woody Posted September 30, 2005 Share Posted September 30, 2005 Anybody else see the article in The Times, Bricks and Mortar today? Basically, 3 blokes piled into BTL at the end of last year and have now got a portfolio "worth" £9m. Actually, if you read a bit into it, they borrowed nearly £9m and acknowledge they might all be bust by the time they are 30 but what does that matter? Anyway, we are told to either “envy” them or “respect” them… Geez, I'd love to be like them - they have each made £3m in one year. wow... I was taken in. er... [apologies, I don’t have the article in front of me to give more detail]. Quote Link to comment Share on other sites More sharing options...
IPOD Posted September 30, 2005 Share Posted September 30, 2005 The sickening pile of sycophancy you are referring to is here: http://www.timesonline.co.uk/newspaper/0,,...1800669,00.html The fabulous investor boys Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted September 30, 2005 Share Posted September 30, 2005 whats so special about lending 9m, then saying your now worth 9m. that money isnt yours you fool. your still worthless. i hope the market doesnt go down for our 'boys'. are these the countries new heroes ? Quote Link to comment Share on other sites More sharing options...
MarkG Posted September 30, 2005 Share Posted September 30, 2005 (edited) are these the countries new heroes ? Yes. They're valiantly sacrificing themselves in the fight against house price deflation. Though given they can now go bankrupt and be debt-free in a few months it's not such a big sacrifice. Edited September 30, 2005 by MarkG Quote Link to comment Share on other sites More sharing options...
jp1 Posted September 30, 2005 Share Posted September 30, 2005 You have to admire their talent though! - must take real skill and savvy to borrow £9m for 30 overpriced off-plan flats They are borrowing between 85 and 89 per cent of the value of each property — and their loans are mostly interest-only' The best bit was The trio are not afraid to think big. “One guy we recently spoke to is dealing with someone who deals with Donald Trump. That’s pretty amazing — we are three people away from Donald Trump,” Irfan says Irfan is philosophical. "What’s the worst that can happen? You go bankrupt? Well it’s always good to go bankrupt before you are 30 — that’s what everyone tells us." Who??? - Donald Trump's mate's mate's mate !!!! Quote Link to comment Share on other sites More sharing options...
MarkG Posted September 30, 2005 Share Posted September 30, 2005 (edited) Who??? - Donald Trump's mate's mate's mate !!!! Well, Donald Trump would know about bankruptcy. From http://www.answers.com/topic/donald-trump: "By 1990, the effects of recession left him unable to meet loan payments. Although he shored up his businesses with additional loans and postponed interest payments, increasing debt brought Trump to business bankruptcy and the brink of personal bankruptcy. Banks and bondholders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid risking losing even more in a court fight." "In summary, Mr. Trump's major businesses have been bankrupt twice." Guess it didn't do him any harm. Edited September 30, 2005 by MarkG Quote Link to comment Share on other sites More sharing options...
woody Posted September 30, 2005 Author Share Posted September 30, 2005 Yep. he still gets the birds though so must do something right ... Right freds dead - do you ever see sarcasm when it hits you in the privates? Quote Link to comment Share on other sites More sharing options...
London-loser Posted September 30, 2005 Share Posted September 30, 2005 You have to admire their talent though! - must take real skill and savvy to borrow £9m for 30 overpriced off-plan flats The best bit was Who??? - Donald Trump's mate's mate's mate !!!! And the worst part is at least one of the links in that chain was probably lying... so it's more like "we know someone who pretends he knows a mate of Donald Trump". The article was distinctly light on facts. It implied they have fat yields on their properties - they make £1000 plus cashflow on EVERY property... but also implies they are geared to the tits (seems likely since they only started a year ago and focus on London/the South East). Quote Link to comment Share on other sites More sharing options...
IPOD Posted September 30, 2005 Share Posted September 30, 2005 he still gets the birds though so must do something right ... As Mrs Merton once said to Debbie McGee, "So, Debbie, what first attracted you to the multi-millionaire Paul Daniels?" Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted September 30, 2005 Share Posted September 30, 2005 (edited) whats so special about lending 9m, then saying your now worth 9m.that money isnt yours you fool. your still worthless. i hope the market doesnt go down for our 'boys'. are these the countries new heroes ? The Times states it quite clearly :- If you are unsure whether to be impressed or plain jealous, one thing is certain: their success is down to hard graft.[...] They are borrowing between 85 and 89 per cent of the value of each property — and their loans are mostly interest-only. There you go then, prizes for all! So they're renting from the banks with prices set at the peak of the market with the hope of renting on, that's some pretty dodgy arbitrage. “One guy we recently spoke to is dealing with someone who deals with Donald Trump. That’s pretty amazing — we are three people away from Donald Trump,” Irfan says. Err, anyone who looks beyond the gloss knows Trump is all hair and no substance, he is technically bankrupt courtesy of his casino and hotel deals, his creditors even own the Trump brand, he no longer owns his own name! Edited September 30, 2005 by BuyingBear Quote Link to comment Share on other sites More sharing options...
El_Pirata Posted September 30, 2005 Share Posted September 30, 2005 "we’re looking at over £1,000 profit per property per month" yeah right we need to list all the fallacies, mistakes and woolly thinking in this article and draft a letter to the Times Quote Link to comment Share on other sites More sharing options...
woody Posted September 30, 2005 Author Share Posted September 30, 2005 As Mrs Merton once said to Debbie McGee,"So, Debbie, what first attracted you to the multi-millionaire Paul Daniels?" The first thing I will do at the weekend is cancel the Times. The article made me laugh so much I spilt my juice this morning. It is disgusting that they put out this rubbish and call it a newspaper. Sadly some stupid idiots are taken in by this tosh. Unfortunately, on a serious note (and I hope the times journos are reading this), this type of article is only making the situation worse for so many people. Quote Link to comment Share on other sites More sharing options...
El_Pirata Posted September 30, 2005 Share Posted September 30, 2005 Still getting my head round this article. As far as I can see, they're piling their money (or rather their bank's money) into newbuild "luxury" flats, the ones that are being completely overbuilt, the kind that really take a hit in a crash because FTBs leap straight over them. A bunch of early twenty-somethings who think they're suddenly bith rich and geniuses because the bank gave them a massive loan? Ladies and gents, it looks like we just found the "greatest fools". Quote Link to comment Share on other sites More sharing options...
AgeingBabyBoomer Posted September 30, 2005 Share Posted September 30, 2005 These guys really _are_ worth nine million - to the bank ABB Quote Link to comment Share on other sites More sharing options...
HPCheese Posted September 30, 2005 Share Posted September 30, 2005 They put their drive down to their backgrounds; their families all migrated to Britain and, uncannily, each is an only son with sisters. Wow! That - is - un-canny!!! Not. Quote Link to comment Share on other sites More sharing options...
dog Posted September 30, 2005 Share Posted September 30, 2005 In terms of risk, the biggest are a housing market crash and a dearth of tenants. Even with that unlikely possibility, Irfan is philosophical. Unlikely possibility?! Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted September 30, 2005 Share Posted September 30, 2005 Mind you, the weekly regional report in Bricks and Mortar made good reading. 4% falls in Essex and still dropping. Quote Link to comment Share on other sites More sharing options...
teddyboy Posted September 30, 2005 Share Posted September 30, 2005 Irfan is philosophical. "What’s the worst that can happen? You go bankrupt? Well it’s always good to go bankrupt before you are 30 — that’s what everyone tells us." This sums up Britain today!! :angry: Just Borrow and if it goes tits up - never mind I'll be unemployed and just claim benefits. How the hell can they borrow £9m on property and say £52,000 a year is a good return. Im going down to NATWEST tommorrow and borrowing £9m and putting into a high interest savings account - bet that makes more! The fact they have borrowed that much is amazing when a FTB when asking for £100,000 has to get a 125% mortgage over 30 years and questions are asked? The banks are gonna get stung - the basts will pass it onto us though!!! What a F00KED UP COUNTRY WE LIVE IN Quote Link to comment Share on other sites More sharing options...
anna_s Posted October 8, 2005 Share Posted October 8, 2005 This sums up Britain today!! :angry: The banks are gonna get stung - the basts will pass it onto us though!!! What a F00KED UP COUNTRY WE LIVE IN This whole discussion has been unproductive and highly unintelligent. Its sad and pathetic how jealous u all sound. Quote Link to comment Share on other sites More sharing options...
libitina Posted October 8, 2005 Share Posted October 8, 2005 This whole discussion has been unproductive and highly unintelligent. Its sad and pathetic how jealous u all sound. AWOOGA Quote Link to comment Share on other sites More sharing options...
erranta Posted October 8, 2005 Share Posted October 8, 2005 This whole discussion has been unproductive and highly unintelligent. Its sad and pathetic how jealous u all sound. Under Mosaic law, the high-priesthood was held for life (Num. 3:10); and although Annas had been deposed by the Roman procurator, the Jews may still have regarded him as legally the high priest. "Our Lord was first brought before Annas - the High Priest, and after a brief questioning of him (John 18:19-23) was sent to Caiaphas" Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted October 8, 2005 Share Posted October 8, 2005 This whole discussion has been unproductive and highly unintelligent. Its sad and pathetic how jealous u all sound. sorry, what's unproductive about pointing out that borrowing £9m doesn't make you a millionaire but grossly inflates your liabilities which this bunch don't seem to take seriously? or raising the question of the standard of reporting? Quote Link to comment Share on other sites More sharing options...
yawningdog Posted October 8, 2005 Share Posted October 8, 2005 There ain't no jealousy here, that's for sure. Just the collective opinion that these boys are lunatics, without any sensible financial plan. Anyone who thinks otherwise should read the article again. If they still can't see the problem, then good luck. Quote Link to comment Share on other sites More sharing options...
marko Posted October 8, 2005 Share Posted October 8, 2005 There ain't no jealousy here, that's for sure. Just the collective opinion that these boys are lunatics, without any sensible financial plan. Anyone who thinks otherwise should read the article again. If they still can't see the problem, then good luck. Not sure...looks like you can't dispute the drive of these young 'guns'...what was the reference to a multi-million pound semiconductor business? Sounds quite impressive, and they seem to have worked their game plan out to a tee: apart from one small detail...HPC. Mind you, if one of them has set up multi-million pound SC business, I don't see why they are so heavily geared. I do detect some rather forced sniping and a tinge of jealousy in postings here. The article does paint them as real entrepeneurs and is a bit sycophantic, and is misleading, but on the other hand...they appear to have done their homework, and obviously have more balls than most of the posters on this forum (and that includes me!). They are taking a massive risk, and I think that they will probably struggle given the way things are heading. They sound young and ambitious, but the sniping on here sounds like name-calling from the sidelines rather than anything else. p.s. I still think they are going down though! Quote Link to comment Share on other sites More sharing options...
gone west Posted October 8, 2005 Share Posted October 8, 2005 Irfan is philosophical. "What’s the worst that can happen? You go bankrupt? Well it’s always good to go bankrupt before you are 30 — that’s what everyone tells us." I wonder if the banks would have lent them the 9M if they had known about this young man's flippant disrespect for his new won financial responsibilities. Still it takes a lot of courage to do what they have done. Maybe fool's courage but courage nonetheless. Quote Link to comment Share on other sites More sharing options...
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