First Steps to Solvency

alt80

Good day on the work front today. 

Not sure why stuff is taking so long to sell - was hoping to reduce debt further than I have this month through selling again. Losing a bit of patience for it - know I shouldn't, wife managing it generally probably should have a look at what she's doing and what offers we are getting through if realistic and wife is thinking she can get more or if they are just taking the P. 

12/11/20:
1. X7 things up for sale. 4/7 - same no progress.
2. X3 exercise ( just upper body x2 and something else x1 with foot issue wife will come up with something no doubt ha) 1/3. Did have a walk.
3. Update expenses/ cards spreadsheets. Still not done this hardly spent any money so shouldn't be too big a job.
4. Finish work 6.00pm and switch email off. Had a bit of a break but back to it after son went to bed all could have been left to the morning tbh scheduled emails to go out 8.30am ha but couldn't help myself lol. Better working than spending!! Did make a bit of time to talk to few property people one looking to change who he uses for management of his portfolio so hopefully a nice little job there. 
5. In bed for midnight. Tired now so should manage 11.30 with wife again.

ryanm8655

alt80 said:

@RelievedSheff she is insistent she wants nothing for Christmas probably thinks I need to pay it back to the banks rather than buying her anything with income. She’s more or less stopped spending just makes sarcastic comments about anything we buy being the banks’ money really. This morning filled the RR up she had to ask is the petrol was on the business or the banks lol. I say anything and its all well you owe them money / should have thought about that when you spent 2022s pay cheque or the favourite going to mortgage this as well. 100 know where she’s getting it from haha.

DEFINITELY too early for Christmas decs do it this year and she’ll do it every year ha.

@getmore4less I like my house its ‘nice enough for what it is’ lol. Not going to say I don’t want a 7 figure place because I do but the house I’ve got I’m generally pleased with. Lived in a lot worse, thought I’d arrived when I bought current house lol but yes that feeling long gone and do want the next level. Perhaps should get a bit more invested in the place - not done any major works to this one every other house I’ve owned went through the building site phase always trying to level up buy something with right postcode but wrong condition haha. This one right postcode, right condition when I bought just wanted quick refresh internally and new kitchen/ bathrooms easy jobs.

I personally see this as your wife trying to tell you the opposite of what you think. She isn’t with you for the material things you provide but for you...that’s why she doesn’t want anything for Christmas. It’s a message that she values your time and effort more than you getting yourself in debt to buy her nice things.

Having a similar nightmare with the sales. Sold another fragrance on eBay but have a feeling they’re going to be a !!!!!! about it ha. Asking awkward questions before they made an offer. Think people are stopping spending in preparation for Christmas.

alt80

@Sarahwithlove yeah would agree I'm hard on myself generally pushes me to put the work in and achieve something. Can have the opposite affect sometimes though tbf.

I am spending more time with family making that a priority. It's good for me and something they want win win there. Not spending too.

I do have a decent house under 50LTV so not like I'm maxed on the res mortgage not even close. Tbf £600-625k does buy a decent house in this part of the world I'm not ashamed to live where I do generally very happy with it and if it's last house I buy for me I won't be crying about it. I do want to release some equity from res home in two years if I'm not moving get some extra cash into portfolio to grow that obviously not happening if moving though. 

As it stands in two years to get 7 figure house would be looking at about 70LTV using my current equity to fund the stamp duty etc so about £3k/m @ 2%. I'd see £625k max so say £600k to be realistic for current res home. Not actually unrealistic with cards and RR payment gone not 100% sure they'd give me a res mortgage for £700k though so idk. Know I'm not looking hard into 7 figs just hitting £1M res home would be enough for me right now. Sounds indulgent but I do think anyone looking on RM being nosey what I paid for my house see that will shut them up eg FIL etc. Not my only reason of course but I would love for wife to give him new address and him go on RM as he inevitably will when HMLR updates and see what I've paid. Tbf on paper take the mortgages out of the equation I'm hard into 7 figures on property anyway but not the same as 7 figure res home. 

Can't say I really like being told I'm not good enough to make it at some point tbh. Yeah 10 years down the line if I haven't made it I'm probably not good enough. Still have some time left.

alt80

@ryanm8655 idk mate she's not happy about the debts more the last lot I remortgaged and didn't tell her about tbf. Wouldn't be happy if I were her about that I don't think though either. Asked me tonight why the !!!!!! did I buy new RR when I knew I owed so much only answer because I'm an idiot lol. 

eBay is generally a nightmare haha some really dumb questions on there. Probably true re Christmas going to be annoyed if I'm over £25k month end.

Sarahwithlove

alt80 said:

@Sarahwithlove yeah would agree I'm hard on myself generally pushes me to put the work in and achieve something. Can have the opposite affect sometimes though tbf.

I am spending more time with family making that a priority. It's good for me and something they want win win there. Not spending too.

I do have a decent house under 50LTV so not like I'm maxed on the res mortgage not even close. Tbf £600-625k does buy a decent house in this part of the world I'm not ashamed to live where I do generally very happy with it and if it's last house I buy for me I won't be crying about it. I do want to release some equity from res home in two years if I'm not moving get some extra cash into portfolio to grow that obviously not happening if moving though. 

As it stands in two years to get 7 figure house would be looking at about 70LTV using my current equity to fund the stamp duty etc so about £3k/m @ 2%. I'd see £625k max so say £600k to be realistic for current res home. Not actually unrealistic with cards and RR payment gone not 100% sure they'd give me a res mortgage for £700k though so idk. Know I'm not looking hard into 7 figs just hitting £1M res home would be enough for me right now. Sounds indulgent but I do think anyone looking on RM being nosey what I paid for my house see that will shut them up eg FIL etc. Not my only reason of course but I would love for wife to give him new address and him go on RM as he inevitably will when HMLR updates and see what I've paid. Tbf on paper take the mortgages out of the equation I'm hard into 7 figures on property anyway but not the same as 7 figure res home. 

Can't say I really like being told I'm not good enough to make it at some point tbh. Yeah 10 years down the line if I haven't made it I'm probably not good enough. Still have some time left.

If I were you're father in law I would be more impressed that your property is with 650 and you own over 50% then if you had one for 1m and mortgage company owns 70% of it. A 1m property is only impressive if you actually own it without a mortgage, otherwise you don't really own it the mortgage company do. It's also crazy amounts to be paying on a house per month when you could use it for other things to give you the lifestyle you want. I guess question to ask yourself which would you prefer your toys or your 1m property? If you get the 1m property will that be enough or will it then be a case of now I want the 1.5m property. At what point do you really think you would be happy to stop?
I don't want to sound like I'm putting you down I'm not. I hope you do manage to get the business to the point that having a 1m property is an option for you just not at the expense of the relationships you are now building with your wife and son again. I hope you manage to find a happy balance and begin to realise that what you're doing is enough. You re successful business man and that not having a 7 figure property doesn't mean you're a failure. Because your not. 

ladyholly

Dont be too worried about selling. I, too am finding it tough and am only selling very low priced stuff. Since lockdown 2 was announced things have gone very quiet for me. I dont know how others have found it. Hang in there most things sell eventually and sometimes you just have to be patient. My only suggestion is check the priced you are asking are realistic. Even high end stuff does not always acheive the price you think it should. Conversely sometimes you acheive a higher price than you are expecting.Market forces and all that.

getmore4less

Problem is you believe your own BS. 

Sounds indulgent but I do think anyone looking on RM being nosey what I paid for my house see that will shut them up eg FIL etc

The FIL and most others you think you will be impressing looked at your £1m house they would know you just borrowed more money. 

ladyholly

I do wish it would dawn on you that most people dont care what you have or havent got or how much you pay for things and the rest dont matter. The important thing is who you are and how you treat people. They might check on how much you paid for something but (a) does it matter and (b) it will only be of passing interest (except possibly your FiL who I suspect is only concerned that his daughter and grandson will not be on the streets if everything goes wrong.)   If people are bothered by your assets or lack of them they really are not worth bothering with.

alt80

Wife fallen out with me over house. Went to bed same time as her said we can get this clear and look to move 5 years lot more realistic than 2 tbf. She kicks off because bigger mortgage and I’m obsessed with money don’t care about family etc etc think I’ve shown I do care about family and new res home would be for us all not like a sports car. Then she brings out the I don’t want you to stretch yourself and be stressed about a massive mortgage trump card. Yep wife tells me I can’t make it too lol.

Got to believe I’m going to get to the next level someday or what’s the point might as well oversee what I’ve got 20/25 hours a week or whatever pay down the btls no pgs and sit back take same money res home paid few nice toys on the drive. I need more get to next level and level after.

@Sarahwithlove where does it stop? It doesn’t i wish it did stop in a lot of ways it drives me but destroys me at the same time lol. Know I need to payoff and take a lesson from the cards - no more cards. Also careful about cars too - one at a time on finance worry less about not having the newest. Waste of money really in a lot of ways. Res home not though yeah fair bit in interest tbf and if rates went up to where they were when I started out would be a nightmare really but that’s not likely to happen anytime soon.

@getmore4less why does it matter if it’s mortgaged or not? Most people can’t buy outright for cash. Wife kicks off about bigger mortgage. Not even knocking current res home for a long time this was my next level lot to like about it but you're in business I think so you must know where I’m coming from? 

@ladyholly sales very frustrating want to be below £25k month end. Not going to be close at this rate. Probably why the anger is quite high right now. 

FIL probably believes I’m going to fail and lose my house. If I could get to next level fact I could get the finance to buy it would shut him up tbf. Can’t right now I know that much so longer term goal definitely. 

ZaSa1418

How big is your house at the moment, is it too small for you, wife and son?