We bought a property in England for £60,000 | Full tour with figures included
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- Опубліковано 16 жов 2024
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Welcome to our latest investment property! We hope sharing this inspires you and also gives you some ideas. Remember to do your own research before making an investment and if you have any questions for us about this one let us know below! 🙌🏼
Hey Matt and Summer! Thank you for the video, it’s a great investment. I can’t wait to see how it turns out!!
I’d love to have all the furniture you don’t need if it’s still available. I’ve sent you an email with my details. 😊
Hi Matt and Summer you guys are so clever!! At your age I'm amazed at your enterpenutural skills 👍❤️how to get capital to buy second property without selling the first property
Many thanks
I don't think the small 3rd bedroom downstairs is a good idea. It's too small compared to the two doubles upstairs, plus it's next to the front door and street (so it will be noisier especially with people coming and going) and then being next to the communal lounge and kitchen there will be noise from there too. Plus it then makes the lounge too small to comfortably use and have guests in. Focus on giving it a lick of paint, put a new bathroom in, smarten the kitchen and it'll be much better.
I agree
Totally agree. Experience of anyone lives in the 3rd bedroom will be much worse than the other two
I agree and not to mention that where do they eat?? with such a small living room and such a narrow kitchen, I think the 3rd bedroom it's really a bad idea
They're greedy landlords, don't think they care
Just one question. Do you think it is fair to charge the same amount for each room? As you intend the downstairs room to be quire small. In comparison, plus it will be by the window to the street and right next to the living area. Just a thought 🤷
Yes, it would suck to have that ground floor room
The ground floor room is nearer to the bathroom though.
I think it’s just the rent as a whole that they’d charge the overall amount for which is equivalent to £x/room. Students tend to decide amongst them the fairest price for each room that they contribute individually.
Don’t expect a reply.
If you have been a student the 3rd bedroom is pretty standard where this is to be located. Just needs to refelct a cheaper rent.
Love the property. Agree that the rent per room needs to be according to the room size. I have a number of rental properties and that's how I charge for a 3 bed as well and it's how the tenants stay as the person with the smallest room doesn't feel ripped off.
I would just replace the kitchen cupboard doors and put good hardware and replace the counter with granite instead of putting in a whole new kitchen. Granite is easy to clean and if someone takes a hot pot and puts it down on the granite, the don't burn the surface. Looks amazing too. Just take the cheapest one, which normally is a black one, gives a super modern feel.
Agree with making the bathroom bigger and taking the laundry to the kitchen.
If the agent is willing to help, Freecycle is a great way of advertising the goods you want to give a second life too.
Excellent buy :)
Hi Lisa, is there anyway I could contact you to ask about student let’s. Just some info 🤞🏻 thanks!
@@RMW25 sure, we can chat here, no problem.
Hi Lisa, may I please ask where your rental properties are. I'm planning to buy a buy-to-let accommodation and look around to see which area might suits my budget. Thanks,
Quite a size disparity between rooms. Will you adjust the rent accordingly?
Definitely do this. That downstairs room will be tiny compared to the upstairs ones.
Yep, was going to say the same. Both upstairs are about the same but the planned single room not a chance, no room for desk/study and no one will pay double room price.
Students tend to sort this out between themselves
They'll property rent I out as whole and how much each person pays will be depending on they're own arangements?
@@albee8165 I don't think so, it just looks that way without furniture. The room size is the same.
Congratulations on your new investment property purchase. Thank you for sharing your info and your thought process - it's very helpful to hear this all
Thank you! You’re welcome ☺️
Solid house for £60k even in Middlesbrough! What’s your plan for the intervening period between the house being ready/advertised and students moving in? At most universities vast majority of students look for the following years house in November-February. So assuming you have it ready and advertised by Nov 2021 you won’t get rent until July 2022. Do you have an alternative rental plan for the months in between?
Congratulations guys! Looks like a great property! With regards to the unwanted furniture, the British Red Cross Charity offer a collection service so they can come and pick up the items you want to give away! Hope this helps :)
Guys, British heart foundation will take the furniture for free. In the past I have acquired similar properties and offered furniture like this for free collection. The great thing is you’d be helping others too. All the best keep up the great work. Would be great to work with you guys!
I think I remember they require the furniture to have fire rated tags on them before they will accept them. Worth double checking first.
@@ayoogunleye5507 correct, more soft seating and bedding etc. Other furniture on the whole, if resalable, they would happy collect.
Brilliant service. 👍🏽
Really nice property but I think it would be better as a 2 bedroom, not 3 but I get you gotta make a profit. Anyway really excited to see the process of fixing it up.
Imagine having that tiny room right next to the living room 🙄
Well done guys, it’s great to see young entrepreneurs doing well for themselves. You both appear very smart and clued up and a great team. Good luck to you both and loving the videos 😊
They’re not entrepreneurs.. they’re just making liveable housing less available to the locals…
The house is in very nice condition. The kitchen doesn't look bad at all. I've seen other similar houses in far worse condition. Didn't notice any leaks. Good deal.
Really liking these refurb videos as there so helpful, especially as you guys include the full costs. Regarding the current furniture, maybe offer it to a charity who provide emergency accommodation, just so it doesn’t go to waste?
Hi Matt & Summer, congratulations! Would be great to see the finished product once you’re done and get details of how you furnished it and what the cost was / how you saved money doing the refurb etc.
Thanks!
The kitchen looks fine for students. I'd just put in new appliances and give them a coffee machine and microwave, new oven, toaster, kettle, etc. Paint it. The hospice would pick up all the furniture.Just noticed that you uploaded this video a year ago.
Middlesbrough, town of my birth and where I lived until 1983 when I moved 'dahn sarf' to Bedford after my parents died. Teesside University used to be Teesside Polytechnic, I spent many a happy hour in the students union bar. I think you're very brave to rent out to students, lol. But who knows, you may get lucky and find 3 perfectly decent tenants, fingers crossed.
I would:
- Put a shower where the toilet its Make it a decent space, nice tiles, shelving for towels, etc.
- Put a toilet before the shower area
- Remove the bath
- Keep the existing kitchen cabinets
- Not sure about the 3rd bedroom, I think it would be too small. Students need a desk with a chair, plus cabinets
- Add a small bathroom upstairs
Why are you buying properties spread out over England? Better all close together for easier (and cheaper) management. I'm not sure I agree with the cashflow vs capital point of view.
What is wrong with their cashflow projections? Seems fine to me
Making £750 a month for 60k investment is a no brainer
Guys a 3 bed let is classed as an HMO, you would need to fit a hard wired smoke alarm and fit fire doors, there are other regulations too. It is not an easy process! You also need an HMO mortgage. Please understand HMO rules before proceeding.
Exactly
We are aware of this and have these things in place or they will be when it’s let. Thanks for the heads up!
@@dnp23 im sure they have just done away with new HMO houses
They are using an agent so they have to be signed off before agent will touch it. Looks like already licensed anyway as already had fire door etc I'd be more concerned only one loo with that many students,
Some local charity shops will pick up furniture for you. Also you can go to the uni and they can property manage for you.Also have a good alarm system, i got burgled twice when i was at Teesside uni !!
Good investment 👍
Big fan of both of you guys!!! Loving the content 👌👌👌
Depending on how this one goes, would you ever consider doing another student let in the future? :)
A huge congratulations, by the way, I am so happy for you both. I hope that everything goes according to plan! Take care and stay safe. ❤
Congratulations for your new house! I wish you a lot of success!!
Guys i think it would be dope if you guys can create a top 10 tips video or list of books to read for your channel. I’ve been lucky to come across your content for many months now
Hi Mangua, thanks for the suggestion :)!
I'd get adult bunk beds and put a study space underneath. Gives so much more room
Students don't like bunk beds they all want doubles now or at least a small double! Great idea for small kids though!
@@liszaf3976 they Re double beds raised with workspace underneath. More a mezzanine than a bunk
Really interesting one of your best videos - covered all the important points in under ten minutes! Surprised you are changing kitchen it looks perfectly decent from the video! Good luck!
Thanks Richard, yeah it’s really not to bad, but we want to go high end to get the best rent so worth spending £2k or so on a new one
@@TheLuxuryHomeShow is it worth it for students who may or may not look after it? I an interested in up dates on these sort of properties when tenant changes snd challenges faced, etc.
We sure enjoyed this one Matt. 😊
congrats on hitting 220k guys! great video!
Thanks so much!!
@@TheLuxuryHomeShow there was one video on your channel, of a old house with the big chimney from 1 year ago but i cant find it
Wow! Congratulations on your new investment! You guys are progressing so amazingly! Well done! I hope you have a lovely day #peace #love and #light 😊
Students expect alot higher spec than use to be the case. But an off the shelf b&q or howdens basic kitchen would do, id be tempted to keep the carcasses and just replace doors, knobs & worktops. Think of all the parties 😁
That’s why their renovating it?
Congrats on the new buy guys! I’m also looking for a very similar investment property. How do you manage everything for a property that’s not close to where you live? What if something goes wrong with the tenants or the property? Also, I’d really like to hear about what the regulations and standards are of properties for lettings (e.g fire doors etc). Would really like that covered at some point if you can? Keep up the great work! Inspiring as always 😉
Cramming an additional room there is ridiculous.
Love Matt and summer, but I would be inclined to agree. I’m getting concerned about this HMO trend, which seems to line the pockets of the investor but leave the tenants with what appears to be an ever decreasing standard of living, at least in terms of outlay vs floor space
@@hidden1865 Agreed. Pretty grim move for an additional £350. Let’s be honest, neither of them would contemplate living in that room.
It's called business! Plus the tenants are students and it's only a temporary accommodation.
@@CarlosArruda77 not all business is good business
@@hidden1865 I agree. But in this case, personally it makes sense. And they'll soon know if it will pay out or not. But it is indeed a very small area for a bedroom and at the same price as the other bigger rooms that could be an issue.
Matt&Summer lovely personality I love your content God bless you both
Such a great video, really inspiring! Congratulations this is such a great find!
Thanks Tati xo
Not a bad property for £60,000, just looks like a cosmetic makeover needed, possibly change/move the kitchen/Utility/Toilet situation. Unless really needed I would not put in a 3rd Bedroom but again depends on the local area and demand. But good luck with it and look forward to the follow up videos.
This is EXACTLY why tenants get ripped off and landlords/ladies extortionate such a high rent to make a ridiculous amount of profit. If the mortgage is less than £150 per month why charge so high for rental??? ITS NOTHING LESS THAN GREED!!! You can call it investment - but it's greed and takes advantage of others poverty. You should charge no more than £200 per month for students. Its shameful that you make out this is a good thing to do. Shame on the lot of you who do this and have done this for the last two decades. You will all rot in your greed.
I doubt they believe in the rapture. Their greed will go unchecked until we get a government that puts a stop to it.
yeah, and why do they put the rent up every year ? Their costs dont go up.
Exactly. They are part of the problem.
Nice investment 👍, congrats on 220k. Great video keep it up always love the content 😁!!.
Thanks Aaron!
Hi, I’m new to your channel. Do you always use the same mortgage company? Where would you guys say is the best investment area at the moment?
Id suggest turning the downstairs bathroom/utility into 2 shower rooms and a small utility (or place washing machine into kitchen)
Brilliant guys, £60,000 wowza bargain, well done guys Great job, I hope there will be a little behind the scenes vlog 😃, well done for targeting students, a great way for extra income. Great size bedrooms 👏 👏
Hey Matt and Summer! Thank you for the video, it’s a great investment. I can’t wait to see how it turns out!!
I’d love to have all the furniture you don’t need if it’s still available. I’ve sent you an email with my details. 😊
Very interesting to hear your business ideas, although I;m not inclined that way. It's fun to watch!
Good luck with the house being in Middlesbrough
Why what's wrong with Middlesbrough
Thanks lol😃🤪
I've lived in Boro all my life it's not a bad place to live
@@davidtrice8307 so have I
Freegle and Trash Nothing are 2 of the most popular sites, I'd say, for recycling unwanted stuff. I have managed to get a lot of furniture (which otherwise would have gone to the tip).
Great video and investment. I think I would take some space from the bathroom to make a dining spot in kitchen then you could maybe move back door to where window is in the communal area. Give you a bit more space in kitchen. I agree maybe a slight decrease in price for the 3rd bedroom being it will be quite small. Can wait to see it finished 😊
Great guys! Please do make a video once the works and such are done; like your mostr recent video, a breakdown with costs would be interesting!
I hope you're willing to wait six years, lol. It's not going to be a fast process.
@@thehungrygoldfishit won't take that long for the house upgrades / works.
@@ash7722 Yeah, I was exaggerating, but it's not going to take two days either, lol.
Being smart and fortunate, doesnt necessarily mean you should squeeze others just to make yourself rich.
Congratulations Matt and Summer! 👌
Thanks Guy🙏🏼!
How do you find the right people to do the refurbishment when you are in a new area? It’s a cute house and I’m sure you’ll make it look great.
Can you guys do a video on buy to let mortgages? The process and how you got yours with a limited company etc! Thanks
Great video as always guys - love the detail. I think you perhaps touched on it in your other purchase video, but why did you opt to buy via a LTD for this one? Are you expecting this to be pretty hands off in terms of management overall? What work do you envisage you will need to doing to ‘turn it around’ where tenancies change from year to year?
I’ve avoided student let near us in Notts because it’s a saturated market of HMO’s so opted for other routes so far, but this is interesting. My above q’s are based on a worry about having a place ‘away’ given property isn’t my primary focus, but do want to invest in another property soon.
Would love to catch up for a coffee some time near Notts if you ever fancy it . . .
Yes i like this one, definitely potentially a good buy! Let’s see how it develops
Us too! will be interesting to see it progress
Especially with uni students studying remotely. It's interesting to see how the student lettings landscape plays out across the country.
Great price. Do you use any software to keep a record of maintenance costs, maintenance and repairs to deduct from your tax payment? How do you do that, and keep receipts etc., are you passing it over to an accountant?
Outstanding
May I recommend you get ride of the bath and build a closed off shower room so when someone is showing another one could access the toilet… also make the kitchen only one side like ur previous property, or make 1 and half side. So the window side is little shelves on top of little cabinets that are half the depth, because it’s horrible to have someone walks to the bathroom and have to touch butts with whoever is cooking in the kitchen. Good Luck. Xx
Where are you guys posting the renovation videos? I cant seem to find them on this channel
Decent size for the price. But I think you may want to look into changing the prices of the room for the sizes of the room. If I got a single bedroom paying £350 for the same price as someone with big double bedroom. I wouldn’t be happy. So maybe just look at pricing them differently! But looks like a decent project
Hi both - really enjoying the channel. In terms of your portfolio how are you dealing with or going to deal with the EPC rule changes in 2026? It one thing that makes me nervous about expanding beyond my current portfolio
How did you find the property ? Any tips walkthrough videos ?
My landlord opted to not have a living room to have a 5th bedroom, so technically my room is where the formal living room would be. I love my room don’t get me wrong but that also means we don’t have a lot of communal space other than a galley kitchen which only fits a tiny table near the end. Me and my roommates are good friends and we like to eat together have game nights etc. And in the summer we can use the garden, but in the winter we’re stuck in either the kitchen (which is tiny) or my room (when I’m free to hang out), but we do really miss that extra communal space. But maybe that’s because we’re with 5 and you really get that group dynamic quite quickly. But i think if i were to look at student/starter shared housing again I’d opt for something with a formal living room even if it meant having to pay slightly more rent.
Congrats on the house and thank for sharing, as it defo educational. Keep it up :)
Errr - a bedroom right by the front door, with the "communal area" right next to it, and a bed up against the window?
I think not . . .
This is cool. My question is why do you guys not want to keep the existing furniture? Looks ok and less hassle for you.
Great business to be in. Houses are dirt cheap in my area and my uncle and his daughter do the same. I last spoke to him 10 years ago at my dads funeral and back then he owned over a 100. I remember him telling me that he had just bought a four story yacht. I thought he was talking about a sailboat but obviously it was a super yacht.
I would do a follow up video showing around Middlesbrough university so people know what to expect when they come here. Plenty of bars and cheap eats and drinks for them!
Is your mortgage repayment or interest only?
How much will you rent the property for!?
Hi, loving the videos. Am I right in thinking the regulations are different for multi occupancy let’s?
If so how do they differ from a normal rentable property?
Depends on the borough, size and layout of the property! Some boroughs consider HMOs to be 5 beds or more, some properties of a certain size require a license whereas smaller ones don't. It varies!
Love the videos and have been watching for months.
I have 5 rentals properties that I got back in 2007 before the credit crunch, including a two bed student property in Nottingham. I have been considering starting up a property company (due to new tax rules) but have been put off by the incoming EPC minimum of C rating for any rental property from 2025. How have you been coping with this? Does this property meet that requirement or will you have to do work to bring it up to compliance?
I do apologise if you already mention it, but where is this property?
Congratulations !!!
In which area is the property located and what are the tips for finding similar properties for investment?
Love the video super helpful!! Thanks for the work guys
will it be £350/month all bills inc? Also, how do you know demand for student accommodation is strong enough, particularly post-Covid?
Great video Guys!
So nice the fact you guys are in this together. I have savings and would love to take the plunge and get into this stuff but I am on my own and have no clue haha
Do your research and look up a guy called Saj Hussain on UA-cam he's got a very informative channel. All the best Amy.
Same here 🤦🏻♀️
Why don’t Amy and Jana work together?
lots of info on insta and here on youtube.. start small...an area you know.. cheap purchase and somerhing more importantly you can add a bedroom to so instant increase on value for the refinance... cheap apartment 1 or 2 bed add a bedroom 40 or 50k price to keep outlay to a minimum.. or cheap terraced like this 40 to 70k add a bedroom and look for ones with outbuildings and outsode space and also a bonus is a cellar too 😉
If you was to make a profit off of this property can you get another buy to let mortgage while still owning this? Something I was wondering about. Great buy btw!
I think you should leave it with 2 bedrooms and charge a bit more for each room, it looks a little bit claustrophobic to me. Tiny living dining area or 2 people cooking and one trying to get to the toilet it is a bit crazy., also talking about atorage ....I missed the area, sorry, could you please tell me? Thank you so much, you are doing a great job.
Looks like a great investment. I wonder if you could make that utility/toilet area into a second shower room as 3 people will be living there.
Good buy be careful though on the postcode in the NE and dont worry about capital apo... its same if not more of late all up here in the north if not more on a % base... those were 30k not many moons ago so grown well... more to come i hope :)
How much will the work and new items cost eg you mentioned putting a new kitchen in? Are you doing this work, or do you have a builder do it for you, do you know someone local in the area? Thanks
Congratulations guys
Thanks!
Congrats guys!
Thank you!
Ayy cool that your in Middlesbrough. Would be cool to see you and say hello. Keep up the good work👍
What a nice property for the money. I'm thinking about buying a retirement property that is well with in my budget but what is the area like?
Keep the kitchen just change the doors to update. spend the money on creating a hall between the kitchen and bathroom and put the bathroom at the end where the toilet is already plumbed!! the washing mashing can then go in the hall between the kitchen and the bathroom fixing the very dodgy layout!!! problem solved!
Good looking house. Let me know who you use for the refurb as been struggling to find decorators in the are
Hey guys thanks for sharing your ideas and investments, what about the true net cashflow i.e. after tax, buildings insurance, landlord insurance, safety certs etc?
Actually not all the bad on the inside. I was expecting a real dump for 60 Grand. Seems pretty barebones, but livable.
I personally think the much smaller room by the living area should not be the same price as the other 2 rooms as they aren’t right by the communal area and are much bigger
Thank you! Can you do a video on SPVs and financing please?
You guys are amazing! Summer is so pretty
Congratulations, you just got a new subscriber. Been watching your videos for some days now. For the room downstairs, it will be a single and small room compared to be bigger ones upstairs. Will the person taking that pay less because it won't just be equal?
Love your investment property videos! Love all your videos of course but definitely my favorite as I hope to invest in property in the future! 🤞
That’s a smart investment guys, the third bedroom is a fantastic upgrade! The sky is the limit 👏🏽👏🏽🙌🏽
Awesome investment! How often have you been needed to travel to the property during the refurb? Meaning, how hands off were you two guys during the whole process? As I suppose you are not based too close to that location
Will you manage the property or give it over to an agent?
Is that a bit of damp in the first bedroom ? , good investment for 60 k though , thumbs up
Please do embassy gardens or Keybridge gardens in the nine elms / Vauxhall area
The house is pretty good for its price. How much you are planning to invest in its refurbishment?
People do house house clearance for free. They come de assemble and transport any furniture. It worth a look
I think it’s a good price!
Congratulations!
Rooms are big too!