Misery of the BTLers and property developers...

rent_and_buy

mewbie wrote: »

Missing the point mate. A lot, I mean a lot of people who jumped into BTL back in 2000 onwards, used their equity gains to purchase more BTL's. Fast forward through 2006 and people bragging about their property empires - they were founded on debt pure and simple. So they may 'own' multiple properties, but if each property is maxed on mortgages, and prices are dropping, that means serious problems.

Think house of cards.

Yeah im sure there are a few, but i suspect there are quite a few that are not in a mess.

chewmylegoff

FungusFighter wrote: »

Mate, I never pretended I was anything other than an id:beer:

I got loads more if you wanna meet em:rotfl::rotfl::rotfl::rotfl:

multiple personality disorder triggered by your impending financial doom, no doubt.

Dan:_4

FungusFighter wrote: »

If you gave a flying fewk about your kids youd stop gambling with there futures:D

At this rate all you'll be leaving them is a fewking great debt and a lifetime of insecurity :rotfl::rotfl::rotfl::rotfl:

How is buying a house for them to inherit gambling with their future?

Come on fungus you can do better then that.

mp2

mewbie wrote: »

Missing the point mate. A lot, I mean a lot of people who jumped into BTL back in 2000 onwards, used their equity gains to purchase more BTL's. Fast forward through 2006 and people bragging about their property empires - they were founded on debt pure and simple. So they may 'own' multiple properties, but if each property is maxed on mortgages, and prices are dropping, that means serious problems.

Think house of cards.

many people have mewed their houses to buy other property, all on top of each other.

not only do they get wiped out by leverage, but if they try to get out of trouble by selling their original profitable properties bought in 2001 to support their most recent properties, they often end up with no profit because the need to pay capital gains tax, wipes out the remaining equity.

so they cant sell their recent propeties that were overpriced, and if they sell their original properties they make no profit from them.

leverage can be an absolute killer if you stretch too far, because you only need small falls to wipe you out completely.

Dan:_4

FungusFighter wrote: »

Mate, I never pretended I was anything other than an id:beer:

I got loads more if you wanna meet em:rotfl::rotfl::rotfl::rotfl:

It's too late mate, you c ocked up big style and have now been exposed to the fraud you are.

mewbie_2

Dan: wrote: »

How is buying a house for them to inherit gambling with their future?

You people always say buying. When actually its borrowing. No wonder this is going to get messy. No wonder the world economy is collapsing. It never was buying. It was always borrowing.

edit: I have typed this under my name have I? Phew.

FungusFighter

chewmylegoff wrote: »

multiple personality disorder triggered by your impending financial doom, no doubt.

Nah, just like to keep folks guessing:beer:

Been on here for years, had so many ids I can't remember them all;)

I like this one, it seems to get peeps going :A

mewbie_2

Dan: wrote: »

It's too late mate, you c ocked up big style and have now been exposed to the fraud you are.

Remember guys, you have to assume FF gives a !!!!. I suspect he doesn't.

FungusFighter

Dan: wrote: »

It's too late mate, you c ocked up big style and have now been exposed to the fraud you are.

Nah mate, a fraud is someone who pretends to be a true identity on here and isn't

I'm just cheerfully offensive and having a bit of fun:rotfl::rotfl::rotfl::rotfl:

You want a real master of the multiple id have a peek at Onion Boy's current list - I've pegged about 8 so far:j:j:j

chewmylegoff

mewbie wrote: »

Remember guys, you have to assume FF gives a !!!!. I suspect he doesn't.

he deleted his post, and i suspect that he blushed, and possibly dampened his sanitary towel.