This channel deserve more viewing. These videos are awesome. And the fact you teach your kids are even better. After 4 apartments in Budapest and one in Leeds my family still don't get it why me and my wife doing it. 🤦 Now we thinking about to start to doing some brrr here in the UK as well. So these videos are really helpful! Keep it up :)
Thanks Kornel views are growing but do share the channel with anyone you know how might be interested. Great job on your purchases thats awesome. BRRR is a great strategy as you can recycle your deposit and buy more. Good luck and hope you keep watching the channel.
@@CHRISGADNEY I have two going through legal now, once they complete I will be doing videos. It will be obvious why I can’t share when we complete hopefully within next two weeks
Looking to do a property refurb on one bed flat down south. Needs chimney removing and wall moving structurally, radiators, new kitchen, new bathroom hopefully to a good standard within resonable budget.
I would get 5 quotes, you can get those even before you buy. Its tough to say what budget you would need. However a few things I can say. You can get a decent kitchen for buy to let for £2k and bathroom for £1, carpets £1k. The rest depends on how much work is involved.
Blimey, these are way cheaper quotes than I have had in past down here in the south of England. Were they mates rates? Wish my Dad had done something like you are doing for your daughter!
No I used Facebook Groups, Gumtree, etc to find contractors. You are right totally different prices to down South. I have a few southern jobs coming up seeing if I can get these guys to stay in a hotel down here.
Great work, thank you very much for all the information provided. I have a question, the property was bought for 60K+6K extra auction cost +600 solicitor cost, isn't it? So total cost was 66.600 plus legals, so with 15K for the refurbishment. It is approximately 85K, Still a great deal if you borough 75K and you only keep 10K in the deal. How much is going to be rented for? Thank you again for all your hard work. The auction video was the best one so far I have watched.
Thanks Pedro I am just rounding numbers to make it easier to understand. Refurb was 12k, valuation was over 105K in the end. Rent was £575 and it rented in 4 hours, fastest I have ever seen. I should have put rent at £650.
I have a builder called Karl, he is more a handy man that works for me full time. He could not build an extension, but he can fit a kitchen or bathroom. Look for a handy man / woman you can get them to do a lot for a fraction of the cost.
Are these estimates based on rates particular to the locale in the north - Doncaster? They seem very low compared to those in the southeast, like 50% less, as of late 2022!?
Yes it was much lower than the south. I had one builder doing all the jobs he did fixed labour for £6000 so I had about £6000 on materials which is very doable in North or South. Labour is the big difference up North. In the South I would pay £6000 just to plaster the house.
@@propertyaccelerator yeah, right. 6000 for just the plastering seems more realistic for the south. Makes renovation of properties in the north a lot more attractive. Should maybe highlight that in a vid - factoring in local rates for major renovation projects, could swing tens of thousands on the overall budget! What about south west, Cornwall Dorset etc., or Wales, any idea on comparable rates in those regions?
James, my Lettings company is struggling to find a kitchen fitter in Hull, Humberside. Do you happen to know anyone in that area? Also, do you use or have you heard of LNPG Landlord National Purchasing Group?
If I sell I will have to pay 28% capital gains tax. For me I prefer to keep the properties, if I need money to fund another project I refinance and release equity. My goal is to build more rent which is my money to live off.
Always search for town name and do a group search. You can see which ones are most active as they say how many posts per day before you join the group. I would pick the top 3.
It can depend on each auction house and each lot, for example I saw a bunch of houses I wanted in Hastings. They were being sold by a housing association who added some extra ADMIN fees of £6000. You need to read the legal pack on any houses you are interested in prior to purchase. This house had a £1500 Auction House admin fee plus the usual fees of buying stamp duty solicitors etc. I made an hour long video of when I purchased this house and will put it on the channel once I have 1000 subscribers so look out for that.
Yes I like to get the EICR done early in the process as it can get messy if you have to rewire so best to do before any other work. Gas safe you can leave a bit later as less likely to cause major work. Although you can do both early.
Great question, we put them in a limited company which we are both directors of. For my baby I will create a limited company and give her shares as she is not old enough to be a company director.
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This channel deserve more viewing. These videos are awesome. And the fact you teach your kids are even better.
After 4 apartments in Budapest and one in Leeds my family still don't get it why me and my wife doing it. 🤦
Now we thinking about to start to doing some brrr here in the UK as well. So these videos are really helpful! Keep it up :)
Thanks Kornel views are growing but do share the channel with anyone you know how might be interested. Great job on your purchases thats awesome. BRRR is a great strategy as you can recycle your deposit and buy more. Good luck and hope you keep watching the channel.
Can you do the finances including all our auction fees solicitors stamp etc good videos good to see a local guy to me doing these investmeants
Yes once Ive completed and money in the bank I will do a full breakdown video.
@@propertyaccelerator would also be great to hear about your local investments.
@@CHRISGADNEY I have two going through legal now, once they complete I will be doing videos. It will be obvious why I can’t share when we complete hopefully within next two weeks
Who the hell are you using to fit a kitchen for only 2k. Plus you have plastering costs as well.
Plenty of people in Doncaster area who would do that. You are right in the South they would not even paint 1 wall!
Looking to do a property refurb on one bed flat down south. Needs chimney removing and wall moving structurally, radiators, new kitchen, new bathroom hopefully to a good standard within resonable budget.
I would get 5 quotes, you can get those even before you buy. Its tough to say what budget you would need. However a few things I can say. You can get a decent kitchen for buy to let for £2k and bathroom for £1, carpets £1k. The rest depends on how much work is involved.
@@propertyaccelerator how would you go about getting refurb quotes before you buy?
Great video James. A good guide for the likes of us looking to get into the property game 👍🏻
Glad it was helpful! I have lots of other property tips incase you decide to get one for yourself :)
Blimey, these are way cheaper quotes than I have had in past down here in the south of England. Were they mates rates? Wish my Dad had done something like you are doing for your daughter!
No I used Facebook Groups, Gumtree, etc to find contractors. You are right totally different prices to down South. I have a few southern jobs coming up seeing if I can get these guys to stay in a hotel down here.
Great work, thank you very much for all the information provided. I have a question, the property was bought for 60K+6K extra auction cost +600 solicitor cost, isn't it?
So total cost was 66.600 plus legals, so with 15K for the refurbishment. It is approximately 85K, Still a great deal if you borough 75K and you only keep 10K in the deal.
How much is going to be rented for?
Thank you again for all your hard work. The auction video was the best one so far I have watched.
Thanks Pedro I am just rounding numbers to make it easier to understand. Refurb was 12k, valuation was over 105K in the end. Rent was £575 and it rented in 4 hours, fastest I have ever seen. I should have put rent at £650.
Some great tips!!
Glad you like them!
Who is your builder, those prices are good.
I have a builder called Karl, he is more a handy man that works for me full time. He could not build an extension, but he can fit a kitchen or bathroom. Look for a handy man / woman you can get them to do a lot for a fraction of the cost.
Are these estimates based on rates particular to the locale in the north - Doncaster? They seem very low compared to those in the southeast, like 50% less, as of late 2022!?
Yes it was much lower than the south. I had one builder doing all the jobs he did fixed labour for £6000 so I had about £6000 on materials which is very doable in North or South. Labour is the big difference up North. In the South I would pay £6000 just to plaster the house.
@@propertyaccelerator yeah, right. 6000 for just the plastering seems more realistic for the south. Makes renovation of properties in the north a lot more attractive. Should maybe highlight that in a vid - factoring in local rates for major renovation projects, could swing tens of thousands on the overall budget! What about south west, Cornwall Dorset etc., or Wales, any idea on comparable rates in those regions?
Great video, thanks
Glad you liked it!
James, my Lettings company is struggling to find a kitchen fitter in Hull, Humberside. Do you happen to know anyone in that area? Also, do you use or have you heard of LNPG Landlord National Purchasing Group?
Hey mate drop me a message on my insta instagram.com/jamesnicholsonproperty/ make sure you follow the account or it will go into my junk.
Oh...& whats the tax situation if you sell.
Thanks again.
Ian.
If I sell I will have to pay 28% capital gains tax. For me I prefer to keep the properties, if I need money to fund another project I refinance and release equity. My goal is to build more rent which is my money to live off.
What Facebook groups do you recommend to find contractors. I’m in York and labour here is very expensive
Always search for town name and do a group search. You can see which ones are most active as they say how many posts per day before you join the group. I would pick the top 3.
@@propertyaccelerator got it, thanks. I’m a bit of a dinosaur when it comes to Facebook
Hi,
When you go to auction for a property what are the costs there..?
Thanks.
Ian.
It can depend on each auction house and each lot, for example I saw a bunch of houses I wanted in Hastings. They were being sold by a housing association who added some extra ADMIN fees of £6000. You need to read the legal pack on any houses you are interested in prior to purchase. This house had a £1500 Auction House admin fee plus the usual fees of buying stamp duty solicitors etc. I made an hour long video of when I purchased this house and will put it on the channel once I have 1000 subscribers so look out for that.
@@propertyaccelerator Can't wait for that video :) keep up the good work!
Do you run these through a limited conpany
New ones yes, any new purchase is in Ltd company. Old ones I bought since 1999 in personal name.
Do you get your gas safe and EICR done first before you start anything?
Yes I like to get the EICR done early in the process as it can get messy if you have to rewire so best to do before any other work. Gas safe you can leave a bit later as less likely to cause major work. Although you can do both early.
Which area is it for the costs?
Doncaster
How can you invest for your daughter
Do you buy these properties in her name
Great question, we put them in a limited company which we are both directors of. For my baby I will create a limited company and give her shares as she is not old enough to be a company director.