Burger Van Man

[19 year mortgage 8itch]

I want to work and have a reasonable store of wealth.

Manipulations for short term political ends are making this an ever more precarious undertaking.

Otherwise, whats the point? Might as well go live in the trees.

Maybe that's where we're all headed.

Those that BTL 10-15 years ago, who did not go mental with MEW based greed, have come out OK.

The moral rights and wrongs of it are there for all to see. No point trying to say they were wrong.

They made the right decision for themselves. Just because successive administrations have seen fit to skew everything their way is not their fault. There's no way we're going back to prices of 10 years ago, so suck it up.

We got it wrong. And yes i'm including myself here. Totally wrong.

Right to be scared of the debt, but wrong in the way i viewed the governments attitude to what was happening.

I placed far too much trust in them to do the right thing. Not Gordons "right thing" but the real right thing.

They (noughties BTLers) won the roll of the dice. Accept it.

That DOES NOT mean i think its a wise or correct move now. Far from it.

It is however, fairly immoral to have a stable (ish) pension system ******ed about with by a megalomaniac shithead chancellor.

Who then chose to compound his mistakes/evil by cutting rates in 2005, when they should have been raised, to head off his "Tory Boom and Bust"

.

Yes there are massive problems with BTL warping every thing in its path. The politicians opened the door to crazyland.

What do you expect people to do?

Which leads me back to the store of wealth?

Gold? Well i had a bash at that? Not really working out so far. But have to sit on it Mr Cunningham.

Cash? My dad had a letter from Lloyds this AM. 0.55% on his ISA.

Looked around for a new home for his £14k. Nobody wants it.

Stocks? All time highs? Not a chance this is a good time to get involved.Johnny Paycheck doesn't feel,understand, or trust the stock market. Notwithstanding the great returns since 07

BTL (in 2014).See above.

So what, great moral crusading sages, is someone looking to provide for their future supposed to do?

Get a burger van.

[shindigger]

Get a burger van.

[frederico]

There is nothing you can currently do to provide for your future except earn loads of money and save it.

BTL will not save anyone it is far too big a risk, people are literally going to lose their shirts , the next election is massive, it will decide the character of the country.

The issue is we have no money and are spending more and more from the future.

So what money we can spend will either be spent subsidising the 1% or subsidising the needy.

[Greg Bowman]

There is nothing you can currently do to provide for your future except earn loads of money and save it.

End of. really great comment. I guess my caveat is that essentially you spend the capital you accrue by the time you are 60 by gradually liquidating assets and using your cash. You can soften this process by:

Having a skill set that is still worth something as has been mentioned on this thread

Put a bit a away in a pension (for a 40% taxpayer still not bad deal) costs you F*** all to put in so if you get an annuity that pays f*** all and a bit you are ahead

Maybe one additional property perhaps a BTL or your office

Get your OH's a s low as possible and work hard at being fit otherwise it is all a bit of a waste of time anyway

[sPinwheel]

Anyone here regularly eat anything from burger vans?

[TheCountOfNowhere]

I want to work and have a reasonable store of wealth.

Manipulations for short term political ends are making this an ever more precarious undertaking.

Otherwise, whats the point? Might as well go live in the trees.

Maybe that's where we're all headed.

Those that BTL 10-15 years ago, who did not go mental with MEW based greed, have come out OK.

The moral rights and wrongs of it are there for all to see. No point trying to say they were wrong, or are inherently stupid / greedy though.

They made the right decision for themselves. Just because successive administrations have seen fit to skew everything their way is not their fault. There's no way we're going back to prices of 10 years ago, so suck it up.

We got it wrong. And yes i'm including myself here. Totally wrong.

Right to be scared of the debt, but wrong in the way i viewed the governments attitude to what was happening.

I placed far too much trust in them to do the right thing. Not Gordons "right thing" but the real right thing.

They (noughties BTLers) won the roll of the dice. Accept it.

That DOES NOT mean i think its a wise or correct move now. Far from it.

It is however, fairly immoral to have a stable (ish) pension system ******ed about with by a megalomaniac shithead chancellor.

Who then chose to compound his mistakes/evil by cutting rates in 2005, when they should have been raised, to head off his "Tory Boom and Bust"

.

Yes there are massive problems with BTL warping every thing in its path. The politicians opened the door to crazyland.

What do you expect people to do?

Which leads me back to the store of wealth?

Gold? Well i had a bash at that. Not really working out so far. But have to sit on it Mr Cunningham.

Cash? My dad had a letter from Lloyds this AM. 0.55% on his ISA.

Looked around for a new home for his £14k. Nobody wants it.

Stocks? All time highs? Not a chance this is a good time to get involved.Johnny Paycheck doesn't feel,understand, or trust the stock market. Notwithstanding the great returns since 07

BTL (in 2014).See above.

So what, great moral crusading sages, is someone looking to provide for their future supposed to do?

zopa. help make the banks. obsolete.

[Rain'ard]

I've just got in and only caught the end of it, but BBC News are doing a piece on pensions....... They interviewed a burger van man who has decided to get into buy-to-let for his pension.

Is he going to flip as well?

[200p]

Who eats from a burger van? I don't but I can see the attraction at Jumble Sales, Traveling Fairs, Fetes etc. £3.50 for a burger that costs probably £1 to make.

If you sell food at Jumble Sales, the pitch is more expensive than selling a boot of stuff -> they can make good money.

What someone needs to make is an automated burger maker, stuff it into the van, step back and collect the money at the end of the day.

Edited September 15, 2014 by 200p

[Si1]

The 20K I spent in 1992 to buy a BTL property (deposit + fees + new kitchen and bathroom) now returns £9000 per year to me (after costs).

I've never re-mortaged it, but if I had I'd probably have been able to draw down about £10k per year in equity by now, and still be at 85% LTV

Why people ever gave their hard earned money to spivs/gamblers in the city is totally beyond me. And the government can't / won't look after anyone but themselves.

And as for 'crippling property maintenance costs and hassle', I hardly ever see/hear from my tenants. They only contact me when they're leaving (over 7 years for one of them) or if there's a problem (2 call-outs in 20+ years). I've had more hassle getting into a bag of dry-roasted peanuts.

However, would I BTL at today's prices? There'd be more chance of getting a whale up my back passage.

Jeez

Nothing like investing in the rear view mirror

[Si1]

In real terms 20k is 40k in current money

At normal asset return rates you would have grown to around £120k by now, but in reality, on a yield basis you have outperformed this by about 40k. And that's assuming you're not bending the truth. Not that spectacular. But I do concede that investment funds in this country have a ropey reputation, justifiably.

Edited September 15, 2014 by Si1

[Trampa501]

Who eats from a burger van? I don't but I can see the attraction at Jumble Sales, Traveling Fairs, Fetes etc. £3.50 for a burger that costs probably £1 to make.

If you sell food at Jumble Sales, the pitch is more expensive than selling a boot of stuff -> they can make good money.

What someone needs to make is an automated burger maker, stuff it into the van, step back and collect the money at the end of the day.

Fast food generally can fetch a high mark up, although obviously you need to nab the right location and times. Not unknown for turf wars to get very violent; where there is money to be made you quickly get vested interests who obviously like to discourage newcomers taking a piece of the action.

[Guest]

So what, great moral crusading sages, is someone looking to provide for their future supposed to do?

Nothing. Unless you're lucky and get a windfall from somewhere we're all just as screwed as each other. The money men make sure to skim off the real wealth for themselves.

The only thing left to do is try and change the broken system. May as well go down shouting.

[19 year mortgage 8itch]

Nothing. Unless you're lucky and get a windfall from somewhere we're all just as screwed as each other. The money men make sure to skim off the real wealth for themselves.

The only thing left to do is try and change the broken system. May as well go down shouting.

Or get a burger van.

[Guillotine]

I did, six years ago, in my mid fifties, if I make it to seventy I'll have got the principal back. In the meantime, the 7.5% I get on that money is well above the interest I get elsewhere and compares very favourably with the average net yield on a buy to let. Also, as a higher rate taxpayer, I got 40% tax relief on the money I paid in.

How is that then?

7.5% increases in payment from your mid fifties would have cost a ridiculous amount six years ago, and what's more increase above five per cent have been unauthorised since 2006.

[Bruce Banner]

How is that then?

7.5% increases in payment from your mid fifties would have cost a ridiculous amount six years ago, and what's more increase above five per cent have been unauthorised since 2006.

Not sure what you mean.

I bought a flat rate annuity when I retired six years ago which pays 7.5% of the fund value for life.

[juvenal]

Get a burger van.

Good advice. You know your onions...