First Steps to Solvency

RelievedSheff

Fingers crossed you have a better day today.

alt80

Hopefully would probably be better if I cancelled the counselling but I’m definitely going to try not to let my anger get out of control today. Call centres annoy me at the best of times but I’m on edge a bit generally at the moment so just lost it yesterday haha.

ZaSa1418

alt80 said:

Hopefully would probably be better if I cancelled the counselling but I’m definitely going to try not to let my anger get out of control today. Call centres annoy me at the best of times but I’m on edge a bit generally at the moment so just lost it yesterday haha.

If you don't like the counsellor then yes cancel that one but definitely find another. 

getmore4less

Changing home BB and expecting to work form home was just crappy planning and not thought through properly if there was no contingency and it put you into a bad mood.

Is it an example of instant gratification  gone wrong?
Got some money out of the persona budget that went into messed up my day.

Don't forget your personal self owes your BTL self £100k from the last bailout.

As long as the overall leverage in the BTL business stays under liquidation value then you stay ok the big challenge for that business  is getting the growth plan back on track.

If aiming for 8 figures you have a long way to go as you are 7 but net under £500k from your previous posts, with 75% gearing you should be able to grow that business at 20% a year if you have decent yields and retain the cashflow in the business.

You might want to review priority 1 and 2 as you are a long way of £10k/m net income and that will slow lower priorities a lot.

getmore4less

theoretica said:

Depending on how long hours you are working you are earning somewhere around £20 an hour take home from your main job, so I agree it possibly isn't the best use of your time to spend an hour for £5 back - but gathering a bunch of smaller stuff to sell at the same time might well be worth it.  But as you are, start with the higher value stuff for most return.

Its much closer to £30-£40 for the productive hours, an equivalent wage would be over £100k

Watched "The Brass Teapot" last night that touches on the i want more monster inside.

ryanm8655

alt80 said:

Hopefully would probably be better if I cancelled the counselling but I’m definitely going to try not to let my anger get out of control today. Call centres annoy me at the best of times but I’m on edge a bit generally at the moment so just lost it yesterday haha.

If you aren't on the same page then cancel and try someone else...

I remember one counsellor I went to, I started opening up about the past and their reaction was "well lets not talk about the past, lets focus on the future". Always seemed hungover and uninterested (was through work and on regent street so Christ knows how much he was being paid). Found another after that which worked well. Went to a proper counselling centre where I had an initial assessment and they matched me to someone suitable. Fortunately my GF's mum was a counsellor so I knew the options open and what a good counsellor should do...plus the importance of having someone that works well for you, sometimes their personality might not suit, for example. Ironically they helped me realise I needed to ditch the GF as we weren't right at all

JCS1

It can take a few sessions to click with a counsellor, so bear with it for a few more sessions.  But do consider changing after that if you still feel you are not getting on with them.

alt80

It’s basically a character assassination everything I’m proud of achieving minimised ‘long way from being an ‘actual’ millionaire’ because 7 figures in property is not enough ‘why does that matter so much anyway?’ etc etc type stuff. I do know I’ve got a mindset problem that makes me finance stuff as soon as I can rather than saving and waiting. That’s all: I don’t see working towards doing better and having financial goals being a problem- they do lots of the ‘why do you want that’/ ‘do you want to work forever?’ / ‘how do you think your wife feel about that?’ Etc etc Just stupid. I just want to get to the issue (financing personal stuff), switch my thinking and be able to get to the point of waiting whilst I save up for personal stuff and not feeling like the world is judging how much I’ve f**cked up by driving last years model or not being in the 7 figure house yet.

Re paying back the £100k I will do. Going to do a 2 year fix for res home then at the end I should be able to remo back up to 60%ltv and put £120k (current val) back into the BTLs. Do need to stop taking income from it whilst I want to grow agreed about that. I know I’ve got a long way to £10k/m net but that’s what I need to see going to have to get there somehow.

getmore4less

 I do know I’ve got a mindset problem that makes me finance stuff as soon as I can rather than saving and waiting.

I think the problem is you have got into the habit of doing it for everything rather than the things where it makes a lot more sense.
and have to go the stage where you are financing stuff before you can and have been using regular debt to live on.

Everything financed eats up some of the cashflow and for personal stuff that is the income you can draw from the business 
a net absorber.

Within the business anything financed should be a revenue generator  of more than it costs to finance 
a net producer

There are some in between where the finance can reduce the overall longer term costs like a mortgage for a place to live.

I think if you put the property portfolio at number one you will be creating an increasing revenue stream to work with
The income stream at number just drains resources that will just disappear with nothing to show for it.

getmore4less

Given the potential for a few bargains to be about in the letting industry and the cost of borrowing on residential being relatively cheap it may be worth thinking about being cash ready now.