Millionaire Challenge

lessonlearned

Huge sense of relief.

Met with conservation officer and builders today for prop 1 - aka The Money Pit.

They all went up on the scaffolding to check out the roof, gutters, chimney stacks etc. and see just exactly what work needs to be done. We could see the baby budleah tree growing out of the guttering from ground level so we had already surmised said guttering would be leaking.

Bearing in mind it is a Grade II listed building I was just a tad anxious about what they would find. Luckily it wasn't too bad, just guttering, rebuilding a chimney stack and a fair bit of pointing up.

Luckily the three separate roofs (it's a big rambling house) are fine. Phew:D

I was keeping a large contingency back just in case. Luckily the conservation officer was a man of reason and didn't nitpick over every tiny detail. For example he didnt insist that we replace the plastic guttering with cast iron.

I think he was just glad to be back on terra firma. He did not enjoy having to climb up the scaffolding - he was as white as a sheet when he came down. Poor man, he's definitely in the wrong job.

Prop 2 renos going on at a cracking pace. As I suspected at the outset we've uncovered a few classic examples of bodged DIY we need to put right, but again Lady Luck is on our side. We will go slightly over budget but nothing too serious. With a few clever design solutions and a bit of recycling we shouldn't be too far off target.

Which brings me to today's little mantra.

"God is in the detail"

Whilst we can never plan for every eventuality we do need to look closely at the fine detail to try and minimise risk. Careful planning and attention to detail are key.

As a joiner friend of mine always says

"Measure twice, cut once".

Hope you've enjoyed the little quotes this week.

lessonlearned

Kaya - I think BTL is very much a long term strategy, which a lot of people use as a "sideline" or secondary income stream, ideal for pension planning or long term capital growth but not a great deal of potential income in the short term. You would likely need a fair few properties to give you enough income to live on.

Good to hear that your partner's job is going well. And yes, it's good to plan ahead.

Set your long term target and then break it down into easy manageable goals.

How do you eat an elephant? One bite at a time.

gallygirl

lessonlearned wrote: »

Kaya - I think BTL is very much a long term strategy, which a lot of people use as a "sideline" or secondary income stream, ideal for pension planning or long term capital growth but not a great deal of potential income in the short term. You would likely need a fair few properties to give you enough income to live on.

I agree. In a few years we'll be able to retire overseas with 30k+ gross income ( :eek: :T :eek:) from 5 btl's. At the moment though all excess gets ploughed into savings to unofficially offset the mortgages. Will suddenly go from famine to feast when it all comes together but it will have taken around 17 years :eek:. I can't see how any other type of investment (unless we'd got lucky and invested in Apple & Microsoft!) would allow us to draw that kind of income without touching the capital. Definitely for the long haul though.

What I'd really love to have done is property development. But being equally lacking in skill and patience, I'd have been behind those bodge jobs you're now fixing LL :rotfl:. It's good for the soul though, seeing something unloved and unkempt restored to pristine condition (hmmm, maybe should do some personal grooming instead )

lessonlearned

That's a really good result there Gallygirl. Where will you be living abroad. Before OH became ill we had a great little apartment in Spain - all part of the retirement plan. Summers in UK, winters in Spain. Alas we had to change our plans…

I do miss our old life at times……..I find UK winters a bit gloomy. Never mind you can't put the clock back. Onwards and upwards.

I've decided to go the developing route rather than BTL's - a bit more risky perhaps but at my age I thought BTL's were perhaps rather more long term than the amount of time I might have left:rotfl:

Perhaps the boys might add a few later for their long term pension planning.

Odd you mention the personal grooming - I'm on a mission with that one too!!!

droopsnoot

lessonlearned wrote: »

As for trying and trying again, maybe the idea is not to just keep on duplicating the effort and trying the same thing over and over again. Perhaps it should read be prepared to be flexible and to change your ideas and approach.

True - I forget who said that the definition of insanity is doing the same thing over and over, and expecting different results.

I'm mainly here for the inspiration, have a few ideas that might or might not work but, like everyone else, trying to find that one idea that isn't linked to an hourly rate.

Listerbelle

Love the quotes - thanks

lessonlearned

No problem.

Although I'm still as motivated and as committed as ever I have been feeling exhausted this last week or two so I've given myself a good talking to and dug out the motivational quotes to keep me on track.

All I need now is spring to get a move on.

A few days of warm sunshine and I shall be skipping around like a new born lamb. :rotfl:

GreatBigBookcase

Love the quotes LL. Particularly love the one from the Best Exotic Marigold Hotel, that's one of my favourites too. Sticking with the films theme, I often say to people: If you build it, they will come. (Special prize for the first person to name the film ) I'm a firm believer in keeping a positive mind-set about what's possible to achieve. Along similar lines, who was it who said something like: Whether you think you can or think you can't, you're right...? That's not a 'special prize' question...I just can't remember who said it. I've just started reading Think and Grow Rich, I'm sure it's been mentioned on here, has it? I think I need to get it in audio format though...BabyKay is not really buying into 'let's sit quietly and read for an hour' just yet.

Gallygirl, great to read that your plan is so close to fruition. I hope to do something similar. Although Portugal rather than Spain.

Kayalana, I love reading about how your business is growing. How did you come to your £27k figure? Think your dad might be right, bless him. But I understand how you feel, if you have an idea you just want to get on and do it. I've always been like that. Not related to business or money-making...this kind of thinking is fairly new to me, probably purely as a result of having BabyKay to think about, rather than just myself, but once I get an idea in my head (usually in the past its been a new country to move to or a new course to study) then I really just want to do it the second I think of it. I've no doubt you'll get your £27k and how ever many more £27ks you want, you're so motivated with business ideas.

I got rid of my builder on Tuesday. Well, I gave him an ultimatum: finish within a week or leave now. I knew full well that he wouldn't be able to finish within a week (even though I'm sure it'd be entirely possible for other people) and was glad when he left. In hindsight, I should have got rid of him a long time ago, he's been slow and inefficient and the final finish is just not good. The tipping point was the shower. I couldn't let it go and I didn't want him re-doing it because a) it would have meant he was even longer in my house, and b) the finish wouldn't have been that great anyway. So, he's gone. And the outstanding money in no way covers getting extra people in to do the work now, but I am now happier that he's out of my house! I'm fuming too of course that it's come to this and it's costing me more. But no point in dwelling, he was definitely the stressor, so better that he's gone. The man that did my central heating is now back on the job to re-do the shower and he's recommended a joiner who came round to have a look. It turns out is too busy to do the work himself if I want it doing asap, but I'm meeting him and his son today and hopefully his son will do it. And yes, he reckons there's a week's work.

Sorry for rambling on there.

So, that of course is going to cost me money. And by the way, the money has pretty much run out. Believe it or not, the last couple of thousand for the job will be coming from what I call my 'betting account'. Droopsnoot, I hope you're reading this! It was Droopsnoot that gave me the info about that matched betting service, which then led me to a similar thing run by the same bloke, and that has made me around £4k since starting in October. That was supposed to stay as savings, but I need it now to get the house finished, and honestly, without that income stream, I would be out looking for work now rather than looking forward to moving into my new home and staying at home spending time there with my son. So Droopsnoot, thank you thank you thank you for mentioning that matched betting service on here.

Right, I have a boy waking up from his nap, so we're going to get ready and go out and get some things for the house. Then fingers crossed for the meeting with the joiner and his son this afternoon. I'm really hoping he can start on Monday.

Have a great weekend everyone. Lovely weather here, hope it is for you too.

gallygirl

RayKay wrote: »

Love the quotes LL. Particularly love the one from the Best Exotic Marigold Hotel, that's one of my favourites too. Sticking with the films theme, I often say to people: If you build it, they will come. (Special prize for the first person to name the film )

Field of Dreams I claim my prize!!!!! Yippeee :j:j:j:j:j:j:j

lessonlearned

RayKay wrote: »

. Along similar lines, who was it who said something like: Whether you think you can or think you can't, you're right...?
work.

/QUOTE]

Henry Ford.

Sorry to hear about your builder. How frustrating for you, let alone the extra expense. No wonder you are fuming. Touch wood I have a good team. They are not the cheapest but they are good people and they do a good job.

Hopefully you have now found someone better who can help you crack on and move forward.

I know it's a bit late to suggest this, but what I do when I try out a new trades person is I just give them a couple of little jobs first to try them out.

Once I find someone good then I am very loyal to them and I will wait for them until they are available rather then make do with second best.

I do spoil my trades people, I round up the bill, tip the apprentices, keep them fed and watered - lots of bacon butties, cake etc…..A little "bribery and corruption" helps oil the wheels. :rotfl:

Raykay - I really must get a grip with that matched betting!!! I will make a point of knuckling down next week. You all have my permission to nag me and give me a much needed kick up the derriere if I don't. :rotfl:

Well folks - it's been a fantastic day here - 11C, blue skies, warm sunshine - a fabulous little taste of spring. Have spent a happy couple of hours clearing out a load of vines, chopping back brambles and pruning fruit trees on prop 1.

Tomorrow it's property 2. I've bought a cherry tree, some fruit bushes and a load of shrubs. Fingers crossed the weather holds so I can get them in tomorrow.