How to get a CAR for FREE? | Assets Vs Liabilities | Financial Education #1

[@steverooke7130]

Why did I not find this before. The approach is so refreshing, I struggle to understand money and how to use it properly. Jamie is very easy to listen too, it's so addictive. I can understand to a degree after I've watched a couple of times. They should teach kids this at school. Brilliant ✨✨✨

[@JamieYork]

Ah thanks so much Steve, really glad you get value!

[@awediomusic2137]

Never seen this concept explained so elegantly

[@JamieYork]

Thanks so much, glad you got value!

[@mortimer19]

Devastated. All my life I've been patting myself on the back for saving up the cash each time to buy my next car. This video has genuinely enlightened me. Cheers Jamie, keep up the class content!

[@JamieYork]

Sorry to hear that but now you know!

[@ant5840]

Recently read "Rich Dad Poor Dad " so I was familiar with the concept but this type of content was usually explained from a US perspective and as I'm based in the UK I related to your content even more. Subscribed

[@JamieYork]

Glad you enjoyed it!

[@lewismcnicholas2631]

Agreed - clearly the taxation points in Rich Dad Poor Dad aren't applicable for us in the UK!

[@tonybenedict172]

You all prolly dont give a damn but does anybody know of a tool to log back into an instagram account..? I was dumb lost the login password. I love any assistance you can offer me

[@Stuboi0]

8:29 "If it moves, floats or flies, you lease and don't buy." That needs to belong on a T-shirt. Absolutely sound advice!

[@JamieYork]

Haha! Get one done and send it to my office 😉

[@Galv140577]

@@JamieYork Because of the pretend pandemic I've been looking at the real reasons why more people died in 2020 than the arbitrary and irrelevant "5 year average". It wasn't because of healthy people everywhere spreading a deadly disease assumed to exist based on arbitrary and scientifically meaningless RT-PCR testing. It was because the average age of life expectancy is 80, and 80 years ago there were more people being born, so now there are more people reaching the average age of life expectancy and dying off, as has been expected for 80 years. This explains why the median age of alleged covid deaths is 80. They're nothing to do with any one of the hundreds of harmless new strains of corona virus that come into existence every flu season. The curve was already flat in March when they started illegally and unlawfully forcing small businesses to "lockdown" and hand over their turf to big business for just two weeks to flatten the curve. After over a year I think it's as flat as it can possibly get. Anyway, my point that I'm making here is that the number of deaths at the median age of 80 is set to inevitably rise by 43% over the decade 2020 to 2030. This is because the number of births (source: UK office of national statistics) increased from 700,000 per year to 1,000,000 per year from 1940 to 1950. This means that there will be an inevitable increase in the number of properties that people are leaving behind, inheriting, wanting to sell, to let, and make money from. It's going to increase 43%. This means that the collective value of said properties is going to be spread over a 43% larger area. If an object increases in volume by 43% without increasing in mass, what happens to the density? I predict that by the end of the decade, property values will not have doubled as people might expect.

[@jamie0193]

@@Galv140577 don’t believe everything you see online

[@craigbeesley9601]

@@JamieYork Can you point me in the direction of the video that explains the logic / numbers behind this statement ? Would be much appreciated as it's a debate I have with myself a fair bit.

[@reecewatkins1]

@@craigbeesley9601 this video does exactly that

[@geetplaying7144]

I'm 💯 never gonna buy a sports or expensive car on cash or on loan I'm just gonna lease it Thanks brother for the right knowledge

[@JamieYork]

No problem 👍

[@geetplaying7144]

@@JamieYork keep growing bro ur literally an inspiration ✊

[@queenievalentinejackson6064]

I'm in Love with this Guy!!! He popped up on my feed & I'm hooked on him... What a Gentleman sharing his knowledge... Keep up the videos Jamie ... Your newest fan... Queenie...👑🖤

[@JamieYork]

Thanks so much, really glad you're getting value!

[@kayneabel]

Absolutely SMASHED this video mate. Iv been thinking this for a while and now you have completely confirmed my next plan for me 🙌🏽

[@JamieYork]

Go for it!

[@sewadeusltd2442]

Excellent Video Jamie. My take away "if it moves, floats,flies LEASE it, don't buy it"

[@JamieYork]

Get that on a T-shirt 😉

[@banahani1]

Excellent video, i see that you have read Poor dad, rich dad. Keep up the good work, your videos are fantastic.

[@JamieYork]

Yes, thank you

[@paulnite9980]

Brilliant 👏 👍👍video.. it confirms everything I've been thinking of lately

[@JamieYork]

Perfect!

[@nicklinj95]

brilliant videos, great explanations and you speak in bite size understandable chunks. Learn at least one new thing every time I watch a video

[@JamieYork]

Glad you like them!

[@numan277]

Jamie is a very young intelligent business man I love all your video it’s really helpful

[@JamieYork]

Ah thanks Zaki, really glad you’re getting some value!

[@TheCheeseMan123]

I’ve been watching your videos for a couple of months now, and am really impressed! Recently bought our first home 6 months ago and saving up to get our first BTL, and this video has really changed my thinking about the order in which I should move along in my life, incredible!

[@JamieYork]

That is awesome!

[@fraserimoore]

Great explanation and Im really glad I watched this. I'm just in the process of selling one of our BTL's and was planning on using a bit of the equity to buy a car outright and get another property with the remaining money. Now, after watching this I will continue to lease my car and hopefully get 2 new properties instead with the full equity from the sale.

[@JamieYork]

Great to hear!

[@garyholloway7247]

Great video Jamie. I've leased my last 2 cars using one of my rental properties. Solid advice.

[@JamieYork]

Great job!

[@jamessuman5652]

God knows why you popped up on my feed, but I'm thanking JC you did. I have a bit of cash not working as hard as it should. I need to watch over a few times to digest this, but I am getting your point. Thanks man! A video about whether SPVs are a good idea... Oh yeah and wtf they are would help 😂

[@JamieYork]

Check out the rest of videos I KNOW you'll enjoy

[@zakhiazaarour8986]

The model works for interest only mortgages which is not an option outside UK, for e.g UAE. When you consider full mortgage repayment then the remainder balance unfortunately won't cover the monthly car lease.

[@paulh1529]

I agree completely with this mindset. I get 2 or 3 year leases though. New car more often and you can time the maintenance/servicing/tyres better.

[@JamieYork]

Love it mate! Keep on pushing!

[@deepsleepingds9911]

This video has helped me lot to understand about the different between asset and liability. Thanks

[@JamieYork]

Glad it was helpful :)

[@BadguyGords]

Hey Jamie, I discovered your channel a few days ago when looking for advice on 95% mortgages, I've binge-watched every video. You're really charismatic and make the stuff they don't teach you in school easy to understand. Thank you so much for these quality videos. Please continue to encourage us to be smarter with money.

[@JamieYork]

Hey Gordon, thank you so much for the message!

[@Rodrigo-rd1]

hey Jamie, I am 19 and I am going to use my maintenance loan to put a deposit for my buy to let property. I loved the vid and took so many notes for future me! THXXXX

[@bobbykuckles981]

Not possible bc you've got no ingoings

[@JamieYork]

Best of luck!

[@yusafmalik5171]

The banks will most likely do a history check on you and if you don't have at least three months income coming from a job they won't let you get a loan. They've gotten much stricter in the last few months especially with interest rates going down and a maintenance loan will not cover much tbh

[@pablodeparla8722]

Great content, Jamie! Cheers from a spanish guy trying to get knowledges like this. The "problem" is how to get the first amount, or how to leverage it... Keep going on!

[@siyandebele6500]

Loved this video! Your breakdowns are super smooth and easy to understand. I’m just starting out my financial freedom journey, so this context is exactly what I’m looking for, so please keep it up💪🏾

[@JamieYork]

Will do!

[@groogoo]

Saw your 5% deposit mortgage video earlier, liked it, got recommended this one and now I'm subbed. Will definitely be sharing the heck out of your videos from here on out, super informative and very much eye opening . Keep up the good work :)

[@JamieYork]

Awesome, thank you!

[@TheRicksta87]

Can't get a shed for 90 grand in London! So true hahaha

[@JamieYork]

I know right! Time for things to change :)

[@amxltd8718]

Brilliant, need that Buy-to-let video! Even better for me as id rather another property than a car! I've got my work van haha! Keep them coming!

[@JamieYork]

Van = Practical! less of a liability than other vehicles!

[@amxltd8718]

@@JamieYork what would you says the lowest ball park figure I'd need to get into the investment game of buy to let. Bare in mind I'm northern 😂

[@gav2302]

Quick comment to say how much I'm enjoying your content Jamie. In some financial difficulty that won't be clear for a few years but learning so much from this and hoping I can explore property investing in the future when the time is right. Slightly different videos like this are really cool too. Thanks

[@frankquinn7804]

Great video Jamie super easy and very well explained

[@JamieYork]

Glad you liked it!

[@bashiranja5455]

Interesting video. Interest only mortgage and refinancing is great right now but what happens when the interest rates start rising and also what about when there is a price correction in the housing market?

[@Francisroughley]

Absolutely amazing video jaime. Probably the most helpful video I've seen on youtube too do with money. Loved it man thank you.

[@JamieYork]

Awesome, thank you!

[@Drphil444]

I think it's important to note that this is all for only "on paper" benefits. Having to be tied down to a property (or 2) for at least 5 years to see gains like this and to be tied into a lease on a car for that long whilst never owning it (depending on how you get on, could come with a lot of limitations) might see people financially better off if all goes smoothly (post pandemic who knows what we'll see - another epidemic, stocks crashing etc) so might vary alot for different people. For myself, I'm almost exactly in this position (not nearly that much cash though) and would rather take the financial hit now even if it costs me down the line, just to have peace of mind that I'm not tied into anything and have responsibility for properties and "assets" that come with a lot of baggage. I'm hoping in 5 years I'll do the above but for just starting out with no idea where I'll be in that long it just wouldn't be practical for me. A really informative video though and definitely going to be watching more so thank you for making these!!

[@JamieYork]

great additions there! Thanks for the contribution. I think it depends on where your heads at with investing. I'm obviously heavily invested into property, hence my more biased nature :)

[@nijutzu82]

this video made me subscribe and open my mind about something I wouldn't think doing it.

[@JamieYork]

Then my job here is done!

[@TheLewisparkins]

Love the video - always great to see real comparisons and love going through the numbers

[@JamieYork]

Glad you enjoyed it! I'll make sure I do more!

[@royparker1844]

TY for the clarity of this and your other videos.

[@JamieYork]

No worries at all Roy! Glad you're getting some value! 😊

[@simonacott7583]

Decent video and nicely explained. Many people just don't understand this concept. Keep up the good work :)

[@JamieYork]

Thanks, will do!

[@barrybudget2611]

interesting vid. The only thing i would add is you need to take into account the time value of money. money is always worth more now than it is in 5 years time. which is incredibly important. other than that interesting vid.

[@JamieYork]

You're right Barry!

[@izaakellis3903]

Finding these videos literally so helpful, i know you know your smart and that😂but I hope you realise how far vids like this go

[@JamieYork]

Glad you like them!

[@mattfreeman2157]

Tax question - so assume that for this to work you need to put your car through your company? Else you are going to need to loose half that monthly income in income tax

[@JamieYork]

Not financial adivce *disclaimer* If it's an LLP it's usually better to put in the company. If a ltd then better to do it personally, save on the VAT AND claim the mileage at 45p a mile for the first 10k... BOOM! That's typically the best way, but obviously you're accountant would be better placed to give specific advice. Hope that helps Matt!

[@javidsheikh6812]

First time I hit a like ever that I knew deserved it!

[@JamieYork]

Ah thans Javid! So nice!

[@jamesburton4933]

Just found you on KZbin. Enjoying your videos, I am looking at property tomorrow. Thanks.

[@JamieYork]

Thanks James. Hope you got some value!

[@fifitan5619]

Thank you Jamie! I learn a lot from your video and looking forwards to more educational video like this from you.

[@JamieYork]

Glad it was helpful!

[@terrylangstaff]

North of Birmingham hardly anywhere has doubled over 10 years.Look at last 20 years. The few areas the value has doubled, you won't buy a house for £90k Look at South Yorkshire or North West. House prices haven't even recovered since 2008 in South Yorkshire etc.

[@JamieYork]

Northwest has had incredible growth, with some areas way over doubling, same with some areas of south Yorks. North east has definitely struggled with growth back though.

[@terrylangstaff]

not talking about Manchester, talking about Wigan. Tell me any town/city where properties can be bought for £90k which were £45k about 10 years ago?

[@JamieYork]

Yeah I’m not sure about Wigan to be honest. It’s certainly a softer market there :)

[@lookatcha]

Well this comment aged badly

[@time4advancement244]

8:29 "If it moves, floats or flies, you lease and don't buy." Dave Ramsey shakes his fist and just entered the chat 😒

[@JamieYork]

Haha, love it!

[@declanmccafferty8136]

Excellent the content you put out, thanks Jamie!

[@JamieYork]

I appreciate that!

[@jeanniemonaghan6218]

Excellent explanation. Should be shown in schools

[@JamieYork]

Yes it should

[@Shaunstonard]

This blew my mind, genuinely. Maybe I should stop wasting money on cars now 🙈

[@JamieYork]

Glad you got value :)

[@arjunbendre8173]

Great video Jamie! Had a question about interest rates on car finance. The interest rates on most car finance products (hire purchase or leasing) are usually high (>6% APR, usually up to 9.9% APR). Doesn’t it make more sense to get a unsecured personal loan (as low as 2.8% APR), borrowing as much and as long as possible to reduce monthly payments? At the end of the loan period, you own the car & can effectively refinance the car by taking another personal loan out. The BTL income repays the unsecured loan of course. Cheers mate!

[@JamieYork]

That sounds pretty spot on mate, you can negotiate the interest payments also :)

[@gav2302]

This is something I've been considering for future car purchases. Depending on interest rates, maybe even increase the mortgage to buy the car if that's possible and gives the best rate. Like you say, the APR on cars is horrendous and some places even show you how much of your overall payments are interest which is extremely offputting for getting finance directly from the dealer

[@deanchapple1]

I have £300k equity in my house but have very low liquidity. What would be your advise?

[@JamieYork]

You could consider finding a great investment opportunity and loaning against the equity. You'd want to talk to a BTL mortgage broker to get some personal advice

[@eltonsakos3662]

Hi Jamie On the calculations I don’t think I heard taxes,especially if you are higher tax payer Am I missing something? And what if you are live in London you still be looking to invest away from London?

[@MR70077]

Really like this video Jamie. I think it would be useful to include any tax implications.

[@JamieYork]

A fair point, hard to delve into people's personal tax situations of course!

[@kh-wg9bt]

I thought you were going to talk about tax relief which I've seen a few times with teslas. My argument against this is to buy a decent 10k car and withhold from buying luxury cars until you can really afford it. I'm going to keep my 12k Nissan leaf (paid for and costs nothing to run. Plus electric cars are damn reliable!) then use every scrap of capital gain and income to fund my growth

[@JamieYork]

Yes! You're doing a great job!

[@ajones1274]

love the videos mate, your personality really comes through too and the explanations are spot on. One thing to note, inflation will come into this.

[@JamieYork]

Thanks for the tip!

[@layomi98]

Great video bro, very informative. Love the edits too

[@JamieYork]

Glad you like them!

[@bencoates1726]

Fantastic video, so much value provided

[@JamieYork]

Thanks mate, really glad you got some value!

[@FidaHussain-uu7wb]

Hi Jamie In this scenario - would the deposit on the second buy to let property remain 25% ? Or would lenders ask for more since one has a buy to let mortgage already? - also say you had both these properties on the buy to let - how does that impact the owner When they go to get a residential property for themselves in terms of deposit amount? Can having two or even 1 buy to let properties negatively impact ones chances of aquiring a residential property as lenders see you as more of a risk or is it vice versa? Many thanks for your response

[@JamieYork]

The deposit - no, always around 25% mate and no, as long as they are rented and bringing in rent, it won't impact your ability to lend at all. Although, if you have them in your personal name (which most don't, most have it in a LTD), then you will have to pay the additional rate for stamp duty, a small additional cost dependant on the value of the property!

[@FidaHussain-uu7wb]

@@JamieYork cheers for getting back to me bud appreciate it!👌🏼👍

[@arvindraghavan777]

You tube algorithm is brilliant. Enjoyed his video. However if we pay interest only on the buy to let, how would the bank recover the money lent to us?

[@JamieYork]

Typically the market rises over time due to demand, lack of supply and inflation, so people tend to refinance :) And thanks! Glad you got value :)

[@arvindraghavan777]

@@JamieYork thanks Jamie. Hoping you can do a video on refinancing soon?

[@DerickkH8]

Wow… what a video! Subscribed!!!

[@lost_in_philosophy]

interesting perspective except where do you get the deposit from to begin this journey... any suggestions or ideas

[@JamieYork]

From making and managing my money! Deal packaging is a great start!

[@lost_in_philosophy]

@@JamieYork How do I get in touch to find out more on this ?

[@anthonyfussell6221]

Thank you Jamie. Absolutely brilliant .

[@JamieYork]

Glad you enjoyed it

[@euansinclair3363]

Next level thinking. Love this. Thanks!

[@JamieYork]

Glad you liked it!

[@darrenturner3025]

Great video mate. Top drawing ha ha 😂

[@JamieYork]

My own works of art will soon be available for purchase.

[@benjamingoodspeed9753]

Can you do a video on how all this would be effected for a higher rate income tax earner?

[@JamieYork]

Sure thing, added to the list!

[@Sam-yu4ve]

One more thing, if you have enough properties where it makes sense to own them in a limited company, the car payments could be a business expense, reducing the tax bill

[@JamieYork]

Not an a limited company you can’t. Only mileage. In an LLP you can write it off

[@Sam-yu4ve]

@@JamieYork oh right i thought u could if it is mainly used for business

[@JamieYork]

Unfortunately not mate as it comes under Benefit in kind. Have in personal name and 45p a mile for first 10K miles! ... unless it’s an electric car of corse

[@danielgonzalezdoval922]

Quick thought that pops to mind after watching this video. I am currently renting for £600 a month and do not own any property. Should I look to buy my first property to live in (liability, although I would be saving the rent money by putting it towards the mortgage), or should I buy a property to let so that it becomes and asset to help me paying the rent in the property where I am leaving at the moment? I am hoping it is not too absurd of a question but just thought it would be a similar case as with the car situation?

[@JamieYork]

that completely depends on the sort of property that you want to purchase to live in mate. I personally owned a fair few BTLs before I purchased my first house to live in

[@evgeniamarkova3696]

@@JamieYork can you give examples of different sorts of property? I am kind of in the same situation as Daniel :)

[@richarddordoye7300]

I like your videos before I even watch it 😆 You are brilliant.

[@JamieYork]

You're the best!

[@shy231__6]

I'm down in London so as said you cant buy a card board box for 90k. I would happily invest in something up north although are there agencies/property managers that can completely look after things for a fee? It would be completely impractical for me to have any deep involvement being hundreds of miles away

[@husnainshah443]

Hey man my advice would be to go up north for like the weekends and build connections with people as there are people who have the knowledge to invest but dont have money so you can do a joint venture with them benefiting both parties.

[@shy231__6]

@@husnainshah443 that's a good idea, dont have any ties out of London at all but I'll keep this in mind. Thanks

[@husnainshah443]

@@shy231__6 also we live in essex but we know the area of ipswich very well. And I have bought referb and sold in ipswich. If you want we can do some joint venture together where we both put money in but I manage the whole thing. What's your email or Instagram where we can talk privately?

[@JamieYork]

Hey! Yes that's exactly what I would do! My company can help you with this (as it's what we do in Leeds!) Send me a message on Instagram @jamieyorkaspire and I'll see If I can help! That or email on [e-mail]

[@ryanwheeler9735]

Love this guy, wish I met a version of him 15yrs ago before I fucked my life up

[@AV-mb8lv]

A great video for people who inherited 60k. It's hard to imagine a person smart enough to earn and save 60k to blow them all on a shiny toy.

[@JamieYork]

You would be shocked! Terrible to see, but I see it so many times!

[@MsElke11]

Inherited is right. I can't come up with 25% down on another house. I can barely pay my first mortgage down.

[@awediomusic2137]

@@MsElke11 Anyone can save £22500 over the course of a year or two. It just takes some savvy cost cutting and discipline.

[@plumbertime]

@@awediomusic2137 lol not really some only earn less than 25k!

[@awediomusic2137]

@@plumbertime You can literally live on less than 5 grand if you're smart about it. Save 10 grand, mortgage a house and let out a couple spare rooms to a roommate and all of a sudden your tenant is paying the mortgage and your bills -- no housing costs. Food will cost you around 2 grand a year, let's give 3 grand towards clothing, household items, some discretionary income like subscriptions and nights out etc so long as you're conservative about it. Cycle to work, go on camping holidays, eat in as much as possible. All of a sudden you're saving £20k from a £25k salary, and there are many ways to make an extra 2.5k a year on top of salaried income. Most people can do this, it would be hell but it's always possible and you can always find a way. There's tax to think about too but you're not paying much on a £25k salary and again you can make up the difference if needs be by throwing yourself into some side projects. Or just give it an extra year and you'll have more than enough.

[@WestysGate]

I predict we will have a breakout either way by the 11th. I drew a pattern a few months back which is going to be hit on the 11th. Fingers crossed it goes up, if not I'll buy more CRO 🙂

[@jackkittridge4063]

Appreciate this video is a year or so old, but the mortgage value of £168, where does that come from? for a 90k property 75% would be 67,500, for a 25 year mortgage at 3% the monthly payments on that are still £320 (this is just using the google standard mortgage advisor, not concrete figures, but I assume they're atleast somewhere close to offers) £168 is half that, so where is the disparity? Cheers

[@JamieYork]

Hey Jack, thanks for commenting bud. This is on a interest only mortgage ✌🏻

[@xrayvison609]

Top video pointed me in the right direction!

[@JamieYork]

Glad it helped!

[@NERDVilleUK]

Hi Jamie. New to your channel and subbed. Keep up the great work. As a BTL landlord in an LTD I'm always fighting tax issues. Unless I've got a very 'conservative' accountant. Anytime I discuss wanting to buy a car through the company then I start being lectured on BIK ( Benefit in Kind). So how do I overcome this? Please advice as the car would be used for work and domestic. Cheers

[@carolinewilliams8482]

Really enjoyed this video. What an eye-opener!!! Thank you 😊

[@JamieYork]

Glad you enjoyed it!

[@badgoat666]

Awesome. I may get my tesla yet.

[@JamieYork]

You should!

[@JOEJOETHEJOEY]

Thanks for making it so clear. Would you need to already be a home owner to use this method to get a buy to let mortgage? Any tips for non-homeowners to follow this example?

[@JamieYork]

Not at all mate. It definitely helps with getting a mortgage, BUT it's all about getting the mortgage broker to move forward with!

[@nickfifield1]

How does paying finance on a car make sense ? Are you basically saying , if you can afford to buy a car in cash then instead invest the money and use the generated returns to pay for the car? But what if you don’t have the cash for a car.

[@JamieYork]

Spot on nick. I see so many just buying cars out in cash, but they’d be better using the money for an asset to then pay for the liability. If you can’t do either then naturally you can’t afford it and so I’d recommend to anyone to NOT try and buy the liability and stretch themselves too thin

[@plumbertime]

Are buy to let’s interest only mortgages! Didn’t know that

[@JamieYork]

Most are yes!

[@sidumsd6]

Great video Jamie, terrible drawer but a great and very informative video. Thankyou!

[@JamieYork]

How dare you insult my art work 😉

[@samrazakir]

Brilliant! I was thinking initially to purchase one BTL property with shortest possible mortgage duration, but after watching this video, am I correct to think its better to buy multiple properties with smaller deposit and longer mortgage duration rather than one property with bigger deposit and smaller mortgage payment duration? say for example, with £50000, do you suggest to invest in two BTL properties in North instead of one as this will result in building more asset?

[@JamieYork]

Samra, You've got it! You will need to look at your ROCE for that money. If you're percentage is higher from 2 then you know what to do! It all goes with what your plan is. In this example it is about cashflow!

[@ekeminiekong2813]

Nice one, though £60k cash for a car? I thought everyone knew you didn't do that!!! On another note, you said about 90k in London not getting anything, but there is still a rental market in the South. How can you get in to that as an investor? Is there no way to do it except if you have loads of cash to tie up?

[@JamieYork]

You would be shocked Ekemini! I guess it depends on how much spare cash you have 😂 Yes you can. South east especially you can get some great prices. Typically I like to buy, refurbish and refinance out as much as possible to then be able to go again. Down south, it’s more likely that you’ll have to leave in a fair amount more in the property, which isn’t an issue as long as you don’t need it for something else and you’re getting a solid return on it.

[@tobybeswick36]

I see a lot of the KZbin investors buying property after property, but to save £25,000 (25%) every time would be difficult. Any tips for a first time buyer wanting to get a buy to rent, saving 25k would take a few years

[@harryheckels7232]

I’ve been thinking about breeding luxury English bulldogs

[@JamieYork]

Buy refurbish refinance!

[@1queijocas]

Buy GME mate, we are going to the moon 🚀🚀🚀

[@Dazzl3r]

Like you said, the prices in London/ Greater London are silly high. Would you recommend investing further afield although I wouldn’t have much of any local knowledge? How can I get around the high prices in my local area?

[@JamieYork]

Not much you can do about the higher prices in your area mate... why not use a sourcer that's based up north that can help you out? Hint hint 😉 Send me a message on Insta mate, see if I can genuinely help @jamieyorkaspire

[@iplaywaytoomuch]

The yields feel a bit high but perhaps that's me looking at it from a rightmove point of view and you looking at sourcing it at 10% less. I'm interested in seeing what a property source can do for sure

[@JamieYork]

100% You'll always be paying the highest amount on the open market

[@bslomof-1901]

Love it! Thanks, Jamie!

[@JamieYork]

No worries dude! Really glad you got some value!

[@jay-gl_2002]

Jamie, all property lectures comment about covering voids, maintenance out of the annual rental. If having property through ltd company, do you move these cost to another account or do you have to keep them in the coffers? Videos are great by the way

[@JamieYork]

I'll usually keep them in a separate account mate - DD each month and call it my rainy day fund

[@jay-gl_2002]

@@JamieYork spot on 👍

[@jordondeannon5501]

When it comes to buy to let how long should the mortgage be over + what happens at the end of it

[@JamieYork]

It varies on your product. Usually around 25 years. At the end I might sell the property (Houses prices double on average every 10 years) or more than likely I'll just keep refinancing

[@jordondeannon5501]

@@JamieYork yeah I've done some more research since and found out that you just have to give the bank back their initial investment. which just means selling the house and giving them their money, I think. But it's not so daunting considering "on average" house prices double over 10 years (providing it's in a decent area etc.) But you could also just "refinance"? Not sure the difference between refinance and remortgage

[@jordondeannon5501]

@@JamieYork also mate, really enjoying your videos. As a suggestion to fully grow your channel look into doing some community polls. At the moment they are broken and will give you a big increase in viewership

[@carolinekemp38]

Love this!! It’s exactly what I’ve been trying to work out: same numbers, same car 🤩🙏🏻 One question: if you buy in London, instead, do those numbers equate for 1 property as well e.g starting value is £200,000? So 25% dep = £50,000, borrow £150,000 and so on. Or what am I missing? Thank you 🙏🏻

[@millennialfreedom9137]

Bought Bitcoin I’m ready!! And Elrond gold

[@JamieYork]

Good luck!

[@RB-cs5dw]

Is it better keeping the buy to let property furniture free?

[@JamieYork]

Usually less hassle!

[@radeon08]

Can you explain why I wouldn't hire purchase a vehicle or a low rate interest loan on a vehicle? Surely, it's the same scenario (paying 500-600 a month) and at the end, instead of swapping a car, I have an asset that has indeed depreciated, but I could sell and recoup some of that interest I've paid. Sure leasing is great for brand new cars since they depreciate horribly, but a 4-5 year old car wouldn't. In fact, I've done this with my current vehicle and I'm positive equity on the vehicle. If I sold it tomorrow I'd return 1000-2000 on my investment. Granted, it's a Porsche and held its value significantly more than others, but leasing doesn't make sense to me unless you want a brand new car every 3-5 years. To sum up, after 3 more years, my car loan is complete. I would have paid in total £39,000 for a vehicle that costs £34,500, I even changed my loan rates when I got down to below £25,000 almost halving my monthly payments. I have had to pay 4500 in interest essentially, completely dead money, but in 3 years. I have a car I can sell for 10-15,000. As a result, I sell the vehicle, and have no loan left, and £10,000 in my account. Can you explain how I am wrong or if I'm missing something? If I done the same with a lease vehicle, after the agreement is complete, I have no vehicle to sell. I end up with £0 and then have to fork out another 4k for a deposit on the next. Alternatively, I could get a 25k loan AGAIN, with the 10k from my sold car, and buy another 35k vehicle, but this time, with a lower loan, the car will be paid off quicker thus eliminating depreciation further. Repeat this after 10 years and you'll be making more and more each time. Finally, maintenance sometimes isn't even fully covered in lease vehicles, if it is, they charge an extra £100. I actually think your numbers are skewed on a £60,000 car. A 60k car would cost more like £1000 a month. I'm not attacking this video, it's great and so are you, and the property offset is great to pay off a depreciating but necessary asset. Yes we could all drive around 5 grand cars but we all work too hard to not reap some form of reward in driving the car we love. But can you help me understand if I'm being stupid here? Thanks Josh

[@JamieYork]

You can do that of course! It really depends on the situation, with a 3-5 years old kick ass car like a porche, a loan like you've done would add another level to it all :) DW, you're not being stupid :)

[@razorlight201]

Hi jamie. Ive a 330000 prop and it mortgage is 135000. How can i relaese funds to invest? Thanks.

[@TheIVFAthlete]

Sooo...the whole £90k shed comment... I live in Essex and looking at getting first BTL property but have always been told to keep local... would you still advise going north for cheaper property or if we can find a house in the local area?

[@JamieYork]

It depends on how many you're looking to get mate. You can still get property in Essex for Sub £200k so it still works. So I'd look local and see what the potential is, and then look further afield if needed mate. If you do, make sure to work with a local deal packager to assist you

[@mondiaye4453]

👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿 great explanations

[@pedroluz1286]

I understand that all the entrepeneurs mention the house as a liability but you have to leave somewhere right? U got family...where do u live? So you buy a property to rent but u still need to rent other property to live in. Also property will have a capital apreciation increase every year no matter if you leave there or not.

[@JamieYork]

Yep! I’m not saying don’t get one, just understand it’s a liability not an asset :)

[@pedroluz1286]

@@JamieYork please help me to understand this point in a full extension. If u buy a property and sell or rent it thats an asset. But you still need to leave somewhere right? And thats a liability if you rent from someone else correct? Btw love ur content and it changed my mind in so many aspects

[@OkiManny-ou3fg]

Really informative video, having read Rich Dad Poor Dad, the video brings that concept to life. I am yet to purchase my first property, however I would prefer to purchase a BTL but seems I will not be able to as most lenders do not lend to first time buyers who want to purchase a BTL product. Is there a way around this for someone in my situation?

[@petelunt2007]

Where would you go to get a good value Mercedes car on lease?

[@JamieYork]

I'd probs surf google and see who has the best deal

[@cyp27]

this vid made me sos excited

[@JamieYork]

Good!

[@ecoess]

How does this work with tax? If you are a not a company can you claim the car payment as a cost in your self assessment?

[@JamieYork]

You can claim in certain situations best chatting to an accountant

[@ayres6727]

I didn't understand. You are telling the difference, I thought you will tell to pay monthly lease cost?