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Mr Yogi

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Everything posted by Mr Yogi

  1. Most of my customers are professional people working in the public sector - doctors, teachers etc. They appear to be relatively bomb-proof. Aged 60, I have just taken a proper job for the first time in my life! 2 weeks per month fitting high-end kitchens for a local company. Their customers are anyone with the means to spend £50-100k on a new kitchen. I'd far rather fit one than pay for one! ?
  2. In the 40 years since I dropped out of university, I've made a reasonable living as a self-employed carpenter and cabinet maker. I've seen my contemporaries embrace the high flying worlds of finance, law, and corporate godknowswhattheydo while acquiring ever bigger houses and fancier cars. Many of them have also undergone heart surgery. I meanwhile, have very happily cut up wood and glued it back together again, picking up £200 per day in the process. I'm perfectly content with my van and mortgage free 3-bedroom semi. I play golf three times a week to keep fit. Which model is the mos
  3. I just heard this while cooking dinner. I couldn't disagree with a word the bloke said and immediately logged on here for the first time in months to see what others thought. I'll try again later!
  4. I am I the only one who makes no link between 'shopping' and 'leisure'? Shopping is a chore that I like to get out of the way as efficiently and quickly as possible. For this reason I do as much as I can online and rarely visit a real shop at all unless I have to. This enables me to have more time for proper leisure activities such as playing golf and drinking alcohol. There is a gross over-supply of 'real' shops.
  5. You're missing my point. Bovey's was a simple - if extreme - case of a businessman going tits-up and escaping debt-free via a combination of limited liability, personal bankruptcy, and sensibly making sure that the family assets were in his wife's name. I've no truck with Bovey himself - he's clearly a slimeball - but his use of the insolvency laws has been perfectly reasonable and lawful. The principles behind these laws regarding personal and company insolvency have developed over many years and are designed to encourage enterprise and risk-taking by entrepreneurs. If company owners and di
  6. This whole thing puzzles me. How can the juristriction of an English court extend to Ireland - or any other country? If I was Irish, lived in Ireland, and was owed money by another Irishman also living in Ireland how would I react if he waved an English bankruptcy order under my nose? How would the Irish courts react if I persued the debt? Why on earth should an English bankruptcy order mean anything at all in Ireland? Would Barclays Bank write off my overdraft if I told them I'd just gone bankrupt in Burkino Faso?
  7. You only have to surrender assets when you go bankrupt. If your house is in negative equity then it isn't an asset - it's a liability. Generally, so long as you can keep up with the mortgage payments, you will be able to keep the house. Of course, having all your other debts written off makes it a lot easier to make the mortgage payments! Generally, the mortgage will be less than the rent would be on a similar house so it makes sense to stay put, even though there is negative equity. The assumption would be that the equity would eventually return.
  8. Quote from the article: "The conclusion to be reached after 10 years of madcap lending is that house prices are not a function of demand, but are simply a function of how much money the lenders are willing to advance. Almost everything else is immaterial." Too simplistic. House prices (like everything else) are a function of supply and demand. Demand is influenced by many factors, the most important being the availability of credit. It is DEMAND that is a function of how much lenders are willing to advance. Assuming a constant level of supply, as demand increases so do prices. As the avail
  9. Ten years ago was 2001. House prices in 2001 were rather affordable even in historical terms. There was no suggestion in 2001 that a downward correction in house prices was either desirable or likely. So why didn't you buy in 2001 when, at age 30, you were probably at the perfect age to be buying your first home? You missed your golden chance. I'll reserve my sympathies for the generation behind you who have not had a chance yet...
  10. They tried that in the '60s... http://manchesterhistory.net/manchester/gone/Fortardwick.html
  11. If every town and village was allowed to expand by 150ft (enough for a couple of houses) all the way round we could build enough houses to fulfil anticipated demand without placing unreasonable strains on the infrastructure or spoiling any countryside. We don't need to concrete over vast swathes of farmland - just spread a little. That way as well, the new houses would be where people wanted them - near existing centres of population and employment.
  12. Just how is restricting one's market in this way going to elicit an early sale? It's madness! If a house hasn't sold within a month or so - THE PRICE IS TOO HIGH! No more discussion needed...
  13. In the current market that is a recipe for staying put for the foreseeable future...
  14. Estate agents really are as thick as pigshit. A property's been on the market for twelve months and the agent gets an enquiry from someone who has a house to sell. Wouldn't you at least think that the agent would show them round and if they looked keen talk to them about their own property and how you they could market it for them? As a salesman, I would see the opportunity for making two sales - unfortunately estate agents are generally not good sales people. How can estate agents hope to restrict viewings to potential buyers who are able to proceed immediately? How do they expect everyon
  15. Apologies if this has been posted before - I just came across it and was gripped. A search of the forum finds no reference to Harry Dent so I want to share it with you all. Enjoy.
  16. 51 and a self-employed cabinetmaker doing bespoke work for private clients. My accountant tells me I earned £40k last year but I'd love to know what happened to it! I bought my first house for £17k in 1984 and was the world's first recorded STR in 1989 when I realised something was wrong with house prices. I sold for £48.5K and rented for 5 years before buying again in 1994 at the bottom of the market. I paid £60k for a fantastic 4 bed house that had been bought for 100k in the late 80s. My run of luck ended in 2004 with a messy divorce resulting in my dream home being sold for £180k only 3
  17. For the last 80 years or so, each successive generation on average could expect a standard of living as good if not better than its parents. With the western economies now in relative decline and others in the ascendancy this expectation has reversed. As a society we are just going to have to get used to the idea that we are going to struggle to achieve the lifestyle of our parents or grandparents. I see no way of reversing this trend. It is just something we are going to have to deal with.
  18. You won't like this opinion but here it is; The value of anything is the amount that the market is willing and able to pay for it at that particular point in time. You were willing and able to pay £79k for a half share in this flat. Therefore that is what it was worth at that time. Buyers set prices - not sellers, and you set the price at this level. Of course, values change over time, and the fact that the flat has fallen in value does not mean that it was over-priced when you bought it any more than a property that rises in value was necessarily under-priced when it was last sold. You bo
  19. What the fook are Building Societies doing offering BTL mortgages anyway? Surely the whole point of mutual Building Societies is to provide the wherewithal for ordinary people to buy houses? They're not supposed to be commercial for profit businesses. I blame Maggie Thatcher...
  20. This is the crux of his argument, and his biggest error. Sure, some prospective sellers will be in negative equity and unable to proceed with putting their houses on the market, but he is forgetting that the majority of houses do not even have a mortgage on them, and that the majority of those that do only have a relatively small one. Falling prices will not affect the supply of houses coming onto the market as a result of old people dying or moving into residential care, or from middle aged people downsizing or divorcing. Indeed, as the cost of living rises inexorably in relation to earning
  21. Commercial landlords can be a very strange breed. At the smaller end of the market most landlords -particularly in my area - are small family run concerns who have built up portfolios of shops and industrial units over the last 40 years or so, becoming multi-millionaires in the process and minor local bigwigs. One thing they all seem to have in common is an utter contempt for their tenants and a sense of entitlement to collect huge amounts in rent for the bare minimum in return. Even in straightened times they see upward rent reviews as a right, and by and large would rather have properties
  22. Could we be seeing the beginning of the end of the era of 'shopping' being a recreational activity? I suspect we might... ... I remember when people only went to the shops to buy stuff they actually needed. A return to this mindset would do wonders for the nation's sanity, if not for the retail economy, which is built largely on flogging crap to idiots. Anyway, when it comes to larger purchases, everyone I know only uses shops to establish what product it is they want to buy, and then looks for a second-hand one on ebay or similar.
  23. Good post. The market value is the price that people are willing and able to pay at that point in time. Any surveyor confirming this price as being the market value is doing his job properly. If the price that people are willing and able to pay for the property subsequently falls (or rises) there is no comeback on the surveyor; he was simply identifying the market value at that particular point in time. I am sure that most surveyors fall into this category. I am equally sure that there were many bent ones in the pockets of developers etc. These are the ones who should be being taken to task
  24. Sorry Ruffles, but you are totally and utterly wrong on this in every way. Bankruptcy in the UK wipes out all debts with the exceptions of student loans and court fines. There may be one or two other obscure exceptions of which I am unaware but mortgages most certainly are not one of them. If you hand the keys back to the bank and go bankrupt that is the end of it; the debt is wiped out and the bank has no right to pursue you for any shortfall on the mortgage. The Official Receiver may make an Income Payments Order under which you have to hand over a proportion of your income for three years
  25. It is a complete mystery to me why anyone would want to work for an employer after the age of about 25 once you've learned the ropes of whatever it is you want to do for a living. Self-employment is the only way to go. Anyone without the balls to go it alone doesn't deserve a comfortable time in their fifties...
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