2023 Update
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- Опубліковано 5 січ 2024
- This was recorded on New Years Eve 2023 and as you all move into the New Year I'm 5 years into my project. So this is a roundup of where we are today.
You can view my serviced accommodation property here: bit.ly/3tNPyDB
As always get involved in the comments below and share/like the video.
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very keen to see how the service accommodation pans out. Iv seen plenty of people talking about them, but no one giving an actually honest overview like yourself
Can’t say I’m impressed so far Craig, but you can’t measure these things until at least a year, as they’re seasonal.
Exciting times. Its only when you get to a certain level in your journey that you earn the freedom to share/help others. You surpassed the "crabs in a bucket" stage.
Thanks Tom.
I only heard that ‘crabs in a bucket’ reference recently. It’s a typical human trait too
Great to see this Perry, your consistency is so inspiring!
Thank you Sam
Cannot wait for the book. Will definitely buy it
Thank you my friend
Great to know the serviced accommodation is (or will be) working out now. Always great to hear your updates.
Cheers Will. Appreciate that mate
Great stuff, Perry! Very much looking forward to the book.
Thank you Anna
Followed from the very start . Doing a cracking job buddy . Looking forward to the book 👍
Cheers Harvey. I hope I don’t disappoint you.
Genuinely happy for you Perry. This is great news. You will get soo much back from helping other people, not least more earnings. I've had a wake up moment recently and have just come out of the worst financial time in my life. I watch nearly all your video and will be in contact about your consultancy in the summer. Well done chap.
So happy Simon to hear of your progress. Honestly, I don’t see myself as out of the mire myself, so I’m chuffed to bits to hear I’m helping someone else
I’ve just seen your serviced accommodation on Airbnb. It’s really impressive! The furniture and colour scheme are a great choice. Well done mate! 🤘🌱
Cheers. Let’s hope a few more contractors agree
Great stuff Perry, and I can't wait for the book!
Cheers Dan mate
Great to see the SA has started to work and it's performed as the agent said it would.
Good luck on the subscription as well, you have a fair bit of knowledge now and can package that up into a plan which should be easy for anyone to follow, you've made the videos on your journey and that shows the progress you've made, no one can turnround and say it's easy for you, you started with thousands, you did in a way but it had a minus in front lol.
Cheers Chris. Great to have you along from the start
I know it's not easy to work out, but would be interesting to know how much profit you expect after filling in your self assessment tax form, it's probably also worth adding on an estimate for average repair costs as well. (In the 5 years I've been a landlord, I've never had a single year where I didn't have some repair costs, digging into the war chest) Theres also the landlord insurance and gas electric insurance you may have, etc. (not sure if that's part of the PPM category) After all those costs, it would represent a much more detailed table of the actual profit you get a month/year from these properties. Then we just got to hope that the tenants provide full year occupancy as well as paying every month.
It’s actually not much (just done my accounts). Without looking it’s about £1000 over the first 3 houses. That includes the gas safety certificates. There’ll be a much bigger one next accounts due to replacing a roof on the first property.
That seems quite low Perry, if your monthly profit on P1 is £265, then that's £3180 a year. If you're being taxed on your profit at 20% then that would be £636 tax on P1 alone. I know you can knock some off when you takeaway tax you've already paid on management fees, etc but even so, you must have a good accountant 😁
Sorry, I answered the wrong question. I thought it was how much I paid in maintenance. 😂 so deduct £1000ish from total profits and I pay 20% of that.
I’m expecting (I think) a tax bill around £4000
Thank you so much for all the videos, inspiration, laughs and Wilsonian wisdom. You’ve had a great 2023 by all accounts and this year will be even better.
For me 2023 was full of a lot more lows than highs but whatever doesn’t kill you will only make you stronger.
I’m really interested in all the things you’re putting together. Just remember the golden rule, the cost has to end in a 7.
Love what you do, you help people so much more than I think you realise. Keep it up mate. Thanks. 🤘🌱
Cheers mate.
Sad to hear about the last year. Scar tissue is tougher than the surrounding tissue.
Onwards and upwards my friend
@@StupidIsTheNorm That's true, thanks so much.
looking forward to your progress, happy new year
Thank you and happy new year Richie
Wow so many amazing news Perry! I am happy for you for all that you achieve so far! I am looking forward to your book and consultancy. I will definitely show my support for the subscription ❤.
Cheers John, you’re a gent!
Hi Perry, I think kind of update would be great every 4 months.
Also, purely as an academic venture, it would be good to see the compound effect of you buying more properties as the years roll on, just to see if you are still on track for 1M?
I try to mark the milestones with an update. There ought to be a few this year so you may get as many as you ask for 😂
I’m hoping the extra income will accelerate my progress this year too
Looking forward to your output in 2024 Perry. I'm interested in engaging with all of it to be honest.
Cheers mate. Next year will be a big departure from my standard model, so all balls will be in motion again. Exciting times
Great stuff as always, but one advice be careful with adding new activities. Please focus on what works! new projects tend to be more time-consuming than estimated, I Hope best for you :-)
You are, of course, correct Stephen. The book will take no time. The membership site will be shared between myself and other more accomplished contributors, delivering a broad breadth of wealth creating experience. The consultancy will replace the taxi income (which is dropping and threatening my goal).
@@StupidIsTheNorm why is it dropping perry?
@@arb5901 I think there’s a general slow down in taxi use, but there’s also a lack of ambition in the company I work for
Hi Perry. Long time watcher, third time commenter. Love the work you’re doing. I’m just about to buy my first property and have a question about the size of deposit I put down. Most of my savings are in index funds through a S&S ISA and I’m reluctant to take out more than I need to. Should I go low or high on the deposit amount? I’ve got enough for up to 30-40% but tempted to put up 10% and leave most of my ISA savings alone to do its work. It means a higher mortgage balance and higher monthly repayments, but returns are 7-10% on those investments. To deplete them after so much saving over the years seems wrong. What do you think?
Thanks for watching mate.
Yes, I know what you mean. During my ‘accumulation stage’, that is the stage where I’m trying to accumulate as many assets as possible, I kept the deposit to a minimum and borrowing to a maximum. That meant I could more quickly save another deposit.
Now, as I enter my first ‘consolidation stage’, where I secure the gains I’ve made thus far, I’m building a bigger cash buffer to reduce my exposure to market fluctuations in property, cash and stocks.
I’m actually doing next week’s video on this subject.
Have some impressive goals for 2024 .. will your book go into detail about services accommodation.. a few gurus online selling course for £££££££ ..
No David. I don’t think it’s necessary. I have a grounding in SA but mostly leave it to the management company. I try to be as hands off as possible, seeing myself as a property investor rather than a property manager
You still doing the crazy hours a week mate?
It's refreshing to see someone not doing some scumbag way to get money.
Taken my foot a little off the gas mate. Do about 63 hours a week
@@StupidIsTheNorm
Still a good innings mate. I respect it.
Have you thought about property abroad?
I saw a house in Italy fully furnished for £41,000
One in Bulgaria for about £50,000.
@KrisVic91 good prices. Never quite sure about the management. Heard some scary stories. Not averse to it though. I guess it’s all about the cash on cash return
@@StupidIsTheNorm Yeah true.
Weĺl at the moment I've only 20k savings anyway. I'm 32.
My goal is a million. I'm very driven mate, with things like exercise, I exercise alot.
Regards money though, I need a focal point. Too many financial youtubers out there reccomending side hustle things and I get paralysis by analysis.
(I think alot of them are scumbags)
You come across as very genuine though.
I look forward to the book.
It’s a great start for 32 Kris. I bought my first property with £20k. Took me 2 years with only 4 days off to save it though
How much are you saving for deposits and refurbishment of the properties
I buy my fifth around July and I reckon I need £30k ish
@@StupidIsTheNorm thanks. I am just learning to take over the family business so I will hopefully be able to get saving soon
Subscription channel, would you not be better just jumping on Patreon? It’s easy as a user to follow people.
My thinking (and I could be wide of the mark here,) is that if I chose to sell it, it’s easier if it’s separate from Patreon Jack 🤷♂️
Yeah we both know those valuations are far too high, you'd never get that amount and that cashflow is going to drop once the fixed term is up putting you on hardly anything.
I hope some of these worms on your channel are dumb enough to pay you money, I'd personally not buy a book 'how to be a millionaire, step by step' from a guy who isn't a millionaire.
I started this similar journey in 2017, I'm sat on 7 properties, over £100,000.00 in the bank and a few other things I do. Net about £4,300 a month in savings, I'm nowhere near a million though. You're proving to me just how difficult it is to become a millionaire.
Is goal to get to a million sat in the bank
Those mortgage rates are all on new mortgages bar the third on which I’m refinancing now.
Yeah, take your point about not being a millionaire. My thinking was I could wait another 5 years and go ‘ta-da!’, but as I’m rinsing and repeating much of this, it simply delays someone copying me for 5 years.
‘None taken’ about the ‘worm’ comment btw. Actually, there will be other contributors/presenters joining me in the subscription site who are already very successful and waaay further ahead than me