Millionaire Challenge

slkh

I too thought this thread had gone quiet but just came on and seen all the latest response's and there all great! some very interesting information aswell. I'm still on target for my 20k by 31st May 2012, actually might just go over but as long as I get to at least the 20k mark I 'll be happy as i've seen some flat's in nice area's not far from me with asking price's of around 25-30k which I beleive would be very rentable so just got finger's crossed property price's don't increase rapidly (sure they won't) and that there is similar around next May and I should be away with my plan.

I see there are a few post's from landlord's on this thread and think it would be really interesting and most helpful if they could give us all that are looking into buying/renting property any useful tips from the looking at potential properties to making offer's etc and maybe how best to go about advertising the properties for letting, ie use a letting agent or advertise independantly??

Hope everyone is on target anyway and enjoying getting there! Welcome to everyone who has joined aswell, I look forward to reading all the new post's

Colincbayley

slkh wrote: »

I too thought this thread had gone quiet but just came on and seen all the latest response's and there all great! some very interesting information aswell. I'm still on target for my 20k by 31st May 2012, actually might just go over but as long as I get to at least the 20k mark I 'll be happy as i've seen some flat's in nice area's not far from me with asking price's of around 25-30k which I beleive would be very rentable so just got finger's crossed property price's don't increase rapidly (sure they won't) and that there is similar around next May and I should be away with my plan.

I see there are a few post's from landlord's on this thread and think it would be really interesting and most helpful if they could give us all that are looking into buying/renting property any useful tips from the looking at potential properties to making offer's etc and maybe how best to go about advertising the properties for letting, ie use a letting agent or advertise independantly??

Hope everyone is on target anyway and enjoying getting there! Welcome to everyone who has joined aswell, I look forward to reading all the new post's

Would be interested to know what part of the UK you are in with property prices at £25-£30K??:beer:

rictus123

Surely you have just missed a 1 off the front? Loving the thought im working for more now than i was a month ago! I will be in such a different position one day compared to now. I am really making it happen. Just need June to fly by.

Colincbayley

rictus123 wrote: »

Just need June to fly by.

Don't go wishing your life away, you are a long time dead!:j

rictus123

Its only 4 short weeks!! 2 paydays! I have alot on this month thats all and my birthday at the end of month...il finally be able to relax then! That is just what i need!!

rictus123

Well this place has gone quiet guys! What's everyone's short term goals and long term as I doubt everyone has the same ideas of where they would like to be!

Jacka87

rictus123 wrote: »

Well this place has gone quiet guys! What's everyone's short term goals and long term as I doubt everyone has the same ideas of where they would like to be!

Flat mate just mnoved out, me and the misses decided not to replace him, means for the first time I am living with my oh and nobody else. Measn we are down the rent money but it was a decision based on our personal lives as opposed to money alone.

However this means we want to make up the shortfall. We are attempting to wholesale some fudge and are also trying to grow the website business in an attempt to make some extra income.

I am also about to join a company share scheme which will hopefully see me pocket some decent dividend returns, some capital growth and also most importantly save some tax thats the incentive to join the scheme.

Short term goal at the moment is to put about 20k away to pay of a loan that I have and then start saving for a deposit so I can step up the property ladder.

Long term goal is of course to hit the million!

COOLTRIKERCHICK

Shark wrote: »

I would love to be rich too. Frustrates me hearing about how money goes to money.
I remember hearing someone once quote about how when they were poor and unknown they could not afford food or new clothes, but once they became rich and famous they got it all for free.

I am currently unemployed and searching for work. I have a good degree from a good University but this does not seem to be enough to get me in the door anywhere.

I have made about £50k profit in the past 2 years from gambling and hope to keep my winning streak going while looking for work. 5% down, 95% go till I hit the big £1,000,000!

unemployed..... i suposed you are claiming, but yet you have made 50k profit in 2 years.....

you dont need to look for a job, or sign on.... you are making money...makes me flipping mad...... especially as it works out at 25k a year.....


I think this thread has gone quiet, as in all honesty its boring...

I think the only way this thread is going to last the test of time...and keep people interested is by starting with the basics..... at getting to acheiveable targets....

so there is just over 6 months to christmas:eek: so why dont people aim to achieve something within the 6 months....

whether its pay off certain debts, or aim to make a certain amount of money.....or save for a deposit to buy your first property for that portfoilo people are talking about...


And yes there are areas in Britain where you can buy houses for around the 30 - 40k mark....

personally if i was to go into the property rental market.... i would try and buy the houses outright, rather than draw the equity on them for the deposit for the next one..... alot of people has got stung badly with what has happend over the last few years.

but then what do i know..... i am a business person, not a property developer/landlady

Colincbayley

COOLTRIKERCHICK wrote: »

personally if i was to go into the property rental market.... i would try and buy the houses outright, rather than draw the equity on them for the deposit for the next one..... alot of people has got stung badly with what has happend over the last few years.

but then what do i know..... i am a business person, not a property developer/landlady

The advantages of gearing a buy to let property is two fold. One, you increase your % return on investment by using the gearing, and two, you reduce your tax burden as the mortgage costs can be off-set.

I would never suggest people take on high % LTV, but if you have a decent enough business plan, and have thought your finances through well, then this would, in my view, be the way to go.

And yes, I am a property developer/landlord, and wouldn't ever change that.

Aim big, aim high, do not let the others drag your plans down.

COOLTRIKERCHICK

ambition is good......greed isnt....

look how many property developers have gone to the wall over the last 18 months...

All i am saying i know to make a million you need luck, determination, and a few good gambles to pay off, BUT be carefull, it might work for one, not not the other....