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madasafrog

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Everything posted by madasafrog

  1. BUMP is a term where a pointless post is made with the intention of purely raising up to the top of the board and raising its profile.
  2. That will not be bear food either. Its just proof that there are people out there that are easily ripped off. Does nothing to the argument that GC2 is here. Why is it that the mainstream media does not take your arguments on board that we are in or about to embark on a house price crash? Worthwhile question
  3. Bear IV - A new hope Your main feature is about to start. Please turn off your mobile phones and observe the emergency exits. Refreshments are available in the foyer. Please note that this is a no smoking forum
  4. If all the bear arguments were correct, why has it not happened so far? The problem is economics in the present day is too complex and is evolving. To simply use historical events as a basis for backing a bears argument has proven to be unreliable and we have the recent years to prove it. So for the moment, its wise to be open minded until we have concrete evidence Arguments for a crash sometimes remind me of reports of UFO's. Lots of people claim they are out there but until one has landed on the whitehouse lawn, accept that not everyone will believe you. Re the lizards, that depends on whether your last name is IKE.
  5. Its a bit early for anyone to start calling the market. Only when there is definitive data from LR stats and its repeated over a period of time can we say for sure. Until then, one persons argument is as valid as the next.
  6. Nice part of the country. Ironically, we are in a similar setting but another 45 mins north. The house you are going to is what we are looking to move to. Considered STR and was amazed at the rent of the some of these places. Very cheap indeed. I can see the attraction but its horses for courses. I dont want to use the family home to trade on the housing market.
  7. I am near telford area (east shropshire). Will adjust profile to show I considered STR but I have a wife and two kids so dont want to mess about with moving them around too much. Plus we tend to enjoy improving the property we live in. There is a risk on short term but i am not going to use the family home for my own spread betting. If the housing market falls, then let it. Our house is our home. I would rather my children be in our own home (and the banks of course) than renting. Even in a falling market, it would still feel more secure. I If i were a single lad, I might take the punt and STR.
  8. Me too. I used to live in West Brom and have friends and family there. West Brom town centre is scary. Dont take it personally. Wednesbury, Dudley, Titpon, Cradley Heath, Wolverhampton, Walsall are all the same. All i can think is that the researchers did not make it out alive to report how bad it is.
  9. Cheers for the tip Not signed up yet and looks like we might leave until new year.
  10. I thought you were kidding when you said that you were going to report it
  11. As your market is BMV and therefore highly motivated sellers, could let us know if you come across any BTL LL and give a profile of how they got into a mess? I know there are confidentiality issues to be mindful of but as no names are involved then it should be OK? If you can give a brief outline of how it occurred, it can show how shaky the BTL market is at the moment. My purpose of asking is not to gloat, but to show what type of BTL LL gets into trouble. There are many on here that believe all BTL is now dead and buried. I am not of that opinion but i firmly believe that there are a lot of amateur LL who are getting caught with their pants down at the moment. Well done for being open and frank
  12. I had heard 70% for rightmove. Other main site is www.primelocation.co.uk There are many other sites but they mainly seem to be sponsored ads from primelocation
  13. HIPS is costing £199+ VAT but there are a couple more searches (environmental and coal) that aren't included at that price which has thrown on another £60. HIPs taking 2-3 weeks to do and it is paid for by us. Not heard of an EA doing it. EA fee is 1.25% but negotiated 1% We have got a fee of £100 to put down with the EA to cover photo's etc. If the house is sold, then that £100 is knocked off the final bill (which would be nearly £6K so woopy woo). If we pull out then the EA has £100 towards costs which is not much considering time spent and the marketing costs (Brochures etc). Not sure what other EA's are offering but this EA is OK. No minimum term. The manager and the staff are normal and down to earth. Not your typical EA's. In the East Shropshire area on outskirts of rural village Inside leg -32inches Lunch- Pork Sandwich Starsign - Cancer
  14. I dont see where he has been an IP. All he is doing is buying their house so they can pay off the creditors. He is in no position to make arrangements with creditors and is having a mortgage arranged for himself not the client. He is not going in there as a financial advisor, insolvency practitioner or samaritan. He's going in there to make a deal where he can get the client out of a hole and keep their home, and to make himself some money at the same time. In doing The clients have only lost what they have thrown away.
  15. Cheers for answering clearly and honestly. Seems you have covered most bases. My only concern with this model is the above. In 18 months, the people that you have got out of the mire, may be getting themselves straight back in again. The accumulation of debt does not happen overnight and after 18 months some of these tenants may be getting themselves back into the same old game of mounting debt. What are your plans from here? Expand further or keep it within a manageable size to reduce exposure? It seems things are going well for you at the moment, but even a temporary fall in the housing market could leave you exposed. Its great when your riding the wave of success, but I look back at the young lad (Lee i think) on the program that lost a £4million portfolio and became bankrupt. You seem like you know what your doing so dont need advice from me but good luck anyway
  16. The local EA by us has a bit of a mixed view. There are buyers out there but they are much more price conscious. He has said that some are going above the guide price yet some are on the market for some time and he is asking them to expect 5-10% off their asking price. We are looking to move and are waiting for our HIPs report to be done. We have selected 4 postcodes that we can move to but there has been not one new property in our price range added in the last 2 weeks on rightmove. Pointless us selling if we have no where else to move to. May be wrong time of year i guess Edited for clarity
  17. The BTL LL is liable unless they have done it via a LTD company. The problem this presents the LL is that commercial mortgages are a lot harder than tradtional mortgages. The interest rates are higher and deposits much higher too.
  18. There are benefits to the homeowner by using this scheme. If they got repossessed then they would lose the 20% that you might knock off the price. I have a few questions as i am not convinced that this is win win win in my book How long have you been doing it for? Dont you think that the business model is a bit flawed? If the person buying the house off you has got themselves into desperate financial trouble doesn't this tell you that they cannot manage their finances and that your future rent also looks insecure? What percentage of your portfolio is made up of these tenants? How will you manage the cash flow if/when they stop paying rent? What % do you pay below the market value (rough % OK) If you have these properties on a fixed rate interest only mortgage, what happens in the event of a fall in the market and you cannot get the 85% LTV on the properties when the fixed rate ends? Cheers
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