The Wilsons - 875 buy to let property empire

mewbie_2

Am I the only one who every time the 'line of credit' is mentioned has a (fairly fond) memory to being with friends and an LP cover, a razor blade and a tingling in the nostrils.

Alan_M_2

carolt wrote: »

Not a great business plan - relying on HPI at the height of a giant property bubble! Sure it worked just fine when they started, but one wonders how long it will be before they crash, if they've stuck to that as a way of making money?

It's speculation, pure and simple, but it's a business that worked for them, made them wealthy and has likely given them enough of a capital base to ride out the storm.

I'm used to reading generalisations and assumptions on this forum, but some in this thread are quite amusing.

We have a rough idea how many houses this couple owns....800 or so.

We have no idea how it's financed, or what the current LTV% is.

We have no idea what legal entity this business takes (Limited Company, Partnership etc)

However, even with such little information posters are able to quote how much these people are ""losing" daily and seem to state as fact they'll be bankrupt this time next week.......get a grip, you haven't got a clue what position these people are in.

Unless you have any firm facts, stop the nonsense, it's of no interest or relevance to anyone.

MissMoneypenny

Alan_M wrote: »

However, even with such little information posters are able to quote how much these people are ""losing" daily and seem to state as fact they'll be bankrupt this time next week.......get a grip, you haven't got a clue what position these people are in.

I don't think there is any doubt that they are losing daily (as the value of houses are dropping fast) but I don't think they will go bankrupt as they started BTL in the late(?) 90s and quickly built up their portfolio - at the right time.

Fergus said in that original programme that house go up and house go down, but they go up in the end. I think the problem is now is that things are going to get bad and Fergus did say on a recent programme that they would sell for 250m. The problem is as Gen(?) said, they have a lot of properties in a small area. If they try to put even just some of those houses on the market, they will push the prices down further, and lose more money. They need someone who will buy the lot - and the Russians aren't stupid. Why buy at 250m, when they can buy it for a lot less next year.

The smart people are already out of the market and I think the Wilson's missed the boat - but I wouldn't mind having their problems:D

Generali

MissMoneypenny wrote: »

The problem is as Gen(?) said, they have a lot of properties in a small area. If they try to put even just some of those houses on the market, they will push the prices down further, and lose more money. They need someone who will buy the lot - and the Russians aren't stupid. Why buy at 250m, when they can buy it for a lot less next year.

I'm not sure where this Russian thing comes from. Why would a Russian oligarch be interested in buying a fairly scruffy bit of Kent of £250mio? I can think of many better investments.

MissMoneypenny

Generali wrote: »

I'm not sure where this Russian thing comes from. Why would a Russian oligarch be interested in buying a fairly scruffy bit of Kent of £250mio? I can think of many better investments.

I seem to recall that Fergus said it. Perhaps that Russian thought that house prices could only go up?:D

carolt

Alan_M wrote: »

It's speculation, pure and simple, but it's a business that worked for them, made them wealthy and has likely given them enough of a capital base to ride out the storm.

I'm used to reading generalisations and assumptions on this forum, but some in this thread are quite amusing.

We have a rough idea how many houses this couple owns....800 or so.

We have no idea how it's financed, or what the current LTV% is.

We have no idea what legal entity this business takes (Limited Company, Partnership etc)

However, even with such little information posters are able to quote how much these people are ""losing" daily and seem to state as fact they'll be bankrupt this time next week.......get a grip, you haven't got a clue what position these people are in.

Unless you have any firm facts, stop the nonsense, it's of no interest or relevance to anyone.

My post was based on MissMoneypenny's, which does describe their business model. I've no idea as to the rest of it, so not quite clear why you chose to quote my post?

m00m00

Generali wrote: »

I'm not sure where this Russian thing comes from. Why would a Russian oligarch be interested in buying a fairly scruffy bit of Kent of £250mio? I can think of many better investments.

well one of them bought Chelsea FC, which shows they might have money, but not necessarily common sense.

baby_boomer

:rotfl:

I thought the main point of buying footie clubs was to give them a hobby & ensure that there would be a diplomatic incident if Putin had them arrested for fraud.

brit1234

baby_boomer wrote: »

:rotfl:

I thought the main point of buying footie clubs was to give them a hobby & ensure that there would be a diplomatic incident if Putin had them arrested for fraud.

Chelsea football club is simply about laundering stolen Russian state money. While managing a state oil company he sold off oil at a huge discount to another private company he owned and then sold that at full price making Billions in profit. The prophet is then laundered through the football club and other property.

Dithering_Dad

brit1234 wrote: »

Chelsea football club is simply about laundering stolen Russian state money. While managing a state oil company he sold off oil at a huge discount to another private company he owned and then sold that at full price making Billions in profit. The prophet is then laundered through the football club and other property.

And Abramovich isn't taxed by the UK on any of his foreign wealth despite him having UK residency status. Ditto for all of the Russians and other foreign millionaires/billionaires, hence the reason they're all living in the UK.