Sunday, Sep 23, 2007
Tales of a deluded landlady
Times: Safe as houses?
You won't believe the level of delusion behind these so called investors, and their cheerleaders. Read for a laughter! I cant believe people attend trade conferences on BTL! These are psychos
Posted by confused76 @ 05:07 PM (476 views) Add Comment
6 Comments
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1. Davros said...
This is bizarre, even though you can currently get a far better rate, risk free today in a bank account, it's better to hold onto your properties in the vain hope that they're worth more in 2 years time?
The other bloke wouldn't ever consider investing in the stock market as it's too risky, while holding onto several hundred thousand pounds worth of highly geared assets which cost a load of money to sell, if you can find a buyer that is?
These are 'investors'.
2. alan said...
I still hear people talking about making money by "getting into BTL".
I think these articles are to encourage people to become BTL landlords while the ones who bought in 1998 and made a lot of cash, slip away!
3. crash bandicoot said...
"What will these properties be worth in 20 years’ time?”
Ummmm, let me see. Ex-council flat in South London - I'll give you a dozen Northern Rock shares mate. Oh go on you can have a B and B pen as well if you want.
4. Justanotherftb said...
The more articles like this I see, and the more conversations related to BTL I hear those of my parents generation having, the more I become convinced that amateur BTL landlords will give us our crash.
Lots of these "investors" got burned by the dot com bust in the SM, and have piled into BTL seeing it as a one way bet.
Nobody of my parents generation (50s) believes property will ever fall "property only ever goes up" etc etc.
Strangely many a few years younger, who were directly affected by the last crash have a different view, and wouldn't touch a n ex LA BTL flat with a 10 foot pole at this point in time....
5. Darren said...
This is bizarre, really, one of these guys is my landlord in Ealing. I know the kind of flats that he buys and rents. They are all pretty much the same and in the same area. I can counter this story with real facts. He has been in this business for about 10 - 12 years and bought most of his stock / flats at a time when the prices were really really low. The flats were cheap back then because they are all in an area that nobody wanted to live in when prices were "normal". As an example 3 bed semis used to cost about 50 k in this area, his flats were about 30k - 60k. Now he rents them out and manages other similar properties. No genius involved at all, there is also a little more to the story but if I add anything else my post may not be published. As an example of HPI, these flats are now worth 200 - 350k. I wouldn't even buy one of these places if it was available for 100k at today's prices. I rent there because it is close to work and of course rents have always been too high in neighbouring areas.
6. Darren said...
Why bother reading anything written by Rosie Millard, still trying to work out how my Landlord made his way into this story. The only conclusion i can arrive at is that these guys are all propping each other up, they need to, just to sustain their lifestyle. Pure greed at the expense of other people, seems to be the theme of the last decade. I am not surprised they are all panicking and will do anything to avoid a crash. Quite scary really.
Check, http://www.thisismoney.co.uk/credit-and-loans/debt-news/article.html?in_article_id=399415&in_page_id=62
http://www.thisismoney.co.uk/credit-and-loans/debt-news/article.html?in_article_id=399501&in_page_id=62
Unashamed of being in debt, absolutely proud of it more like.