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Btl Scum Regrouping And On The Offensive. -- Merged

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Busta is getting the campaign back together with another petition. It’s managed less than a thousand signatures in a few weeks but that was before he started begging...

https://www.property118.com/important-message-mark-alexander/

Oh and also, he’s going to change political lobbying forever. More orange t-shirts perhaps...

“All will be revealed in regards to the next stage of our strategy in due course, and let me assure you, I don’t think this has ever been done before and I am extremely excited about it. Could the political lobbying strategy I am planning to share change lobbying forever? I think it might! For now though, we just need more people to sign and share the petition.“

 

 

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5 hours ago, Lavalas said:

Busta is getting the campaign back together with another petition. It’s managed less than a thousand signatures in a few weeks but that was before he started begging...

https://www.property118.com/important-message-mark-alexander/

Oh and also, he’s going to change political lobbying forever. More orange t-shirts perhaps...

“All will be revealed in regards to the next stage of our strategy in due course, and let me assure you, I don’t think this has ever been done before and I am extremely excited about it. Could the political lobbying strategy I am planning to share change lobbying forever? I think it might! For now though, we just need more people to sign and share the petition.“

Has Mr Alexander finally been put in prison?

mark_1.jpg.6a089491702c3b8c418b1a774e8c0e53.jpg

And they've photoshopped his sign as a 'please' sign?

mark2.thumb.jpg.096ce1b289ded710fbc0280a073dd0a9.jpg

I think we should be told.

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5 hours ago, Lavalas said:

Busta is getting the campaign back together with another petition. It’s managed less than a thousand signatures in a few weeks but that was before he started begging...

https://www.property118.com/important-message-mark-alexander/

Oh and also, he’s going to change political lobbying forever. More orange t-shirts perhaps...

“All will be revealed in regards to the next stage of our strategy in due course, and let me assure you, I don’t think this has ever been done before and I am extremely excited about it. Could the political lobbying strategy I am planning to share change lobbying forever? I think it might! For now though, we just need more people to sign and share the petition.“

What are the chances that the next stage of the strategy involves sending Mark money which will rapidly be p!ssed up against the nearest wall.

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6 hours ago, highYield said:

Has Mr Alexander finally been put in prison?

mark_1.jpg.6a089491702c3b8c418b1a774e8c0e53.jpg

And they've photoshopped his sign as a 'please' sign?

mark2.thumb.jpg.096ce1b289ded710fbc0280a073dd0a9.jpg

I think we should be told.

Soon

"Please Sign...On"

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On 11/08/2018 at 00:40, Lavalas said:

 Could the political lobbying strategy I am planning to share change lobbying forever?

Rhetorical question to which the answer is "no".

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Times are tough for at least one on Axe the Tenant Tax

 

We are literally a few months away from bankruptcy with 75 properties which took years to acquire having purchased in a distressed state then refurbished.  Our next tax return around the corner at the 50% taper.  We won’t survive the tax due.  Sadly we cannot offload the properties quick enough and the a rent increase just won’t cut it.  Great tenants most of whom have been renting on average 6 years with us.  This so called guarantee for longer tenancy is a white elephant most tenants don’t want to be tied in.  Our tenants enjoy the comfort knowing they can leave anytime.   I don’t think any changes will come quick enough certainly not at the rate our government moves things
Stamp duty isn’t a primary concern for existing landlords leaving.  It’s section 24 that is the killer!

 

Edited by Ah-so

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39 minutes ago, Ah-so said:

Re BTLer:  "We are literally a few months away from bankruptcy with 75 properties which took years to acquire having purchased in a distressed state then refurbished.  Our next tax return around the corner at the 50% taper.  We won’t survive the tax due.  Sadly we cannot offload the properties quick enough and the a rent increase just won’t cut it.  Great tenants most of whom have been renting on average 6 years with us.  This so called guarantee for longer tenancy is a white elephant most tenants don’t want to be tied in.  Our tenants enjoy the comfort knowing they can leave anytime.   I don’t think any changes will come quick enough certainly not at the rate our government moves things
Stamp duty isn’t a primary concern for existing landlords leaving.  It’s section 24 that is the killer!"

Even now, they can't see beyond their own self, if they are being truthful about their situation, and not just claiming future bankruptcy as a ploy to get picked up by property-interests who may squeal to the press abou it.   They have been creaming it for years.   Full on with the grab on other people's homes.  They put themselves in this position with greed and debt.   

Hopefully the tenants won't get messed about in their bankruptcy and LPA Receiver will run things smoothly.   Would be good for these landlords to enjoy the comfort of renting from a BTL landlord similar to themselves for some time, after their bankruptcy.

Quote

 

"75 properties which took years to accumulate."  "A rent increase won't cut it."  (been looking at putting it on tenants though).  "Great tenants, with us years."  "Comfort of knowing they can leave any time."

 

So many BTLers see it one-way.  Entirely their own way.  Most of the time, given the situation of tenants paying up, years of articles about GenRent, and tenants paying them the rent, the years of HPI, they can't miss the situation, but they choose their arguments carefully to make what they do sound 'good'.

 When I read this yesterday I didn't realise it was from last October, but I recall doubting at the time there would be any pull-back on S24.  It would be too difficult to make exceptions and give some landlords the previous generous tax-relief.  So many articles with 100s of comments all with the HPI and BTL 'good thing'.  So many BTLers 'friends' to their tenants.  Never competing with tenants in buying up the houses.   And BTLers always tend to know what tenants want, which is happily renting from their BTL greatness landlord. 

Quote

 

Could landlords be offered tax relief for offering longer-term tenancies? 
12 October 2017

'Tax incentives and easier access to justice are the two key things which will give landlords the confidence to offer longer-term tenancie

'Combining the housing court with tax incentives such as repealing the punitive restrictions on mortgage interest relief should provide landlords with both confidence in the legal system and financial incentives to offer longer-term tenancies.'

--
Zep-1, Liverpool, United Kingdom, 9 months ago
What this stupid government don¿t realise is that most landlords want long term let¿s I have tenants in my houses for 10 plus years without any rent increases. The biggest threat to tenants is s24 basically taxing most landlords biggest cost mortgage interest. How can you possibly think that¿s fair. In a couple of years this will come out in the wash as there will be mass sell offs and bankruptcy. Landlords that can survive will be putting up rents to collect this bonkers cruel tax (which is already happening) it all spells doom for a lot of tenants.

Isabella42, Northern Ireland, United Kingdom, 10 months ago
J.B my husband and I are on very friendly terms with our tenants. We do all we can to ensure they have a great place to live. We'd be happy to live in any of the houses ourselves. We wouldn't ask anyone to live somewhere we wouldn't live ourselves. We've only ever had 1 bad tenant but that's just bad luck. Please don't tar us all with the same brush.

(Great place renting, in your multiple houses, that you own, along with your own home, and where many forced to rent vs these prices, with BTLers having bought up millions of homes.).

Urbanfox, Nottingham, United Kingdom, 10 months ago
There is no point in making things easier for landlords if this just means that more of the existing stock is transferred from ownership to rental. In my street about 50% of the properties are already rented, with a big increase in the last few years.

Awkward Bear, Cirencester, United Kingdom, 10 months ago
Mr fox - I am not sure that LLs are competing with FTBs. Its a nice thought, I know - and clearly gives many on this site a comforting caricature to hate - but, in reality, LLs and FTBs are looking for different things. LLs want a decent, nicely located "2 bed at least" property that will rent well, and quickly, to single professionals or young families. FTBs, who have probably just graduated from such a rental flat and are looking for a first place of their own will be financially stretched as they make that step and will be compromising on quality. Such a first property for them is likely to be smaller than the one they have just vacated or in a less popular location (we all make sacrifices to get that first step on the ladder - but needs must). I don't see the competition.

Urbanfox, Nottingham, United Kingdom, 10 months ago
AB - you are not wrong about LLs wanting nicely located property 2-3 bed properties - that is exactly what they have been buying up in large quantities.
When I moved in in 2007 all the nearby smaller houses were owned some by better off FTBs, others by growing families. Now mine is the only one owned, all the rest of them are rented. This does change the character of an area.

 

Quote

 

Telegraph 13 AUGUST 2018 • 9:00PM.  Fall in house prices is just the beginning of a very bumpy ride

G Brexit 13 Aug 2018 9:40PM
I've bored many with this and I will bore again. My starter flat that I bought on 3x salary back in the 80s, would today on 3x salary require you to earning £120k a year!

Haddock Nuff 13 Aug 2018 10:01PM
@G Brexit
I bought mine at 22 in 1970 for £4650, 2.5 times salary.  The one two doors away went for £405k recently,  room in the roof but over twice the age.  Madness.  87-fold increase in 48 years.

Charlie Gove 13 Aug 2018 9:45PM
@G Brexit
You'd probably be surprised how many public sector employees are actually earning that - easy if two people in the household are both employed in middle management and higher.

G Brexit 13 Aug 2018 9:46PM
What at 21 years old?

 

 

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On 10/08/2018 at 21:44, highYield said:

mark2.thumb.jpg.096ce1b289ded710fbc0280a073dd0a9.jpg

I think we should be told.

It's my understanding he used to be a butcher?   

4jsCnqJ.jpg

I spent two minutes in MS Paint just to imagine how things may have been if they hadn't been crazy policies to let people run loose with greed in BTL and questing for HPI on homes that people live in.   If things had been kept stable and instead debt used more for productive UK businesses.  Last time I checked his profile he had houses and flats all around the country, rented out.   

Although no objection to anyone getting ahead in business and having business success, except when it is not really business, such as in BTL and creating GenRent.

He has been involved all the way.  From a company brokering so many of the BTL deals into boom-bubble 1.0 of 2000s+.  To BTL himself.  To all the BTL forum and now consultancy work as a tax-exile BTLer? 

Audio interview of a few years ago where he was buying up nice family homes from developers iirc, but some time since I last listened to it.  25 Years As A Landlord:   https://www.propertygeek.net/podcast/mark-alexander/

Quote

 96 onwards, reinvesting into my property portfolio... started buying
newbuild houses.  People going to get married have children, and then
they're going to want to rent a 3 or 4 bed property.  So I started buying
those 3 and 4 bed houses from the likes of Bovis Barratts Wimpy Persimmon,
we spent most of our Saturday and Sundays looking around showhomes.  I was
in my late 20s early 30s. 

Now also some tax expert?

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1 hour ago, Ah-so said:

Times are tough for at least one on Axe the Tenant Tax

 

We are literally a few months away from bankruptcy with 75 properties which took years to acquire having purchased in a distressed state then refurbished.  Our next tax return around the corner at the 50% taper.  We won’t survive the tax due.  Sadly we cannot offload the properties quick enough and the a rent increase just won’t cut it.  Great tenants most of whom have been renting on average 6 years with us.  This so called guarantee for longer tenancy is a white elephant most tenants don’t want to be tied in.  Our tenants enjoy the comfort knowing they can leave anytime.   I don’t think any changes will come quick enough certainly not at the rate our government moves things
Stamp duty isn’t a primary concern for existing landlords leaving.  It’s section 24 that is the killer!

 

That’s a sweet read. I’m impatient and I want to read posts like this everyday now. I love how one of the chief campaigners is urging them to hang on in there (whilst dropping in the fact that S24 is hitting them so hard they’re buying more properties (after possibly going down the BICT route).

Speaking of chief campaigners, there’s been a minor spat on 118. Usual stuff, someone doubting the integrity of some vulture or other, someone threatening legal action. Pretty uninteresting stuff but hidden in the waffle is the fact that Whatsherface from PropertyTribes is moving properties into a REIT. What a soap opera.

https://www.property118.com/reits-viable-exit-strategy-uk-landlords/comment-page-8/#comments

 

1C4FF326-0191-47F0-A65F-AD927222F8D7.jpeg

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3 hours ago, Mossie said:

Audio interview of a few years ago where he was buying up nice family homes from developers iirc, but some time since I last listened to it.  25 Years As A Landlord:   https://www.propertygeek.net/podcast/mark-alexander/

Now also some tax expert?

I've never heard of this bloke, but he seems like a decent sort; funny, knowledgeable - real salt of the earth kind of guy.

It's always admirable to see someone who has succeeded as an entrepreneur in one context (i.e. running a successful property rental business) branching out into another area (professional services). It just shows how many business skills are transferable.

Such a shame that the tax changes and lending rules will make it so much harder for the next generation of wealth creators to follow in his footsteps. Looking forward, making it harder for altruistic but still business-minded investors to buy houses using debt is bound to impact the nation's ability to accumulate the kind of entrepreneurial human capital this guy is bringing to the party as well as - obviously - frustrating efforts of these leveraged investors to solve the housing crisis by providing homes. Shocking really!

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17 hours ago, Ah-so said:

Times are tough for at least one on Axe the Tenant Tax

 

We are literally a few months away from bankruptcy with 75 properties which took years to acquire having purchased in a distressed state then refurbished.  Our next tax return around the corner at the 50% taper.  We won’t survive the tax due.  Sadly we cannot offload the properties quick enough and the a rent increase just won’t cut it.  Great tenants most of whom have been renting on average 6 years with us.  This so called guarantee for longer tenancy is a white elephant most tenants don’t want to be tied in.  Our tenants enjoy the comfort knowing they can leave anytime.   I don’t think any changes will come quick enough certainly not at the rate our government moves things
Stamp duty isn’t a primary concern for existing landlords leaving.  It’s section 24 that is the killer!

 

BEAUTIFUL!

Come on folks, please help me out by pressing the "Like-HAHA" option on Facebook for those "bad news" posts over there. We need a nice mix of HAHAs to balance out all the "Angry" likes! :D

Haha.png.b6921e38e4fd3bce647019ea76a90638.png

 

 

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https://www.propertytribes.com/9-reasons-that-section-24-will-be-reversed-t-127635861.html

 

Quote

In the past week, some more signs have appeared that S24 may be reversed, so I am curating all my reasons into one thread:

1.  RICS have spoken out against S24 and warned Government of the consequences
2.  Councils offering "golden handshakes"
3.  The Irish version of Section 24 failed 
4.  On-going lack of social house building
5.  Private Sector accommodation can often be much better quality than social housing
6.  Tenants waking up to the fact that private sector landlords provide far more choice of accommodation
7.  More widespread evidence of rising homelessness
8.  Councils will be unable to sustain emergency/temporary accommodation demands
9.  Build to Rent will take years to gain traction and cannot meet the demand
 

An article which seem to have got them all excited! Easy responses, in order.

1. Nice scary use of "warned". 3 years in, it won't make a difference, the government will stand firm.
2. So what?
3. Not relevant to the UK, and already been debunked.
4. No houses will be demolished as a result of Section 24.
5. see (2)
6. see (2)
7. Not linked to Section 24.
8. Not linked to Section 24.
9. Not linked to Section 24.
 

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22 minutes ago, mrtickle said:

https://www.propertytribes.com/9-reasons-that-section-24-will-be-reversed-t-127635861.html

 

An article which seem to have got them all excited! Easy responses, in order.

1. Nice scary use of "warned". 3 years in, it won't make a difference, the government will stand firm.
2. So what?
3. Not relevant to the UK, and already been debunked.
4. No houses will be demolished as a result of Section 24.
5. see (2)
6. see (2)
7. Not linked to Section 24.
8. Not linked to Section 24.
9. Not linked to Section 24.
 

They are really clutching at straws with most/all of these. All they're doing, in grimly hanging onto the flotsam of their portfolios, is making things worse for themselves. Like a gambler losing heavily at the roulette table, it would be better if a friend dragged them away. Instead they're egging each other on. 

I suppose the prospect of getting a job is just too terrifying for some of them. 

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Genuinely excited that maybe Poverty Tribes are taking up the comedy mantle so casually discarded by Poverty Later as their unique visitor numbers dived liked the equity on a leveraged portfolio in the North East.

image.thumb.png.a878e7f3ed0429e92c9fc035031c7d6b.png

Belljar?

bell-jar.jpg

 

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These dudes have a physics theme going, and I like it.

I am guessing that a pendulem is basically a pendulum but with extra leverage and less equity?

image.thumb.png.eed9a0d9fd20706e545eb1cbfb71ac44.png

tumblr_na006hSJc81qdlh1io1_400.gif

Shockingly irresponsible work from the denim clad demonstrator. Best to ensure the release is from a fixed fixed point (link).

 

Edited by Bland Unsight

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18 hours ago, Bland Unsight said:

I've never heard of this bloke, but he seems like a decent sort; funny, knowledgeable - real salt of the earth kind of guy.

It's always admirable to see someone who has succeeded as an entrepreneur in one context (i.e. running a successful property rental business) branching out into another area (professional services). It just shows how many business skills are transferable.

Such a shame that the tax changes and lending rules will make it so much harder for the next generation of wealth creators to follow in his footsteps. Looking forward, making it harder for altruistic but still business-minded investors to buy houses using debt is bound to impact the nation's ability to accumulate the kind of entrepreneurial human capital this guy is bringing to the party as well as - obviously - frustrating efforts of these leveraged investors to solve the housing crisis by providing homes. Shocking really!

On a rushed first read of your post, some 18 hours ago, I thought you meant skills from butchery, over to BTL and people-pens, to extract the rental moneyflow fat.  A lot less effort in it too.  

Yet I now see what you mean.   One 25-year-a-landlord really has had quite some life journey, given their position with their own home in early 90s.   Into years of BTL financing/broker side.  Buying up so many homes for themselves via BTL into ARLA's 'BTL' 1997+ years.   To a forum community for other like-minded investors, and some basic affiliate/banner services off it.  

After S24, those services suddenly coming to involve chargeable consultancy fees on very high-level matters of tax/legal (!!) - although in fairness, seemingly pointing toward a legally qualified entity/group.

All the BTLers claiming families will 'want to rent' or 'need to rent' to justify their BTLing, have rarely seen it that way for themselves.  It has been security of home ownership for themselves for the majority of BTLers.   

Indeed I recall one BTLer who has been 25 years a landlord, bragging about their own nice 5-bed large home and grounds.  How it's been far more a house than they actually need', but continuous HPI and 'prestige and happiness of owning and living in a nice home'.   Yet renting in one of multiple homes they've bought over 25 years for other families is good enough for other people.

What is astonishing is the duration (BTL) has been allowed to continue.  The financing side, generous non-tax environment,  and political silence on BTL with the negatives, despite them buying up millions of homes from the housing stock.  Gen Rent and very very expensive house prices.

It's been so difficult, and remains very difficult, to call out BTL as a bad thing, and for it to be accepted as so.   Despite millions of homes taken by the BTLers and Gen Rent.  Decades of BTL.   Madness.  And greed and selfishness.

Having now had opportunity to read through Ah-so's link to... 'landlordtoday' it is also so full of it!   As are so many BTLers comments generally. Bosher Report so full of it too.  Even EA's wanting BTLers buying and S24 overturned. 

Only good thing is that there are measures now in play, on the tax side, that do genuinely represent a move against BTL.  Still, they bleat about 3% stamp duty surcharge, when I think it really needs to be ramped up to really make it a costly block to those who seek to BTL in a housing or house-price crisis for Gen Rent.

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On 16/08/2018 at 05:47, Ah-so said:

Times are tough for at least one on Axe the Tenant Tax

______________________________________________________

We are literally a few months away from bankruptcy with 75 properties which took years to acquire having purchased in a distressed state then refurbished.  Our next tax return around the corner at the 50% taper.  We won’t survive the tax due.  Sadly we cannot offload the properties quick enough and the a rent increase just won’t cut it.  Great tenants most of whom have been renting on average 6 years with us.  This so called guarantee for longer tenancy is a white elephant most tenants don’t want to be tied in.  Our tenants enjoy the comfort knowing they can leave anytime.   I don’t think any changes will come quick enough certainly not at the rate our government moves things
Stamp duty isn’t a primary concern for existing landlords leaving.  It’s section 24 that is the killer!

Have they pulled the comments from that article?  I don't see any comments.  

I'm not sure whether to believe their post.  A few months away from bankruptcy?   Where are we with S24?   'Great tenants'.   

It sounds like a cry to just get S24 overturned, projecting themselves as victims and S24 being damage to tenants.

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6 hours ago, mrtickle said:

 

Quote

My personal belief has always been that Section 24 cannot survive more than 5 years because of the harm it will do to the private rented sector, which is responsible for providing housing solutions to millions of people across the UK.

The BTLers pitching this belief almost all enjoying homeownership for themselves - and decades of BTL rentierism taking millions of homes off the market to create Gen Rent.   

Harm?  The harm has already been done.  Ongoing.  The BTLers have actively been part of that harm (for the most part).  S24 is just one partial measure to help rebalance things.

Would the older homeowning BTLers - as they tend to be -  like to be on opposite side of things, coming into this market, compared to conditions when they bought their own home.   I very much doubt it.

And you have to read into all studies and reports.  What type of housing and what areas for today's average 'younger' FTB?  Compromising a lot on those before them, in many instances.  The smiles get less noticeable here.  Areas I follow have had BTL come in hard over the years, and hard again from 2010, and prices are so very expensive for a basic home.

LT3iHVa.jpg

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On 16/08/2018 at 05:47, Ah-so said:

We are literally a few months away from bankruptcy with 75 properties which took years to acquire having purchased in a distressed state then refurbished.  Our next tax return around the corner at the 50% taper.  We won’t survive the tax due.  Sadly we cannot offload the properties quick enough and the a rent increase just won’t cut it.  Great tenants most of whom have been renting on average 6 years with us.  This so called guarantee for longer tenancy is a white elephant most tenants don’t want to be tied in.  Our tenants enjoy the comfort knowing they can leave anytime.   I don’t think any changes will come quick enough certainly not at the rate our government moves things
Stamp duty isn’t a primary concern for existing landlords leaving.  It’s section 24 that is the killer!

 

Super find. Sooooo tempting to post something.

75 properties and years to acquire.  Greedy and ignorant. 

The thing I love so much about S24 is that it is NOT a tax on landlords, rent, the PRS or income. It’s incredibly precise because it’s a tax on large debt (large in terms of % or amount). 

Other businesses do not run on a model of high level interest only debt. In engineering you buy a machine, it costs £300k and the business earns real money making real things and repays the debt over 5/10 years. They may need another machine and the process starts again. So debt exists and may well continue throughout the business life but it’s finite debt for finite things. 

However the BTL model is expansion and extraction with no decent income and nothing produced.  If the model hasn’t worked for this ‘poor victim’ despite such low rates and such high increases in HPI then that clearly illustrates the model was flawed. You can’t just keep borrowing and never paying back. Probably something I was taught when I was six or seven....but hey, when you are entitled I guess you are entitled. 

Its not as though they were even investors. They pay daft retail prices and rely on HPI. 

The falls in London are yet to hit our Yorkshire town and unfortunately things are booming. Went to see an ‘do-er upper opportunity’ this weekend for a friend who wants to buy to live in which was £150k. It needed £40k on it and was worth £180k done. Lots of daft ‘investors’ there and bought for £165k by a BTL’er who couldn't do maths. Agent was surprised to see me....after many years of not buying. We agreed a decent price to allow for cost and time (for an owner occupier) was £125k but he said those days are gone and people were buying, offsetting renovation costs and renting out without any consideration of interest rates or price falls. Agent also agreed on my model as an investor which was wait for poor market and pay £90/£100k maybe. 

Said it before, the ones who feel most entitled and cry victim may annoy....but the saving grace is those are the ones who will hang on the longest and lose the most.

Just never expect them to self reflect or recognise the error of their ‘business model’ or any impact it had on others or the housing market.....that is like waiting for an interest only mortgage to be repaid, it will never happen. 

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10 hours ago, Bland Unsight said:

Genuinely excited that maybe Poverty Tribes are taking up the comedy mantle so casually discarded by Poverty Later as their unique visitor numbers dived liked the equity on a leveraged portfolio in the North East.

image.thumb.png.a878e7f3ed0429e92c9fc035031c7d6b.png

Belljar?

bell-jar.jpg

 

A bell jar is a glass jar, similar in shape to a bell, and can be manufactured from a variety of materials (ranging from glass to different types of metals. Bell jars are often used in laboratories to form and contain a vacuum.  It is a common science apparatus used in experiments.

15754cc7-9e45-482d-8b4f-25a078fa903f_tex

"..Here's a Erlenmeyer flask (conical flask). Here's a Kjeldahl flask."

Only memory I have of Corbyn and housing is more warmy words about HelpToBuy into the run in of the election.

My view is it's forces within HM Treasury and HMRC who are Breaking Bad and cooking up things on the BTLers, including younger employees on the Gen Rent side.  Maybe all looking at the books overall and a need for revenue.  Maybe with a view that rebalancing being part of what the economy requires.  (I hope).   S24 doesn't seem to have come from politicians/MPs, although many of them seem to have been held in line about S24 so far, with responses to give BTLers.

Yes machines at £300K, with banks requiring you have all their documentation including debentures all signed-off and filed, as security.

Edited by Mossie

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Quote

My personal belief has always been that Section 24 cannot survive more than 5 years because of the harm it will do to the private rented sector, which is responsible for providing housing solutions to millions of people across the UK.

Ever since I was a child, I dreamed that one day I would live in a high-spec housing solution operated by a lazy interfering ****. 

Edited by BorrowToLeech

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1 hour ago, Pop321 said:

Super find. Sooooo tempting to post something.

75 properties and years to acquire.  Greedy and ignorant. 

The thing I love so much about S24 is that it is NOT a tax on landlords, rent, the PRS or income. It’s incredibly precise because it’s a tax on large debt (large in terms of % or amount). 

Other businesses do not run on a model of high level interest only debt. In engineering you buy a machine, it costs £300k and the business earns real money making real things and repays the debt over 5/10 years. They may need another machine and the process starts again. So debt exists and may well continue throughout the business life but it’s finite debt for finite things. 

However the BTL model is expansion and extraction with no decent income and nothing produced.  If the model hasn’t worked for this ‘poor victim’ despite such low rates and such high increases in HPI then that clearly illustrates the model was flawed. You can’t just keep borrowing and never paying back. Probably something I was taught when I was six or seven....but hey, when you are entitled I guess you are entitled. 

Its not as though they were even investors. They pay daft retail prices and rely on HPI. 

The falls in London are yet to hit our Yorkshire town and unfortunately things are booming. Went to see an ‘do-er upper opportunity’ this weekend for a friend who wants to buy to live in which was £150k. It needed £40k on it and was worth £180k done. Lots of daft ‘investors’ there and bought for £165k by a BTL’er who couldn't do maths. Agent was surprised to see me....after many years of not buying. We agreed a decent price to allow for cost and time (for an owner occupier) was £125k but he said those days are gone and people were buying, offsetting renovation costs and renting out without any consideration of interest rates or price falls. Agent also agreed on my model as an investor which was wait for poor market and pay £90/£100k maybe. 

Said it before, the ones who feel most entitled and cry victim may annoy....but the saving grace is those are the ones who will hang on the longest and lose the most.

Just never expect them to self reflect or recognise the error of their ‘business model’ or any impact it had on others or the housing market.....that is like waiting for an interest only mortgage to be repaid, it will never happen. 

Gross mispricing of debt.

An io btl is a non amortising business loan i.e a bridging loan.

Cost of these is 3% a month, compounding.

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