"Buy to let is a wonderfull thing" Landlord on BBC

brit1234

Hi, here is an interesting video of a buy to let landlord calling Buy to Let a wonderfull thing.


:exclamati However beware the clich! remark "It doesn't matter we are in it for the long run":exclamati


http://news.bbc.co.uk/1/hi/business/7662750.stm

Enjoy.

Gorgeous_George

The man talks a lot of sense.

1. BTL works if the business model is sound.
2. BTL Properties are well-maintained (better than a FTBer might afford).
3. BTL model hasn't worked for a few years.
4. Some people got carried away and bought unprofitable BTL properties.
5. He is in it for the long term. Prices fluctuations up or down are expected, normal and incidental.

Nothing wrong with his thinking.

Seems to me that some people on this board just like to have a pop at all BTLers, good and bad. If it was reserved for bad LLs it would be reasonable but to use the broad brush approach reveals an underlying streak of jealousy IMHO.

If somebody buys a house, renovates it and rents it out at or below market rate while complying with all the legal requirements regarding health and safety, tax etc., what's the problem? Somebody gets to rent a house that they choose and avoids all the pitfalls of home-ownership.

If someone buys at a price that makes the property unprofitable, what's the problem? Someone gets to rent a house at the LL's expense.

Brit certainly seems to have a chip on her shoulder.

GG

brit1234

Gorgeous_George wrote: »

Brit certainly seems to have a chip on her shoulder.

GG

I've gone through gender realinment on this post it seems.:D

I just don't like the way buy to let has priced first time buyers out of the market by targeting first time buyer homes. Its unfair competition, simple as.

I have nothing against people doing up properties, my issue is properties that don't need doing up being bought on mass.

Back to the video, he says he is in it for the long run because he can't sell as prices have come down to much and he has no choice to go on.

mewbie_2

Gorgeous_George wrote: »

If somebody buys a house, renovates it and rents it out at or below market rate while complying with all the legal requirements regarding health and safety, tax etc., what's the problem? Somebody gets to rent a house that they choose and avoids all the pitfalls of home-ownership.

I absolutely agree 100%.

However, if someone attends an InsideTrack course, mews their family home in order to build a tower of debt, and then convinces every other twit they associate with to do the same - building up an unsustainable bubble of houseprices and debt - then I am 100% of the other persuasion.

Normally stupid people invest and screw themselves. In this case they have screwed everybody with HPI over the last few years, and are now screwing everybody as the scam collapses.

Gorgeous_George

brit1234 wrote: »

I've gone through gender realinment on this post it seems.:D.

I wasn't sure but you sound like a girl and Brit is a girl's name. I bet you drink lager - girlie!

GG

hethmar

How many homes are owned by btl do you know?

mewbie_2

hethmar wrote: »

How many homes are owned by btl do you know?

There are understood to be nearly 1 million buy-to-let landlords in the UK, with the numbers ballooning in recent years.
It is estimated that 340,000 loans and remortgages were granted to buy-to-let landlords in 2007 - more than the total amount of loans to first-time buyers. Many landlords have portfolios of 50 or more homes

http://www.guardian.co.uk/money/2008/feb/22/buyingtolet.personalfinancenews

brit1234

hethmar wrote: »

How many homes are owned by btl do you know?

10% of the whole market, with the majority 1-2 bed properties which are normally starter homes for ftb.


Brit = Britian not Britney (thought the Union flag gave that away):eek:

beingjdc

Buy to let should smooth the market - the higher prices get, the less it makes sense, the fewer buy in, the more properties are released for first time buyers to stop prices spiralling. The lower prices go, the more get in, stopping prices slumping completely.

Instead buy-to-let has operated like a herd of hyperactive lemmings, piling in at the top of the bubble to inflate it a little bit further, and now thousands trying to panic-sell at the steepest point of a slump.

Gorgeous_George

brit1234 wrote: »

Back to the video, he says he is in it for the long run because he can't sell as prices have come down to much and he has no choice to go on.

You are hearing what you want to hear.

He says that he is not a speculator and bought them for the long term. He said he couldn't sell. He did not say he would like to sell. He went on to say that he could sell if they were £100 (one hundred pounds).

GG

jamescredmond

Gorgeous_George wrote: »

The man talks a lot of sense.

1. BTL works if the business model is sound.
2. BTL Properties are well-maintained (better than a FTBer might afford).
3. BTL model hasn't worked for a few years.
4. Some people got carried away and bought unprofitable BTL properties.
5. He is in it for the long term. Prices fluctuations up or down are expected, normal and incidental.

Nothing wrong with his thinking.

Seems to me that some people on this board just like to have a pop at all BTLers, good and bad. If it was reserved for bad LLs it would be reasonable but to use the broad brush approach reveals an underlying streak of jealousy IMHO.

If somebody buys a house, renovates it and rents it out at or below market rate while complying with all the legal requirements regarding health and safety, tax etc., what's the problem? Somebody gets to rent a house that they choose and avoids all the pitfalls of home-ownership.

If someone buys at a price that makes the property unprofitable, what's the problem? Someone gets to rent a house at the LL's expense.

Brit certainly seems to have a chip on her shoulder.

GG

ftr, gg: you can count me out of the 'I hate all l/lords'.

maybe brit is confusing the long term, responsible LL's with the 'new kids on the block', who - I think I'm right on this - took sub-prime advice re 'shore up your pension and dislocate the market' and the mugs who got involved 'because dave down the pub said so'.

btw: I have no issues with brit's transgender worries.