The Wilsons - 875 buy to let property empire

spuds_2

I had only briefly heard about this pair, but after reading this thread I can only hope their property empire comes crashing down and leaves them skint. What a pair of greedy, conniving, know-it-alls, all too ready to pull a fast one to make more cash.

They may be rich but they must be amongst the most hated people in Kent.

ad9898_3

spuds wrote: »

I had only briefly heard about this pair, but after reading this thread I can only hope their property empire comes crashing down and leaves them skint. What a pair of greedy, conniving, know-it-alls, all too ready to pull a fast one to make more cash.

They may be rich but they must be amongst the most hated people in Kent.

I don't think they are rich, perhaps only in their own minds:D,

Portfolio 127 million (and being kind)
Debt 150 million (according to Fergus on Radio 5, so that means 170 really)

In other words <drum roll> they are fooked. <snigger>

neverdespairgirl

scousethife wrote: »

why would anyone buy 900 houses in a free falling market?

I would. I'd give him £5k each for them, sell them to the tenants for £10k each, pay off the costs, and give the rest to Shelter.

Dithering_Dad

neverdespairgirl wrote: »

I would. I'd give him £5k each for them, sell them to the tenants for £10k each, pay off the costs, and give the rest to Shelter.

Do you have £4.5M going spare NDG?

I'm thinking of retraining in Law, it's obviously a very lucrative area!

MissMoneypenny

Dithering_Dad wrote: »

Do you have £4.5M going spare NDG?

I'm thinking of retraining in Law, it's obviously a very lucrative area!

I think you might have used too many zeros. 900 x £5 = 4,500

neverdespairgirl

Dithering_Dad wrote: »

Do you have £4.5M going spare NDG?

I'm thinking of retraining in Law, it's obviously a very lucrative area!

Well, before the credit crunch marlakey, I'd just have got my wallet out. Now I'll need to hunt down the bank of the sofa, obviously, as well.

Dithering_Dad

MissMoneypenny wrote: »

I think you might have used too many zeros. 900 x £5 = 4,500

Nope, NDG was offering £5k per property. She's too kind hearted to really screw the Wilson's and offer £5!

tintaja

Check out this little gem - an interview with the Wilsons from two years ago, they explain their 'magic formula' in more detail.

My favourite:

Mrs Wilson concurs, albeit in more measured tones befitting a former deputy headmistress. "You've got to say to yourself: 'What's the worst that can happen?'" she says. "The worst thing is that you'll have to sell the second house. But so what? You'll still have the one you live in.

and this one:

"The key is not to take it all so seriously. It's only a game. You have to remember we're mathematicians, so a million is just a one with six noughts on the end. It takes more than a few noughts to frighten us."


Just as well, i say...

link:
http://www.dailymail.co.uk/news/article-431224/How-maths-teachers-clocked-707-houses-240m-fortune.html

JayScottGreenspan

tintaja wrote: »

Mrs Wilson concurs, albeit in more measured tones befitting a former deputy headmistress. "You've got to say to yourself: 'What's the worst that can happen?'" she says. "The worst thing is that you'll have to sell the second house. But so what? You'll still have the one you live in.

What a moron. Even if you trade through a limited company, the personal guarantees required mean your own home is at risk, and any other assets you have are also up for grabs, including your pension fund (except any contracted out state second pension amounts, I believe).

tintaja

JayScottGreenspan wrote: »

What a moron. Even if you trade through a limited company, the personal guarantees required mean your own home is at risk, and any other assets you have are also up for grabs, including your pension fund (except any contracted out state second pension amounts, I believe).

Yep, but in the Wilsons La La Land one does not bother with such a thing, since they've done their 'research':

Research told them that over the past century, prices had doubled every seven years and various pointers convinced them this was set to continue indefinitely.[...] The most important was the law of supply and demand. Britain was then - and remains - chronically short of houses. Therefore, it will always be a seller's market.