Millionaire Challenge

Karmacat

Don't be embarrassed, mstomcat! Thats brilliant! I know a youngster in his 20s who makes a living from going into schools and using his circus skills - its a great life, and everyone who knows him thinks its *extremely* cool

philmts

wish i could get this done. Good luck

tinktay84

Hi Everyone, I did post the other day but I cant find it so apologies if you've read similar from me already.


LL - hope the move goes well today for your dad.I bet it will be a weight off your mind as he was unsettled if I remember rightly?


Great that everyone is pushing forward - even with the odd bad day here and there.


I am now just 20 days away from my 30th birthday.(21st April)


I now have myself and my 2 children living in a spare bedroom at my mums with all my belongings in storage.
Im devastated to say the least as ive lost my home, my husband, my best friend etc but unfortunately I couldn't continue the way we were.


Im now back to debts of £14000 with no real income thus living rent free at my mums for now.
The house I own is still tenanted and im keeping it that way to keep money coming in as every little helps, plus running a house will cost more than I have just now.
My business has just about survived - I used a lot of money from it keeping us afloat the past few months and honestly thought I would lose it all last week. Luckily my team have all pulled together and worked miracles for me and money went in the bank the day after I needed it so managed to put things right.
I have applied for a BTL mortgage - judging off criteria I would say it will be declined but so far ive heard nothing. The plan is if I get it, a family member will 'gift' me the deposit & enough to see me through the first few months mortgage payments while I do a house up, then get it rented out and repay family member with profit until im straight. Then do this again and hopefully be earning enough on my business again to not need the 'crutch' of others helping.
The house I own has now increased in value by approx. 20k so I have equity in it again, not enough to use it but equity nonetheless

lessonlearned

Hi Tink

So glad to have you back - you have often been in my thoughts.

I'm so sorry to hear about your break-up. I had to divorce my first husband so I know from experience just how difficult things can get. Keep your chin up Pet - it will get better.

Good that you've got your mum to help you. (Mums are worth their weight in gold - well that's what I tell my sons:rotfl:)

As long as you and the children are secure and healthy that's all that matters for now.

Well done on keeping your business going - you can rebuild and expand - all in good time. You BTL plans sound a good way forward.

I've always thought you were made of "the right stuff";) - you'll get there.

BTW 30 is nothing. You still have some wonderful times ahead of you. I divorced my first husband when I was 26 and I didn't meet my second husband till I was 30. I had no intentions of remarrying but he just came crashing into my life like some unstoppable force of nature. Before I knew what hit me he had moved in and there was a ring on my finger. It was like being married to a whirlwind:rotfl:

Well part 1 of my parents move went smoothly, transferred mum today and got the keys to Dad's new apartment. Got the removal van booked for Saturday. They were both very nervous and dad is not coping too well with the stress but my sister and I are managing to keep him afloat.

I shall be spending most of my time over the next couple of weeks helping them settle in and sorting them out. So……..not much time for money making at the moment.

I'm still juggling both sets of builders on the two properties and today Dad has asked me to step in and buy their cottage. It's been on the market for 11 weeks and no offers, only 2 viewers. I have been gently trying to point out that it is overpriced - the EA's fault because they gave him false expectations.

I need to mull it over because it will mean a lot of juggling and it will clean me out, leaving me a bit stretched for remedials. It needs a lot of work although it is liveable. I need to drill down into the figures before I make a decision.

Ideally I would have preferred to finish the flipper before I commit myself but I think I might just have to have a little "gamble".

I'll probably just take a little leap of faith, shut my eyes and dive in.

What could possibly go wrong:rotfl::rotfl:

PS - Kaya - Congrats on the wedding plans. A June bride - how fabulous is that.

Karmacat

Tink, I'm so sorry to hear how badly things have gone - but heartened to hear that your business has survived, your kids are with you, and your mum is supporting you. But how devastated you must feel Sounds like a good plan with your family member, I hope that comes together quickly for you.

LL, you've been so busy! I dread the thought of my mum ever needing to move into accommodation, she loves living in her house. I hope that all goes smoothly, with the next part of the move. Sounds really tricky, though, to pay out over the real price to help them out I hope you can work something more realistic, for your sake.

As for my own stuff, I'm ploughing on - I can't seem to make time to work on the cat website :mad: partly because I'm having a push on the trading - but the markets I work with are really flat at the moment, and its difficult for me to trade anyway, so thats not very rewarding either.

I *am* working on maximising pension stuff by having a play with the concept of "tax dark" thanks to edinburgher on here, and the monevator blog - its on my diary on the mfw board. Basically, minimising and then keeping an eye on, all expenditure, to legally maximise tax relief and contribute as much as possible to my pension. Down to and including making my own gluten free treats in my new halogen cooker :rotfl:

lessonlearned

Karma - That reminds me - must order a 2014 tax guide.

I won't make a move buying any more properties until I have fully digested any new changes to the Capital Gains tax regime and any new rules regarding property developing. The last thing I want to do is work hard, rebuild up my capital and then have to give it all away to the tax man.

Which is why I need to be careful about buying my parents' house now because the timescales wouldn't fit in with planning for ppr (principle private resident's relief).

As you say if I buy it purely to bail them out, what with remedials, costs and expenses, plus a potential tax bill I really cannot afford to pay over the odds. I would be shooting myself in the foot.

They are asking £125K, it is "worth" at most around £110K. It needs at least £15-£20K to just bring it up to standard and that's without any "improvements" such as an extension which it really needs.

My builder/mentor says realistically it's only worth taking on at around £100K. I really don't know what to do, I want to help them but I could just be storing up a whole load of trouble and expense for myself…….I feel guilty for even thinking about the money side of things but I do have to watch out for my own financial interests.

I shall be 63 in July so cannot afford the luxury of allowing time to accrue long term gains from rises in the market to cover any shortfalls.

I will check out your "tax dark" concept on mfw board -not heard that expression before. As long as it's legal then I'm all for being tax efficient. I'm also keen to try trading but I need to learn how:rotfl:

I just need more time to pull everything in. Either a 30 hour day or 9 days a week………

BTW - I am also going wheat and grain free - have tried a bit of baking with gluten free flour, substituting almonds for flour etc. The gluten free products cost a fortune so yes baking your own is the way to go.

I've also started buying lactose free milk - a bit more expensive but I definitely feel better for it.

I'm always mindful of the budget but I think eating well is very important for good health. As my MIL used to say, better food means cheaper medical bills. :rotfl:

Right time to get cracking. I'm finding it hard to get going this morning. I over did it yesterday and the next few days are going to be gruelling, so just taking my time and pacing myself today.

Karmacat

Yep, health is crucial, isn't it.

Tax dark - honestly, its just a saying, like from that film "zero dark thirty" - it just makes it more fun to have a good name and a goal in mind, rather than "save as much as I can". The original post was on monevator - it was *then* about withdrawing from your pension while still contributing to it, but that loophole was definitely closed this year. http://monevator.com/financially-independent-in-10-years-a-plan/ this is that post. Its really important that everything is completely legal, or else how can we plan securely?

I wonder if you could make some printouts for your dad from zoopla - they show what property prices have actually been *achieved* in the area, rather than asked. My aunty just sold her house to go into sheltered housing, and it took her a few months to get realistic, and then a few more to sell, but she managed. Take care!

I'm off for a snack before my paid work starts

Kayalana99

TT - Unf I am never one for words in these situations but I am thinking of you and I hope everything comes together for you. X

LL - That is a very tough decision to make re your rents house, I really think it was unfair of your Dad to ask you to buy them out. Family should come before money hands down - but the cruel truth is you need to protect yourself first then your family, if you can do it great - but don't put yourself in a pit you can't get out of, they will sell their house eventually even if they do have to take a bit of a hit with the price.

P.s Not sure if anyone took it this way but I meant June 2015 after I re read it I wondered if people thought id mean this year '15th June'

Also LL if you happen to come across any particular 'yummy' recipes that are gluten free I would be grateful if I could have them as my MIL is G/F :-)

Listerbelle

tinktay84 wrote: »

Hi Everyone, I did post the other day but I cant find it so apologies if you've read similar from me already.


LL - hope the move goes well today for your dad.I bet it will be a weight off your mind as he was unsettled if I remember rightly?


Great that everyone is pushing forward - even with the odd bad day here and there.


I am now just 20 days away from my 30th birthday.(21st April)


I now have myself and my 2 children living in a spare bedroom at my mums with all my belongings in storage.
Im devastated to say the least as ive lost my home, my husband, my best friend etc but unfortunately I couldn't continue the way we were.


Im now back to debts of £14000 with no real income thus living rent free at my mums for now.
The house I own is still tenanted and im keeping it that way to keep money coming in as every little helps, plus running a house will cost more than I have just now.
My business has just about survived - I used a lot of money from it keeping us afloat the past few months and honestly thought I would lose it all last week. Luckily my team have all pulled together and worked miracles for me and money went in the bank the day after I needed it so managed to put things right.
I have applied for a BTL mortgage - judging off criteria I would say it will be declined but so far ive heard nothing. The plan is if I get it, a family member will 'gift' me the deposit & enough to see me through the first few months mortgage payments while I do a house up, then get it rented out and repay family member with profit until im straight. Then do this again and hopefully be earning enough on my business again to not need the 'crutch' of others helping.
The house I own has now increased in value by approx. 20k so I have equity in it again, not enough to use it but equity nonetheless

SO sorry to read about this

tinktay84

im a fighter. I know there are a lot worse situations to be in despite feeling like ive had the rug pulled from under me.
Anywho ive already started to chip away at the loans..the new one I had to take out to pay off debts run up has the first payment date as 1st may but ive already paid £50 saving me £27.16 in interest!
I have now looked properly and found I owe around £14000..i expected much more to be honest.
I have had a refund from council tax, gas and water as I got my name off them asap in case he doesn't pay.
my only outgoings at the moment are my loans and storage but these come to almost as much as I am bringing in as im having to cut my wages back to keep the business on track.
Well its my 30th birthday 2 weeks tomorrow...needless to say the trip to the Maldives I was promised wont be going ahead. im trying to stay positive as im not really bothered about birthdays usually but as I missed my 18th and 21st I thought this might be a nice one. I have managed to do a deal with a restaurant owner I know, im going to do some work for him in exchange for a meal for my birthday for a few of us.
reading all your posts is helping, I know some of you are feeling a bit disheartened or have had a few hiccups but seeing you all still posting has lifted my spirits.
I have decided WHEN I make the magic £1m (or figuratively make it as we know, it is but a number) I will be inviting you all to a party as each of you have helped me along the way.