Best Property Strategy of 2024: In a recent video, I joined my friends Leah and Elliot to speak with them about their latest development project. Not only have they undertaken an ambitious refurb, but they have also found a way to legally let out a property on a residential mortgage. This new strategy could be a game changer. As they bought the property on a residential mortgage, they only had to put down a tiny deposit. What’s more, they're about to make a fortune on this property, renting it out legally!
In a previous article, I talked about the Residential To Buy-To-Let strategy, now I am going to tell you about the Residential To Furnished Holiday Let strategy! Leah and Elliot took a little normal-looking house in Shropshire, England, bought it on a residential mortgage, and turned it into a short-stay lets business. In this article, I will explain why this is the best property strategy of 2024 and how you can do it yourself!
Best Property Strategy of 2024: What Is The Residential To Furnished Holiday Let Strategy?
The Residential To Furnished Holiday Let strategy involves buying a property on a residential mortgage. This means that you have a much smaller deposit to put down, compared with a buy-to-let or holiday let mortgage. Once you have purchased the property, you then force the value up by refurbishing the house. You then move the property on to a holiday let mortgage based upon the new value of the real estate.
If you choose the right property and do the refurb correctly, you can then recoup most, or all, of your deposit and renovation costs from the new mortgage! This means you can take that money and reinvest it into your next deal. That is one of the reasons this is the best property strategy of 2024!
What Are The Advantages Of The Best Property Strategy of 2024?
One of the reasons that the Residential To Furnished Holiday Let strategy is the best property strategy of 2024 is that it requires a low initial investment. Depending on your specific circumstances, you can even get a 95% mortgage! You will also be living in the property while doing the refurbishment, further cutting costs.
There are other advantages, such as tax. Again, depending on personal circumstances, you could make massive savings on stamp duty, and if you decide to sell the property, capital gains taxes. Seek independent legal advice to understand what taxes apply to your situation.
How Can I Use The Best Property Strategy of 2024?
How you can use the best property strategy of 2024 will depend on a number of factors. Are you a first time buyer? What is your income, and how much are lenders willing to loan you? Do you know how to maximise the value of a property while minimising refurbishment costs? If you are serious about taking action, you will need education and training.
You can start learning by watching my videos and reading my books on the topic. But at some point you will need to find professional training, whether that is with me or someone else. If you are interested in being trained by me, in the next section I will give you an offer that you won’t be able to turn down!
The Best Property Strategy of 2024 And Other Property Strategies
If you want to learn the best property strategy of 2024 and other property strategies, why not learn from a property expert? Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
