Millionaire Challenge

yalisrib

I'm a big fan of The apprentice and not just for the entertainment value - I'm seriously consedering setting up my own rubbish collection service. Milliohns here I come!!

COOLTRIKERCHICK

yalisrib wrote: »

I'm a big fan of The apprentice and not just for the entertainment value - I'm seriously consedering setting up my own rubbish collection service. Milliohns here I come!!

that episode made me laugh....:rotfl:

they didnt factor in, the van costs, wages for all the people it took to actually do that work, insurance, licenses, premises etc..

the give away was most of those calls were 'set up', believe me i am in the recycling business, it is def not as easy or as lucrative as they made it look:rotfl:

ok for those who are looking to do a buy to let, there are mortages out there for B.T.L. that do not take into consideration your income, they only look at the income generated by the B.T.L. property. but the property must be valued and be over 50k... and you must have a 25% deposit.... so basically you need a min deposit of 15k, plus money for the legal costs etc...

been doing alot of looking and researching lately...and will update when there is a bit of progress;)

tinktay84

ooh I have turned my £10 into £12 on betfred haha.Thats in the space of a week...slow going but only placing 1 - 2 bets a day on 'dead certs' the more I get, the more I can bet, the more I could potentially win.....i'll be 102 before getting to a million though haha

lessonlearned

COOLTRIKERCHICK wrote: »

ok for those who are looking to do a buy to let, there are mortages out there for B.T.L. that do not take into consideration your income, they only look at the income generated by the B.T.L. property. but the property must be valued and be over 50k... and you must have a 25% deposit.... so basically you need a min deposit of 15k, plus money for the legal costs etc...

been doing alot of looking and researching lately...and will update when there is a bit of progress;)

Thanks for that Cooltrikerchick. I shall be most interested in that because although I will have capital I will not be in employment as such - other than a couple of little sideline business to provide additional income streams.

Making a bit of progress in that I am in the process of sorting out a care package for OH so that I can free up time to work and do a couple of courses I am interested in. OH going into respite care in a couple of weeks so that will give me a bit of time to get cracking and get organised.

Have to admit trying to sort things out with Social Services is so time consuming and frustrating. It takes forever. Never mind I'm getting there ......I don't give up easily.;)

And then hopefully can work on the master plan to rebuild our finances.

peainapod

COOLTRIKERCHICK wrote: »

that episode made me laugh....:rotfl:

they didnt factor in, the van costs, wages for all the people it took to actually do that work, insurance, licenses, premises etc..

the give away was most of those calls were 'set up', believe me i am in the recycling business, it is def not as easy or as lucrative as they made it look:rotfl:

ok for those who are looking to do a buy to let, there are mortages out there for B.T.L. that do not take into consideration your income, they only look at the income generated by the B.T.L. property. but the property must be valued and be over 50k... and you must have a 25% deposit.... so basically you need a min deposit of 15k, plus money for the legal costs etc...

been doing alot of looking and researching lately...and will update when there is a bit of progress;)

Is this right ? They don't take into consideration your personal income ? Just the income from the property ?
Also what about if you have bad credit rating ? Would that matter or would they still think we'll they're getting x amount from the property so they can afford to pay us back ? Anybody know any good mortgage companies for buy to let homes ???

Jacka87

TheMatrix wrote: »

You have to read it 3 times :D:D

Thats just not going to happen, the book was too hard to read through without finding it boring or preachy the first time. Some of teh ideas are usefull and thats why i mentioned it on this thread but for me its a reference book and not a read it three times and follow rigerously book.

Anyway why after reading it the first time can you not be aware of the amazing secret it holds? Surely some people read it once and see the secret whilst others could read it 100 times and not see it.

Just an opinion, defo worth scanning through and maybe reading in detail as far as I am concerned but thats all its getting from me.

slkh

Jacka87 wrote: »

Thats just not going to happen, the book was too hard to read through without finding it boring or preachy the first time. Some of teh ideas are usefull and thats why i mentioned it on this thread but for me its a reference book and not a read it three times and follow rigerously book.

Anyway why after reading it the first time can you not be aware of the amazing secret it holds? Surely some people read it once and see the secret whilst others could read it 100 times and not see it.

Just an opinion, defo worth scanning through and maybe reading in detail as far as I am concerned but thats all its getting from me.

I think like you say it is more of a reference book than a 'reading' book. It took me quite a while to get through although I did take my time as it can be hard reading in part's trying to understand exactly what it's getting at! I have began going through the book again from the start and underlining any relevant information I think I will find useful. I still think it is a book worth reading

slkh

COOLTRIKERCHICK wrote: »

that episode made me laugh....:rotfl:

they didnt factor in, the van costs, wages for all the people it took to actually do that work, insurance, licenses, premises etc..

the give away was most of those calls were 'set up', believe me i am in the recycling business, it is def not as easy or as lucrative as they made it look:rotfl:

ok for those who are looking to do a buy to let, there are mortages out there for B.T.L. that do not take into consideration your income, they only look at the income generated by the B.T.L. property. but the property must be valued and be over 50k... and you must have a 25% deposit.... so basically you need a min deposit of 15k, plus money for the legal costs etc...

been doing alot of looking and researching lately...and will update when there is a bit of progress;)

Sound's very interesting...however I still think income will come into it because what if the property does not let for several month's? Please do keep us all updated with your progress

Jacka87

Cant reme,ber who posted asking originally but with regards to buy to let

interest only or repayment - well repayment means you build up less cash and have to pay the addition repayment cash yourself. This also affects how easy your accounts are for the year. Say you get £500pcm rent and interest only is £250 then you gain £250pcm in your bank account. Any spend out of this for advertising or maintenance etc is a tax write off and you pay the tax on the remaining profit. If you paid say£350 for repayment then you need to pay tax on the money left in acount after expebnses plus the £100 spent on repayment, ok so thats just a case of adding £1200 to your profit for the year at the end, but its not that simple if rates are changing for example. Interest only and putting money aside would be my prefferd option, tho thats my opinion. You can then invest the cash into other property or other savings vehicles if your spreading your risk, or you can keep some in cash and then you know you have it to pay off mortgage or even just pay mortgage amount if things go badly. Its all about risk and of course your personal choice. Tho my opinion is balance is the key to everything in life!

With regards to the letting agent thing, well I rent a room in my flat and have done so for about 3yrs now. Constantly getting lodgers all by myself and doing my own vetting. Actually best vetting is just meeting the person and making a judgement call, or at least thats my opinion. I also assist my father by advertising through same chanells to let some of his properties, he has 4 that he lets out. I have managed to find him suitable tennents quicker than letting agents where doing and also increased his profits as I didnt charge a commission. He does hoever use letting agents. Basically the approch is three pronged I advertise online for him, He sticks signs up of his own accord, and he lets an agent try rent it for him and only pays commission if they get him somebody. Moral of the story is whatever gets the money in first and at most profit for him gets the job. Sometimes its the letting agent, but of its me or him that gets the tennant then their is a bit of extra profit, or he can reduce teh rent a little to try entice tennent to the flat. Again tho its up to you, I am just saying if you decide to use an agent fine but at least have a go at self letting. You may surprise yourself.

Jacka87

slkh wrote: »

I think like you say it is more of a reference book than a 'reading' book. It took me quite a while to get through although I did take my time as it can be hard reading in part's trying to understand exactly what it's getting at! I have began going through the book again from the start and underlining any relevant information I think I will find useful. I still think it is a book worth reading

I agree. I wouldnt have posted it up as a reference for people on here if I didnt think it would help some of the forum members.

Its a long book tho does have good ideas, some of which you may already be using but after highlighting it you may think to utilise more. A prime example is the "mastermind" concept. Basically get a big group of clever people around you that you trust and use their experience, knowledge and general wisdomn to help guide you. Personally I have my own little masterminds that include my father, my OH and some of my friends that I have met along the way in life, none though are paid to assist so the advice is generally unbiased in that sense. Tho they are not always experts.

However, just by reading this you have already started a mastermind group. Afterall everysingle member of the forum is giving or taking advice from this site. Ok some might be rubbish but the collective knowledge is vast. People from all different backgoubnds, different proffessions, different views on life, but most importantly people who have different experiences and thus made some similar or different mistakes and can share all they have learned to help each other.