How to Negotiate BMV Property Deals - How To Get Discounted Houses (Below Market Value)

  Рет қаралды 32,056

Jack Smith

Jack Smith

Күн бұрын

In this video I want to unpack my approach on how to get discounted properties. Negotiating below market value deals is a skill that needs to be practiced. If you want to be a good property investor or business person, you need to be good at negotiating.
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#negotiating #propertydeals #flippinghousesuk

Пікірлер: 141
@tomday_td
@tomday_td 3 жыл бұрын
Mate this info is literally gold, smashing it
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Cheers bro!🙏
@nii-boyewebsterafotey7827
@nii-boyewebsterafotey7827 3 жыл бұрын
your videos are so informative... seriously bruh. Thank you.
@FSshizz
@FSshizz 3 жыл бұрын
Really enjoying your videos mate great top value 😎👍 keep them coming!
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Really appreciate that bro 🙏
@georgelucas3847
@georgelucas3847 2 жыл бұрын
Proper content this mate 🙏🏼 an actual strategic way to get around this part of the job, top man
@Bmg555
@Bmg555 3 жыл бұрын
Great stuff once again, thank you for giving up your time to help 👍
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
🙏
@LucienandVic
@LucienandVic 3 жыл бұрын
Love your videos! Been taking notes and everything! 😍🙏🏼😂
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Glad to hear it👌📈
@Henry-rp8fw
@Henry-rp8fw 3 жыл бұрын
Great stuff mate, it's good because you can use that trick question to negotiate literally anything
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Mate it’s so true! I bought a golf club almost half price by asking that question the other day 😂
@zondahyt45
@zondahyt45 2 жыл бұрын
Great vid, I’ll be using that question in future 🤝
@vladilazarov8854
@vladilazarov8854 3 жыл бұрын
Another great video. Keep it going Jack. In 5-6months you will be at 10K
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Thanks man🙏
@kevins9560
@kevins9560 2 жыл бұрын
Loving this video Jack! Really useful! I am planning to implement that going forward. Does this work with Estate Agents? And if not or if it is similar how so?
@wardiya3arbiya
@wardiya3arbiya 2 жыл бұрын
Clear and honest advices. Nice!
@louism.4980
@louism.4980 2 жыл бұрын
Great advice, thanks Jack!
@magpieky3836
@magpieky3836 3 жыл бұрын
Another great video, would like to see more of what you do to your properties
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
For sure! I’ve got a video coming out next weekend about a property I’ve just finished 👍
@sirajhajififty
@sirajhajififty 3 жыл бұрын
Wow 🔥 I am gonna apply this, it really helped
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Glad it was helpful!🙏
@umarbuttar8059
@umarbuttar8059 3 жыл бұрын
golden words mate . thank you
@virajvinil7552
@virajvinil7552 2 жыл бұрын
cool video intro. love your channel mate, Good luck
@TheMalcolms7
@TheMalcolms7 3 жыл бұрын
Wow. Another fire video bro ✋ Love the tactics. I didn't even realise that I was using these tactics also until you just broke it down 😂. I will enjoy practicing these once lockdown is over. I will go and do some house viewings.
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Yeah bro! Valuable tools! Get on those viewings man 👌
@FreeyourFinance
@FreeyourFinance 3 жыл бұрын
Really great tips on negotiation Jack. You’re right, this can be used in so many parts of life!
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
It’s so true 👌
@George772George
@George772George 3 жыл бұрын
Another great video!
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Cheers George! 👌
@ilonaa2139
@ilonaa2139 3 жыл бұрын
You are great mate! Thank you for the tips
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
You’re great!
@sulekcentrall
@sulekcentrall 3 жыл бұрын
Such a great speaker! Your an inspirational to me as I want to do what your doing in 3 years when I’m 18. How many properties do you have? And do you buy to let mortgage your properties to get the funds? Great vid with great tips mate
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
I buy and sell so am not holding any of the properties I’m buying just yet. Taking on another at the moment and looking at scaling up very rapidly over 2021. I use investor finance and pay cash for the whole thing 👍 Keep investing in your knowledge man! You’ll be in such an amazing position when you’re 18
@ht9763
@ht9763 3 жыл бұрын
Fantastic info. Thank you!
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
You’re welcome 👍
@roathripper
@roathripper 3 жыл бұрын
I like your style Jack! Nice tactics.
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Thanks! Appreciate it🙏
@dom9415
@dom9415 3 жыл бұрын
Best video I've seen on this! Cheers jack
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Cheers Dom! You looking at investing too?
@dom9415
@dom9415 3 жыл бұрын
@@jackdavidsmith yeh, I'm still in college but hopefully in a year or so I'll have learnt and saved up enough to give it a go
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Yeah man 100%! You’re gonna smash it! Focus on getting educated and building up some capital and you’ll be in such an amazing position
@dom9415
@dom9415 3 жыл бұрын
@@jackdavidsmith Thanks man!
@onenation9510
@onenation9510 3 жыл бұрын
Great video A+!
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
👍
@namz2k11
@namz2k11 3 жыл бұрын
really easy to understand, dont even do BMV but feels like I know what to do now hah
@superpantman
@superpantman 2 жыл бұрын
When buying houses in the £300-350k bracket it starts getting very expensive in fees. Stamp duty can be £6000+ and estate agents will be eyeing up potentially 10k on the sale. That's not before you sell your current house and the fees associated with that. Just to switch between your house and a £325k house in the south east could cost you 25k just to move. That's before you've even started repairs. I would be much more comfortable flipping houses in the north where its cheaper but I don't want to be moving my life up and down the country like that.
@Rossinteriors
@Rossinteriors 2 жыл бұрын
Hi jack, for a first house if I was to get a residential mortgage, after completely flipping and refurbishing itwould I have to pay all the mortgage off before moving onto my second house/flip?
@keithstewart511
@keithstewart511 3 жыл бұрын
useful.thanks.
@bencoates1726
@bencoates1726 3 жыл бұрын
Hey Jack, great video mate! Could you do a more in depth video discussing how you work out the refurb costs of properties?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Yes! Doing a video on estimating refurb costs this week👌
@bencoates1726
@bencoates1726 3 жыл бұрын
@@jackdavidsmith Haha brilliant, I look forward to it :)
@alessandrobada3979
@alessandrobada3979 3 жыл бұрын
Mate you are smashing it, you're in the early 20s and already flipping houses successfully, but this is Samuel Leeds negotiation technique - he's not my favourite character but he deserves to be credited for it 😙
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Appreciate it man 🙏 you’re awesome. The technique doesn’t originate from Samuel. There are loads of people that use this and used it way before him.
@voiceoverguyharris
@voiceoverguyharris 3 жыл бұрын
@@jackdavidsmith but maybe vary the patter so it doesn’t sound word for word? Some good content on your videos jack. Keep up the good work.
@brathishan5611
@brathishan5611 3 жыл бұрын
Great upload Jack! When you go to view a property and potentially negotiate, are there any drawbacks in letting them know that your plan is to refurb and flip the house?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Thanks! The only drawback could be that they don’t feel comfortable you making a huge profit... or may be insulted if you say “this house needs a lot of work” 😂 it’s still their home
@brathishan5611
@brathishan5611 3 жыл бұрын
@@jackdavidsmith Very true😂 appreciate the reply bro 👍🏽
@jackbishop6640
@jackbishop6640 3 жыл бұрын
Loving the videos mate, been learning about property the past couple of months and one of the best channels that’s based in the UK. What do you know about Lifetime ISAs / Help to Buy ISAs? I’m looking at getting my first property in December/ January as my account for the Lifetime Isa would’ve been open for a year, but just wanted to ask to see if you knew about them and had any Tips? Another Great video
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
To be honest bro, I haven’t looked all that much into those ISAs. I opened a help to buy but then didn’t use it, not for any reason - just opened it and bought a house a week later so there was no money in it. They sound good especially if you’re buying your own home
@jackbishop6640
@jackbishop6640 3 жыл бұрын
Yeah that’s fair enough mate, you get 25% Gov bonus but you can only get a first time buyer mortgage... Ideally I want to refurbish the property and then sell it/ maybe rent it and just start building my portfolio. I’ll drop a comment in a couple of weeks to let you know where I’m at🤣 Thanks for the videos I’ve learned a lot already
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
@@jackbishop6640 yeah bro keep me up to date with how it’s going👍
@womblestacker7993
@womblestacker7993 3 жыл бұрын
Very bright for a young lad
@rossford1219
@rossford1219 3 жыл бұрын
How do you arrange viewings with the seller rather than the estate agent please? If you find a property on RightMove it’s almost always the estate agent you have to contact and they’re not going to introduce you to the seller directly.
@domsaneria7439
@domsaneria7439 Жыл бұрын
Agree, this is my thought. Just watched this video and it's a good strategy to ask open ended questions but yeah when do you have a direct to seller conversation?
@bilalraza2260
@bilalraza2260 2 жыл бұрын
Smashing
@huwhughes
@huwhughes 3 жыл бұрын
nice mate
@janosinski5617
@janosinski5617 3 жыл бұрын
Do you ask this question before anyone even mentions any price? Or after?
@barbiantal3639
@barbiantal3639 2 жыл бұрын
Thhis is really good. But what if I can speak only with the agent? How can I lower the price in that case? Is there any trick for it?
@bencoates1726
@bencoates1726 3 жыл бұрын
Also, would this type of negotiation work when dealing with agents?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Some of it applies but less so as it’s not them who will make the final decision
@pamsimpson3964
@pamsimpson3964 3 жыл бұрын
Great video! What negotiation strategy would use when buying through an agent?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Similar, except I would be building rapport with the agent by asking them questions about them, but asking questions about the seller as well. Why are they selling? Also, the soft offer works well. “Okay, so if I was to offer something like X, would that be something they’d be interested in?”
@pamsimpson3964
@pamsimpson3964 3 жыл бұрын
@@jackdavidsmith Thanks Jack. I'm viewing a few properties this week and will give your method a try.
@elxusticiero
@elxusticiero 3 жыл бұрын
Amazing video, truly appreciate the honest content that you're putting out mate. Really valuable stuff! Now, question... I viewed today a property direct to vendor where due to lack of time I had not done my DD about comparables. I built a good rapport and I told them that I would call them within the next two days with a figure. I can see that I already mentioned that I would put a number forward, as well as doing it over the phone which I guess doesn't follow your advice. What would you do in my situation now to maximise the chances of getting a good deal? Thanks again!
@chrisj5097
@chrisj5097 3 жыл бұрын
Smart guy. You’re going to do very well in life. When I was your age I was dumb as ....🤪
@craigjames8026
@craigjames8026 3 жыл бұрын
I've been a property investor for around 7 years now... I'm '27' I own half a million pounds worth of property. I feel the wording is exactly right, BUT unfortunately a lot of people have used 5%/10% deposits so can't go any lower than the asking price. I've done loads of viewings and quite a high amount of people will be stubborn and say "NO" or reply "what I'm asking" then you've wasted the agents time, the sellers time and your own. My time is very valuable. I use a completely different method to you, but I'll only be teaching my daughter all these tricks I use as I don't want anymore competition for myself. Goodluck to you building your KZfaq channel to earn money 👍 best of luck to you son
@Neddie2k
@Neddie2k 3 жыл бұрын
Lol, do you hypnotise the vendor.
@craigjames8026
@craigjames8026 3 жыл бұрын
@@Neddie2k how did you guess lol 👀
@siani5299
@siani5299 3 жыл бұрын
@@craigjames8026 what do you mean when you say alot of people have used 5-10% deposits does it affect the purchase price and why?.thanks
@craigjames8026
@craigjames8026 3 жыл бұрын
@@siani5299 Hi there, it means that if someone has used a 5% deposit for a mortgage on let's say a house worth £100,000 it means they owe the bank £95,000 so they can't take any less than what they're asking for it. Solicitor fees, mortgage exit charges and C-gains tax are very high. When you sell a property in the UK everyone wants their pound of flesh. Some people can't afford to go any less than what they're asking for.
@liftingbig6882
@liftingbig6882 3 жыл бұрын
Please teach me craig I just want a home...
@craigjames8026
@craigjames8026 3 жыл бұрын
Word for word, Samuel Leeds said the exact same stuff years ago.
@voiceoverguyharris
@voiceoverguyharris 3 жыл бұрын
Maybe he got it all from Jack though??
@pburzynskigoris
@pburzynskigoris 3 жыл бұрын
How it works with estate agents?
@netayconnection6236
@netayconnection6236 3 жыл бұрын
Just a question as well, where did you get your first investment money, if you didn't go for a mortgage.
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Bridging loan 👍
@cherris4
@cherris4 2 жыл бұрын
Can you negotiate only when it’s a cash purchase or applying for a mortgage too?
@jackdavidsmith
@jackdavidsmith 2 жыл бұрын
You can negotiate no matter how you’re buying. It’s about finding a win win. They may not be bothered whether it’s cash or not. It’s about working out how you can add value to them and their situation
@anasmohamed7110
@anasmohamed7110 3 жыл бұрын
Have you ever experiences very stubborn sellers? How do you deal with them, do you just walk away?
@helpinguser
@helpinguser 3 жыл бұрын
Hi jack Most viewings are done by the state agents.... how would you create an opportunity to get hold of the seller to have a chance of asking your magic question?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
I would do 3 things, try to organise a viewing late in an evening and say that’s the only time you can do. Agents will often just ask the owner to do it as it’s outside of their work hours. I would also just find their address and go and knock on the door and speak to them. Alternatively, if they don’t live at the address, you can find their registered address on the land registry and post them a letter direct
@liftingbig6882
@liftingbig6882 3 жыл бұрын
How do I use land registry to find the vendors address?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
@@liftingbig6882 you don’t use it to find the address, you use it to find the properties owner
@alexhenry9658
@alexhenry9658 3 жыл бұрын
Hi mate, Would you be willing to mentor someone ?
@tanodamorire
@tanodamorire 2 жыл бұрын
What is the answer to the magic question is: "the asking price"? How would you recover from that?
@gregrowley7050
@gregrowley7050 3 жыл бұрын
Interesting video, how many properties have you bought using these tactics?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
2. Had offers accepted on many though. I’m just getting started though so scaling up big time now and will continue to use this method 👌
@gregrowley7050
@gregrowley7050 3 жыл бұрын
You what?
@gregrowley7050
@gregrowley7050 3 жыл бұрын
Again, what?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
@@gregrowley7050 some spammers
@VM-xxx
@VM-xxx 3 жыл бұрын
Jack I have a question. What you will say if, seller will answer with answer? Like you ask: What the lowest you could accept and still be happy? Abs seller says: You say or what you could offer? Or any similar stupid question with same meaning. What you say to that?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
You'll have to redirect the question but also, depends on your scenario. I had this the other day when speaking with someone on the phone. I told them I couldn't give them an accurate offer as I haven't been able to see the house yet. Worst comes to worst, I give them a soft offer that is really low and then they'll give you a number... for example Me: "okay, what is I offered you £100k" Them: "£100k?! No way" Me: "Okay, I totally understand. So what could I offer that you would be happy with?" done. Make sense?
@VM-xxx
@VM-xxx 3 жыл бұрын
@@jackdavidsmith yep, far enough. It’s all about your communication skills. And how quick you brains work. Yours very quick)))) Cheers
@helpinguser
@helpinguser 3 жыл бұрын
Another question .. hope you don’t mind Do you tell them your looking to buy to flip / make money or do you make it look like your going to live there ect ? Thanks
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
If you’re going to flip it, be honest. I wouldn’t go around saying “yeah this house is in terrible condition so we’ll be able to add a lot of value”😂 but be transparent and honest. I always say it’s an investment property
@junecorriette6651
@junecorriette6651 6 ай бұрын
What if a company is holding the property hostage but the numbers work on my side
@singletotakentv9583
@singletotakentv9583 3 жыл бұрын
This is a pot of gold and genius. Thank you so much
@darrenhill9931
@darrenhill9931 3 жыл бұрын
Then again you could assume that walking away from what you were happey with yourself is also giving him/her time to reflect and have time to negotiate with someone else and recieve a better deal..
@namz2k11
@namz2k11 3 жыл бұрын
Yeah that's the problem these strategies are very subjective based on vendor. It's really trial and error
@Alexjh260
@Alexjh260 3 жыл бұрын
Hey Jack. Great video, tips are really helpful thank you. Got a question for you - i'm a first time buyer so never negotiated on houses before. There's one we like which is half finished (vendors split up) it's 15k below ceiling price and it's still a bit overpriced. We wanna offer like 35k less in the asking and be happy with 20/25k under realistically,, but it's through the estate agent. ...We haven't seen the vendor at all - how would you approach this?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
I would be very respectful to the agent and present the offer. At the meantime, if I really wanted to speak to the vendor direct, try and book a viewing and say you can only make an evening. Often estate agents will just get the vendor to do the viewing. Alternatively, knock on yourself and just speak to them or post a letter through the letterbox with your contact details
@Alexjh260
@Alexjh260 3 жыл бұрын
@@jackdavidsmith So the property isn't lived in either which makes meeting the vendors tricky
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
@@Alexjh260 go onto the land registry and you’ll be able to find the owner. It’ll cost you £3 but you’ll get the address of the owner
@Alexjh260
@Alexjh260 3 жыл бұрын
@@jackdavidsmith Legend. Thank you!
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
@@Alexjh260 no worries bro 👌
@ameenr9129
@ameenr9129 2 жыл бұрын
Extracts from Never split the difference
@sithukyaw9019
@sithukyaw9019 2 жыл бұрын
What is the lowest you could go and be happy with? I don’t need to go lower as many previous viewers are willing to give more than asking price
@s14vko
@s14vko 3 жыл бұрын
I'm guessing you went to Samuel Leeds course :)
@Brick_dont_hit_back
@Brick_dont_hit_back 3 жыл бұрын
Mostly you talk with agent and hi show you round...you can apply this advices if you would speak to owners which don't happen very often
@tradejournal
@tradejournal 3 жыл бұрын
Do you actually buy cash or use bridging finance?
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
Both
@highstakes1235
@highstakes1235 3 жыл бұрын
Regurgitating Samuel Leeds I see
@Stephneechan
@Stephneechan 3 жыл бұрын
People have tried this "what's the lowest you can go" thing on me as an ebay seller before and i usually just don't bother replying lol XD I'd rather wait for someone who wants to buy at the buy it now price or someone who gives me a tangible offer than someone who's clearly looking to lowball me lol. Not usually in a hurry to sell anyway. Obviously I don't sell houses on ebay but still :p
@jackdavidsmith
@jackdavidsmith 3 жыл бұрын
That’s the difference though, you’re aware of this and you’re not usually in a hurry to sell… one of the keys is finding motivated sellers
@Stephneechan
@Stephneechan 3 жыл бұрын
@@jackdavidsmith I wasn't aware it was an actual negotiation tactic though XD I just always viewed people who do it as timewasting lowballers. I'm a motivated enough seller, just motivated to get the price I want :p
@pburzynskigoris
@pburzynskigoris 3 жыл бұрын
wow a bity cheeky way to negotiate, but nicely planned
@jsingh_15_20
@jsingh_15_20 3 жыл бұрын
What if they doge the question?
@benharrington4344
@benharrington4344 3 жыл бұрын
£40,000 profit margin on that that scenario given is unrealistic
@GR-ir2bu
@GR-ir2bu 2 жыл бұрын
Speak to the vendor? How do you do that these days, only point of contact is usually the estate agent, never see the vendor when being shown round properties here.
@harrydhaliwal2461
@harrydhaliwal2461 2 жыл бұрын
Samuel leads
@GlobalZugCollector
@GlobalZugCollector 3 жыл бұрын
Your strategy is good but only works when the property is not in high demand. When something has many buyers after it, there’s no chance of doing this.
@user-dh1uu7sx1g
@user-dh1uu7sx1g 3 жыл бұрын
yeah correct however I think the aim is to find properties that are struggling to sell (not in high demand.) Of course, there could be other investors looking for property to refurbish but ideally, your goal is finding a property where competition is not the main priority.
@wilf7042
@wilf7042 2 жыл бұрын
Oh come on, who knocks £20,000 off the price of a £120,000 House with just a simple question!
@cliffwright1970
@cliffwright1970 2 жыл бұрын
Not bad videos - but PLEASE stop saying "What is up guys?" at the start 😁
@virtualmachinery3317
@virtualmachinery3317 3 жыл бұрын
Молоко на губі засохло
@sithukyaw9019
@sithukyaw9019 2 жыл бұрын
Try your methods in 2021, it won’t work
@tomastan4944
@tomastan4944 2 жыл бұрын
I do not think your negotiating techniques will work... No one is going to reduce their property price becos there is a lot of work to do. It does not work esp in london.
@jackdavidsmith
@jackdavidsmith 2 жыл бұрын
Have you tried it? It works pretty well for us and we negotiate on houses every day
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