(00:00):

Hi, it's Ian Jackson again. Today we're going to talk about the business I run which is Ethical Property Partners. We teach a lot of different strategies, but one of the strategies that we're going through at the moment with one of our members is a flip. So he's found an opportunity with a house that the guys got left, and they've managed to agree on a purchase price. But it needs a complete, back to brick as it were, re-plastered bathrooms, new kitchen, everything needs to be replaced inside the house. The person has lived in it for the last 30 years, and there is just not any other way to fix it other than a complete refit inside, refurbishment, and refit inside.

(00:49):

So we're in the process of doing that. And of course, some of the challenges there is that, Who do you look for?. You know, because you're going to need a joiner, plasterer, plumber. You're going to need carpets and all that sort of stuff. Where do you go? And this is one of the highlights of this. It's very important [inaudible 00:01:08]. We're nearly finished this project, and I was telling the rest of the team about it just this week. And I shared with them what our cost was and what we are at the moment, and they were quite amazed because they thought it would cost at least twice that. I'm a great person for trying to find people who are young in their journey as tradesmen because it usually means they're not at turnover, where we would have to pay VAT. And of course, there's nothing wrong with paying VAT. But the problem is that if you're VAT registered, like me, you can't get a back-end residential property, which is a real pain. But it's just the law, so we can't change the law just to make it suit us.

(01:51):

So it means if we can find someone that...I mean all the people we've found so far have all been...they're not over the VAT threshold. So that means we've saved 20% and all the labour costs, which is good. Now a wee point I'll share with you is that if you buy a property and you can prove it's been empty for two years plus, you'll get away with a 5% VAT rate on everything. So if you need to find out more about that, the best person to ask about it, quite honestly, is your solicitor, because he needs to be the one that puts it into motion in the purchase. So just to finish off, if you're interested in finding out more, I'm going to talk a little bit more about this in another video but don't want to make the video too long. So I'm going to break it up now. But if you want to find out a little bit more about what we do at Ethical Property Partners, we have a great discovery day coming on September 2nd.

(02:48):

And on the video here, we'll give you a link where you can find out a little bit more, and even go ahead and book on for the day. It will be during the day, but it will be done live on Zoom, just because we're just not there yet with the comfortability of everybody meeting in a room. And it will be led by me and Frank Flegg, who is the owner of the Ethical Property Partnership in Derby in the United Kingdom [inaudible 00:03:15].

(03:15):

So look, this is all I'm going to share with you right now. Have a look at that website because I think it's...we've got a lot of people like, we have two people, three people, at the moment out of the franchisees we have, who are going through the same program with three flips. So it's encouraging. And of course, doesn't always turn it the way you want, but you can't learn any other way. But why don't you do it with a coach like me, who can help and walk you through it? So this is Ian Jackson, I'll be back in another video with a little bit more information.