Shame on you!!!!!!

safe

How can no capital gains be a positive incentive to be a property developer when you're losing 20k through fees by moving from house to house. Your business model is totally flawed and as much as I can't work out the hate for you on this thread I hope this has given you a wake up call and maybe kick a bit of sense into you.

I don't understand what is wrong with being a property developer though, the world needs them and there should be no more resentment about your chosen career than that aimed towards the thousands of brickies and labourers who are being laid off each week in the building game. If it weren't for developers, houses would be written off after 20 years or so of occupation.

I hope you have the ability to finish the renovation cheaply and don't sell it at much of a loss. Think you should be working on much cheaper properties that wont attract the huge selling fees and plan for the 'what ifs' in the future. I am sceptical about the modest profit your mentioning though but good luck to the future.

StevieJ

safe wrote: »

How can no capital gains be a positive incentive to be a property developer when you're losing 20k through fees by moving from house to house. Your business model is totally flawed and as much as I can't work out the hate for you on this thread I hope this has given you a wake up call and maybe kick a bit of sense into you.

I don't understand what is wrong with being a property developer though, the world needs them and there should be no more resentment about your chosen career than that aimed towards the thousands of brickies and labourers who are being laid off each week in the building game. If it weren't for developers, houses would be written off after 20 years or so of occupation.

I hope you have the ability to finish the renovation cheaply and don't sell it at much of a loss. Think you should be working on much cheaper properties that wont attract the huge selling fees and plan for the 'what ifs' in the future. I am sceptical about the modest profit your mentioning though but good luck to the future.

I think a lot of people thought he was on a wind up.

wymondham

DownintheDumps wrote: »

Thanks for the above Frank, getting fed up with justifying myself. They all think that the difference between what you bought and sold for is profit and don't count the money you spend or the money you have to keep back for the next one or the hard graft inbewteen. The bit you can take out is whatever is left over when you've bought the next one, you have to keep equity in hand for the deposit, the work and the fees and it is only a few thousand and anyone whose done it knows that.
To all you knockers I do it so I can work at home. With a 5year old with problems the wife needs a break and going off to another job as soon as I get in leaves her dealing with it on her own isn't an option, even if we swap and she sands doors for a few hours she's getting a sort of break from it. Best thing is you can fit it into what spare time you have and you work for yourself and the kids like to help there Dad and get involved so its family time aswell. I don't sepnd much time on here only half an hour every few days, always used to enjoy reading the threads until I posted and you started dissing me. At least I take pride in creating something useful from some old dump and providing a bit extra for the family and I'm beginning to think we might be ok with interest rates coming down so to those attacking me take a look at yourselves because what you say is more about you than about me.

It's probably about time to close this thread... you've come on, posted the problems, others have replied to which you disagree (which you're perfectly entitled to).. end of story. I fear if you continue to post replies you will then be inviting further judgement which you obviously don't seek. Good luck for whatever the future holds...

Kenny4315

Developing ain't easy by any stretch of the imagination. The main problem is that the UK workforce is full of workshy tradesmen. Who like to spend most of their time on mobile phones, having teas, smoking or generally working slowly, even if they are on a price one has to constantly be checking for short-cuts, and sub-standard efforts.

Luckily the downturn should give these guys a good kick up the backside, and the developing side should be alot easier, the selling side however is going to be very much harder, although buying will be cheaper. In another 6-9 month it should be the perfect time for a big development 12 month project say, low interest rates, 'tradesmen' desperate for work, house prices low, hold for a while and off-load.

chewmylegoff

DownintheDumps wrote: »

TBH I knew you'd call me a troll for confronting you with the reality behind this crash you all want so badly. Sorry for spoiling your fun and for suffering out in the open and not hiding away.

Thing is, you know people like me are out there so why do you immediately shout "troll" when one pops up? You talk enough about buy to let landlonrds going under and you love it maybe you don't love it so much when there's a real person behind it.

Call me a troll if it makes you all feel better revelling in other's misfortune but it won't make me any less real. Maybe I am a plonker for borrowing too much but I never made more than a few grand on each property, just a bit extra to pay for the odd holiday, special needs equipment for my youngest, nothing fancy or extravagant. Maybe it was a gamble but for people like me, it was a bit of much needed extra income. Now we're facing losing everything. I am not looking for help and I'm not looking for sympathy but the least you can do is hear me out and be aware i exist.

with all that development work to do on top of your day job and looking after your kids, it's amazing that you find the time to pursue pointless rants on the internet.

carolt

DownintheDumps wrote: »

TBH I knew you'd call me a troll for confronting you with the reality behind this crash you all want so badly. Sorry for spoiling your fun and for suffering out in the open and not hiding away.

Thing is, you know people like me are out there so why do you immediately shout "troll" when one pops up? You talk enough about buy to let landlonrds going under and you love it maybe you don't love it so much when there's a real person behind it.

Call me a troll if it makes you all feel better revelling in other's misfortune but it won't make me any less real. Maybe I am a plonker for borrowing too much but I never made more than a few grand on each property, just a bit extra to pay for the odd holiday, special needs equipment for my youngest, nothing fancy or extravagant. Maybe it was a gamble but for people like me, it was a bit of much needed extra income. Now we're facing losing everything. I am not looking for help and I'm not looking for sympathy but the least you can do is hear me out and be aware i exist.

What are you looking for, OP?

Just to get it off your chest?

I think people might be rather more sympathetic, TBH, if you hadn't started by attempting to blame them for your plight - it does tend to put people's backs up.

Life is tough, sometimes, and it must be hard on your kids - but sometimes you just have to be a man and take responsibility for your own decisions.

Learn from your mistakes, and hopefully it will all work out well in the long term.

No point being bitter - when you're down in the dumps is when you really need friends and support; more likely to get that if you attack others less and accept your own responsibility for the situation in which you find yourself.

scousethife

shirlgirl2004 wrote: »

I can't understand why someone would want their children to live in a building site for 2 years just for a holiday? As has been suggested a day working elsewhere on minimum wage would have provided that and would have given the children a better homelife.

As a kid, I'd have loved to have lived on a building sit TBH

We used to play on one and it was great pretending to be bruce lee karate chopping plaster boards in half

Kenny4315

DITD, on a serious note what is your mental state at present ? What is your sleep pattern, are you eating, etc. If you really are exhibiting the early stages of more than being DITD (ie full scale depression), you'd better get some advice/couselling. Developing is a high pressure pastime, especially when things are going badly. I am a developer/landlord and unlike most know what its like, you've just made a mistake with your financing, don't let it take you down. PM me if you'd like.