Friday, Apr 18, 2008
When the shoe shine boy is giving recommendations it is time to get out
nebusiness.co.uk: Anyone can do it, says bus driver millionaire
A Former bus driver has plans to build a multi- million-pound online estate agency business after making a splash in property investment. Ronnie Davison quit his job driving buses for Arriva in Redcar in 2006 after building up a property portfolio worth £5m and is now using the profits to launch online venture Ultimatehomesandfinance.co.uk Ronnie was bitten by the property bug in 2003 after acquiring his first buy-to-let house in Redcar, before purchasing another 55 North East properties in four years, which he has since leased out or refurbished and sold at a profit. He said: "If I can do it, then anybody can do it. Looking back, everything has gone so fast since quitting my job as a bus driver and I’m now looking forward to growing the new business.
18 Comments
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1. techieman said...
Ahhhhhh how long before this bloke once again hears the immortal catch phrase "get this bus out!"?
"However, there is never a perfect time to start a business of this scale and we remain a very ambitious company that already needs extra staff to support our current team and manage our already growing client base" - never a perfect time no but sometimes there are sensible risk / reward profiles, and this aint one of those times.
2. jack c said...
"The business currently has 14 properties for sale and rent in areas such as Middlesbrough and Stockton, including 11 from Ronnie’s own portfolio" - of course Ronnie will get a premium on his properties despite current market conditions (LOL)
3. harold said...
Bus drivers and timing have never gone together well in my experience. Looks like his timing with respect to this venture is terrible.
4. C'mon Correction said...
If he's a Millionaire then why does he need more money? He won't be 'providing a service to people', just taking a slice of pie out of other peoples business.
5. uncle tom said...
When Wall St comes to Main St, it's time to get out...
6. Its All Gone Pear said...
Quite possibly the most stupid bus driver in the country.
7. inbreda said...
"including 11 from Ronnie’s own portfolio"
so he's got three other properties on there.
Must be flying
8. symo said...
That's right the banks will let anyone do this until the margin calls come flying in.
9. denzil said...
Best of luck to him! At least he's trying to better himself. I'd sooner somebody like this in comparison to somebody who sits on their bottom waiting on state hand-outs.
10. d'oh said...
Hmm, free publicity and offloading some of his properties...doesn't sound too stupid to me...it would only be stupid if he believed any of it.
11. montesquieu said...
So he's followed the strategy from the get rich quick Ponzi seminars to the letter and got his name on £5m worth of property (using the POWER of LEVERAGE, the secret of UNTOLD WEALTH formerly known only to the few!!!!)
This is probably now worth (let's be charitable) £2.5m now? Mostly bought since 2006 too (now that's funny!). But I guess, if he has to liquidate his portfolio, why not cut out the middle man? He's going to need every penny.
Structured as a business like this though he'll probably escape with minimal personal consequences when it goes bust, as opposed to all the Joe and Jemima Chumps out there who bought one or two city centre flats 'as a pension' and are about to see their retirement nest eggs disappear (if they haven't already).
That'll be 60p please. No standing on the seats.
12. A Saver said...
With plenty of people doing this kind of thing we can see what a hit's coming to the banks! Caveat emptor!
13. Mken said...
Good idea to set up a website to try to offload property - and dress it up as a business.
At least he's being creative in his desperation. Looks quite professional too.
But if as montesquieu suggests ownership is as a business and not in his name, why should he care?
He could just wind up the business with a loss. No?
14. Icarus said...
Denzil - His business is about as productive as the guy on state handouts.
15. sold 2 rent 1 said...
Cornish,
Here is the 1997 turning point illustrated.
When fear of deflation overcomes fear of inflation
16. techieman said...
s2r1 - now THAT's a chart!
17. denzil said...
icarus said:
>>Denzil - His business is about as productive as the guy on state handouts.
Except that it is almost certain that he is not on state handouts.
18. alan said...
I think the bus driver will survive if he bought in 2003. The ones who won't bought a dozen properties in 2006-07.
I've watched a couple of TV shows where people have borrowed £2m with only about £150k capital. Needless to say, the odd trashed flat and a few months voids soon sent the bailiffs in!