Purchased Just Before Christmas for £70,000 | BRR | Project Tyntyla

[@philwells5754]

curious to know what the average banks criteria are for a buy-to-let. Do you have any contacts or local lenders you work with?

[@ryaneastley]

Great question. My broker has access to the whole of market, you don’t need local lenders. Lenders do 75% LTV mortgages on the back end, best talking to your broker

[@Gabokor-76]

Hi I own a property just like that one I am thinking about doing a renovation myself but I got now clue where to start I would like to know where you find your contractors and how you make the cost estimations

[@ryaneastley]

Great point, what I would do is focus on getting the right build team in who is reliable and communicates well - get their pricing list off them and also have them view. Best way Or if it’s in South Wales let me know and we can try help

[@Gabokor-76]

@@ryaneastleyhi I am in Newcastle do you have any tips to find a good team? Realiable and cheap?

[@ryaneastley]

@@Gabokor-76you dont want cheap, you want reliable, communicates well and is on time. Believe me. I have 3 build teams and it’s taken years and hundreds of projects

[@Llkolii]

Did they buy on auction?

[@ryaneastley]

good question. No, we typically avoid auction due to the high fees. This one came through an agent, which is common.

[@richardclatworthy6381]

Hi, do a few of these properties in South Wales myself. keen to know how you got to your ROI though. Purchase price £70 Refurb £38k Total £108k Rent £850 p/m is 9.8%

[@ryaneastley]

Hey, great question. I can see you are basing your ROI off a figure which is in fact the yield, not ROI. Yield indicates cashflow, so 9.8% is good for a buy to let. ROI is based upon the capital you put into said project, compared to the money you get back out, both in terms of cashflow and upon refinance.

[@richardclatworthy6381]

@ ah got you! Thanks for the reply. Subscribed! Cheers Rich

[@ryaneastley]

@@richardclatworthy6381 No problem at all, glad to be connected mate. Have a great Christmas and be sure to book in a call with us if you're interested to keep building your portfolio.