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Btl
guitarman001
Posts: 1,052 Forumite
Found out tonight one guy at my dad's work has 7 BTLs in central Scotland! Main job a railway engineer plus does backhanders on the taxis - supposed net worth ~£1.5m and has a half mil house (seen it!). Always thought the guy just got a whopping inheritance. Is there anybody not doing this? Know plenty of teachers (!) doing the same, and now a mate of mine who's going to live in Aberdeen is trying to get a BTL mortgage on a flat in Edinburgh.
I don't know what to think.
I don't know what to think.
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Comments
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The real question is why he continues as a rail engineer given his wealth??0
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guitarman001 wrote: »Is there anybody not doing this? .
Sure.
There are approximately 3.5 million private rentals in the UK, out of 27.5 million houses.
Of course, in 2006 it was only 2 million private rentals.....
The additional 1.6 million has largely been driven by the million FTB-s prevented from buying since 2007 by mortgage rationing.
BTL lending is currently in 20% year on year growth, whilst FTB lending is now in decline.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
markharding557 wrote: »The real question is why he continues as a rail engineer given his wealth??
The debt he has.
Pack of cards........0 -
guitarman001 wrote: »a mate of mine who's going to live in Aberdeen is trying to get a BTL mortgage on a flat in Edinburgh.
He'd be better off getting a BTL in Aberdeen.
Much higher yields.I don't know what to think.
Why?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Why on Earth is it you have to log in in order to see this part of the forum!?0
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guitarman001 wrote: »Why on Earth is it you have to log in in order to see this part of the forum!?
Because it's full of mentalists claiming the world will end shortly, house prices will fall to 50p each, and we should all buy silver.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Because it's full of mentalists claiming the world will end shortly, house prices will fall to 50p each, and we should all buy silver.
Conversely it's crammed full of cr&p from a kilt wearing, debt junkie, house price ramper and some of his buddies.
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Thrugelmir wrote: »The debt he has.
Pack of cards........
IMHO I think that is just as unrealistic as the story itself:
He is supposedly worth 1.5m net and not only works as a railway engineer, I'm not sure what that is, but I can buy that, after all my wife and I both work and have 8 investment properties. But he also works as a part time taxi driver! Come on, get real!
If it was true and he is worth 1.5m net and has 7 investment properties in central Scotland, a clue about the area is that the OP says he lives in a 500k house as if that is something special (he says 'seen it') which tells me that the area isn't particularly expensive. Yet his 1.5m net worth would equate to over 200k per property. So how can his debt be significant (in relation to his net wealth)?
It could be of course that he does have 7 investment properties but is in trouble but doesn't want others to know. That would explain why he would also be working as a part time taxi driver i.e. there is no 1.5m net worth.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Thrugelmir wrote: »The debt he has.
Pack of cards........
You 'sound' like Yoda when you say 'The debt he has', though you might need to add 'young Skywalker' to the end of the sentence.
That's where the similarities end because you don't have 'the force' Thrugelmir and have no idea what is in this guy's future. You don't know when these houses were bought, what the outstanding debt is, or what the repayment strategy is. All you are basing your post on is your own petty prejudices and envy. As I said in a different thread, you guys who do this are not content to 'settle' yourselves and be happy in that, you hate the fact that other don't settle and you seem to want them punished for daring to have the ambition that you don't have. Instead of seeking to succeed yourselves, you put your energies into wanting others to fail.
No wonder pessimistic people die early, all that hate and vitriol you hold inside must be exhausting.0 -
HAMISH_MCTAVISH wrote: »Sure.
There are approximately 3.5 million private rentals in the UK, out of 27.5 million houses.
Of course, in 2006 it was only 2 million private rentals.....
The additional 1.6 million has largely been driven by the million FTB-s prevented from buying since 2007 by mortgage rationing.
BTL lending is currently in 20% year on year growth, whilst FTB lending is now in decline.
Or has the additional 1.6 million been driven by greed, you know landlords buying yet more houses to fleece more FTBs?
Still confused by your mortgage rationing arguement, anybody with their finances in good order can get a mortgage, I got a 90% LTV mortgage with no problems at all.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120
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