What is a Lease Option | Property Investing 101
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- Опубліковано 31 лип 2024
- "What is a lease Option" is a common question I've received. The statement of "How to buy a property for a £1..." is incorrect, it should be "How to control a house without buying it". Lease options are a great place for people wanting to get into property who don't have the full deposit yet to get a buy to let. I've done many lease options in my time and can be an amazing strategy when talking to vendors.
So if you've ever asked what is a lease option then this video is you. I'm breaking down everything Lease option, what a lease option is and what the pro's and con's on a lease Option is.
If you want to chat further about all things property and want to learn more about investing with me or getting more training then message me on Instagram and start your message with "UA-cam" :)
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Hi Jamie amazing video once again, I make it my daily mission to watch 3 of your videos everyday and I have been doing this for the last few months. I am also based in the Leeds area and I am buying my first buy to let property in Bradford, my dad has a 400 property portfolio but I want to do it all by myself and your videos give me the inspiration and knowledge to do so. Appreciate you.
I’m wishing everyone who clicked on this channel PEACE, LOVE & UNITY
Very kind of you!
Thank you, such an informative video!
Thanks for great efforts wish all the best and have nice weekend ✌️
Thank you! You too!
Thank you very much for such great information on PLO. Do you have a video on how to analyse a deal for lease option?
Thank you
Great video! Always learning something new with you. Any chance of doing a video from a leaseholder perspective? i.e when they should look to extend? the process? is the end result worth it? the costs, etc.
Cheers again Jamie
Thanks Lloyd!
I would send £2 twice as much just to be sure on any LO.
😂😂😂
What if the property hasn’t got a mortgage on it ? It was an inheritance property and has all been paid thru time ! but the landlord is old and doesn’t want the hassle but the house needs a lot of work already and already has paying tenants who want to stay and is just not selling for whatever reason you think it’s worth doing and leaving the tenants in there ? 🤷♂️
Would you use a LOP on say an un-morgageble property, requiring a complete refurbishment or even a change from residential to commercial,
Giving the time to sort out planning and the refurbishment to be carried out,
Purchase with a bridge when exercising the option in say 5 to 7 year's time.?
What are the benefits to the vendor and how do you know they’d be interested in a lease option?
You'd have to discuss it with them
can you recommend solicitors for PLOA's
Jamie...great stuff...a question....if it gets to expiry date, can you offer to buy at a lower price or renew at a lower price.?
Yes you can!
Is there an open market for lease options, or are these 1:1 deals with individual investors?
Not really, It is a great tool for any investor to pitch to investors
Hi Jamie, thanks for the great content you provide. Are there any compliance requirements similar to what an estate agent would need to comply with given we'd be controlling a property under a management contract? Thanks!
You'd need an agreement made by a solicitor
Hi Jamie, love your vids. I’ve currently got a BTL and I’ve got 10 years left on it with a balance of 39k. I think my property now is worth at least 100k (paid 80k 2006) going by your vids, would I be able to remortgage or take out equity and then purchase another BTL? Rang my current lender but they weren’t very helpful and also said that they’re aren’t lending money at the moment
Absolutely, don't go to your lender. Go to a good Mortgage broker and get them sort you with a new product!
@@JamieYork thanks mate will do. Keep up the good work 👍
hi Jamie just replying to your message
not sure if it was stamp I am looking into it now.
just remember the government bringing in this. new rule that if you buy a buy to let
you had to pay an extra 10 grand I think it was about march 2017 I was about to buy another property and this amongst other things put me of
just wanted to know if this is still the case and if their was a way around not paying it I was told at that time if you sold the property in a year that you would get that 10 grand back.
Sounds like stamp duty to me
Could you recommend any decent books for learning for making money in property?
Rich Dad, Poor Dad
Jamie quick question. Say u got a residential mortgage at 90% LTV. In 2 years u managed to add value to it and want to refinance to start your BTL journey. When u refinance do u get again 90% of the new valuation?
Let’s say you get a 100K house at a 90% LTV, you’d need 10K as a deposit and you’d be 90K in debt. If you add value and you manage to get the house to a value of 125K, you’d refinance/remortgage it again at a 90% LTV which will mean you will have a mortgage of 90% of 125K which is 112,500 and then this would pay off the 90K from the previous mortgage, leaving you with 22,500 net profit. I hope this helped 👍🏻
You'll need to have 25% Equity so you can get a 75% LTV Mortgage which is the usual requirements for a BTL Mortgage
Will you do a video about the whiteboard?
Hahaha! Maybe one day
Keep expecting Jamie to start a video with "and today's video is sponsored by (whiteboard makers name)"
What is this consent to let? I might not be understanding your accent. Do we need consent to let in America?