Is there going to be a scramble for properties????

tommy75

Everyone buy now and leave me something for when we hit bottom in late 2010 - 2011 or so. Thanks.

socrates

I had a feeling there were no mortgages.

So here are the differences - in those days:

there were less computers cross referencing people for tax purposes (he probably dealt a lot in cash)

a lot less legislation - which currently ties LL's in knots

rents were the right side of the purchase price.

not much asking how he got the money in the first place - now there are all sorts of money laundering forms to fill in

I am not saying he did anything illegal but you get the picture and the reason he went to Cyprus was to avoid CGT.

Was he in the rag/ restaurant trade also by any chance?

Pyewacket338

socrates wrote: »

I had a feeling there were no mortgages.

So here are the differences - in those days:

there were less computers cross referencing people for tax purposes (he probably dealt a lot in cash)

a lot less legislation - which currently ties LL's in knots

rents were the right side of the purchase price.

not much asking how he got the money in the first place - now there are all sorts of money laundering forms to fill in

I am not saying he did anything illegal but you get the picture and the reason he went to Cyprus was to avoid CGT.

Was he in the rag/ restaurant trade also by any chance?

So to be successfull means you have to be crooked in your book? ..... good grief!!!!

confused31_2

Pyewacket338 wrote: »

I'm in exactly the position you mentioned in your previous posts, mortgage paid off and cash in the bank, I've considered buying a house to rent out while the market is down, renting it out isn't a problem, my son is renting a flat from a private landlord and he'd be my tenant.... the only thing stopping me from doing it is I intend on moving abroad, tying my cash up long term isn't really an option.

I think its a great idea, your in a lucky situation, its just getting the right property at the right time, i wish i was in the situation to do it, the thing is i dont think they like people who do buy to let on here, has i think they blame them for the house price boom.

If there are a lot of savers not getting any interest on their savings they will soon figure this out sooner or later, and i supsect s few will buy houses.

Most of them on here have not got houses and if they see a threat coming from people who are just trying to make money from the situation, they become jealous and fear that it might stop them from getting into the housing market.#

You can understand it theyve been waiting for ages for house prices to come down then all of a sudden, you get a load of savers, with cash competing with them to buy houses.:eek:

socrates

Pyewacket338 wrote: »

So to be successfull means you have to be crooked in your book? ..... good grief!!!!

Was he in the rag/restaurant trade? Plenty of cash running through them.

If he bought them all in a short space of time he must have had a large lump sum of cash - hundreds of thousands - in todays terms a lot of money.

Where did that come from?

socrates

Pyewacket338 wrote: »

I'm in exactly the position you mentioned in your previous posts, mortgage paid off and cash in the bank, I've considered buying a house to rent out while the market is down, renting it out isn't a problem, my son is renting a flat from a private landlord and he'd be my tenant.... the only thing stopping me from doing it is I intend on moving abroad, tying my cash up long term isn't really an option.

So basically you are not going to do it for the exact reasons other people are saying - people do not want to tie their money up - especially inexperienced BTL LL's. They are scared the market will drop and want to keep their money liquid.

I agree if you know what you are doing, have the cash and find a 10% yield on BTL then get involved.

Otherwise you are in for a big shock!

Pyewacket338

socrates wrote: »

Was he in the rag/restaurant trade? Plenty of cash running through them.

If he bought them all in a short space of time he must have had a large lump sum of cash - hundreds of thousands - in todays terms a lot of money.

Where did that come from?

He sold his London house and his electrical business, moved north and made a killing, why do you assume he wasn't law abiding? why assume he works in cash and doesn't declare it all? why assume he moved abroad to avoid taxes? He's still a UK resident, has a house in York but spends most of his time abroad.... because he likes the climate! he still has houses he rents out and is still buying in the property market.

What do you do?

confused31_2

Socrates you go on to me about people buying houses to let out and you do it yourself, you want to mortgage to buy more btl houses, but the people i am on about wont have to borrow anything so i dont know how you can slate me for what i said.

Is it you dont like new LL'S?

If you owned all your properties outright and you had 200,000 pound in the bank , what would you do with that?

would you buy more buy to lets???

socrates

Very similar to your friend but I prefer the climate here.

I probably bump into him a lot over there.

Stillnot convinced but good luck to him.

socrates

confused31 wrote: »

Socrates you go on to me about people buying houses to let out and you do it yourself, you want to mortgage to buy more btl houses, but the people i am on about wont have to borrow anything so i dont know how you can slate me for what i said.

Is it you dont like new LL'S?

If you owned all your properties outright and you had 200,000 pound in the bank , what would you do with that?

would you buy more buy to lets???

Like I said @ 10% yields yes I would why don't you find me some!