The Wilsons - 875 buy to let property empire

ad9898_3

Capitalism works for the most part, trading goods and services to make a profit. However the Wilsons are the worst type of capitalism, the word "scum" comes to mind, as their "goods and services" are morally bankrupt, trading in peoples dreams and making a profit out of the basic human need, "somewhere to live".

That first photo says it all, like someone said a "power photo", looking down on the "small people".

This is what the government and to some extent the BoE have allowed to happen with their "low interest rate policy" over the past 8 years. These people aren't clever they have simply MEWed property to buy more property.

I hope they go to the wall, time will tell

RabbitMad

ad9898 wrote: »

their "goods and services" are morally bankrupt,

What? how is providing a private rental morally bankrupt? DOes that mean Maggie was correct in trying to get people to buy their council houses to prevent the councils being morally bankrupt?

ad9898 wrote: »

trading in peoples dreams

How are they trading in peoples dreams? I don't know many people that dream of renting a house for the rest of their lives. Most people dream of being able to buy somewhere to give them security.

ad9898 wrote: »

and making a profit out of the basic human need

such as something to eat. Bloody farmers, how dare they make money growing food for us?

ad9898 wrote: »

I hope they go to the wall, time will tell

Completely agree, I think their business model is flawed and is based upon pure greed, if they weather the storm then fair play to them but I have the feeling that their foundations aren't as firm as they think.

What I don't understand is if they have bought up whole estates from the developers are reduced rates, why they didn't just buy the land themselves and develop it thus getting the profits from developing it too?

dopester

RabbitMad wrote: »

How are they trading in peoples dreams? I don't know many people that dream of renting a house for the rest of their lives. Most people dream of being able to buy somewhere to give them security.

Maybe by representing the extreme side of the "property-class" who buy up the supply of houses, forcing up the prices, up and up and up, to crazy levels, and denying FTBs the opportunity to buy at a realistic price.

You can deny it, but 300% HPI says more and more people got in to the landlord game, having the advantage over FTBs that they could use equity release on their existing homes with cheap and easy credit...

..then equity releasing again on the subsequent HPI, then same again, over and over, constantly pushing up market prices until FTBs couldn't compete to extreme prices... and so some might say the Wilson's have traded in people's dreams, as they now renting in the Wilson's 485 houses - or other landlords places, instead of owning their own home at a realistic price.

Good point about the Wilsons's missing opportunity to go the whole way and develop, but maybe that was a bit too much like getting their hands dirty and like real work.

fatpig_2

" I'd love it if these two vultures went bankrupt.

I'D JUST LOVE IT! "

videoking

i watched these peaple on tv they bought most of the houses of plan at 20% discount offered 20% below market value to peaple selling were they had a lot of houses bought farmimg land cheap and got planning permission to build dream house. they were pertrayed as just shewd bussiness peaple they charges less than the going rate on rents to fill them up ie if the house was £800 a month to buy they charged £700 when the prices went up the rent went up.

Edale

If we take the latest halifax figure on HPI then they have lost over £4,000,000 in August and over £28,000,000 since the start of the year. It would be really interesting to know how much equity they really had but it has got to start hurting them soon.

Generali

Edale wrote: »

If we take the latest halifax figure on HPI then they have lost over £4,000,000 in August and over £28,000,000 since the start of the year. It would be really interesting to know how much equity they really had but it has got to start hurting them soon.

As long as they have positive cashflow they shouldn't have a problem as they should have no problem making their loan payments. The problem start for them if:

1. A loan has to be refinanced and they don't have the equity to get a secured loan

or

2. Rents fall or they have a loat of voids so that they can't make the loan payments

If, as I believe, this is a one-off repricing of houses (ie house prices are going to fall substantially and stay at that new lower level) then at some point they may well have problems as no loan lasts forever. I may be right, I may be wrong. Time will tell.

dopester

Rightmove with Property-Bee is showing so many houses in Ashford, Kent crashing hard.

Lots of hefty cuts as sellers try to get out.

Random example in crAshford




And if this article is anything to go by, his foray in to horse racing hasn't seen him become that popular with the horsey crowd either.

Fortunately Fergus Wilson claims to be retiring when he is 60, in a few weeks time. Not many people in racing will be sending him a birthday card but everyone will be pleased to see the back of this menace.

He is certainly a terrible racehorse owner, and like many of his tenants, racing will be be happy to see the back of him.

Edale

Generali wrote: »

As long as they have positive cashflow they shouldn't have a problem as they should have no problem making their loan payments. The problem start for them if:

1. A loan has to be refinanced and they don't have the equity to get a secured loan

or

2. Rents fall or they have a loat of voids so that they can't make the loan payments

If, as I believe, this is a one-off repricing of houses (ie house prices are going to fall substantially and stay at that new lower level) then at some point they may well have problems as no loan lasts forever. I may be right, I may be wrong. Time will tell.

This may be a bad assumption and if their interest bill hasn't gone up considerably it could soon, all conjecture I know. I wonder if there are many other Wilson's out there that are not so keen on the limelight.

Pobby

There`s quite a few comments, some rather witty, from the lads @ HPC.

http://www.housepricecrash.co.uk/newsblog/2008/06/blog-fergus-wilson-a-buy-to-let-landlord-with-properties-talks-to-the-bbc-13895.php