First Steps to Solvency

getmore4less

Diversified tenant mix does reduce risk.

Eviction has never been that easy(legal methods).
Even harder now at least a year. 

How many non payers before the letting business starts to drain retained funds and can't pay out enough to pay off your debts. 

getmore4less

The die tomorrow scenario is quite different to an employee/sole trader. 

The two sources of income are Ltd companies that can carry on if the right people are in place.

Lettings business should be self sufficient, the main business would lose a fee earner but could still carry on with other employees picking up that work. 

alt80

@getmore4less greater diversification with tenant mix definitely want that in the future some more professional lets. Have a little diversification now in that regard but not really enough.

Definitely getting harder to evict. Nightmare right now. I wouldn’t recommend everyone get into property now if I’m honest. 

Not really considered the income I take as I’d just stop taking it and have to cut back on lifestyle but it’d take a big amount of non paying tenants to sink the ship.

alt80

@getmore4less mate I think the point they were trying to get at is no way she’d step up to anything. Not a hope in hell. Some management required of both so not totally passive but as I’ve said I could step back significantly and if she had a bit more about her would run with minimal input.

warby68

alt80 said:

@warby68 I take objection to your I don’t have respect for women comment. Can only assume it comes from the fit comment. Show me a heterosexual male who doesn’t like a fit woman in her prime, sure you feel the same way about men.

I’ve got big respect for anyone smashing their goals in life male or female 100 doesn’t matter to me I’m no chauvinist. Couldn’t care less and said before I find driven women hot and never wanted the wife at home it just happened in fact she 100 drove that.

Its the fit comments plus all the stuff about you earn therefore you decide everything and telling Ryan he can have the pick of young hot women but to get one who works. Mainly the way you speak about your wife though - you have said it outright, you care for her but have trouble with respect.

getmore4less

alt80 said:

@getmore4less mate I think the point they were trying to get at is no way she’d step up to anything. Not a hope in hell. Some management required of both so not totally passive but as I’ve said I could step back significantly and if she had a bit more about her would run with minimal input.

Remember it does not have to be the wife doing the work, bigger business will need more people in the right places and is part of succession planning.

Another good reason to get those mentors back on board so if the worst did happen too soon there are people to step in and help.

If the wife(and in a few years the son) showed a little interest in the basics to keep things going it would protect against total melt down.

As a follow up to the what if you died..... 
Assumption is you both have a will and have done the IHT planning. 

mamamu

alt80 have you ever calculated how much actually childcare, house cleaning, food prep, car wash and all other things would cost to you if your wife would work? 

Would you really then want to do 50% share of childcare and not from age of 7 but from baby age. Would you really? 

ZaSa1418

It isn't the fit women comments it is the clear lack of understanding. Just  because your wife doesn't earn money doesn't mean she does not have an extremely tough job.

alt80

@getmore4less don’t really want to get into the whole death conversation tbh. Find it all a bit too morbid but no not really any plans in place. Perhaps I need to face this stuff as part of business growth strategy just really presses my stress buttons thinking about getting older / fragility of life. I’ve denied it playing much of a part of the business and growth against advice from some good mentors / accountant / solicitor. Just haven’t been able to face it properly yet 100 my issues.

@warby68 Didn’t really think anything I’d said to Ryan was disrespectful tbh were I a woman and said to another woman get a fit man with a job would that also be disrespectful?

Wife yeah I struggle with the respect side and it’s not something I’m proud of do also struggle with the idea of my income being hers etc always have. I don’t really like sharing but I don’t think I have any respect issue with women in general. 

Have a good gender balance staff wise. No woman has ever complained about me in the workplace and I pay based on job role and what fees they bring in not interested in paying a guy more than a girl for the same job role that’s just not how I work.

@mamamu She wanted a child, I didn’t. Left to me we wouldn’t have a kid I wouldn’t have it any other way now but doesn’t change the fact I wouldn’t have chosen to have a family. Tbh I only agreed in the end because I could see how important it was to her also it shut up FILs ‘jokes’ so was win win in the end lol. 

@ZaSa1418 She chose her role, 100 on her that was. I don’t start moaning about what a hard job I’ve got all the time. I love my job, she probably loves hers or she wouldn’t have chose it by now if she knew it wasn’t right for her I’m sure she would have done something about it. Nothing on my part keeping her from doing whatever she wants. 

NorthernSoulSouthernLife

Firstly I apologise that my post gave you yet another sleepless night, that wasn’t my intention, I just wanted to highlight that sometimes in life things go catastrophically wrong in the most unexpected ways & also that your wife is looking at this from a totally different Perspective  than you, but that doesn’t invalidate her opinions or concerns.

The ins and outs of our situation was far more complex than the brief outline I gave. We hadn’t maxed out our credit, the business could function productively & be financially viable Without us at the helm he just couldn’t let go of the reins & dragged it down with him. Ultimately the money stopped coming in so the bills couldn’t be paid , we had personal guarantees that the creditors called in pretty sharpish when it all unravelled . Just because the money wasn’t there didn’t mean my husband addictions just stopped, he still needed that ‘fix/buzz’ as you describe it & the list goes on. He believed he was financially invincible , utterly convinced that he had every avenue of potential failure covered but he never factored in that he would become so physically and mentally impaired that he couldn’t function when things began to get tough. 

I’m really grateful that you took the time to reply to my post & ask about my housing situations, it’s not great but it’s getting sorted but thank you for the offer of support it was appreciated.
I read many things here that are hard to digest but I’m always saddened The most when you don’t believe your wife if she’s says She loves you , ever thought that she might not love the choices you’ve made / lies you’ve told etc but still loves you? My husband never believed me either but he had such little self worth I genuinely believe he thought he wasn’t worthy of my love or that anyone could ever really love him, just perhaps you are in a similar situation with yourself? (Rhetorical questions/ food for thought that doesn’t require a public answer) .

 

Don’t forget how far you’ve come with tackling your current debt in such a short time frame & the positive impact spending time with your family has had  on all of you.