Property Snakes and Ladders; 2009

lostinrates

amcluesent wrote: »

Could it be viable if bought as a repo if (when...) they go bust?

Suppose you bought for £350,000, did another £20,000 on what Beeny recommended. Lived in one of the cottages, so rental income from the remaining two would be down to £15K based on realistic pricing.

A 20 year 5% mortgage (interest only) for £350,000 would be covered by just the letting income.

So a couple looking for lifestyle change at 40, and bringing £200000 capital could fund a repayment mortgage of £170,000 off the letting. If they did outside work, say bringing in a net of £36,000 (so not paying 40% tax), they could live OK and own the while thing by 60.

Well lots of people do make some/all of there income in such a way in the West country: the place I mentioned was such a set up, the semi retired occupiers having divided up the outbuildings into sweetenough little cottages.

I have a pretty good idea of what prices were in Somerset and Devon 10 years ago, but not what holiday let prices were, and how much yield will have changed.

Lotus-eater

dopester wrote: »

Good points. The other railway-station themed holiday let was entirely superior as well. Embracing the theme entirely, where this couple made a half-effort imo.

I totally agree, the railway lovers market is absolutely huge and they really were stupid and missed out here, the other hotel looked really good. (for train enthusiasts )
The back of the properties looked really grim, something should have been done about it.

John_Pierpoint

Does anyone have a link to the successful railway themed holiday let; as featured in the programme.
(I would like to compare the two).

dopester

John_Pierpoint wrote: »

Does anyone have a link to the successful railway themed holiday let; as featured in the programme.
(I would like to compare the two).

From another forum (Digital Spy Forum)

Good point on the train lovers - Sarah showed us an old station that was done up in Petworth that kept the style I'd expect for a station of that vintage eg 1920's Agatha Christie.

This couple seemed to have gone for something quite out of keeping with the exterior - again probably 'cos they liked it and couldn't see why people wouldn't be beating down their doors to pay over a grand a week to stay there.

So I think it's this place.. and if you click from that page in to the gallery, the images tally up with what I recall from the tv-show.

karen1

Here's one not too far away from Tavistock at railholiday co.uk

trumpton

He really came over as greedy and unlikeable, didn't he? I've holidayed near Tavistock and it just isn't the place for the kind of top-end luxury feel he was trying to create - but what he ended up with didn't seem to be that anyway. He was tripping if he thought people would pay £1700 a week. You can stay in luxury spa's for less.

I agree the sums didn't add up - where was all the dosh from their BTL empire? Why did they have to sell the family home and why was the mortgage £4k a month? Why not sell a BTL? More a Grand Designs than a PL and once again, I reckon, mostly someone who fancied being on the telly. He thought it would be a good advert, but who would consider booking there after seeing the prog?

chewmylegoff

Mozette wrote: »

Why though did they not move the bathroom door???? Okay, I agree with SB about the platform, but it would have cost more, so okay; but.... put a door in this wall and not that wall??? Crackers! Why???

he refused to take any of beeny's advice - seemed to think that he knew better. also seemed to think beeny should sod off back to the kitchen and stop bothering him in the execution of his genius plans.

Thrugelmir

trumpton wrote: »

I agree the sums didn't add up - where was all the dosh from their BTL empire? Why did they have to sell the family home and why was the mortgage £4k a month? Why not sell a BTL?

My thoughts were that they had sold their BTL empire to fund the purchase. They may have sold out just after the peak on the downward slope. Then were looking to use the capital gain to buy another business to generate a living.

Chris2685

chewmylegoff wrote: »

he refused to take any of beeny's advice - seemed to think that he knew better. also seemed to think beeny should sod off back to the kitchen and stop bothering him in the execution of his genius plans.

But no one EVER listens to her in ANY of them.. I think they try and find the most awkward people they can on purpose!

If I was on there I would be doing everything she says because I am a pleb and she is an experienced property developer!

Davesnave

Chris2685 wrote: »

But no one EVER listens to her in ANY of them.. I think they try and find the most awkward people they can on purpose!

That's the point I've been making for ages. In many ways, Beeny's prog is as much about car crash television as it is about developing. We love to see someone else come a cropper, because it reassures us that the !!!!-ups in our own lives are not so bad.

The programme's researchers clearly employ personality profiling to select the 'right' applicants. However, people like those two are self selecting, being so full of themselves that they cannot imagine they might end up looking like complete @rses on national TV.:rolleyes:

Chris, you or I would never come through even the first round of the selection process.