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  1. http://www.thisislondon.co.uk/standard/art...club/article.do Roman Abramovich has lost £12 billion on the Russian stock exchange, it was revealed today. The owner of Chelsea FC has seen his fortune dwindle as Russia's Micex Index has gone into freefall. The decline in value of two of his companies on the Moscow-based index, steel maker Evraz and mining company Highland Gold, has left the 41 year-old tycoon $20.3 billion (£11.9 billion) out of pocket. The staggering loss was revealed today by analysts who said it represented a decline in the equity value of traded companies. Abramovich's woes come on a disastrous financial day for London's Premiership football clubs with the owners of Arsenal and West Ham also suffering. Arsenal FC's part owner Alisher Usmanov has lost £7 billion ($11.7 billion) on the Micex index which has declined 61 percent since its peak in May and was closed today for the second time this week. The metals and mining mogul and Abramovich are part of a list of 25 Russian oligarch's who have lost £140 billion ($238 billion) on the Micex index. The country's ailing economy has also been hit by war with Georgia and foreign capitalists withdrawing billions of pounds worth of investment from a nation facing a period of instability. West Ham were plunged further into crisis as it was revealed that the east London club's Icelandic owner Bjorgolfur Gudmundsson is considering selling the club after losing £230 million in the country's own economic crash. Abramovich's unprecedented loss will set alarm bells ringing in the football world and the City. It comes after Chelsea chairman, Bruce Buck suggested this week that the club could sell players to survive the financial turmoil. He said: “Even with a benefactor like Roman Abramovich, if we think revenues are going to go down a bit we have to look at our expense side to look for areas where it is appropriate for us to save money. That's actually a process we are engaged with at the moment.”
  2. I thought it was a double fronted house then realised it had 2 doors and thought, christ that's expensive for a terrace house. A flat, madness.
  3. Bailing out borrowers who take risks creates a ``moral hazard'' that leads to riskier behavior as people assume the government will step in to save them, said Kiesel. In March 2006 Kiesel sold his house near Pimco's headquarters in Newport Beach, California, and rented a home in anticipation of the housing slump. ``The housing market will find its own bottom, without a government bailout,'' Kiesel said. Sensible chap.
  4. Starbucks will go the way of Sock Shop/Tie Rack in the 80's
  5. I know where a house is going for $1, only a £2000 sourcing fee and it's your's
  6. I have been researching the area for a few weeks and was planing a visit and my observations are; There are maintainance problems with most of the cheap high yielding houses. They are all about 100 years old, built of timber and with the harsh winter conditions require alot of TLC. There are also problems with the paint which can be lead based and would need expert advise to determine how to rectify. Gross yield can be high but net yields can be low. Some of the rentals include all utilities. And with property maintainance high if you have to visit a couple of times because of problems, that yield could quickly turn negative. I have been in contact with a couple of estate agents and although they both say renting in most areas is possible you will need a very good rental managment team and this is the major problem facing BTL in Rochester. Neither one would recommend anyone and suggested I contact several and speak to them myself and good luck Looking at the crime rate, it is one of the highest areas in the USA, with loads of housholds on social benefits this would be the the renting areas most of the cheap houses are. A stong management team is even more critical. I have spoken to someone who has invested in the area and they confirmed the worry about renting agents. He also told be a horror story of a family who trashed a rented house and it has been for sale for $1 and no buyers. I am sure there a good yields to be made but the managment problems are putting me off. It's not like over here, just popping up the M1 to resolve a major problem. I'm not giving up yet though.
  7. You do realise the he was really a she, named Victoria Hernandez Seriously though, that sounds like good advice.
  8. Apt that you have answered Pablo Silver or Lead? I've just found out the lead problem is with the paint. That would cost more than the house was worth to strip and repaint, would be cheaper to burn it down.
  9. I've have been looking at Buffalo/Rochester for the last week or so. Buy a house for $5000 and rent it out for $500 pm in Buffalo. Looks to me that you can buy cheap but with lots of problems. I keep reading about some lead certificate required, I assume it's for the pipes. Cost of replacing before renting would cost a small fortune. There does appear to be some very nice mutiple let buildings in nice surroundings for around $80000 and renting for $800-$1200 pm gross, after costs that drops a fair bit as I've noticed a lot of landlords pay for heating, water etc. I'm going to email a couple of yanks to get a bit more information and may pop over and have a look if it's showing possibilities.
  10. Ok, thanks, will have to wait for Bubblepricker to contact me.
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