Possible Bankruptcy But Have Property Portfolio??

DON79

private lets are not worse than buying a house. at least if you are only renting and the place is awful or dangerous, you can leave. Once you own the house, you are stuck with it unless you act as dishonestly as those who sold it to you to try get rid of it.

1st mortgage - sold a flat with dodgy gas fire spewing our carbon monoxide by the previous owner (and he knew it) and he had moved the gas meter illegally and had done some dodgy electrics too.

2nd mortgage - house with concealed damp issues and dodgy roof. not to mention the hot water heater cunningly disguised as a shower (it has just melted and had to be replaced :rotfl: I'm melting, I'm melting :rotfl: )

I have had bad landlord experiences but also had bad experiences with house sellers who will take every trick in the book to try and sell the house and conceal the (sometimes major) faults from the buyer and then tell you to get stuffed when you complain about non disclosure of said major faults.

dannyboyracer

very right max but im not one of those guys and its guys like those that have spoiled it for all though who are legit and on here looking for advice. there are so many checks and certificates that are needed now because of the few that did spoil it it makes my life hell, hmo license, corgi checks, epc's, niceic cert, fire cert, and the countless amount of money that needs to be spent to ensure the house is almost fire proof if not bomb proof.

i assume that the guy you speak of driving the maclarens is non other than mr morris himself, if not there must be another t o s s e r out there.

dannyboyracer

Just to add i dont take deposits off my tenants either and havent done so for quite some time, if you read earlier posting ive said that so long as there is a cuppa in it ill go over what ever day or time to help those tenants that need it, i seldom charge for repairs as im very good at fixing the unfixable. if its malicious damage then i shop around to still get the best price and therefore save tenants money.... my reputation within the leeds student sector proceeds me as a result, i get people ringing me asking if i have anything coming up cos they know of a friend or relative in another 1 of my places whos very happy.

All those haters out there go tarnish another forum or thread with your brush.

blind-as-a-bat_2

dannyboyracer wrote: »

i could have become one of the social parasites that sit on the doll calling disability, incapacity, kids allowance and every other benefit under the sun but i havent... .

Hmmm your on thin ice danny boy, a lot are not on benefits through choice you know, regardless of what the press say;)

maxmycardagain

danny, hows yer foot?

LilyBart

I'm worried about the doll!

peachyprice

delboypass wrote: »

Once BTL removed from the market once and for all, legislation should be brought into place that a house is for living in.

So where would that leave people who, for one reason or another CAN'T get a mortgage? There certainly isn't enough social housing to go around.

Love to hear your utopic solution.

blind-as-a-bat_2

peachyprice wrote: »

So where would that leave people who, for one reason or another CAN'T get a mortgage? There certainly isn't enough social housing to go around.

Love to hear your utopic solution.

Once upon a time there wa a thing called "council houses"............... then came the evil idea of "right to buy"................................zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz:p

rs82uk

I can't believe you come on here acting like the big I am.

Now correct me if im wrong but you have over £100k in personal debt
Well done there thats a real achievement

And you have 11 houses all of which you owe more money on than they are worth.

Well I think we have the shoe in for business man of the year right here ladies and gentlemen.

The really sad thing is that when you get declared bankrupt the worst that will happen is that you will end up at £0 and will be able to walk away from it all.
You should be made to pay back as much as possible till the day you die you reckless fool.

JCS1

dannyboyracer wrote: »

Only thing with professional advice is again the pros will try lead you down the path which is most profitable for them... I went to see an IP he suggested BR - why cos if i went BR there is a chance he may end up being the IP appointed to me case and therefore would make money. quote]

They wouldn't be the IP appointed, it is the majority creditor who is able to nominate an IP. If no majority creditor it goes to votes cast at a meeting of creditors.

If no IP's nominated by any creditor, it goes from an IP rota.