[S S]

Sogy, on Mar 10 2008, 11:29 AM, said:

Nemmine, there won't be enough cash buyers, even at normal prices, for all Kerrymen's "investments". So decent FTBs with decent deposits will be next.

£100k 85% ltv finance 85k with First Trust @1.25 over base on a buy to let morgage = 6.5%, Morgage of £460.00 a month for £85K rental income of £500 - £550 a month. http://www.propertynews.com/brochure.php?r...amp;p=PNC246078.

Looks good to me, might get a bit of that action.

I'm sure the auction will be filled with landlords with mortages approved and waiting to go.

[Sogy]

statinstoinker, on Mar 10 2008, 11:40 AM, said:

I'm sure the auction will be filled with landlords with mortages approved and waiting to go.

Wait a bit, those will dry up, but the supply will still be there - for years to come.

[S S]

Sogy, on Mar 10 2008, 11:44 AM, said:

Wait a bit, those will dry up, but the supply will still be there - for years to come.

Please get real there has and always will be landlord and others with money to invest in all sorts of stuff. Don't tell me the housing market is any different because it says so here

[S S]

statinstoinker, on Mar 10 2008, 11:50 AM, said:

Please get real there has and always will be landlord and others with money to invest in all sorts of stuff. Don't tell me the housing market is any different because it says so here

Lmao, As I was reading back and seen the peeps logged on and the guests, It came to me I bet their all working out how they might come up with some cash to buy a cheep house in Larne.

I smell a property boom coming get onto the property ladder quick lol.

This post has been edited by statinstoinker: 10 March 2008 - 11:56 AM

[p.p.]

statinstoinker, on Mar 10 2008, 11:50 AM, said:

Please get real there has and always will be landlord and others with money to invest in all sorts of stuff. Don't tell me the housing market is any different because it says so here

yes - but I think the days of the 'traditonal route' for landlords to fund their next purchase are over for a while

ie. re-mortgatging equity from rented property in a rising market to enable funds to purchase the next property which can later be mortgaged to continue the cycle.

when the market is not rising this model is screwed.

[Sogy]

statinstoinker, on Mar 10 2008, 11:50 AM, said:

Please get real there has and always will be landlord and others with money to invest in all sorts of stuff. Don't tell me the housing market is any different because it says so here

Have you read the Bible, about the time to do this and the time to do that? Well, there we are in NI now.

[p.p.]

an appropriate time to post this?

Mortgage approvals drop 40%

http://www.ifaonline.co.uk/public/showPage...PageName=741135

edit - sorry for stating the obvious but whatever your reasons for raising finance for property purchase, you had better be a 100% AAA rated borrower at present!!!

so reverting back a few or more posts, if you fit this category, more power to you

This post has been edited by prophet-profit: 10 March 2008 - 12:40 PM

[p.p.]

prophet-profit, on Mar 10 2008, 12:32 PM, said:

an appropriate time to post this?

Mortgage approvals drop 40%

http://www.ifaonline.co.uk/public/showPage...PageName=741135

edit - sorry for stating the obvious but whatever your reasons for raising finance for property purchase, you had better be a 100% AAA rated borrower at present!!!

so reverting back a few or more posts, if you fit this category, more power to you

or the reverse side of the coin, if you are hoping to go down the 'traditional landlord route' of financing property, good luck because you will need it

[p.p.]

right - last post from me (for a while anyway ) because my list of to-do's is just not getting done!!

In a rising market, leverage is your best buddy, in a falling market, leverage is your worst enemy.

How levered are you?

edit - a question for landlords really

This post has been edited by prophet-profit: 10 March 2008 - 01:03 PM

[S S]

prophet-profit, on Mar 10 2008, 12:57 PM, said:

right - last post from me (for a while anyway ) because my list of to-do's is just not getting done!!

In a rising market, leverage is your best buddy, in a falling market, leverage is your worst enemy.

How levered are you?

edit - a question for landlords really

I'm not a landlord, however I'm sure someone will see If you can get a house cheep on the back of someone elses misfortune and rent that property out for more than the mortage costs its a no brainer for a long term investment. I'm not saying everyone should run out and invest in property but if the figures stack up and the deal stands on its own two feet then go for it. The time to make money in any market is when nobody wants to buy and you can get a bargain.

[championmongo1]

statinstoinker, on Mar 10 2008, 01:43 PM, said:

I'm not a landlord, however I'm sure someone will see If you can get a house cheep on the back of someone elses misfortune and rent that property out for more than the mortage costs its a no brainer for a long term investment. I'm not saying everyone should run out and invest in property but if the figures stack up and the deal stands on its own two feet then go for it. The time to make money in any market is when nobody wants to buy and you can get a bargain.

That's exactly what I see happening in my area with desperate sellars taking very low offers from investors, who will see the rent cover the mortgage and then when the market does pick up, bang a nice capital profit to boot! This view will probably be hammered here because of the average wage, how we should return to 2.5x multiplier, 1974 prices, blah, blah, blah. People don't usually start off in their dream home but move up the ladder in time, some people here seem to forget that, and I concede that some properties are still overpriced but some have become reasonable so why not take advantage! There have always been private landlords, there always will be and the time to buy is when prices and interst are low as you can grab a bargain or dream home! Then sit back knowing that over the medium to long term, property has always been a sound investment!

[Traktion]

statinstoinker, on Mar 10 2008, 01:43 PM, said:

I'm not a landlord, however I'm sure someone will see If you can get a house cheep on the back of someone elses misfortune and rent that property out for more than the mortage costs its a no brainer for a long term investment. I'm not saying everyone should run out and invest in property but if the figures stack up and the deal stands on its own two feet then go for it. The time to make money in any market is when nobody wants to buy and you can get a bargain.

If all the houses started dropping to this rate, what makes you think there will be people out there willing to rent? A lot of people are only renting as they can't afford to buy in the current climate.

Also, ask yourself this - if this house is selling at this price already and crashes tend to take a few years to unfold, then maybe it will be worth less in a few months' time?

I'm not going to try to convince you of the above though as it's up to you. I would just be steering away from anything to do with property during a property crash. Near the end, maybe, but imo, this is far too soon to be near the end.

[p.p.]

when my wife gets home and asks why I haven't fitted the shower I am going to blame you lot right!

seriously, re., the property in Larne, until we know what it sells for, a lot of our discussion remains hypothetical

right where's my spirit level........

[Sogy]

Traktion, on Mar 10 2008, 02:14 PM, said:

Also, ask yourself this - if this house is selling at this price already and crashes tend to take a few years to unfold, then maybe it will be worth less in a few months' time?

It wil certainly sell for more than that - this time.

[S S]

[quote name='Traktion' date='Mar 10 2008, 02:14 PM' post='1006628']
If all the houses started dropping to this rate, what makes you think there will be people out there willing to rent? A lot of people are only renting as they can't afford to buy in the current climate.

Also, ask yourself this - if this house is selling at this price already and crashes tend to take a few years to unfold, then maybe it will be worth less in a few months' time?

I'm not going to try to convince you of the above though as it's up to you. I would just be steering away from anything to do with property during a property crash. Near the end, maybe, but imo, this is far too soon to be near the end.



I'm not saying i'm going out to buy property, but if the figure stack up yada yada yada.

You say if prices drop to this figure everyone will buy instead of renting. Tell me this, as I've read on here, is there not a credit crunch??? Read above, mortgage approvals down by 40%. How much of that is banks not wanting to lend to peeps with 100% credit history?

The credit crunch works both ways. You can't use it as a reason for low property prices one minute, and then on the other hand say when prices drop everyone can run out and pick up a mortgage because its cheaper or the same as renting.