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I attended a social gathering the other day, in which the topic went on to buying houses and BTL. One bloke (in the medical profession) said he's in the middle of buying a house specifically to renting it out and was wondering if he should inform the HMRC at all. In reply, a teacher said he had 2 houses and had never informed the tax man. Another attendee, who works for the BBC, also mentioned he has roughly 4 houses he lets and has only informed the authorities of 1. The subject of 100% mortgages also came up and the teacher hoped they would come along again, as then he would buy another. I was too tired to join in the conversation but hope my withering look was plain to see. It astounds me that seemingly intelligent people, in decent well-paying jobs lack the creativity to think of other things to use their money on - plus seem to be uninformed of the financial system in place which won't give a proverbial about them once sentiment changes. Do these people not use Monte Carlo modelling to take into account multiple variables, in their financial decisions that may impact their lives for 20-30 years minimum? Or do they just follow the popular narrative that the media spouts out and lack true freedom of thought? I'll bring them acid for next time we meet, to expand their minds