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

Pyewacket338

socrates wrote: »

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!

My reason has nothing to do with being scared of the market, mine is as stated, I intend on moving abroad later this year, the market dropping further doesn't worry me, it's dropping because people who overstretched themselves with high mortgages are having to bail out, because everyones scared that the market will drop further and because first time buyers can't get a mortgage. I will still own the house I'm presently in, that will be rented out until the market picks up, wether that's 2, 5, 10 or even 20 years, but while I'm waiting, I'll have the rental income which will probably pay more than the banks present interest rate, if the £ picks up against the euro, I'd consider buying more property to rent out. I had previous properties that I bought at a low price, rented out until the market picked up then sold, luckily just before the market went belly up, that put me in the position I'm in now, the market will pick up and people will make profts, it just won't happen at such a ridiculous rate next time.

Pyewacket338

socrates wrote: »

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.

I had no intention of convincing you! if you want to take a negative slant on things, that's your choice.

confused31_2

socrates wrote: »

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

So do you think it would be a bad idea for soemone who has a lot of savings, to buy a property to let out when the prices have bottomed out?

Instead of putting it in a bank at low rates, even if the person was making 500 pound amonth it would still be more.

So why dont you like new buy to let landlords??

Or is it you are finding it hard to get finance off your buy to let properties to buy more buy to let and these savers will be a step ahead of you???

socrates

Pyewacket338 wrote: »

My reason has nothing to do with being scared of the market, mine is as stated, I intend on moving abroad later this year, the market dropping further doesn't worry me, it's dropping because people who overstretched themselves with high mortgages are having to bail out, because everyones scared that the market will drop further and because first time buyers can't get a mortgage. I will still own the house I'm presently in, that will be rented out until the market picks up, wether that's 2, 5, 10 or even 20 years, but while I'm waiting, I'll have the rental income which will probably pay more than the banks present interest rate, if the £ picks up against the euro, I'd consider buying more property to rent out. I had previous properties that I bought at a low price, rented out until the market picked up then sold, luckily just before the market went belly up, that put me in the position I'm in now, the market will pick up and people will make profts, it just won't happen at such a ridiculous rate next time.

And your prediction for this pick up is which year - you seem to know exactly when to buy, when to sell , when to move abroad?

confused31_2

Pyewacket338 wrote: »

I had no intention of convincing you! if you want to take a negative slant on things, that's your choice.

Its jealously mate he's trying to refinance to buy more buy to let houses has he knows prices are coming down, his problem is the bank wont lend him any money on dececnt rates has he his trying to secure a buy to let mortgages with his buy to let houses.:rotfl::T

Hit the nail on the head, dont like the competition from people who are in a better postion, see it all the time on here. you tried to say earlier properties that earn that much will be offered to investors, what you did fail to say banks are not lending to investors and they are the last people the banks want to lend too, youve be told that already

confused31_2

socrates wrote: »

And your prediction for this pick up is which year - you seem to know exactly when to buy, when to sell , when to move abroad?

read his post he does say 2 5 10 or even 20 it doesnt matter.;)

socrates

confused31 wrote: »

Its jealously mate he's trying to refinance to buy more buy to let houses has he knows prices are coming down, his problem is the bank wont lend him any money on dececnt rates has he his trying to secure a buy to let mortgages with his buy to let houses.:rotfl::T

Hit the nailo n the head, dont like the competion from people who are in abetter postion, see it all the time on here.

You got that one wrong - I do not have any mortgage free properties - read it properly.

And good luck with your new business venture!

Pyewacket338

socrates wrote: »

And your prediction for this pick up is which year - you seem to know exactly when to buy, when to sell , when to move abroad?

I sold 2 of my properties in Nov 2007, intended on selling this one in May 2008, I figured the good times couldn't last, like I said, I went travelling abroad and missed the boat on this house, which actually turned out to be a good thing, so looking back, I actually did know when to buy, when to sell and when to move abroad.
The thing is, I didn't get greedy, I didn't take out more and more loans to try make more, I was always ready for things to come crashing down, I'm risk averse and it's paid off in my case.

confused31_2

socrates wrote: »

You got that one wrong - I do not have any mortgage free properties - read it properly.

And good luck with your new business venture!

i wont be doing anything mate i aint got no spare cash and neither have you hahahahaha!!!!:p:rotfl:

socrates

I commend you on your astuteness.

I know a few people who had to sell due to divorce, it came at the right time for them by chance.

They divorced because they were inherently stingy and their partners were spendthrifts. Credit cards and the like. Eventually it drove them apart.

Of course their other half still got half!