STOP using Mortgages for BRR

[@Nicheadvice]

Yes, absolutely, bridging loans are a fantastic way of buying a property and adding value to it as long as you know what you're doing and you can exit that bridging loan. unfortunately, I'm coming across a lot of people who watch a few KZbin videos and think that's all they need. Very easy to get into something much harder to get out of, so it is best to have a plan and try to not be too optimistic about it and have a back up plan...

[@JustinWilkins]

Great advice, thanks for sharing this!

[@voiceoverguyharris]

Great film Justin. When are you back in West Yorkshire?

[@JustinWilkins]

Thanks Guy! Great to hear from you. Not in the near future sadly, I’ve taken focus away from Yorkshire for the current time. How are things going your end?

[@voiceoverguyharris]

@@JustinWilkins Ah thats a shame. Yeah picked up another full renovation in October and coming to the end of it this week, could show you round before it gets let. Just negotiating to buy the house next door to it. If ever up this way, do let me know. I'll show you some good areas.

[@harry3344]

brilliant video mate, more of this please !!

[@JustinWilkins]

Cheers Harry 🤝

[@wicked-witch-of-the-west]

I looked in to bridging loans. They are super complicated, you need a huge amount of equity 100k+ to do it, and they also only value a HMO property based upon the yearly gross income of it. However i havent looked at a bridging loan for a standard BTL

[@JustinWilkins]

Bridging loans can be very simple for buy-to-let if you are able to add value and have good exit options 👍

[@Suyebghazi]

I may be wrong but in my opinion, buying a fixer upper property for first property makes most sense as no CTG, stamp and 10% down payment. Live in it for a little bit and sell it or refinance Other ways are very very expensive and make it very difficult.

[@JustinWilkins]

I don’t think you’re wrong! I think that’s potentially the best strategy for a lot of beginners or young investors. For anyone that already has a home, or has a family, it’s potentially a hard route to go down.