property.
John Morris awesome man! Iâm doing similar. Taking my time and scoping out the market to see where things are moving. Where do you buy?
Hello need some advise
I've walked into some money at work and got 20k take home and really considering buying and place next year and then flipping for profit
On average how long to you wait before flipping before you're next project seems a quick way to gain big chunks of income if house values continue to rise
Hi mate love your channel and this is a great vid, the fact you used bridging does it concern you about paying the interest on the property knowing it could take a few months to complete, especially given the current uncertain times, also which of your vids is the follow up to this vid, topman
Yeah man Iâve factored in with a big buffer for the interest rates. Itâs going to be a bit more than I wanted but itâll be all good! Final video on the project is coming out this weekend! đ
@@jackdavidsmith ledge mate, looking forward to watching it, keep it up
Hi there mate just wondering what side of Birmingham is this?
Nice house. GOD bless you !
What about stampdury tax ?
Thx
Alrite mate
Fair play to you for doing the vidoe and documenting your progress
I want to get into property I'm currently saving for my first house and money for refurb as I want to buy BMV
Reguarding fliping houses did you get a normal morgage or did you do the BRR ? I want to become a property investor and want to have multiple properties in years to come so I'm allways on herr watching vidoes off people like your self
Keep up the good work
colby downing awesome Colby! Property is such a great investment so great youâre looking into it. Regarding your questions, I used a bridge. You could use a mortgage if you were going to rent it out or if you were going to live in it. That would make the fees much cheaper but the property would have to be used for that purpose. Best thing to do is speak to a broker and see what they recommend for you personally đ when do you plan on buying your first property?
@@jackdavidsmith well I want ÂŁ40k before I buy as I want to buy below market value .for arguement sake If I got a mortgage for 170 k over 25 year I would buy a house for 140-150 BMV so I would have the best part off 40k plus before I started my refurb.so if any hidden damages or so forth so I'm covered in all aspects. Then I would use the remaining money proceeding towards my second house.unsure what I want tbf as BTL would I want passive income and max my profits as haveing a few interest only to drag my money back in to go do BRR or for other BTL ? what would you say? Yeah I forgot about bridging finance haha
Kind reguards
Colby downing
Iâm not too sure what you mean Colby. Please could you clarify the question? Feel free to drop me a message on Instagram if youâd prefer
@@jackdavidsmith what's your name on insta mate carnt find it
colby downing @jackdavidsmith
Top video Jack đđŒ Started my property development portfolio recently and itâs great to get some guidance off someone like you..
Awesome bro! Glad to hear the videos helpful đ
@@jackdavidsmith Youâre inspiring ! Would it be possible to have a couple of minutes of your time to ask a few questions on starting up through private message ?
@@Turtleh3ad yeah bro just DM me on Instagram @jackdavidsmith
New subscriber here - I like that this is catered for the U.K. market
Thank Rosie! I appreciate it. I don't think there is enough people talking about UK Flipping. Everyone talks about BRR instead.
Jack Smith I agree - keep these property videos up đ
Rosie Rose thanks Rosie! Appreciate your support!đđ
@@jackdavidsmith Im in the US, I was wondering why? I searched hard for this vid!
@@dexterramey8787 why what, sorry?
Hey mate! how did you get started? Was it sheer saving or do you work on behalf of a developer?
I donât work on behalf of a developer. I buy myself. Mixture between inheritance and savings
Hi, just wondering if you could do a video on how you got into this, where you get the money to buy these properties etc, just a backstory really
Great idea! Yes Iâll do a video about this! You looking at getting started?đ
Iâm actually still in school, Iâm 17 but Iâm trying to see how a lot of real estate investors got into investing so I can take some tips from them and you seem like the right guyđđŸ
100% bro! Well done for getting educated about this stuff! Youâll smash it bro
Hello Jack, was wondering how exactly how you raise finance? Is it by full cash or do you get a buy to sell mortgage? Thanks
I usually raise cash from private investors if Iâm raising to buy a flip prject
@@jackdavidsmith thanks Jack!
Smashing it mate, all the best on this project. Just out of curiosity, this property was obviously deemed as habitable to be able to buy it on a buy-to-let mortgage? I have been looking into purchasing my first property on a residential mortgage, what's your opinion on this? I know you have to 'live in it' for a substantial period of time if doing this before putting it on the market again
Thanks bro! Good to hear from you! What makes you think it would be uninhabitable? I think if you can buy your first house on a resi mortgage then great! Like you said, youâll have to move in and live there so depends what you want to do but when you do eventually sell, you wouldnât pay the same tax as you would if it was a business transaction. Whatâs your mortgage broker said?
@@jackdavidsmith I heard somebody mention recently that to be accepted for the mortgage, the lender won't be prepared to lend if it is deemed as 'inhabitable' so I'm not sure how true that is. Thank you mate appreciate your thoughts on it - I've only spoken to one and he was very by the book so wasn't keen on it just as he knew my plans to buy & sell it. I'll speak to another broker and get his opinion, it just frees me up a lot more options as the deposit will be much cheaper! Loving the videos bro
Yeah well if itâs inhabitable you canât get a mortgage on it. Depends if itâs actually uninhabitable. Is it missing bathroom or kitchen or something? That would be classed as inhabitable
@@jackdavidsmith you guys don't know what inhabitable means do you? Uninhabitable means it's not suitable to live in. Inhabitable is the opposite.
AJM 407 I know bro, thatâs why I was asking what made it inhabitable so he can fix the problem
Hi jack new subscriber!
Would you be able to give some advice currently living in Bedford Bedfordshire where house prices are slightly more pricey we did plan on buying a family home as we have two small children but since then have decided to go down the flipping route before buying our own
We currently rent at the moment neither of us own a home wondering what price range would be the best to start at wether it would be worth buying a home to live in first and it up as we go along . Also how to maximise sale potential .
Hi, what age did you start flipping properties? And how old are you know? If u dont mind me asking.
23
How do you find lenders for money?
Do a video on 2021 property market your predictions
Hey Jack, so what were the net figures in the end?
Well?
I wanna buy a house in Leeds and I save only 10,000 pounds. Is there any way I can bought a house?
say after all the renovations are done. on average how long does it take for the house to sell once live on the market. and do you pay any tax on the profits you make ? cheers bud.
An average is hard to say because it depends on the market, the price youâre wanting, location, and a host of other things. Zoopla has said it takes an average of 50 days. And yes, you do pay tax on the profits. Do you have or are you looking for an investment property?
@@jackdavidsmith yea sure. but have to start saving more. only got about 20k now.
Florian van de Ven fair enough. Keep educating yourself and build that pot of cash up asap!
I want to buy property and not pay interest on borrowing - IS there a way?
Hi ,
Is there any chance to start this kind of business without having a money ?
Thanks
Hi jack,
How did you get a mentor? Did you join a course?
He went to my local church. This is his channel heâs just made czcams.com/video/EkoKR1VF5Ew/video.html
Love the door number....đđ
Hi jack. Did you get this with a bridging loan?
Yeah đ
Complete newbie here, how do you find people that will flip the house for you (in terms of work being done to the house) ? I've saved up around ÂŁ105k and looking to do my first flip.
So you can find a builder who has connections or you can source the materials and get individual tradesmen in (youâd save more money on the latter). Thankfully, my mentor has a build team that costed the work up and are able to do it. Have you bought a property yet?
@@jackdavidsmith Not yet, but found a couple of potential properties around where I live in Coventry.I'll definitely have to do my research when it comes to finding a good builder đ
Good investment area! Whatâs your strategy?
@@jackdavidsmith Well, the idea is to buy a property, pay it off 100%, turn it into a HMO, and use that to fund my second property investment.
Great idea! I know people who have HMOâs in Cov and they say itâs brilliant. Iâm assuming youâll refinance once youâve refurbed it? Then use that to go on to the next deal?
Iâm looking to get into property myself so I was wondering how u managed to save for the property
Great question Henry! For me personally, it was a combination of inheritance and savingsđ I am able to save a lot because of a few different practices. Would you be interested if I made a video about how to acquire money for property?
Jack Smith yes definitely because I see a lot of videos on how much the property was and how much profit was made But thereâs never a video on how to start with a small fee of around 10 thousand. Thereâs also never videos on the process of how to get the best deal with the builders or plasterers etc. If possible could you also make a video on all the diffirent types of loans and mortgages etc you can get for a first time buyer. Thank you.
Henry Overton Iâll do my best! Iâll try to make a video addressing these different topics. From what you have said though, I would focus on saving to increase that ÂŁ10k and then buy a house. If you can get to ÂŁ20k youâll easily be able to get a solid buy to let. Do you reckon you could do that?
Jack Smith possibly Iâd have to work extremely hard but in 5 years Iâll hopefully have around that after putting all my savings into a savings account, wouldnât I need more than 20k though as id have to do up the house.
Do you have insta account that I can dm you on ?
It's a decent size but feels cramped with basic furniture..... Right
Why did the seller not have a higher asking price compared to your profit margin
Itâs door number 69!
How can you start earning profit from buying dirty and bad houses and renovating them then selling them any tips? This is a new interest for me btw love how the door number is 69 đ
Iâve just done a video with 10 tips. Check out my other videos though because Iâve got tips throughout the videos czcams.com/video/pdi5wRD7uKE/video.html
Also, I know the house number is slightly unfortunate đ
Wait was the Stacey Dooley ?
Whereâs the next video ??
where did you get the 130 K to purchase that house, ??
Or you just paid the deposit and then refurbished , refinanced and then pulled out the equity ?
what are you doing with the house ?
I used a deposit and paid for the refurb đ my plan is to have it all done in the next few weeks and then sell it straight away đ are you interested in buy refurb refinance?
@@jackdavidsmith did you use bridging or put your own money in ?
Yes Iam doing these in Scotland
Are you interested in the market here ?
Tamas Kiss awesome! Probably but mostly just an interest. Whatâs the market like over there? Have you had much success with any recent project?
@@jackdavidsmith because of the covid and other issues I had to stop for a bit
Continuing next month as soon as everything opens up again
Drop me an email tamask922@gmail.com
Let's stay in touch
ÂŁ35k profit? What was the initial price you brought for?
ÂŁ130k including all fees
ÂŁ10k refurb and ÂŁ175-180k end valur
And I have subscribed as well
My guyđ
Nice video looks like a guaranteed profit - Any updates yet?
Yeah man itâs exciting! Agents coming round on Friday so will be going up on the market very soon! I will be doing a video very shortly with updates!đ
@@jackdavidsmith Nice, hope it sells nice and quick! Market seems to be very good where I am in W Yorks. Just bought my first refurb property so Iâm hoping it stays that way.
@@jake_wilkinson yea market is doing well all over. I think we will start seeing a drop soon
Love your videos!
Where was this property?
Thanks Tim! I really appreciate that! Itâs in Birmingham đ Do you invest in property? If so, where?
Hi Jack which part of Birmingham area post code im looking is well noce video by the way
range rover West Heath đ thanks!
There is no way you will sell this for ÂŁ180k just by giving it a lick of paint, swapping out the bathroom and putting in a cheap modern kitchen. The house is a 2.5 bed terrace. I think you've either inflated your figures or your valuation is way off.
Hi jack, how did you source this deal? Was it a direct to vendor?
This one was through an agent but it was off market. They passed it through before it went on the marketđ
Jack Smith how did you manage to do this though jack? In regards to getting a property before it goes on the market? Thanks
@@GRANDTHEFTDUBSTEP because the agent came straight to us before advertising it... we deciding to go ahead and buy it
Are you going to rent it out or do it up and sell it on
Sell
is this property in london?
No, itâs in Birmingham :) are you investing in London?
Video starts 3.38
Hi, did you buy just yourself or create a business and buy through that? We're currently buying as ourselves but in the future wanting to flip using our business. In the very far future we're hoping to have a number of properties rented out as our business also.
Georgia F great plan! Thatâs exactly the same with me. Bought in my own name but from now on will do it through a company đ how is your flip going?
Jack Smith we're still at the early stages of actually buying but it's from family and we actually already live in the house haha. Do you have any tips or anything where I can get more info with buying through a business please?:)
Georgia F I would very much suggest speaking to an accountant. They will be able to help you a lot around the financial side of it and also have a conversation with your solicitor
Jack Smith thank you!!
Youâre welcome! If you have any other questions feel free to askđ
The house layout looks like mr beans
đđ
ÂŁ130 k is so cheap! Where in the UK is this?
Birmingham
Beautiful everthing.???
130,000 is ridiculously cheap Iâm so confused...
Jack Partridge hahaha! What confuses you?
I like to buy cheap house too
Did I go uni. If you did what did U graduate in ?
I didnât go to Uni. I never knew what to do and so didnât want to waste money. I did two gap years with charities, worked and then jumped into property đ
Who is nick and his team? Could i have contact?
jason couture drop me a DM on Instagram @jackdavidsmith
In which city this house?
Basma Alazzawi Birmingham đ
What area is this in ?
Birmingham