Misery of the BTLers and property developers...

FungusFighter

You guys, you make me die :beer:you really do:beer:

What a load of over-protesting BTLers this thread had flushed out, hil!!!!inglarious:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Chucky matee, no offence but I've read a few of your posts and you want us to believe someone will lend you shedloads for BTLs? I doubt your missus eben lets you do Tescoes on your own:D

Kenny what planet is he on? :rotfl::rotfl:

And Stevo...what can I say mate what a bunch, whod brag about BTLs at the mo anyway? :rotfl::rotfl::rotfl:

Kenny4315

mp2 wrote: »

and this is part of your problem.

you need to understand that your existing btl properties will be competing with people that will be buying at tomorrows prices not yesterdays prices.

No you don't understand.

There will be a load of BTLers wiped from the market. Many of these will be bought by a handful of strongly positioned BTLers would are not going to be reducing rents because they have many in the portfolio already, in fact they will increase rents, as a few become dominant in the area.

mewbie_2

Kenny4315 wrote: »

main residence mortgage, which is worth £3/4m

And I thought I had problems.

Kenny4315

FungusFighter wrote: »

Kenny what planet is he on? :rotfl::rotfl:

The planet where I have a BTL 3 storey house which is 3 flats and I own the freehold, which is generating £1200pm np, which is valued at £550k to £600k currently, and which has an O/S £282k balance. While further up the street I have a 4 storey house, that I developed from derelict bought for £350k spent £70k valued at £750k to £800k, and the one where because I knew the crash was round the corner I sold my previous main residence PAID in 5 years for £324k when I bought it for £120k and spent £12k on it, most of which is sitting in the bank currently on a fixed rate term at 7%, ready for somewhere close to the bottom to spring into action.

http://forums.moneysavingexpert.com/showthread.html?p=17222735#post17222735

This is one of the ceilings in the house that I developed, a water leak brought down a 1/4 of the house, from the 2nd floor.

ess0two

FungusFighter wrote: »

You guys, you make me die :beer:you really do:beer:

What a load of over-protesting BTLers this thread had flushed out, hil!!!!inglarious:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Chucky matee, no offence but I've read a few of your posts and you want us to believe someone will lend you shedloads for BTLs? I doubt your missus eben lets you do Tescoes on your own:D

Kenny what planet is he on? :rotfl::rotfl:

And Stevo...what can I say mate what a bunch, whod brag about BTLs at the mo anyway? :rotfl::rotfl::rotfl:

At some point??????you had an element of credibility or sort of?

Now your making a complete c ock of yourself.

Kenny4315

Dan: wrote: »

You can choose who you drink with, if you don't like the company why don't you just go home?

That's why most of Fungus's mates have all bought Xbox 360's and have taken the phone off the hook. :rotfl:

mp2

chucky wrote: »

£100k price drops - do you know my specific local area or are you making soundbites because you don't understand the property market?

mortgage actually no - it £442k took that to 90% LTV. i moved cash out of the loan to offset against the tax so my profit is less across the portfolio. so no tax to pay from the Ltd Co that owns the properties. just like a share portfolio, apart from this one my average LTV would be close to 55%. you have to look across your portfolio not just not one-dimensionally as you would do.

i also bought in July and August 2007 from another BTLer who needed cash quickly. property price was at about 30% off peak - i had to buy then before my accounts due in Sept which saved me tax being paid. so as you can see minus my tax efficiency i'm very well suited an insulated for this price drop. it's all very legal and all accounts are certified.

if prices did drop 60% i think you personally would have much more to worry about
than my property prices.



it's also a good thing that prices are dropping as I'll be going in twice more before next September before my tax is due again, that's only if similar investment opportunities appear. this recession is a good thing for me. it makes it better because i'll be buying cash, that gives me an advantage of a normal buyer. so reality is good, actually as you can see reality is very good.

you are ignoring the fact the the market is crashing and the value of your assets is dropping like a stone. rent also will be dropping like a stone within 12 months.

its like when you hear people ignorantly talking about investing in the stock market, if the share price drops ill buy more at a lower level. if i dont sell im fine. its win win, i cant lose, nobody can lose based on this strategy!

its the stupidest arguement in the world when people try to justify falling prices by the old "double down" arguement.
you are thinking about tomorrows investment and ignoring the losses on your existing investment.

im afraid you are losing out. however much you try to justify it if you are holding any property at the moment. theres no 2 ways about this.

you might be up overall depending on when you bought, but you are missing the point - as every day passes by and house prices fall you are losing money on your assets. you cant get around this.

soon enough as prices drop, there will be a new rental market too. the next generation of btler's will undercut you by using the same savings in mortgage rates that youre getting now. its not only you who has lower mortgage rates.

you need to worry about the next generation of btler's because they will undercut your existing properties left right and centre.

only an idiot holds an asset and says a drop of 35% in that asset is good for him.

anyone who does is trying to create an argument to justify his position but at the end of the day you cant change the facts. you cannot beat mathematics.

the only way it can be good for you is if you sold out and bought in 35% lower. thats the ONLY way a houseprice collapse is good for you.

chucky

FungusFighter wrote: »

You guys, you make me die :beer:you really do:beer:

What a load of over-protesting BTLers this thread had flushed out, hil!!!!inglarious:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Chucky matee, no offence but I've read a few of your posts and you want us to believe someone will lend you shedloads for BTLs? I doubt your missus eben lets you do Tescoes on your own:D

Kenny what planet is he on? :rotfl::rotfl:

And Stevo...what can I say mate what a bunch, whod brag about BTLs at the mo anyway? :rotfl::rotfl::rotfl:

fungus, shut the PC done, step away from the keyboard and go and meet some real people sunshine not just your parents - it will do you good.

Kenny4315

mp2 wrote: »

the only way it can be good for you is if you sold out and bought in 35% lower. thats the ONLY way a houseprice collapse is good for you.

If Chucky ain't selling he ain't lost, more importantly if he's buying he's winning. I'll be buying soon at alot less than the sept 2007 value, but will be holding till alot more than the sept 2007 amount, I planning to sell at the crest of the next boom so around the 2020 mark. :money:

leveller2911

Kenny4315 wrote: »

The planet where I have a BTL 3 storey house which is 3 flats and I own the freehold, which is generating £1200pm np, which is valued at £550k to £600k currently, and which has an O/S £282k balance. While further up the street I have a 4 storey house, that I developed from derelict bought for £350k spent £70k valued at £750k to £800k, and the one where because I knew the crash was round the corner I sold my previous main residence PAID in 5 years for £324k when I bought it for £120k and spent £12k on it, most of which is sitting in the bank currently on a fixed rate term at 7%, ready for somewhere close to the bottom to spring into action.

http://forums.moneysavingexpert.com/showthread.html?p=17222735#post17222735

This is one of the ceilings in the house that I developed, a water leak brought down a 1/4 of the house, from the 2nd floor.

I'm getting the impression your a really nice down to earth chap who,s life isn't ruled by money, good on you Kenny ,I'm really pleased money isn't your GOD.:rolleyes: ..................Just remember you can't take it with you