The Wilsons - 875 buy to let property empire

Welshwoofs

I seem to remember this couple appearing in a documentary about the property market 2-3 years ago.

I'm sure, at the time, in respose to a question about their strategy they said that the rents they charged only just covered the mortgages on the properties and they were looking to make the profit from rising property prices.

If that's so, with falling house prices and falling rents, I'd guess they're deep in the merde.

In the words of Nelson Muntz....

poppy10_2

Fergus and Judith Wilson, Kent’s biggest landlords, are considering selling a substantial number of their homes, it can be revealed.
Fergus Wilson, who recently turned 60, admitted this week that he did not want to be the richest man in the graveyard.
The Wilsons own more than 700 properties across the county, but mainly in Ashford and Maidstone.
They have made a fortune from their investment and made The Sunday Times Rich List with assets valued then at around £300 million.
Mr Wilson revealed that a number of property companies had shown interest in buying some of their portfolio. Around 300 properties could be involved in any deals.
The fall in property prices – or at least a flattening in values of the typical three-bedroom terrace home owned by the Wilsons – has prompted them to consider a sell-off.
“We’re making our money out of capital gains,” Mr Wilson said. “If there is to be no capital gain in the next three years, we might as well sell them now.”
Mr Wilson said that as far as buy-to-let investment was concerned, the party’s over.
The Wilsons made their fortune by investing in a rising market, with minimal or nil deposit. Now buy-to-let lenders, if you can find them – Bradford & Bingley now being broken-up was a major buy-to-let lender – are demanding up to 35 per cent of the purchase price.
“There’s not going to be an awful of capital appreciation in the next three years,” Mr Wilson added. “You must think it’s time to go.
“My wife and I are quite clear – there won’t be much more capital gain and we might as well knock it on the head as early as possible.
"If somebody came along and we could get the right deal, we would be mindful to do it.”
http://kentonline.co.uk/kol08/article/default.asp?article_id=49377

GDB2222

"If somebody came along and we could get the right deal, we would be mindful to do it.”

Right deal? Well, any deal at all really.

brit1234

poppy10 wrote: »

"If somebody came along and we could get the right deal, we would be mindful to do it.”

Yes I know there are a lot of self harmers in this country but I doubt there are many with £250 million in spare cash.

Buy Buy Fergus.

Anyone for a sweep steak to say when he goes bankrupt. I reckon just before Christmas. :rotfl:

Conrad

These people I suspect are mortgaged to the hilt - you simply cant aquire that much property in a short time span without continuous re financing.

To sell anything at the mo, the price needs to be back to late 2004 price point.

Smart investors like those on housepricecrash saw this back in 2004, even a muppet like me offloaded around 06 so how the heck did these bloaters end up mis - timing so badly. Arrogance and lack of foresight as ever.

They could easily make a fat loss.

neverdespairgirl

Conrad wrote: »

These people I suspect are mortgaged to the hilt - you simply cant aquire that much property in a short time span without continuous re financing.

You said that back in July, and you were right then as well (-:

You dont build a portfolio like that, without heavy borrowing, it just woudn't happen.

I bet these smug teachers have a pretty slim equity slice. Seems immoral to me, that these two think they should own the homes that 811 families might otherwise own, all for thier own ungodly greed.

mummyfrugal

I don't really like being negative about successful people, but I feel in this case that it is justified.

How would you feel if you were a first time buyer there that you could not afford a house because they were all snapped up by this couple in your area? I believe that she bought 19 houses in one day (that you have to agree is greed really). They must be bad landlords if they end up on Watchdog (no angel ends up on there).

If they have so much money, why don't they go and buy the houses that are not first time buyer territory???? It is people like this (and there are many) that have over-inflated house prices in this country by snapping up the first time buyer stock and getting re-mortgages to fund even more buying. Making it a misery for first time buyers to get on the ladder.

I own a 'first time buyer' property, a little terrace that I've had to reduce down by 11,000 I cant afford to reduce it anymore because I bought it nearly two years ago. Its sooooo agrivating and annoying and frustrating to know that all that I have worked for and struggled to buy is now worth so much less due to these people and the greedy banks. I have been told to rent out, but I don't want to do this - I feel a home should be precisely that - a home.

As ever, its the hard working people who lose out and those who sit on piles of money who have a laugh at our expense.

So to sum up, I think there should be a law - if you are not a good landlord your property is auctioned off - those not fit to be landlords should not be allowed to. How can they possibly argue that they look after all those houses and the people who rent off them effectively? No, they will be sat on their fat backsides counting the money (probably laughing at the Watchdog show). Others aren't so lucky - repossessions are up and families are in distress! (and I bet they are there at the auctions waiting to snap up more with their greed).

I have all the admiration for people who build up businesses or work hard all their life - only if it is not at the expense of others.

neverdespairgirl

poppy10 wrote: »

Fergus Wilson, who recently turned 60, admitted this week that he did not want to be the richest man in the graveyard.

He's likely to get his wish!

Gorgeous_George

Housing associations snapped up thousands of homes direct from the councils. Are they equally greedy?

They may be stupid for exposing themselves to so much risk. Or, just maybe, it is us who are stupid for allowing such lax bankruptcy laws that make risk taking on such a large scale worthwhile.

They will have loads of money salted away such that, if they go bankrupt, they will still be richer than most of us. If they go bankrupt, that will be an awful lot of people looking to find new tenancies while the houses they once called home stand empty. Ghost towns.

Of course, there is nothing in this old article that suggests that they will go bankrupt.

I don't think a buyer will be coming along any time soon so they will continue to be reluctant LLs for some years yet. If I was then, I'd employ a manager and choose a beach somewhere sunny.

I don't understand why people are so bitter (envious yes, bitter no). Surely they have saved hundreds of people from suffering the current downturn.

GG

dopester

You don't half talk a load of rubbish at times GG.