Possible Bankruptcy But Have Property Portfolio??

maxmycardagain

dannyboyracer wrote: »

Fairplay... share prices have fallen in every other industry though as well... I doubt Mr Ramsay is doing as well as he did tis time 2 years ago either :-)

Although construction is the first industry to be hit in times of recession the main point is construction is our future... without it where are your childrens children going to live?? All you need to survive is shelter, food and your health... pick one of those professions and your set for life.

so why have you got eleven shelters?

just one point, you say only 2 dont pay thier way, ergo the other nine have to support them, ergo 2 make a loss, 2 or 3 break even, leaving fewer to make a profit

its all smoke and mirrors int it, BTL'ers are getting many burned fingers after a good long run...

purple-pear

I Have Been Reading Up On Br And Houses Etc Surely It Would Be The Same For Someone With 11 Houses And No Equity As One House And No Equity, I Would Think U Could Go Br And Keep The Houses But If Thy Go Up In Equity Within 3 Yrs Then Thy Would Be Sold And Paid In To The Fund? U Would Also Have To Pay X Amount Back Each Month To The Official Reciever From The Income U Recieve Form Them. However An Iva May Be An Option U Could Try With One Of Charities Or Payplan What About Your Bus Partner Could You Not Transfer Some In To His Name Before U Do Anyhing?

dannyboyracer

Anyways peeps, all this BR talk and cyber b.i.t.c.h fighting is just to much fun for me, im outter here for good. Guess im just going to ride the wave and do a DMP, whats the worst that can happen... i started with nowt, ill prob end up with nowt... as long as ive had fun along the way what more do you want from life.

Good friend also recently said to me, money is like sand on your skin... sometimes the wind can change and blow it all away but it doesnt mean you cant get dirty again.

Peace out, ciao for now.x

skylight

Danny, the problem I think you will also face is whether or not you are actually insolvent.

Depending on the values of the properties/assets compared to your debts, do your debts actually outweigh the assets?


(and Max is a long standing poster here, with a particular style of humour that does take some getting used to, along with a frank but realistic approach to love, life and money.) (Who was, by the way, recently discharged - just to get that in before he does!!)

JCS1

purple-pear wrote: »

I Have Been Reading Up On Br And Houses Etc Surely It Would Be The Same For Someone With 11 Houses And No Equity As One House And No Equity, I Would Think U Could Go Br And Keep The Houses But If Thy Go Up In Equity Within 3 Yrs Then Thy Would Be Sold And Paid In To The Fund? U Would Also Have To Pay X Amount Back Each Month To The Official Reciever From The Income U Recieve Form Them. However An Iva May Be An Option U Could Try With One Of Charities Or Payplan What About Your Bus Partner Could You Not Transfer Some In To His Name Before U Do Anyhing?

Going BR protects your family home only, and the OR will do nothing for the first year and has 3 years to deal with it. Second properties vest straight away with the OR.

So_Sad_Angel

dannyboyracer wrote: »

what a sad little man you must be trying to get up the skin of people on a BR forum at half 9 on a monday night, bet your moms proud. he he - jokes

Dan

I really must correct you here....the poster in question brings alot of personal experience to this forum & I think that you may have taken the wrong meaning...easily done but please understand that you need to see differing approaches as sometimes a different view can be of benefit...especially from a fellow `businessman`

.... & has he mentioned yet that he was recently discharged & has seen the BR process start to finish??:cool:

BTW Did you speak to Business Debtline?...my thoughts may be as others & with assets ,albeit just breaking even, then the IVA/DMP route may be a more viable option to avoid bankruptcy (as you have assets that may appreciate over the coming years)...that way you get a fighting chance to find a way out.

Good luck....I hope you find a route to avoid BR as I do think you can find a better way out of your situation & keep hold of your asset base.

Regards

blind-as-a-bat_2

>3k-£300=>2.7k pm = >£623pw income hmmmm its a hard life:rolleyes:

So_Sad_Angel

maxmycardagain wrote: »

BTL'ers are getting many burned fingers after a good long run...

Very true....remember as with all investments ...value can go down as well as up.

Being an ex mortgage adviser (in the BTL market as well) the belief that property will always appreciate has become the norm...sadly this market is another victim of the credit/debt crunch.

So_Sad_Angel

I guess the lesson here is that the BTL investors get their properties into an SPV (Special Purpose Vehicle ) which is a Limited Liability Company to hold them as assets.....that way they would be outside remit any potential of bankruptcy...although ownership would be held by the Co. & not the individual.

Obviously if the individual went BR then he/she would not be able to hold office of key official (Director) of said Co. & would lose control as the asset anyway.

Just a thought.

o99

blind-as-a-bat wrote: »

>3k-£300=>2.7k pm = >£623pw income hmmmm its a hard life:rolleyes:

What he takes per week is not the problem. The point is he came here for support.