Btl Scum Regrouping And On The Offensive. -- Merged

[Dyson Fury]

22 hours ago, Lavalas said:

I like this one...

Question from a prospective landlord who doesn’t have a residential home, has £120k to invest and wants sole income from BTL.

The answer from Property Tribes. Get a job and buy your own home.

https://www.propertytribes.com/120k-to-invest-t-127631987.html

 

That's a really feeble effort.  Is he a man or  mouse?  He urgently needs to get into BTL.  Oop North somewhere, where the prices are low and the yields are high.  No need for any local knowledge, he can buy the properties cheaply at auction and even view and bid for them online.  Split his £120,000 into twelve tranches of £10K.  Buy twelve properties at £100K each with 90% mortgages.  He now has a property portfolio worth £1.2 million and has already become a MILLIONAIRE.  Rent them out as HMO's, sit back and watch the rents roll in.  And property prices always double every 7 years (you canna change the laws of physics), so in a couple of years when their value has increased by 20%, he can withdraw the additional equity of £20K per property and use this £240K as deposits for 24 more houses.  Repeat this tripling of his property portfolio every two years, and by the time he is ready to retire he will own every house in England.

[spyguy]

6 minutes ago, Dyson Fury said:

Busta also has a new-found enthusiasm for the "Libertarian Party" (no, me neither) on the strength a viewing a couple of videos on YouTube.  And Ros is keen too:

https://www.property118.com/next-vote-goes-libertarian-party/

A useful link to store up for use in the comments next time she writes an article for "Conservative Home" as a "member of the Conservative Party".

Have these business people (who are not incorporated as a business), logic people (who have not fuxxing logic) looked at the Libertarian parties opion on welfare/housing benefit:

' An end to State funding of lifestyle choices. People dependent on the State shall not normally get additional housing or cash provision if they expand their family either through birth or the accumulation of additional dependants for whatever reason. Although this may seem harsh, there is an injustice in entitlements that accumulate, forcing tax payers unable to provide for or expand their own families to fund the choices of others. '

To help he hard of understandng - hst no more welfare, you know, tha magic monet paying most of P118s mortgages.

And theyd be wanting to remove support for banks, you know those bust orgs, that lend too much money, too cheaply to P118ers.

A libetarian party that seems anything but libetarian- basically it seems to want to spend all its money of 'defense of the state' when, in reality, the UK faces limited military threat i.e. we should dismantling most of the forces, they are pretty useless as the only threats the UK face are Russia and Cgina, and then no territory. If the LP were serious theyd be dumping all tanks and boats and spending all the money on missile systems, spying and cyber defense/offense.

 

[Pop321]

9 hours ago, Dyson Fury said:

That's a really feeble effort.  Is he a man or  mouse?  He urgently needs to get into BTL.  Oop North somewhere, where the prices are low and the yields are high.  No need for any local knowledge, he can buy the properties cheaply at auction and even view and bid for them online.  Split his £120,000 into twelve tranches of £10K.  Buy twelve properties at £100K each with 90% mortgages.  He now has a property portfolio worth £1.2 million and has already become a MILLIONAIRE.  Rent them out as HMO's, sit back and watch the rents roll in.  And property prices always double every 7 years (you canna change the laws of physics), so in a couple of years when their value has increased by 20%, he can withdraw the additional equity of £20K per property and use this £240K as deposits for 24 more houses.  Repeat this tripling of his property portfolio every two years, and by the time he is ready to retire he will own every house in England.

I know it sounds ridiculous to me (and readers) as you detail such a daft idea......but it was this very 'business plan' that was being adopted by 118'ers that drove me here. 

I genuinely could not see the issue with S24 when it was introduced...okay a bit inconvenient for LLs with debt but not the end of the world. They spoke about rent of £60k and mortgages of £50k....and a shivery chill went down my spine as I realised they meant PER MONTH. Now S24 is a favourite piece of legislation because it stops the plain you suggest being profitable. Rates at 3% will finish the rest of the 118'er off. 

Edited November 28, 2017 by Pop321

[Bland Unsight]

1 minute ago, Pop321 said:

Rates at 3% will finish the rest of the 118'er off. 

And their portfolios are all migrating onto those rates right now because of PRA SS13/16 (and then it'll get worse when the BCBS risk-weights finally implemented and begin working through to mortgage pricing).

[spyguy]

16 minutes ago, Pop321 said:

I know it sounds ridiculous to me (and readers) as you detail such a daft idea......but it was this very 'business plan' that was being adopted by 118'ers that drove me here. 

I genuinely could not see the issue with S24 when it was introduced...okay a bit inconvenient for LLs with debt but not the end of the world. They spoke about rent of £60k and mortgages of £50k....and a shivery chill went down my spine as I realised they meant PER MONTH. Now S24 is a favourite piece of legislation because it stops the plain you suggest being profitable. Rates at 3% will finish the rest of the 118'er off. 

Normally 59k rent, 60k mortgage.

[spyguy]

13 minutes ago, Beary McBearface said:

And their portfolios are all migrating onto those rates right now because of PRA SS13/16 (and then it'll get worse when the BCBS risk-weights finally implemented and begin working through to mortgage pricing).

Not just the risk weighting.

Its going to be lack of competition and io btl moving to the same sort of fincial orgs (note, not banks) who operate in the 'racier ' end of finance - cheque cashing, commercial bridging loans etc. With 'racier' rates too.

[Venger]

Just because I was bored....  although it's been quite a turnaround already.

BTLers from smug in position, to shock and astonishment, to giving their family pets to others, and flying out to Exileness with Schemes (that apparently protect their positions?)

I didn't expect it to go to Tax Exileness though - which continues drag and uncertainty (time/action).

but increasingly as the voyage dragged on came to
relish the prospect of some action.

-Consider Phlebas

______________

Fly Out To Malta

A movie by Venger1000

https://www.grapheine.com/bombaytv/art-en-02e26484f5e7ced11d923e28616e2b22.html

[Ah-so]

Barking and Dagenham landlord licencing public consultation:

http://consult.lbbd.gov.uk/public/prpl_scheme_lbbd

Quote

The private rental sector is the fastest growing household sector in The London Borough of Barking & Dagenham. In 2001 the sector made up 5% of all property in the borough; now it makes up 25% of all property. There is currently a borough-wide private rented property licensing scheme in operation in Barking & Dagenham. This means that all privately rented properties within the borough are required to be licenced by landlords or by property agents. Failing to licence a property means that a landlord or property agent is committing a criminal offence. The current scheme expires in August 2019. The purpose of this document is to gather your feedback on options for a new scheme that best supports the borough's needs. The scheme intends to provide safe homes for tenants to live, reduce anti-social behaviour, and allow the council to take action against landlords who provide a poor standard of accommodation. This consultation will start on the 1st December 2017 and run for 12 weeks, finishing on 23rd February 2018.

I hope you will all join the consultation - open to all, not just residents.

[spyguy]

11 minutes ago, Ah-so said:

Barking and Dagenham landlord licencing public consultation:

http://consult.lbbd.gov.uk/public/prpl_scheme_lbbd

I hope you will all join the consultation - open to all, not just residents.

The 5% - 25% pretty much tallies with elsewhere - the housing market since 20002ish has been (io) btl.

And most of it will end up back on the market in a few years.

Edited December 3, 2017 by spyguy

[Ah-so]

5 minutes ago, spyguy said:

The 5% - 25% pretty much tallies with elsewhere - the housing market since 20002ish has been (io) btl.

And most of it will end up back on the market in a few years.

Then we certainly wouldn't want the licencing scheme cancelled. Take the survey.

[Dorkins]

55 minutes ago, Ah-so said:

Then we certainly wouldn't want the licencing scheme cancelled. Take the survey.

Done

[chicker]

I've just completed the survey . Disappointingly Barking and Dagenham council can't spell nuisance  and if i remember correctly B and D schools are the worst in London.

Been working in Dagenham recently and I'm shocked by the down trodden feel of the place. It has the feel of an ex mining village .

 

[mrtickle]

Survey done. Nice and quick, thanks for drawing attention to it.

 

 

[Tapori]

On 11/28/2017 at 11:15 PM, Venger said:

Just because I was bored....  although it's been quite a turnaround already.

BTLers from smug in position, to shock and astonishment, to giving their family pets to others, and flying out to Exileness with Schemes (that apparently protect their positions?)

I didn't expect it to go to Tax Exileness though - which continues drag and uncertainty (time/action).

but increasingly as the voyage dragged on came to
relish the prospect of some action.

-Consider Phlebas

______________

Fly Out To Malta

A movie by Venger1000

https://www.grapheine.com/bombaytv/art-en-02e26484f5e7ced11d923e28616e2b22.html

That Shashi Kapoor classic though.

[Tapori]

3 hours ago, chicker said:

I've just completed the survey . Disappointingly Barking and Dagenham council can't spell nuisance  and if i remember correctly B and D schools are the worst in London.

Been working in Dagenham recently and I'm shocked by the down trodden feel of the place. It has the feel of an ex mining village .

 

But the Riverside development and extension of the overground will solve everything. Right?

[Tapori]

12 hours ago, Ah-so said:

Barking and Dagenham landlord licencing public consultation:

http://consult.lbbd.gov.uk/public/prpl_scheme_lbbd

I hope you will all join the consultation - open to all, not just residents.

Brilliant find.

Newham has done well. Please spread and pass this on to the civilians.

[chicker]

9 hours ago, Tapori said:

But the Riverside development and extension of the overground will solve everything. Right?

Interesting question. The riverside development wont bring  prosperity for sure. The planned rail station is a tack on to an already over crowded line.

B and D biggest threat is the housing cap.  At the moment its seen as an affordable borough for inner city boroughs  to dump tenants but maybe Im behind the curve on this and its already to expensive.  Tilbury and Southend way cheaper......

Funny that years ago the residents of B and D would be described as salt of the earth , now they are  seen as  poorly educated , low skilled  and have little part to play in modern day England. An inconvenience at best.

 

[disenfranchised]

7 hours ago, chicker said:

Funny that years ago the residents of B and D would be described as salt of the earth , now they are  seen as  poorly educated , low skilled  and have little part to play in modern day England. An inconvenience at best.

I worked in Barking for a bit a decade ago. The salt of the earth were moving further and further out into Essex and Kent. 

The scum of the earth appeared to be moving in from London.

[Longtermrenter]

19 hours ago, Tapori said:

Brilliant find.

Newham has done well. Please spread and pass this on to the civilians.

Hackney doing similar https://consultation.hackney.gov.uk/communications-and-consultation/private-rented-sector-licensing-consultation/

I know someone in one of the proposed non-HMO  licensing areas who lets a property who has no clue about most landlord requirements in the last 5 years, no EPC etc. no idea this is coming. Also has no idea about the coming EPC requirements in April and their property probably won't meet that. So some big surprises coming and for once, some of these things are going to be enforced. I can see London EPC's becoming more stringent as time goes on too.

[Dyson Fury]

Poor Lily.

https://www.thesun.co.uk/tvandshowbiz/5063913/lily-allen-homeless-christmas-tweet-mocked/

http://www.bbc.co.uk/news/av/world-europe-37633937/lily-allen-i-would-take-in-a-refugee

Edited December 4, 2017 by Dyson Fury

[Arpeggio]

43 minutes ago, Dyson Fury said:

Poor Lily.

https://www.thesun.co.uk/tvandshowbiz/5063913/lily-allen-homeless-christmas-tweet-mocked/

http://www.bbc.co.uk/news/av/world-europe-37633937/lily-allen-i-would-take-in-a-refugee

“I’ve had a tough couple of years, I’m having to sell my home to pay my tax bill.”

Pray for Lilly. I wonder if being a financially incompetent muppet is actually an unofficial requirement to be in the music industry? (easier to suck dry by the people wearing suits)

(I did the B&D consultation BTW)

[Fletcher]

On 28/11/2017 at 10:30 AM, Dyson Fury said:

That's a really feeble effort.  Is he a man or  mouse?  He urgently needs to get into BTL.  Oop North somewhere, where the prices are low and the yields are high.  No need for any local knowledge, he can buy the properties cheaply at auction and even view and bid for them online.  Split his £120,000 into twelve tranches of £10K.  Buy twelve properties at £100K each with 90% mortgages.  He now has a property portfolio worth £1.2 million and has already become a MILLIONAIRE.  Rent them out as HMO's, sit back and watch the rents roll in.  And property prices always double every 7 years (you canna change the laws of physics), so in a couple of years when their value has increased by 20%, he can withdraw the additional equity of £20K per property and use this £240K as deposits for 24 more houses.  Repeat this tripling of his property portfolio every two years, and by the time he is ready to retire he will own every house in England.

Top drawer ?

[oatbake]

Turns out that you can't just put the rents up. Good to see tenants fighting back instead of just rolling over:

https://www.propertytribes.com/bringing-contract-to-an-end-t-127632062.html

"In of my apartment in London, tenancy came to an end in May 2017, I wanted to increase the rent but the tenant didn't want to pay more, we had some arguments over the phone, I was abroad at that time, then I was thinking of starting the eviction process, but then realised rental rate in London has dropped, so even if I throw him out, I will still get the same rent, so no point for all the hassle. Now, we don't have any contracts since April as his contract came to an end and we didn't draw up any new one. Should I do a new one and send him the contract? Or let it run as it is? He is paying on time, so no complaint about that"

[spyguy]

On 28/11/2017 at 10:30 AM, Dyson Fury said:

That's a really feeble effort.  Is he a man or  mouse?  He urgently needs to get into BTL.  Oop North somewhere, where the prices are low and the yields are high.  No need for any local knowledge, he can buy the properties cheaply at auction and even view and bid for them online.  Split his £120,000 into twelve tranches of £10K.  Buy twelve properties at £100K each with 90% mortgages.  He now has a property portfolio worth £1.2 million and has already become a MILLIONAIRE.  Rent them out as HMO's, sit back and watch the rents roll in.  And property prices always double every 7 years (you canna change the laws of physics), so in a couple of years when their value has increased by 20%, he can withdraw the additional equity of £20K per property and use this £240K as deposits for 24 more houses.  Repeat this tripling of his property portfolio every two years, and by the time he is ready to retire he will own every house in England.

There's an elite core of northern property professionals to help his investments.

http://www.gazettelive.co.uk/news/teesside-news/crooked-property-boss-swindled-thousands-13987958

[Pop321]

1 hour ago, spyguy said:

There's an elite core of northern property professionals to help his investments.

http://www.gazettelive.co.uk/news/teesside-news/crooked-property-boss-swindled-thousands-13987958

Super post. I am confused though...if this chap was from Redcar and using Facebook as a way to attract business...then how in Earth could it have gone wrong. Seems like the victims have clearly done some decent 'due process' by surfing Facebook. Where do I sign up? ??