Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

abouttimetoo

We're being offered houses as buy to let opportunities that are well below market value due to money troubles / divorces etc. I'm still not sure it's the best road to go down but a good mate of mine and I have the cash to throw at such a venture (maybe 4-6 flats as a starter) and I know a joiner that can do all the work very reasonably (or as a partner). We'll certainly be investigating that in the next wee while.

Hi Billy, very interesting indeed, i have a few friends and family that do this in quite a big way. One friend has about 15 I would say and always targets the very bottom end of the market (if you know what I mean ) another friend has about 20 and his are all very high end of the market and my auntie has about 75 at the last count with a mix of property types but mainly in the mid range with nothing too scabby and nothing a gajillion pounds. it all puts my little empire of 1 BTL to shame but mine was an *ahem* accident and I can't really see me expanding said empire

I think the main things I would say that they all say and have in common is that you cannot underestimate the power and advantages of having a hard core of tradesmen (of all disciplines) that you can rely on and pretty much have on call so your joiner is a great start.

wynnvegas wrote: »

Where I'm going to put the 96 tins I've bought today is tonight's logic puzzle!!

How is tingate going, do they all have homes now or is there some interesting modern art installations in your garden now?????????

wynnvegas wrote: »

A nice wee influx of cash in the last few days has seen us get properly settled is month. Christmas shopping, including cards and wrapping paper is officially finished, credit card is £250 in credit, the bank balance stands at a touch over £500, the combined student loans have dipped under £19,000 and are decreasing at a rate of £300p/m, expenses and two of three loan repayments have come in with a third expected this time next week. Everything is considerably rosy at the moment so I'm expecting the unexpected (if that's even possible)!!

Nie going Billy and well done for getting cracking with the student loans too

Froggy-G wrote: »

And the ping pong table?!?!?!...and the darts board?!?!?!... and the Pub?!?!?!

Froggy, I think you must have forgotten the walk in wardrobe (ala sex in the city) and the pool and the crenellations and the... oh, there must be more we have forgotten

gallygirl

abouttimetoo wrote: »

Froggy, I think you must have forgotten the walk in wardrobe (ala sex in the city) and the pool and the crenellations and the... oh, there must be more we have forgotten

The guest suites

abouttimetoo

gallygirl wrote: »

The guest suites

Good one Gally, that reminds me, saying as Billy selfishly refused to adopt you the least he could do is build a holiday home for you, it won't need to be that big, just a few bedrooms, several reception rooms, medium sized spa etc

Tilly_MFW_in_6_YRS

Nipping over to post a thank you. I have read your exchanges with interest over the few months and you have inspired me to start a diary. I work in a similar environment and it's been great to watch your control, determination and verve.

We have a big task ahead of us but we will be working hard, spending wisely and still taking time to enjoy life. Thanks for helping us find the courage to get cracking.

wynnvegas

Froggy-G wrote: »

And the ping pong table?!?!?!...and the darts board?!?!?!... and the Pub?!?!?!

Uy urangnaya Froggy,

Absolutely! What's life without a bit of ping pong!? A bit of local land has been advised to us but it's probably a bit of a stretch - £200k before the build would stick us £100,000 over budget before we've even begun. It's the appropriate size at 3 acres and the views are stunning. Trying to hold Moyra back on this one might be an issue!!

Cheers,

Billy

gallygirl

3 acres would have room for a pitch & putt course to keep us visitors entertained

wynnvegas

Morning ATT,

There's an initial resentment at the idea that I'm really struggling to overcome. What we'd be looking to do is make a lot of money by screwing everyone else involved. The sellers of the properties who, for whatever reason, are having to get out quickly and the tenants who, to some extent anyway, are paying £500-600 a month to us with nothing real in return because the banks won't give them a mortgage which would probably be cheaper than the rent! There's certainly money to be made there but i'm a principled soul and profiting off the back of pain and suffering doesn't sit right with me at all. Is anyone actually choosing to rent property?

The tradesmen shouldn't be a massive issue. We've got a good bunch of guys between the three of us that we can call upon and who are very reliable and who work to a high standard (some at the top end but I can't even afford them for my house!)

As with all these things, tingate has settled down. We have a wee spot in the kitchen that is piled three high with water and which now has a bean reinforcement. It's just over the road from the tower of coca cola and the 30 kilos of rice and round the corner from the 20 packets of chicken, 12 packets of pork mince and, thanks to Farmfoods offer on the jubbly ice lolly things, 18 packets of those. I may just be inately programmed to prepare for disaster. We're very nearly geared up for the cold weather ahead (0 degrees today!!). We bottomed out the last of the Christmas shopping at the weekend with 14 tins of sweeties (a variety of quality street, roses and celebrations whilst they were £4 a pop at Asda) so I'm even stocked up on the chocolate rations...

The student loans piece isn't a conscious choice. That's still just what comes off our combined salaries when the paltry interest has been taken into account. We've taken the decision not to ever make a run at paying it off (although being completely debt free would be nice) as the interest rate doesn't justify it.

Having now seen the sex and the city wardrobe, I'm pretty underwhelmed by it. The one Moyra has planned is more of a cut down Mariah Carey cribs number. Significantly cut down if I have anything to do with it!! The pool is looking ever less likely but I'm all for a wee bit of crennellation! If it's good enough for Edinburgh Castle....

Cheers,

Billy

wynnvegas

Hi Gally,

The guest suites will be in the west wing of the big house with the servant quarters in the East! Moyra's Uncle has already volunteered to be "our man in residence" so we'll have to factor in a good olde stylee bell system for calling upon him. You'll be welcome anytime!

Cheers,

Billy

wynnvegas

Hi ATT,

Right - nearly caught up!! The holiday big house (currently planned for Nevada or Arizona - although maybe still Bali if I can get Moyra on board) is our 40-50 plan. If I make it to such a grand old age, I'd like to have done something worthwhile with my time and a couple of quality abodes wouldn't be a bad start.

Cheers,

Billy

wynnvegas

Hi Tilly,

Mission accomplished! I always said that if my ramblings, musings and wittering ever helped a single person to save a single penny, I'll have done something of note other than created a mass of nonsense. I will meander over to your diary in short order to lend my encouragement.

Cheers,

Billy