Meet the Wilsons Part2 - Fergus goes mad on Radio 5

chewmylegoff

one presumes that they had to MEW like crazy on all the older properties they owned to get enough cash together to provide deposits to keep their buying spree going.

the £150m bank debt divided by 900 houses suggests a debt of £167k per house.

looks from right move as if the average price of a 2 bed house in the area is now about £150k.

oops.

i expect the first thing they will do is write to all their tenants offering a "deal of a lifetime" to purchase the house they are renting for some idiotic valuation.

they're screwed really. i can't see them managing to sell their business as a going concern.

still, i hope they don't end up bankrupt, as i don't want to have my taxes paying for their miserable existance.

Generali

Bringing back debtors prison would have gone a long way to solving the problems we see at the moment.

That or making me Benevolent Ruler and Grand Poobah of course.

scousethife

which ones the woman?

Generali

scousethife wrote: »

which ones the woman?

Is it a trick question?

Ian_Griffiths_Halifax

scousethife wrote: »

which ones the woman?

It's hard to tell. All I can see is a pair of t!ts.

Zandoni

moanymoany wrote: »

If he is selling a house with a tenant - surely that will reduce the asking price. If he wants to sell them vacant he will have to chuck 900 tenants out.

He finds himself with a whopping great big dilema.

He hasn't got 900 tenants there are a number of his houses that haven't been let for a long time.

How does he get the media to quote him verbatim, surely they should investigate his claims. Every story states a different number of house owned.

Gorgeous_George

Rental value = £650 per calendar month.

My valuation = £65K (for BTL to work, my rule of thumb assumes the house is worth 100 x monthly rental value).

Thank God they gave up teaching our kids mathematics.

GG

Generali

Zandoni wrote: »

How does he get the media to quote him verbatim, surely they should investigate his claims. Every story states a different number of house owned.

Because these are lazy, cheap stories. Journo shows up, asks a bunch of questions and buys interviewee lunch (or claims to for the purposes of expenses) then writes up the piece, usually uncritically. Everyone's happy.

I remember a piece in the Torygraph in their Weekend section about some Asian bloke (his race was critical to the piece as he claimed that being the son of an immigrant from India gave him specific business advantages) who was putting down deposits on flats and selling them on before completion. He had made a bunch of cash and was busy doubling up his investments (if he was to be believed) to the extent where he claimed in the interview that he had deposits down on so many hundred flats. The flaw in the plan was clear, what happens if prices fall?

The journalist, instead of picking up on this wrote something along the lines of, "I don't really understand how this works" while writing probably 1,000 words extolling the virtues of what this young chap was doing.

neas

Love it... he bought up all the houses for BTL.... but in the end is going to end up with nothing... when he thought he was rich. He will declare bankruptcy and end up with nothing as he is about to retire...

Sweet justice indeed... I suppose he has stopped others from being in neg equity from buying the lasty few years... so we can thank him for getting all the neg equity and negative profit ... sure he got a few good years living the high life but now its coming back to hit him .

Love it... I'd love to do a simpsons 'Ha ha' at him for being a greedy piggy pig.

Gorgeous_George

Generali wrote: »

I remember a piece in the Torygraph in their Weekend section about some Asian bloke (his race was critical to the piece as he claimed that being the son of an immigrant from India gave him specific business advantages) who was putting down deposits on flats and selling them on before completion. He had made a bunch of cash and was busy doubling up his investments (if he was to be believed) to the extent where he claimed in the interview that he had deposits down on so many hundred flats. The flaw in the plan was clear, what happens if prices fall?

It works by the fraudster making £££s in a rising market and declaring himeself bankrupt when the market turns.

Fraudsters are likely to have made £millions this way (not that I'm implying that the gentleman in question is a fraudster) and it's all legal.

neas wrote: »

Love it... he bought up all the houses for BTL.... but in the end is going to end up with nothing... when he thought he was rich. He will declare bankruptcy and end up with nothing as he is about to retire...

Sweet justice indeed... I suppose he has stopped others from being in neg equity from buying the lasty few years... so we can thank him for getting all the neg equity and negative profit ... sure he got a few good years living the high life but now its coming back to hit him .

Love it... I'd love to do a simpsons 'Ha ha' at him for being a greedy piggy pig.

In your dreams. He will be a TV star. Idiots will buy his book.

And there'll be plenty of cash buried in the garden.

GG