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Пікірлер: 527

  • @xperyskop2475
    @xperyskop2475 Жыл бұрын

    Sunday landlords being eliminated by interest rates. Actually good move on his part as prices of houses will go lower.

  • @independenciafinanceirauk4152

    @independenciafinanceirauk4152

    Жыл бұрын

    Just increase the rent.

  • @kristinesharp6286

    @kristinesharp6286

    Жыл бұрын

    @@independenciafinanceirauk4152 people who don’t own the place outright have no reason to let it to others.

  • @WaiKoH

    @WaiKoH

    Жыл бұрын

    @@kristinesharp6286exactly, we’ll said.

  • @katjaxxx7353

    @katjaxxx7353

    Жыл бұрын

    Not in London.

  • @tonycheung5532

    @tonycheung5532

    Жыл бұрын

    haha, any suggestion for people who took his lesson and brought a house last year?

  • @joannal2721
    @joannal2721 Жыл бұрын

    Thanks for being so open and transparent with figures and all details to help others.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks for watching 🙌

  • @bigbawsdogg

    @bigbawsdogg

    Жыл бұрын

    Yeah credit as most KZreadrs deliberately leave out the reality

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    @@bigbawsdogg 🤝 here to share the good and bad!

  • @mpat100

    @mpat100

    11 ай бұрын

    @@JustinWilkins nice timing; the top is in

  • @rajjai
    @rajjai Жыл бұрын

    You seem like the most genuine and transparent property youtuber! Thank you so much for your honest and humble video

  • @JustinWilkins

    @JustinWilkins

    11 ай бұрын

    Appreciate that a lot ! 🙂🤝 Thanks for watching

  • @boyasaka
    @boyasaka Жыл бұрын

    My mortgage on my last BTL property has gone up from £183 to £410 in the last few years plus 55 agents fee plus 20 a month insurance That’s almost £500 a month Plus general repairs plus gas certificate etc And your very close to the £595 a month rent So house went up for sale and is sold and currently going through smoothly

  • @chair56789

    @chair56789

    Жыл бұрын

    This video has been a lesson. Never realised BTL mortgages were so low compared to standard mortgages. If you don't mind me asking where is your property?

  • @scittyboom1989

    @scittyboom1989

    Жыл бұрын

    @@chair56789BTL mortgages aren’t so low they are on an interest only payment meaning the debt never goes down the actual interest rate is higher than a normal mortgage

  • @billytheripper4

    @billytheripper4

    Жыл бұрын

    How in the Jesus was it so cheap? Is it normal for buy to let's to be so cheap?

  • @billytheripper4

    @billytheripper4

    Жыл бұрын

    ​@@scittyboom1989I see

  • @boyasaka

    @boyasaka

    Жыл бұрын

    @@chair56789 Sunderland Sold for £130k for a tiny 2 bed semi

  • @davidbowser2453
    @davidbowser2453 Жыл бұрын

    Hi Justin, I’ve a number of Victorian terraced properties. If I was starting again I’d have invested in newer properties (built after 1990) because they are much less prone to damp, since they have cavity walls and a solid concrete ground floor with a proper damp proof membrane. Will be interested to see what your next investment looks like. Cheers David

  • @marklewis3023

    @marklewis3023

    Жыл бұрын

    The thing with newer properties is that they're quite a bit smaller & typically further out of the town/city centre. As long as you're on top of the damp proofing and also look at insulation, then they actually work really well. One of the things I'm doing with my properties is insulated plasterboard both front & back, as the actual side walls are insulated well enough. This fairly simple solution makes a massive difference and has corrected the (condensation) damp issues in the properties where I have done it. Another option is insulated lining paper, I did that in attic bedrooms & it makes a massive difference & goes from a building task into a relatively simple decorating task. The heat saving is really impressive as well, especially with the current state of bills!

  • @davidbowser2453

    @davidbowser2453

    Жыл бұрын

    @@marklewis3023 Thanks for the insight. It does sound like a good idea. I’ve also preempted internal mould on cold outside walls by using a kitchen & bathroom paint but throughout the whole house. It’s more expensive than a standard emulsion but contains a mould inhibitor so the house is less likely to have mould growth.

  • @salsabila786

    @salsabila786

    Жыл бұрын

    I've got a loft PIV unit in my older properties, since doing so 2 years ago, I've not had problems with condensation in any of them

  • @stevenhull5025

    @stevenhull5025

    Жыл бұрын

    Hope you have some spare cash to bring your old damp prone victorian terraces up to the new EPC standards which is due soon.

  • @salsabila786

    @salsabila786

    Жыл бұрын

    @stevenhull5025 deadline changed, was 2025 and now 2028, so not soon.

  • @HighPeakAutos
    @HighPeakAutos Жыл бұрын

    Just catching up with this now. Totally understandable. Great video - glad to see things are going well for you.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks mate! Always appreciate you watching and likewise 🤙

  • @johnross2924

    @johnross2924

    10 ай бұрын

    Roll on the property crash 😁

  • @zaink7037

    @zaink7037

    8 ай бұрын

    Nice to see you here 😀. Looking forward to your upcoming car flipping videos

  • @joebacchetti5890
    @joebacchetti5890 Жыл бұрын

    Just off the phone today again from LNPG Justin, they are great. So far this year alone since becoming a member I have saved thousands on a kitchen and today I saved over £100 on a Gas Hob which will be installed as well as the old appliance taken away.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Great result Joe 🙌🙌 pleased to hear that and thanks for watching!

  • @markuskwasi
    @markuskwasi Жыл бұрын

    Hi Justin, you said the house wasn’t mortgageable but you paid stamp duty…this could actually be reclaimed if the house was uninhabitable, let me know if you want more info, good video.

  • @youtubeman5033
    @youtubeman5033 Жыл бұрын

    I will never sell any of my houses,, and if the market price drops then I will be after some bargains,, there are lots of tenants out there wanting to rent..

  • @vindrive7
    @vindrive76 ай бұрын

    Thank you, for making this video. This is very helpful in understanding buy to let. I have seen many video but this has been the most honest and realistic of all videos have seen yet on you tube. Going to check your website now.

  • @marklewis3023
    @marklewis3023 Жыл бұрын

    You got an absolute bargain with the refurb on that property, I don't think you'd be able to hit those figures in the current market.

  • @johnross2924

    @johnross2924

    10 ай бұрын

    Greedy bastards!!

  • @elizabethwestlake1409
    @elizabethwestlake1409 Жыл бұрын

    Another clear and concise video from the big dog Justin, keep up the great work and content!!

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks Lizzy & Ben 😃🏆 Big views only from now on!

  • @Jemerella
    @Jemerella Жыл бұрын

    What a great attitude you have. Bad tenants and surprise costs can dampen your spirit over time. Selling all my properties it’s definitely not a passive business. Good luck to you.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks! Appreciate that a lot. Property definitely comes with a lot of ups and downs 😅 shame to hear you’re selling all your properties, but I can understand it’s the right decision for some people due to section 24 tax changes, profitability, and because of interest rates!

  • @johnross2924

    @johnross2924

    10 ай бұрын

    Houses should be affordable for working people to live in, not for greedy bastards to make a killing out of. You lot and the dinghy boys are the reason we are in this problem of rip off property prices 👹 Roll on the property price crash.

  • @nickwebb2000
    @nickwebb2000 Жыл бұрын

    Justin, please do a video on the areas you are focussing on. thank you

  • @ambroseomoigiawi
    @ambroseomoigiawi Жыл бұрын

    Thanks for sharing, what was your final margin in percentage% from this buy and flip because you did finally flip the property in the end.

  • @khalidkhan-qx2wn
    @khalidkhan-qx2wn Жыл бұрын

    Remember the times in the late 80's and early 90's. It would be interesting to see how they all do with a 6 or 7% plus interest rates. It was around 13% interest in 1990. Remember not being able to find renters either. Sell now and buy later at discounts.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Can imagine those times were tough! One of the worst ones in multiple decades. I was brought up hearing those stories - I’m fully prepped and ready to see tougher times. Considering the insane shortage of rental houses, I don’t think there will be a shortage of renters. And if houses are bought right, and locked in on long term fixed rates, there shouldn’t be a need to sell and try to time the market

  • @leemarsden1846

    @leemarsden1846

    Жыл бұрын

    It’s worse now than it was then the cost is higher when you look at the price of mortgages now vs then

  • @sm1123
    @sm1123 Жыл бұрын

    Damp course holes do very little /the damp will come back. The issue here grounds levels in relation to the floor and lime plaster to allow the property to breathe so water evaporates and lime pointing and making sure all water goods work well.

  • @plllot9713

    @plllot9713

    6 ай бұрын

    there's a damp specialist somewhere on youtube always repeating damp proofing is effectively a scam and the solution is always curing the underlaying problem which often is some sort of lack of ventilation or water ingress through underfloor vents or incorrectly done rendering blocking the moisture inside the wall etc.

  • @knowitall3503

    @knowitall3503

    Ай бұрын

    Don't buy a house with solid 9" walls. Cavity walls were introduced in the 1920/30s for a reason.

  • @jackdavidsmith
    @jackdavidsmith Жыл бұрын

    Crushed this video bro! You’re smashing it 🙌🏼

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks bro 😎 !!

  • @Richard_Wheatley
    @Richard_Wheatley Жыл бұрын

    Expensive lessons, but ones that will last a lifetime! Understanding the cause of damp is crucial to how you solve the issue and how much it will cost to do so. My advice would be to take a damp meter (~£10) round on viewings, that way you know if you need to factor in work to remedy it.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    100%, damp meter was one of the best purchases I made, just took me too long to buy it 😂 thanks Richard!

  • @pasto312

    @pasto312

    Жыл бұрын

    Better to use a renovating, lime based plaster and contract matt paint pal so it's breathable. Damp is mainly condensation trapped behind the gypsum based plaster. 👍

  • @privateprivate2421

    @privateprivate2421

    Жыл бұрын

    ​@@pasto312agree completely

  • @pepeyogan1
    @pepeyogan17 ай бұрын

    Amazing video Justin! Been a little busy but catching up on your content and just wow... good on you man. Very inspiring!

  • @JustinWilkins

    @JustinWilkins

    7 ай бұрын

    Pepe! Good to hear from you man. Thanks for watching

  • @poshpaddy1
    @poshpaddy111 ай бұрын

    Did interest rate rises play a part in your decision? At the start your 80k mortgage was costing you £154/mth, by the time your 2 yr deal was up and you had to refinance that 80k mortgage could well be costing you £440/mth. "Assuming" you wouldn't be able to increase your rents and taking into account agent and insurance costs that would leave you with a profit of £51/mth or £612/yr. As you say being a landlord isn't as easy, passive and stress fee as some make out. Did you not just think I could put my £13k initial equity in a savings account at 4.5% and get £49/mth or £585/yr and get a genuinely passive income and I'd only be losing out on £2/mth and saving myself a load of aggrevation?

  • @erdevon3257
    @erdevon3257 Жыл бұрын

    Got out the game a few years ago and took early retirement. Gets harder every year

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    100% has got harder every year for a while now, but I do think this will bring great opportunity in the near future

  • @kevinford6420
    @kevinford6420 Жыл бұрын

    Right now would be a good time to get out of the buy to let if you are borrowing to buy.. Possibly try later after the large drop incoming.Interest levels are going higher in the future

  • @joeclifford4953
    @joeclifford4953 Жыл бұрын

    Hi, young man. I bought my first property over 40 years ago. I strongly advise you to look at small commercial property. Much more tax efficient than residential. It is easier to deal with tenants . Growth is huge. Good luck

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks Joe, interesting advice. Appreciate you taking the time to share - il explore it further!

  • @ChrisLee-yr7tz

    @ChrisLee-yr7tz

    Жыл бұрын

    I thought commercial valuations have been taking a battering?

  • @joeclifford4953

    @joeclifford4953

    Жыл бұрын

    @ChrisLee-yr7tz Surly that makes it a good time to buy? It's all about the return on investment, don't you agree. Commercial loans qualify as tax deductible,increasing the profits .

  • @ChrisLee-yr7tz

    @ChrisLee-yr7tz

    Жыл бұрын

    @joeclifford4953 Yep. I think yield and long-term capital growth are just as important. It's no use earning a high yield if the capital value is declining. They both have to be taken together. At the end of the day you have to PV all cash flows to work out the value of something. I'm not saying commercial is definitely bad, just questioning both sides of the coin. The piece I can't see is what's the driver for a reversal in the trend on commercial. The high street is dying so I can't see recovery there. I'll ask you this...what gross yield are you targeting on small commercial? What level could you fund it at?

  • @joeclifford4953

    @joeclifford4953

    Жыл бұрын

    @@ChrisLee-yr7tz Good points well presented. I don't own anything on the high street. Small businesses are queued up to rent light commercial units from me. Motor trade premises obtain premiums. Small warehouse units. And so on I agree with avoiding the high street. They have to go somewhere. Great interesting discussion 👍

  • @ryancollins7347
    @ryancollins7347 Жыл бұрын

    Kindred spirits my friend; also now at the stage where I'm looking towards capital growth over income, and have also experienced a fair amount of pain when it comes to flat roofs 😂

  • @markjackson9827
    @markjackson9827 Жыл бұрын

    Another problem is in a couple of years your rented houses will need to reach a C rating EPC, in some case this isnt going to happen without spending thousands especially if you have an end terrace or the property has a room in the roof, I am a domestic and commercial surveyor, in two days the office has had enquires from two housing associations totalling 950 homes, they are panicking , so should you, some properties would need over 20k spending on them which I have recently visited, wall insulation, room in roof insulation, double glazed throughout to achieve a C rating, tough times for landlords.

  • @stevenhull5025

    @stevenhull5025

    Жыл бұрын

    I think the EPC of C will be changed to D. It would be nigh on impossible for the majority of our old housing stock to reach that goal. If it is going to be C then renters will be living in tents as few homes will be available to rent.

  • @youtubeman5033

    @youtubeman5033

    Жыл бұрын

    I’ve just bought a 1930s house rated F, it cost me 1200 to get it down to a C. New central etc combi, 400 m loft insulation, got the house for a snip, it’s rented out now for 800, the new rules are just occupational hazards, it helps being a plumber but it’s not rocket science is it,

  • @kbc138
    @kbc1382 ай бұрын

    Thank you sharing your experiences. Do you have a rough guide on how much you spend on each property e.g. by sqft or sqm?

  • @richardburke952
    @richardburke952 Жыл бұрын

    I'm new to your channel and found this video insightful and honest... I wish you well on your journey which area of UK do you think there is capital growth potential?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks Richard! Glad it was useful. There lots of great areas coming up in value - mainly within the north of the uk. Parts of Yorkshire, North West and North East. I’ve mainly invested into the north west, but my first few purchases were within slightly higher risk areas, as I bought cheaper properties with high ROI potential. Whilst I’ve been very lucky with these, and bought right, my goal is to purchase in slightly better quality parts of these areas going forward 🤝

  • @greetingsbox4229
    @greetingsbox4229 Жыл бұрын

    Nothing wrong with a quick gain it certainly doesn't deviate from the 'long game' if re-invest in better assets.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    100% onto the next projects 😃

  • @thinkFishcatchFish
    @thinkFishcatchFish7 ай бұрын

    Great video. I’m 25 years in this business and you have the right understanding. Property is long term, not easy and not passive. However, I think your wrong about selling. Occasionally it’s the right thing to do… boost cash flow, opportunity, drop a bad egg etc.

  • @1111000ANGEL0001111
    @1111000ANGEL000111111 ай бұрын

    Great video Justin Interesting that the you tube algorithm only show me your videos now though this information would of been more useful months ago :) well explained Just wondering though in your video you said you couldn't buy many properties as you would of liked so is it not possible to use private investors to fill the gap with purchase refurbish refinance if its not can you explain what the issue is with this as i see many property entrepreneurs say oh yes get finance from investors ? but you have said you would rather use cash in the bank so maybe you could explain if their is some risk that some people are not telling people ? So do you have any videos on how you find private investors loans and what the pitfalls are that many people don't realize can happen ? not many people cover this ? thank you :)

  • @vvwalker7261
    @vvwalker72614 ай бұрын

    Great summary, I have been n property for a long time and wish I had documented my journey like this

  • @shinydarknight01
    @shinydarknight01 Жыл бұрын

    Not a bad profit. I bought a semi 4 years ago (not to rent) for 190, selling for 265 to go up the property ladder so made about 50k on it.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Great work! 👏 did you do much work to it? Or was that just from buying and holding?

  • @boyasaka

    @boyasaka

    Жыл бұрын

    But how much has the house you’ve bought gone up in the same time Plus how much interest did you pay on your mortgage you had on the property People forget to add that up Many people purchase a house for let’s say £100 k They pay the mortgage on it for 20 years And then sell it for £200 k And think and tell everyone they made 100k But if they added all the mortgage payments up The house actually cost them 220 k So they actually lost 20 k

  • @change2023now

    @change2023now

    Жыл бұрын

    ​@@boyasaka20k to live in a property for 20 years. Not bad if you ask me😂

  • @stevenhull5025

    @stevenhull5025

    Жыл бұрын

    No boasting please. Ok why not. I made £170,000 profit on a property I bought at auction in Wales. Sat on it for 6 years though.

  • @edglue6138
    @edglue6138 Жыл бұрын

    I sold 11 of my btl’s. Kept 4. The relief is beautiful One love

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Out of interest, what attributes did the 4 properties you keep have over the others? Would be interesting to know

  • @esp643

    @esp643

    5 ай бұрын

    why do you feel relief? :)

  • @edglue6138

    @edglue6138

    5 ай бұрын

    @@JustinWilkins I kept houses. The ones I sold were blocks of flats. 2 x 4 flats1 x 3 flats You get one bad tenant in there, it ruins it for everyone. It was like having 11 kids at Tims. Stressful

  • @edglue6138

    @edglue6138

    5 ай бұрын

    @@esp643 Stressful being a landlord. Particularly blocks of flats

  • @hafeezrahman6149
    @hafeezrahman6149 Жыл бұрын

    Good luck to you .keep standing on your feet .stay positive .

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks! Really appreciated 🙌

  • @hafeezrahman6149

    @hafeezrahman6149

    Жыл бұрын

    @@JustinWilkinsjust a bit of advice. May be if you invest in land if you have a budget that could give you many options in the future. You can always build your home that would be one option. As a British Pakistani. I have invested in land in my home country. Just wanted to give you a tip. All the best in life.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Very interesting! After going through the process of building an extension last year, it’s somewhat become a dream of mine to build a house. Whether for myself or to sell! Would be a very rewarding thing to do I can imagine

  • @TheMotivationGuy_1
    @TheMotivationGuy_1 Жыл бұрын

    Great video! I like the breakdown of everything.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks 🙌

  • @guitaradam2000
    @guitaradam20006 ай бұрын

    I trhink the round-up at the end was very important. With the hike in interest rates and general increase in property prices across the board, there is very little yield left on the table (if any) for new investors. If you can weather the storm for now and get a property that has better capital gain potential in the future, it'll probably pay off better than a slow appreciating property with yields being so low at the moment.

  • @markfeely4215
    @markfeely4215 Жыл бұрын

    Lack of social housing & landlords buying multiple properties are helping to destroy the fabric of society & communities.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Interested to hear you explain how?

  • @DarrenLovatt-kv7ev

    @DarrenLovatt-kv7ev

    Жыл бұрын

    I agree with Mark. Truth is, communities say in a small market town in Midlands/north. Over years took the influx from overcrowding London, also polish migration. If no social housing built, lack of housing.

  • @spencer2721
    @spencer2721 Жыл бұрын

    To make any capital gains in the next couple of years you will need some insane deals!

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Tough couple of years ahead, but it’ll teach people to be better investors!

  • @voiceoverguyharris
    @voiceoverguyharris Жыл бұрын

    Still watching your films Justin. Thank you. Maybe we should we talk about a project?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Glad to hear it, hope you’re well Guy! Would be good to catch up

  • @nigelphoton2772
    @nigelphoton2772 Жыл бұрын

    Interesting. I was doing this until Brexit and looking to get back into it and not sure whether to wait for further prove tasks.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks! Market is certainly challenging right now, but I do think that with challenges comes opportunity

  • @propfunders

    @propfunders

    Жыл бұрын

    I'm flipping just now til likely end of next year. The interest rates likely won't go to as low as we seen them but after they peak at 6% many economists are expecting to see it gradually reduce to 3.5%

  • @voice.of.reason
    @voice.of.reason9 ай бұрын

    My rule is, as it always was pre 1997, that unless you can buy a property with 100% cash, you have no business being a landlord. We are going back to the days before easy cheap finance and that's a good thing.

  • @markp8295

    @markp8295

    8 ай бұрын

    Depends what interest rate you can get. Currently with 25% deposit get 4.5% on 2 year fixed on a £70,000 mortgage. That makes it very manageable as I also have a full time job and no other regular large monthly expenses. So rent plus income into the mortgage means I can pay off in under 4 years. So I'd say it also works if you don't have a mortgage or rent to pay yourself.

  • @purpleom9649
    @purpleom9649 Жыл бұрын

    As a UK home owner and someone who has experience with landlords, I suspect new buy to let landlords (in the last 5 years) will suffer greatly with losses that may become unsustainable. One thing that wasn't mentioned is a massive correction in property prices, it has long been predicted that UK house prices aren't sustainable and something will have to give and I'm afraid this is on the horizon, the smart money is getting out while they still have the chance.

  • @nickb8006

    @nickb8006

    Жыл бұрын

    Those late to an economic cycle, when everyone and their dog is interested and fully 'invested' always get burnt.

  • @purpleom9649

    @purpleom9649

    Жыл бұрын

    @@nickb8006 I'm not entirely sure this time is the massive correction, I'm 54 and many times in my life I've thought this can't carry on and still house prices have stabilized and then continued rising.

  • @SuperToughFish

    @SuperToughFish

    Жыл бұрын

    @boxingtruth2167 Since long before 2008. I'd suggest the 70s. But yes, in particular that year the gap widened significantly

  • @johnross2924

    @johnross2924

    10 ай бұрын

    Roll on the property crash 😁

  • @purpleom9649

    @purpleom9649

    10 ай бұрын

    @boxingtruth2167 I totally agree with UBI, it won't be long before driverless vehicles, AI, and robots take most of the employment, all the Government need to do is workout how much back tax people like Amazon need to pay as they have displaced more workers than most and if companies like that think that an extra tax (automation tax) isn't going to be levied on them then they can think again. Having no work seems bad but I suspect most will find hobbies that will turn into professions, trying to future proof my Son's employment chances has been hard but we have chosen dentistry, something hard for automation to do?

  • @swamibrahmavadin5234
    @swamibrahmavadin5234 Жыл бұрын

    Justin do you do mentoring? I would love to buy my first BTL just like your first one so inspiring.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Yes 🙂 please email at program@ property-x.co.uk and il send more info

  • @syedrehman6833
    @syedrehman6833 Жыл бұрын

    Great video. You mentioned about high capital growth. What area that would be?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    I started my journey in slightly riskier areas where ROI and cashflow was higher, and although capital growth has been good to me. I’d like to focus more attention onto the best areas possible within the north west and Yorkshire 😃

  • @mwisdom861
    @mwisdom8616 ай бұрын

    Hi Justin thanks for another Quality video!! I am quite new to this but learning so much so fast. I wanted to find out what does that £12-£13k money left in consist of in this deal ??

  • @honestcommenter8424
    @honestcommenter842410 ай бұрын

    I have a property that I need a full refurbishment for, can you please advise a reasonably priced good builder for me?

  • @ameenr9129
    @ameenr9129 Жыл бұрын

    Damp puns 🤣, keep up the great work 👍🏽👍🏽👍🏽

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Accidental comedian? Lol 😂

  • @honestcommenter8424
    @honestcommenter842410 ай бұрын

    Who did you use for the bathroom work?

  • @markrangers1423
    @markrangers1423 Жыл бұрын

    Rents will double in five years for the brave landlords and capital values will follow albeit lagging rent uplifts I sold 25 of my houses over past 5 years I have two left to air b n b The Tory’s screwed the private rented sector Next boom is tents and caravans

  • @rakeshmehra3657

    @rakeshmehra3657

    Жыл бұрын

    How can they double which tenant will be able to afford it?

  • @jedg4746

    @jedg4746

    Жыл бұрын

    @@rakeshmehra3657Very few - that’s where the tents and caravans come in.

  • @Darrck
    @Darrck4 ай бұрын

    Nice breakdown, i got one question though - what do you mean by "money left in" and how is this calculated?

  • @richardmcdougall233
    @richardmcdougall23311 ай бұрын

    Regarding the damp issue could the no mess/plaster dryzone rod system not be used ?

  • @fedgraca6434

    @fedgraca6434

    7 ай бұрын

    thats what i thought

  • @peterlindop4491
    @peterlindop44918 ай бұрын

    Very informative and knowledgeable.

  • @JustinWilkins

    @JustinWilkins

    8 ай бұрын

    Cheers Peter 🤝

  • @TheGazzad11
    @TheGazzad11 Жыл бұрын

    Interesting video Justin, think you spent too much on refurb and agent fees. I’ve been buying properties and renting them out as well as managing other peoples property. I’ve done this for 12 years now and became financially free. Good luck on your journey

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Would agree with you on both points actually. Refurb was a really big learning curve, but the managing agent was more of an active choice as I love to be completely hands off! There’s definitely better value agents out there though. Great work doing this over 12 years! Really showing that it’s worthwhile in the long term 👏 thanks for watching

  • @subhadipnath5461

    @subhadipnath5461

    Жыл бұрын

    😢Q

  • @stormcup2920

    @stormcup2920

    9 ай бұрын

    Yes, I would have adviced to do the reverb himself, to learn by doing and not just pay a builder, also I think the original house just looked like it needed a good clean, and some paint.. I would not reverb a property like that, if he spend £2000 into perking it up, the house would still sell for £82K which would have given him a easy £30k.... but this is just my uneducated quess..

  • @mssdn8976
    @mssdn8976 Жыл бұрын

    You can’t rely on tenants airing a property properly. They might dry clothes on radiators, cook with no lids on pans and shower without using an extractor fan or open the window.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Yes you’re absolutely right! There are some preventative measures such as; humidity linked extractors, air vents, etc.. but really it comes down to regular visits from the agent and working together with the tenant to try and prevent issues happening.

  • @roselletorres8648

    @roselletorres8648

    4 ай бұрын

    That comes from the floor, you are not solving the problem like this, lol.

  • @victablet3480
    @victablet34809 ай бұрын

    That is all well and when property goes up, but the matket us dipping now and i believe will drop 30% in the nexf 2 years as more people have to refinance

  • @TMZ-5jr
    @TMZ-5jr Жыл бұрын

    I don’t agree with the go for yield or growth approach, it’s total return you should seek. In vanilla BTL going for yield results in multiple properties in cheap areas that become long term a burden to manage. Going for growth (or perceived growth) results in investment following fads like property in “boom” areas or “Nottingham”.

  • @uktruecrime
    @uktruecrime Жыл бұрын

    BTL should be banned. BTL is a primary cause of HPI and why so many people are in pain today.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Interesting point of view. I don’t think it’s the primary cause. Certain parts of the uk definitely have a higher density of investment properties, but I’d imagine the large amounts of money printing and inflation over the last few decades can’t have helped either 🤷

  • @knowitall3503

    @knowitall3503

    Ай бұрын

    Council or private, you're still renting. What's the difference? BTL relieves pressure on council backlog and gives the tenant a choice. What's the problem?

  • @zenastronomy

    @zenastronomy

    14 күн бұрын

    ​@@knowitall3503buy to let itself isn't a problem. buy to let through money printing-creation, which causes massive house price inflation and rent inflation is.

  • @zenastronomy

    @zenastronomy

    14 күн бұрын

    ​@@JustinWilkinsbuy to let itself isn't a problem. buy to let through money printing-creation, which causes massive house price inflation and rent inflation is.

  • @christopheradderley6902
    @christopheradderley6902 Жыл бұрын

    Real house prices are the same in Q2 2023 as they were in Q2 2003. And since the peak in 2007 to today house values have declined by £70k. The Nationwide Data shows this clearly and what ‘property investors’ do not realise is that they have essentially been carrying out ‘inflation trades’ assisted by low interest rates inflating away debt. Profits are exaggerated if the value of the money between two intervals is not taken into account.

  • @scazz007
    @scazz007 Жыл бұрын

    I’d sell the lot while you have a small chance 😅

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    😂😂

  • @stevo728822
    @stevo728822 Жыл бұрын

    What was the EPC rating on the property?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    D rating, although epc was old. Potentially could be a C given the works I did

  • @robbybroon4904
    @robbybroon4904 Жыл бұрын

    You said in title you are selling your buy to letS - so selling multiple properties. And interest rates are presumably the issue when you refinance?

  • @carlyndolphin
    @carlyndolphin Жыл бұрын

    I’ve sold most of my BTL and invested in global index funds and now live off the 3% rule.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Interesting, what made your decision to sell most of them?

  • @carlyndolphin

    @carlyndolphin

    Жыл бұрын

    @@JustinWilkins Index funds are more passive, more tax efficient and liquid. Historically the stock market has doubled every 7 years.

  • @anassabir1051
    @anassabir1051 Жыл бұрын

    i enjoy being serious. i think its great

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Haha!

  • @DeclanKirk
    @DeclanKirk5 ай бұрын

    Awesome video- thanks for sharing! How do you find being a remote landlord? I'm based in the South of UK and whilst the prices up north are incredibly appealing, I'm worried about being so far away for when the inevitable problems arise....

  • @SnakePliskin762

    @SnakePliskin762

    2 ай бұрын

    I'm a landlord up north and remote landlords from out of the area are generally the properties we have most problems with.

  • @KerryDenton-bw2gi

    @KerryDenton-bw2gi

    Ай бұрын

    There is no difference. Plenty of contractors to take care of any issues. Just budget them in. Do your due diligence as always.

  • @CORRIGEEN71
    @CORRIGEEN71 Жыл бұрын

    With the uk currently financially finished will prices drop or have they started dropping already

  • @matthewdavidpope

    @matthewdavidpope

    3 ай бұрын

    to little supply

  • @Kenone1988
    @Kenone19889 ай бұрын

    With the current 6% BTL mortgages, yield would be only 3%. Even some current accounts now paying more than that. BTL is dead for sure.

  • @JustinWilkins

    @JustinWilkins

    9 ай бұрын

    Far from dead

  • @robertjones8209
    @robertjones820911 ай бұрын

    Did you mention income tax and capital gains tax, sorry if I missed it. How much was your CGT bill?

  • @JustinWilkins

    @JustinWilkins

    11 ай бұрын

    Didn’t mention it in the video as wanted to focus on the pros and cons of the actual ownership, rather than go detailed on the profits , vs tax etc

  • @loopers822

    @loopers822

    5 ай бұрын

    ​@JustinWilkins I've been following you from nearly the start (I think), always like your videos but I think it's only fair to cover tax implications, so many KZread property people don't and the tax is a big part of it, we feel the pain every year 😅

  • @MrTocatony
    @MrTocatony Жыл бұрын

    It was useful thanks, however I think all is not as it seems. The profit made on this sell hardly seemed significant on overall capital of the business. Surely there would have been worth holding on for more future equity? There was plenty of margin. I think there should have been discussion on the current situation with property and the economy. Did that not play a part in the decision?????

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Interesting points, you are right in saying not as much overall profit was made, once you factor in the expenses vs the profit made. The economy didn’t really come into it because I ran the numbers at higher interest rates, and although the house wouldn’t have profited £337 per month any longer (would have been more like £240-£250), from that point of view it would have made sense to keep it. What’s happening in the economy doesn’t particularly scare me as markets have to cycle, and it’s happened multiple times over the last 40 years. Subject to being smart, and investing smart, there aren’t major issues on that frint

  • @shibby328
    @shibby328 Жыл бұрын

    Great video!

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks! Glad you enjoyed it 🤝

  • @IngridLiseLarssen-hm4pr
    @IngridLiseLarssen-hm4pr11 ай бұрын

    Can you put up your list for tacking your damp issue please!

  • @jonsnow6741
    @jonsnow6741 Жыл бұрын

    omg 2k for the bathroom . He bent you over and magnet pms . much to learn .

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    😂😂 get a full 3 piece bathroom purchased and fitted by a trade for less, then come back to me

  • @sleekitwan
    @sleekitwan Жыл бұрын

    As an ex-landlord of a single property, now ‘squared away’ with the tax man long ago, I had a rule, but I cannot say it was good or bad, just it was my rule. I only bought a property that was equally useful as a letting or bought property. This is not what buy-to-let landlords do. The classic is an area nose-to-tail with terraced housing and it has already ‘tipped’ into a rental area predominantly. This generally means, any young couple etc, will want not to buy there, and anybody with backing, eg mum & dad etc, will go up-market and buy elsewhere. Hence, rental ghettoes. Flogging a property, is all about timing and disposing of the most adverse property first. Just my opinion. The best timing I ever heard of was someone whose elderly friend had a son doing IT work for banks in London…the summer of 2007, saw them dispose of their property after it had gained £100k in value, and my goodness, they did select a really amazingly good time to sell, didn’t they? I don’t believe anyone is that lucky. They bought in a special situation and they sold in one. Their friend’s son must have had the word down there in London as to the scandal of bundled risk that was about to go t!ts-up, and they literally sold at the peak time, bar a few days I’d say - which is perfect, not merely good, absolutely perfect. So when we speak of terrible people insider trading in shares, and managing to sell just before a crunch by some miracle that we don’t believe, just realise the system is made for those people…nobody tries to catch them, nobody has a chance except one in a hundred thousand of getting a whiff of something naughty. This is way below the chance of getting nabbed for embezzlement of company funds or whatever, this is insider information running the market. So, the question now is going to be answered in retrospect. Whomever sold up at exactly the right time, knew what was coming before anyone else, but we don’t know when that is until afterward. It’s especially handy to know what the effect of government legislation will be, and crucially, the exact date it will take place…the ‘bedroom tax’ renting limit for benefit claimants, chilled all movement on tenants in some areas for years, because no big project was undertaken to root out who had an extra room, they just reviewed your case if you tried to move. As a result, far fewer people moved. Many tenants simply froze in place, with their ‘extra bedroom’ perhaps unknown and retained forever. But the government is always on the side of landlords, whatever’s said or done - because about half of the MPs become landlords eventually, if not already before they get elected. Either them, or their spouses to hide it, it’s all pretty normal stuff - and thus, they really represent an interested minority without anyone having to say much at all. Everyone works hard, that isn’t what enables someone to become a landlord. Take care all.

  • @FlyingFun.

    @FlyingFun.

    Жыл бұрын

    Knowing exact timing is defo crooked but tbh I saw the writing on the wall in 2019 when I found my one and only rental property suddenly go tits up, Tennant's left no notice and wrecked house owing rent, the changing tax rules and the cost of renovation made my decision for me and I sold, it was clear that gov had it on for landlords and the low interest rates could not stay forever, I was early by a year or 2 so missed out on the biggest gains but glad I'm out, the shxt is really going to hit the fan once rates filter down to more and more people.

  • @barmy_irooni

    @barmy_irooni

    8 ай бұрын

    Can you please make your explanation a bit more in-depth & longer next time….this one was way to short!!! 👍 lol

  • @CPDCT

    @CPDCT

    Ай бұрын

    More like ramblings of a mad man. Buy to let's will make money but need to leverage with caution and focus on location.

  • @ScandalUK
    @ScandalUK Жыл бұрын

    A felt flat roof like that should be good for around 30 years and is guaranteed for 25 years by roofers I know.

  • @katjaxxx7353
    @katjaxxx7353 Жыл бұрын

    My LL put up every year the rent. We live in London. Yesterday her agency told us she wants a rent increase of £230 per month. £1.900 for a month for 27sqm. Guys, don’t give in. The LL are out of order. We found 1km away something £540 less expensive. Don’t give in. This is out of order.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Shame to hear that. In most instances aren’t purposefully trying to make your life difficult, landlords are just reacting to the continuous interest rate changes. The government know that interest rate rises also increases rents, and that’s what they are trying to do in order to reduce inflation. If you aren’t happy I’d recommend blaming the government or economy over landlords - we’re just trying to survive and make and income like you are in most cases

  • @krisdonnelly8122
    @krisdonnelly81224 ай бұрын

    So a total of 2k profit, all in, inclusive of the 8k roof and damp proofing bill prior to selling ??

  • @JustinWilkins

    @JustinWilkins

    4 ай бұрын

    Definitely wasn’t the most profitable purchase in the world. It was never intended to be a flip, hence why I held it for a few years, but I made some money off the rent and I eventually sold it at a much higher price. But the costs / took away a lot of the profit margin. A lot of lessons learnt on this house!!

  • @RSADYNAMICS
    @RSADYNAMICS Жыл бұрын

    sell everything the MOTHER of all Property crashes is coming . interest rates will keep rising and unemployment will go through the roof .And more mortgage products will be pulled these are just a few of the factors that will cause the crash

  • @jameshaydon4473

    @jameshaydon4473

    Жыл бұрын

    Sell really?

  • @RSADYNAMICS

    @RSADYNAMICS

    Жыл бұрын

    @@jameshaydon4473 inflation and internet rates are linked . Interest rates will go way higher

  • @victoredwards3959

    @victoredwards3959

    Жыл бұрын

    @ RSA . Please mark my words , property crash will not happen, the properties value will drop by 15% to 20%. Majority of landlords have enough equity in their properties to weather the storm. Don’t know if you are a landlord or a property investor? If you are , feel free to sell up . But people like me can weather this storm , and we will come out on top . Cheers 🥂

  • @RSADYNAMICS

    @RSADYNAMICS

    Жыл бұрын

    @@victoredwards3959 if you sell 1 house now at the declining peak you will be able to buy 2 or 3 when the crash happens . That would be the smart thing to do as an investor

  • @NomadJRG

    @NomadJRG

    Жыл бұрын

    @@victoredwards3959 depends if they have been aggressive with their refinancing, if a landlord has always left only 25% equity and is on interest-only mortgages it could be a little painful!

  • @zachary3603
    @zachary36032 ай бұрын

    I could probably find this somewhere, but how old are you buddy? I'm currently on 3 deals this year, trying to get it to 7. Thanks for all the gems in these videos.

  • @AjaySingh-zp8tr
    @AjaySingh-zp8tr3 ай бұрын

    what bank offers mortgages on buy to let on homes under £100k?

  • @JustinWilkins

    @JustinWilkins

    3 ай бұрын

    Lots! You are best to speak with a mortgage broker to get access to them. Not many 'high street lenders' are good when it comes to buy-to-let mortgage products.

  • @robbybroon4904
    @robbybroon4904 Жыл бұрын

    Shouldn’t be any stamp duty on £50k purchase?

  • @trickydicky90
    @trickydicky9011 ай бұрын

    Profit always needs to take into account your time spent. So where £23k is shown as profit over 2 years but you have invested 6 months of your time in it then thats not profit as you could have earned that in a day job if not double. Also what abour taxes.

  • @JustinWilkins

    @JustinWilkins

    10 ай бұрын

    I can see what you're trying to convey here, and what you are saying would make sense if I was working on it full time, but I wasn't. I was working full time and running a business whilst this refurb was going on, so I disagree that 6 months of my time needs to be factored in. I didn't include tax in the video.

  • @500res
    @500res6 ай бұрын

    Good video, I've been selling also, have you looked into HMO investments, better cash flow and capital appreciation, probably no bridging loan tho due to the time frame and cost over 8 months

  • @graemekinder9491
    @graemekinder949111 ай бұрын

    Did your profit include cap gains tax? Otherwise that last number is 28% lower.

  • @JustinWilkins

    @JustinWilkins

    11 ай бұрын

    Correct. Purpose of video was to show pros and cons of ownership, not my tax liability 🙂

  • @adrenalineisbrown
    @adrenalineisbrown Жыл бұрын

    So after you finish the refurb, you don’t get a snagging survey done by someone else? To make sure things are done right?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Good question - yes I do now either review them myself or with the help of a friend in the industry. But at the time of completing this one I didn’t

  • @paulkirton8945
    @paulkirton8945 Жыл бұрын

    Replaced the rads for £600? Kitchen refurb 1.5 grand? What year was this again? 1987?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Unlikely as I wasn't born then! 😂 I think you missed a part - I mention that the kitchen cost was £1900 and kitchen fitting was £1550, that totals £3450 (which actually isn't that cheap)...

  • @perunut4656
    @perunut4656 Жыл бұрын

    Capital gains tax to be paid within 60 days of selling....otherwise you get fined ....for an individual....not sure if same rules apply to a company?

  • @odysseasv7138

    @odysseasv7138

    5 ай бұрын

    Company doesn’t pay CGT. It pays business tax(19%) on any profits

  • @perunut4656

    @perunut4656

    5 ай бұрын

    @@odysseasv7138 Ok thanks... You pay Capital Gains Tax if you’re a self-employed sole trader or in a business partnership. Other organisations like limited companies pay Corporation Tax on profits from selling their assets. So basically if you are buying and selling property a lot, do it through a Ltd company.

  • @michaeltaylor3473
    @michaeltaylor3473 Жыл бұрын

    Who do you use for bridging? Fees seem very reasonable

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Bridging was together money, but at the time the rate was around 0.6% per month. It’s now around 1% per month due to change in the market and rates

  • @MyRoadToWealth
    @MyRoadToWealth Жыл бұрын

    Great video 💪 Random one, just waiting for the mortgage paperwork on my first buy to let, just planning ahead but do you have any recommendations for full management agents? Property is in Liverpool and I live 3 hours away so wouldn’t be able to facilitate viewings myself but just want the best value for money that will do a good job but get me the best return

  • @goober-ll1wx

    @goober-ll1wx

    Жыл бұрын

    Why would you buy now when rates are the highest in 40+ years....silly move

  • @MyRoadToWealth

    @MyRoadToWealth

    Жыл бұрын

    @@goober-ll1wx Bought right but this was accepted in March - I’ll take a 7.75% return over nothing 🤷🏽‍♂️

  • @goober-ll1wx

    @goober-ll1wx

    Жыл бұрын

    @@MyRoadToWealth you can get 6% in a money market account with next to zero risk. Makes no sense right now. You can get a mortgage agreement that is valid for 6 months, come back then and see if rates are higher or lower and just keep doing that until they are close to zero again, which they will be at some point

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Thanks for watching and commenting. First off, careful who you take advice from (whether that’s me or someone in the comments 👀). Secondly, yes email me at sourcing@property-x.co.uk and il give you a few managing agent suggestions!

  • @joemartin8814

    @joemartin8814

    Жыл бұрын

    @@goober-ll1wxeverything works at the right price!

  • @privateprivate2421
    @privateprivate24212 ай бұрын

    You dont instal damp proof membranes in old single walls houses.

  • @okunrin3
    @okunrin3 Жыл бұрын

    People need to understand that KZreadrs are in this game to make money, not to help anyone, so follow at your own peril

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    I would say that everyone in life wants to make money for themself? It’s not a negative. It’s part of life, we all want to succeed. But separate to that, this video is just sharing pros and cons to this property. There isn’t a single plug or product pitch. If someone decides they want to work with me off the back of it and click a link in the description, that’s their choice 😃

  • @nickjones8867
    @nickjones8867 Жыл бұрын

    Will this model work with higher rates and falling house prices.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Still works but is much harder! I’m purchasing a couple of houses right now, and il be doing the same strategy on those 2

  • @jrcp106

    @jrcp106

    Жыл бұрын

    😂

  • @stevenhull5025

    @stevenhull5025

    Жыл бұрын

    Obviously not when landlords are selling in droves.

  • @taija5623
    @taija56238 ай бұрын

    How has the current housing crash effected your sourcing company? Are you finding it easier or harder to package deals to investors?

  • @JustinWilkins

    @JustinWilkins

    8 ай бұрын

    Surprisingly unfazed at all, which has surprised me because I didn’t wonder if it would slow down. But me and the team still can’t keep up with demand. I’ve recently taken on a couple of staff members to help.

  • @taija5623

    @taija5623

    8 ай бұрын

    @@JustinWilkins glad to hear!

  • @zanyzoo6767
    @zanyzoo6767 Жыл бұрын

    SELL THEM ALL. Did I miss it on your vid , I didnt see you work out the tax on the 23k profit.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Haha I will never sell them all! I did not work out the tax on the video

  • @colin5777

    @colin5777

    Жыл бұрын

    In that case you’re not being transparent enough Justin.

  • @adeleleah3918
    @adeleleah3918 Жыл бұрын

    Hi justin. Great video, very informative. We have a renovated property in the north, great location in Burnley, fantastic tenants paying a good rent. We are looking to sell ...if ever you think you might be interested in chatting about it, we would be only too happy to talk.

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Hey! Thanks for watching. Sure, drop us an email at sourcing@property-x.co.uk with all the info and we’ll take a look

  • @adeleleah3918

    @adeleleah3918

    Жыл бұрын

    @JustinWilkins many thanks..I have just subscribed to your email list and have sent an email to you. I failed to mention its a 2 double bed mid terrace. Looking forward to hearing from you.

  • @TylerL2023
    @TylerL20235 ай бұрын

    I live in Australia, and property here is extremely expensive. So, contrary to the US and UK, you cannot buy a detached or attached property for 50k, and something like this in Australia would be 400-500k.

  • @JustinWilkins

    @JustinWilkins

    5 ай бұрын

    Interesting - always depends on area. It would be £400-£500k in some parts of the UK too.

  • @DownHillCol
    @DownHillCol Жыл бұрын

    15.40 I’d defo steer clear of anywhere that radioactive!!!!

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Yes, that’s definitely advisable ☑️

  • @stevep9221
    @stevep922110 ай бұрын

    Wow... You got out just in time. You would have started to hemerage cash with how much interest rates have gone up and house prices gone down. Timing is everything and you timed it just right as within 12 months you would have been destitute.

  • @tizianoxx1
    @tizianoxx19 ай бұрын

    very late to this game - BTL or investing in properties is over. To put in simple terms, this is a game that work only when interest rate are very low as the expected rental income will be able to cover all the expenses and make some profit. With the current mortgage rates and tax legislation which has removed the interest paid as deductible, you will never be able to make a profit on any properties (unless you pay 50/60% of the property with your own funds).

  • @ChrisLee-yr7tz
    @ChrisLee-yr7tz Жыл бұрын

    When you originally took out the mortgage why did you only fix for 2 years?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Plan was to potentially refinance after 2 years and take out additional equity, rather than selling. However in hindsight it was the wrong decision and in 2021 I didn’t see the multiple rate increase coming!

  • @ChrisLee-yr7tz

    @ChrisLee-yr7tz

    Жыл бұрын

    @JustinWilkins ah ok, to refinance. Sure, I wasn't suggesting you should've guessed what would happen. I've always gone for 5yr just to be cautious, but that's also because I haven't gone on to increase borrowings after the purchase.

  • @stevenhull5025

    @stevenhull5025

    Жыл бұрын

    because over 2 years the rate was the lowest. Investors are not that smart if they did not check back at past charts indicating interest rate averages. They would have seen 7% is the average not 2% which is not the norm.

  • @tj9382
    @tj9382 Жыл бұрын

    I take it that the mortgage is interest only, yes?

  • @JustinWilkins

    @JustinWilkins

    Жыл бұрын

    Correct, yes it was IO 👍