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Mrs Bear

'why I'm Giving Up On Buy To Let'

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The whole front page of the property section has a photo of the LL (female, sorry, not a Wilson) and underneath it says, 'A landlord's tale of woe - and low returns - pages 10-11.

Haven't even read it yet but thought it would brighten up your mornings.

Bit of a turn-up to see any such thing in the Times property section!

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The lady's name is Julia Stephenson and the tone (from the free snippet on the Times website) is very negative in its portrayal of tenants. Dunno what the rest of it is like as I do not have a login. The landlord complains about a tenant working as a 'witch'.

Three flats and three rented rooms in a big house to finance a dog rehoming enterprise.

Edited by Cry and Regret

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Article was choppy and not easy to read. Lot of whine that tenants are human beings, imo, and the hassle involved in being a landlord, even though she claims been one for 30 years.

She bought a studio in Chelsea in 2012 to add to 'the portfolio' for £475K. Agent fees, service charge, mortgage repayments. Got it on market for £600K and it's been under offer for 4 months to a Russian buyer (a friend of her EA), 'struggling to get a mortgage'. She claims she stupidly allowed the letting agent talk her into renting the studio while she (buyer?) sorts out her mortgage. 'I have now given her two weeks to complete on the sale or she will have to vacate the studio.'

The last budget outlined tax changes that will slash the amount of tax that can be offset against mortgage interest, making being a landlord even less appealing.

Is this her too in DM in 2011 on some non-story about spending passion and plugging a Chelsea Sloneranger type book. I don't trust media limelighters that much.

http://www.dailymail.co.uk/home/you/article-1348927/Julia-Stephenson-quest-inner-peace.html

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Seems she values animals more than people.

"Three flats and three rented rooms in a big house to finance a dog rehoming enterprise."

I've wondered before if BTLers are a large circle within a larger Venn diagram of risks. Are they up to their neck in other moronic investments?

Edited by growlers

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I've wondered before if BTLers are a large circle within a larger Venn diagram of risks. Are they up to their neck in other moronic investments?

It's been noted anecdotally on hpc that many are

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Usual mememe bleating, this was standout:

Only two weeks ago I was woken by bailiffs who insisted I pay £6,000. Well, this was news to me but I soon discovered a tenant had been throwing away all the service-charge bills that I had forgotten to redirect to my home address. Consequently I was in severe arrears on an unpaid bill that I had not received.

So after 30 years experience you were unaware that these bills need paying? I think more likely she hoped the tenant would just pay up.

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Usual mememe bleating, this was standout:

Only two weeks ago I was woken by bailiffs who insisted I pay £6,000. Well, this was news to me but I soon discovered a tenant had been throwing away all the service-charge bills that I had forgotten to redirect to my home address. Consequently I was in severe arrears on an unpaid bill that I had not received.

So after 30 years experience you were unaware that these bills need paying? I think more likely she hoped the tenant would just pay up.

2 simple words : Standing Order

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Moral seems to be, if you're an idiot you'll have trouble with a BTL empire.

Doesn't say anything about how you'll fare if you take it seriously and run it as a business.

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Seems she values animals more than people.

"Three flats and three rented rooms in a big house to finance a dog rehoming enterprise."

I've wondered before if BTLers are a large circle within a larger Venn diagram of risks. Are they up to their neck in other moronic investments?

So, back in 2009 I hated my job and was looking for something new.

Received a linkedin message from someone offering a sales position, all seemed good from his message and I went to an 'interview' in a pub (alarm bells should have been ringing).

Instead of asking me questions about my previous roles, the gentlemen (and his wife - again alarm bells should have rung) started telling me about his 'unique' opportunity to join a growing business he'd developed selling health products.

It was herbalife (or something similar) but I recognised it for what it was immediately and stopped him there and then with a "I'm only interested in an actual job" type response.

Once he realised I wasn't a pyramid sucka he told he it had been extremely tough trying to recruit (no shit!) and that he'd gone into it to try and subsidise his pension, which hadn't returned what he was expecting.

Anyway, point is he also had 3or4 BTLs (one of which had a non-paying tenant and another recently void). He seemed genuinly desperate, but when I suggested just getting rid of them and cutting your losses he issued the archetypal Fergus finger pointing to the sky to indicate if he got out now he'd never be a pwoperty millionaire!

So there you go, yes I firmly believe there's a certain type of 'person', the optimist, the dreamer, the gambler, meaning BTL is just one of many crackpot ventures in their lives.

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So, back in 2009 I hated my job and was looking for something new.

Received a linkedin message from someone offering a sales position, all seemed good from his message and I went to an 'interview' in a pub (alarm bells should have been ringing).

Instead of asking me questions about my previous roles, the gentlemen (and his wife - again alarm bells should have rung) started telling me about his 'unique' opportunity to join a growing business he'd developed selling health products.

It was herbalife (or something similar) but I recognised it for what it was immediately and stopped him there and then with a "I'm only interested in an actual job" type response.

Once he realised I wasn't a pyramid sucka he told he it had been extremely tough trying to recruit (no shit!) and that he'd gone into it to try and subsidise his pension, which hadn't returned what he was expecting.

Anyway, point is he also had 3or4 BTLs (one of which had a non-paying tenant and another recently void). He seemed genuinly desperate, but when I suggested just getting rid of them and cutting your losses he issued the archetypal Fergus finger pointing to the sky to indicate if he got out now he'd never be a pwoperty millionaire!

So there you go, yes I firmly believe there's a certain type of 'person', the optimist, the dreamer, the gambler, meaning BTL is just one of many crackpot ventures in their lives.

And he's probably doing ok now having been bailed out by the Tories and all their schemes to help the rich.

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Usual mememe bleating, this was standout:

Only two weeks ago I was woken by bailiffs who insisted I pay £6,000. Well, this was news to me but I soon discovered a tenant had been throwing away all the service-charge bills that I had forgotten to redirect to my home address. Consequently I was in severe arrears on an unpaid bill that I had not received.

So after 30 years experience you were unaware that these bills need paying? I think more likely she hoped the tenant would just pay up.

The usual reasons to have bills sent to your letting property are 1. not to raise suspicion if the property is purchased using a cheaper OO mortgage and 2. provide "evidence" to HMRC that you were living in the property when it comes time to sell (CGT avoidance).

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And he's probably doing ok now having been bailed out by the Tories and all their schemes to help the rich.

Who knows. Maybe he used all those props to buy some off-plan Bulgarian flats, or spunked it all away on Tesco shares.

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So there you go, yes I firmly believe there's a certain type of 'person', the optimist, the dreamer, the gambler, meaning BTL is just one of many crackpot ventures in their lives.

Isn't he personified as Arfur Daley?

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Clearly there is a market deficiency if bad landlords can still be in business.

Perhaps the authorities should conduct one of their "super investigations".

(or perhaps it is not a real business at all)

Property tycoon takes his own life after amassing debts of £5 million

A property tycoon who had amassed debts of £5 million is believed to have killed himself at his country manor house. The father-of-four ran a tourism business from his 214-acre property in Poughill near Crediton, Devon, and owned a portfolio of properties around the country. He bought his first investment property in Yorkshire in 2000 and by 2003 had a portfolio of 84 buy-to-let properties across the county, generating £250,000 a year. But a doomed attempt to join a Romanian property scheme in 2007 left the family "virtually penniless". There was no money for Christmas presents, their clothes came from charity shops and food from cheap supermarkets.

"You have in the back of your head a little dream that is there all through your life," he said. Mr Cole's body was found on September 22.

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The usual reasons to have bills sent to your letting property are 1. not to raise suspicion if the property is purchased using a cheaper OO mortgage and 2. provide "evidence" to HMRC that you were living in the property when it comes time to sell (CGT avoidance).

This was my first thought as well.

Lets hope she "remembers" to pay capital gains tax once the flat is sold.

:D

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Seems she values animals more than people.

"Three flats and three rented rooms in a big house to finance a dog rehoming enterprise."

I've wondered before if BTLers are a large circle within a larger Venn diagram of risks. Are they up to their neck in other moronic investments?

not surprisingly, doesnt have kids (guessed as much)

http://www.telegraph.co.uk/women/11182115/Can-a-woman-be-happy-without-having-kids.html

dogs are likely the replacement. Has maternal instincts (she even says as much), but doesnt want a selfish baby ruining her figure.

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