Monday, Oct 08, 2007
This lady needs mental help
Times: Tales of a landlady: How low can you go?
She has problems and is a vulture in denial. Send any suggestion to buytolet@sunday-times.co.uk
Posted by confused76 @ 06:49 PM (1183 views) Add Comment
10 Comments
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1. alan said...
Lots more nasty people will come out of the woodwork soon. Once that happens, some tacky TV programmes will no doubt be introduced to try to find "virtues" in ripping off people in difficult financial positions.
It's almost inevitable in a country which is so debt laden!
2. confused76 said...
yeah, but should one complain with the times about this landlady b@stard? she is a regular contributor with tips how to rip off tenants etcetera
3. David Smith's Sub Prime. . . said...
The Bolsheviks would have had a quiet word with her.............
4. enuii said...
What does one expect, this is American style capitalism at it's rawest. Makes morals look somewhat outdated in the dash for wealth the sneakiest most devious types will always get to the top of the cash dung pile if they put the effort in.
5. backseatcrasher said...
oh the wilson again. It says the sunday times rich list puts there wealth at £180million, with 700 odd houses that's about £250k per house. However they dont own the houses the mortgage company does. so exactly how rich are they?
6. paul said...
The idea that there is an army of investors waiting to cash in on cheap prices is like saying there's an army of stock market hawks waiting to gain on any falls in the stock market. If that were the case, share price levels would be practically unmovable in perpetuity, and so would house prices. I bet there's a lot of landlord who would like that, however when the knife starts gathering momentum, not many will be keen on catching it.
7. Blindleadtheblind said...
Buying or selling on emotion is a dangerous decision. These so called vultures sense an oppertunity, but with all decisions it has risk attached. The market has only just started to turn down, many so called shrewed investors buying now will regret doing so imo. When the shake out is done and dusted, many will have been taken to the cleaners financially and emotionally, but a whole new generation will be able to putting a roof over their heads at much more realistic multiples of what can be repaid...
8. inbreda said...
"their mortgage repayments had doubled. It was a bargain at £130,000. We’ll spend £20,000 on it – at which point, I expect it will be worth £250,000.”
Yes I expect it will
"It’s making money out of other people’s misfortune, though, is it not? “I haven’t made a fortune,” McLaughlin says. “I haven’t made anything until I sell the property."
Wise words from someone I would otherwise consider a bit daft. What I don't understand is the business sense of buying a 'distressed' house, where the owners cannot afford the mortgage repayments, and then renting the house to them. Taking all of the risk of a downturn in prices and relying on the previous owners (who couldn't afford the mortgage before) to pay your mortgage now (presumably even higher than before given what's happened to Libor) is pure stupidity. If the previous tenants couldn't afford the mortgage when (presumably, in such a rising market) they had a bag load of equity available to MEW to tide them over, then how can they afford the rent. This guy must be subsidising no-hopers on the back of the assumption that prices can only go up.
There's going to be a very rude awakening for some!
9. David Smith's Sub Prime. . . said...
Would be nice to think it Inbreda...
10. Nickolarge said...
I looked into this and they wanted to give me 70 grand less than I just sold it for. Then they were going to rent it back at £100 more than my mortgage.
Why would anyone be that desperate or stupid. Your creditors will always give you time to sell if they know they are going to get more in the end. In fact you could fall foul of the law if you sold it too cheaply.