Colossal Buy to Let Loss

carolt

Hate to get in the way of a good fight but fatpig, feel I must ask - you're not Napoleon, are you?

Animal Farm by Orwell popped into my head and I wondered if I'd been missing a trick all along... If not, profuse apologies for amusing connection.

Am finding all this who's who v confusing. Though quite comforting in a way - nice to discover that everyone who thanks dd is .... dd.

lostinrates

Back to the studio....

....its actually something we would, in our ideal life plan, consider buying for DH on weeknights, IF, and only if, i worked out better than renting longterm.
Its true that lots of week time commuters don't need kitchens (certainly very, very tiny ones at most) as they eat out or at work, and really many people just need a bed and a bathroom and some solitude. I think, for us anyway, there is a fundamental difference in the attitude in looking for a studio in London for four-five nights a week and looking for your home.

fatpig_2

chucky wrote: »

no need to retract - i'm just happy i don't have the anger that you have towards people who are trying to make a living.

Haha, I'm still waiting for the source of the quote. I called you an idiot. And then just in case anyone doubted the fact you went ahead and proved it. Well done. :rotfl:

Now toddle of back to school with your other alias justpurchased

Pobby

Back on topic. This, in a way, reminds me of a friend across the pond. Earning over £150,000 selling mortgages. Bought a property, about a year and a half ago it was valued @ £325,000. Job went ( mortgage broker), had to leave the property and rent as the house needs to sell pronto and I do hope that my friend gets as much of her deposit back as possible.

She had supposed that the house, in a very short space of time, would hit £500,000. The way they were going she may have been right.

OK, as everyone knows, I am and have been very bearish regarding the market and no doubt have been laughed at. Even when I was earning from my business very good money indeed I fought the urge to buy with cash a Jag, lol. I stayed in my humble home and boy am I glad I did! Mine and all my friends in business are seeing VERY sharp down turns in both profits and sales. I am talking about anything up to 70% peak to trough.

The guy who bought that flat, imho, was one of millions who, fed on the vi hype yelled from all quarters, that property was a one way bet.

fatpig_2

chucky wrote: »

funnily enough Fatpig I went back to the thread and it was deleted, yes deleted... It was something that AD44Downey had said and you quoted him and totally agreed with him.

it was asked before Fatpig but you never answered - what do you do for a living?

we can go to Private Message if you like - it would probably make more sense...

Case proved. At least now you've admitted that it was something someone else said and not me. I should be grateful for that at least though an apology would be nice. The whole thing still makes you like a bit of a fool though it has to be said. Gotta go now. I'll be back later for the full and frank apology.

Dithering_Dad

lostinrates wrote: »

Back to the studio....

....its actually something we would, in our ideal life plan, consider buying for DH on weeknights, IF, and only if, i worked out better than renting longterm.
Its true that lots of week time commuters don't need kitchens (certainly very, very tiny ones at most) as they eat out or at work, and really many people just need a bed and a bathroom and some solitude. I think, for us anyway, there is a fundamental difference in the attitude in looking for a studio in London for four-five nights a week and looking for your home.

Studios aren't a bad investment, it's just that you have to remember that the only people who you can sell them onto are other investors. No one in their right mind would buy a studio to live in - except maybe if the square footage was huge and it was more like an 'open-plan living' space.

This is why I don't understand the hatred aimed at this chap - the usual, and in my view, poor excuse for abusing BTLers is that they are buying up property and keeping FTB's out of the market. In this case, I seriously doubt an FTBer would want this property.

Where the guy went wrong was in getting into a bidding war - always a problem when egos get in the way. There is also always the worry that the other bidder is the seller (or a member of his family). This is one of the reasons I never bid against anyone too much on ebay - I have my price and walk away if it goes over it. Had the chap here done that he wouldn't be in this mess.

pizzagirl

Chucky, you seem to have tied yourself up in knots here. How can he have deleted a post that you've admitted was made by someone else?

Anyway back on topic. I was always led to believe that buying studio flats was a total no-no. Except for in London. But this example clearly shows this is not always the case.

Dithering_Dad

pizzagirl wrote: »

Chucky, you seem to have tied yourself up in knots here. How can he have deleted a post that you've admitted was made by someone else?

Anyway back on topic. I was always led to believe that buying studio flats was a total no-no. Except for in London. But this example clearly shows this is not always the case.

I also rented a studio apartment in Swansea while working on a project there. It was on the Marina and at a really decent rental price - again, I was only there for 4 nights a week and as most of the time is spent at work, it wasn't a problem. It was about £100 per month less in rent than a 1 bed apartment, which basically covered my council tax and other bills.

I guess the top priority is to make sure that the studio is close to a business centre because realistically the only people renting will be business types who use it during the week and are home at the weekends. You also have to make sure that there is a decent rental return for the price of the place. It never ceased to amaze me when I saw people getting into the BTL business where the rent was less than the mortgage.

pizzagirl

chucky wrote: »

not at all Pizza Girl - he deleted his own post and comments that contained a quote/post from someone else. no knots here duchess, sorry to disappoint you...

funny that you try to pick up on something like that, i've noticed that you and Fatpig seem to haver such a close relationship. you two go on every board together!!

Well you won't have any trouble finding the original quotation from the orginal poster, the one that fat pig quoted from, then will you? That's if it ever existed at all. :eek: Really some people have nothing better to do with their time

pizzagirl

chucky wrote: »

here you go Pizza Girl - Post Number 150

http://forums.moneysavingexpert.com/showthread.html?t=888715&page=8

should shut you up for a while...

That just proves that you were wrong all along. Someone else, ad44doney made the comment that you clearly stated fat pig had said. You said fatpig deleted a subsequent post but there's no evidence for that and you would say that anyway, wouldn't you?

Give it up now, will you, you're just making it worse for yourself.