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Jason

Pay Off Your Mortgage In Two Years

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"The MacVean family - dad Paddy, mum Mandy and their three children Alex, Charlotte and Francesca want to pay off their mortgage in two years. To succeed they will need total commitment and be prepared to do everything and anything for money. "

On BBC2 today 8pm

He's gonna buy to sell!

Edited by Jason

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He's pulled out of buying in Bulgaria! His lawyer advised this.

He then lost several thousand in the process!!! All that info could probably be found on websites like this!

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He's pulled out of buying in Bulgaria! His lawyer advised this.

He then lost several thousand in the process!!! All that info could probably be found on websites like this!

At least he's displaying some common sense, the £1500 was spent on the trip and a lawyer.

He must have done quite a bit of research before going out there, but you never really know until to get to see it all in person.

He's also aware of the over-development, and has decided to cut his losses.

He's been to a couple of auctions without buying anything, and now he's going to buy from distressed sellers. Smart enough to know that BTL is finished.

I don't think he's a muppet.

Edited by BandWagon

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At least he's displaying some common sense, the £1500 was spent on the trip and a lawyer.

He must have done quite a bit of research before going out there, but you never really know until to get to see it all in person.

He's also aware of the over-development, which will as usual end in a property bust.

I don't think he's a muppet.

True.

Although I think he did catch property fever in the pub!

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There will be people who will make money through this bust, and buying from distressed sellers could be one way (but don't get caught up in the BMV foolishness)

As an example, I know a FTB who recently paid full asking price, that was £10k over the stamp duty threshold.

There will be muppets buying all the way down in this housing crash!

Edited by BandWagon

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He seems to be doing the right things, but he offered too much on that property. Asking = £127,500, offer £115k. It was immediately accepted.

If they are not offended, you offered too much!

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That ex-pat EA in Bulgaria came out with all the cliches.

I keep expecting the presenter to say' how do you expect me get a 2nd series at this rate, Get a move on!' Do you think he had that Joe Lomu haircut for nothing.

Greed is good :angry: :rolleyes:

Edited by Saving For a Space Ship

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That ex-pat EA in Bulgaria came out with all the cliches.

I keep expecting the presenter to say' how do you expect me get a 2nd series at this rate, Get a move on!' Do you think he had that Joe Lomu haircut for nothing.

Greed is good :angry: :rolleyes:

£60k for a delapidated house in bulgaria!! where average wage is 4k per annum and unemployment is 14%, more of a gamble than buying in UK

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What I want to know is how those two clueless fools would get on if they were FTBs today. Their house is worth £350K - would they be able to afford a house like that if they were buying today?

The only way he could 'live the property dream' was by remortaging the house they live in - and he even appeared to be cocking that up.

Maybe the presenter should do a real world show - i.e FTB who purchased a £170K 'executive' flat in 2004 on a 100% I/O mortgage. Clear that in 2 years if you can......

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What I want to know is how those two clueless fools would get on if they were FTBs today. Their house is worth £350K - would they be able to afford a house like that if they were buying today?

The only way he could 'live the property dream' was by remortaging the house they live in - and he even appeared to be cocking that up.

Maybe the presenter should do a real world show - i.e FTB who purchased a £170K 'executive' flat in 2004 on a 100% I/O mortgage. Clear that in 2 years if you can......

Be fair they did manage triple their mortgage in 1 year. :)

Like you say though 1x mortgage and they can't make a dent in it. Any FTB's want to wonder what a 6x mortgage will be like then you have just seen a prime example of what life will be with a family/commitments/holding down two jobs and still going backwards for possibly most of your life.

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fu**ing hell - they're trying to get their 14 year old daughter to be a model

they'll be selling drugs next

and i thought "dignity dies first" was a Busted tribute band

Is this a wind up?

Bloody hell. Selling your baby girls body for some crappy house??? Is this the noveau middle class version of buying the widescreen TV but forgetting to buy food for the kids?

Seriously. Is this a wind up?

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How clueless and naive can a person be? The man is sitting in a cafe in bulgaria going "oh boy it's incredible, I can't believe the profits I'm going to make", about to gamble his family's finances away.

And didn't they say that the reason they wanted to clear their mortgage was so that they could feel secure in the future, with kids going to uni and all. Well nice way to do it then.. gamble to become more secure? eh?!? It just contradicts the whole thing.

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There's one thing that show did subtly demonstrate:

No risk, no reward.......

Yes Paddy took a risk buying the house, but he didn't really go out on a limb & he will get either most of his money back, or a minor profit.

In 1997 I renovated a flat in SW10. I bought it for 126k, spent 20k and sold it for 210k. I went out on a limb by selling it, because I knew there were bigger things to follow if I made the effort.

I've now got 8 large rentals and a place in Sweden, my equity is well over a million pounds. I could have stayed at that flat & tried to pay down the mortgage instead. I saw recently that it's up for sale now at 475k, the agent tells me it's been on for a while now.

Here it is, you can take a look:

http://faronsutaria.webdadi.biz/details.dt...78-7D38599A9407

The current owners haven't changed much of my renovation and yes they will sell at a profit. But I think it proves a point when I say if you want to go further than the average person, you have to be willing to bet what you have.

Edited by Time to raise the rents.

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What? Sincere, honest Christians .... Gambling?

Shows how much this "do up a house, make a killing" psychy has got into the minds of the most conservative people.

Programmes like this one should be shown with a health warning in the current market.

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Well how much? 2 million? Even that's not enough...

Lets say you've got around £1.5m in equity and a portfolio of 8 large rental properties as you're being so coy about that side of the equation. Also, lets assume the average value of the properties is approximately £400k.

8 x £400k = £3.2m

3.2 - 1.5 = 1.7m

That's an awful lot of debt in anyone's book. In the currrent climate you should have at least 50% equity in each of your properties, otherwise, you're leaving yourself, wide open...

Do you like taking it like a biatch?

Spoken like a person with nothing themselves......

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There's one thing that show did subtly demonstrate:

No risk, no reward.......

I have to agree with you on this one. But I'd go further. You have to balance risk with hard work. Money's not going to fall into your lap. You may get lucky, but unless you're willing to put the hard work in AND take calculated risks you're basically just plodding.

Working 9-5 and growing vegetables in your spare time ain't gonna cut it.

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I too thought how can a practising Christian family square the circle of purchasing a house in a distressed sale? Anyway what problems do this family have? They live in a nice family house in a nice area, both parents have good jobs and their children seem healthy and, here's that word again - nice. The bloke has a tiny mortgage which most young folks could only dream of having and yet he is tempted to remortgage and venture into a seedy world of trying to rip-off ones fellow man. Are Christians not supposed to resist temptation? I can just see him at school when asked if he'd done any revision for an exam " No I've done no revision at all....." You just know he's been revising for fracking months! :rolleyes:

My advice to him would be for him to go and sit in his little shed, think about his Bulgaria expedition and the £1500 he wasted on trying to be a secret agent and say D'OH...

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I have to agree with you on this one. But I'd go further. You have to balance risk with hard work. Money's not going to fall into your lap. You may get lucky, but unless you're willing to put the hard work in AND take calculated risks you're basically just plodding.

Working 9-5 and growing vegetables in your spare time ain't gonna cut it.

I agree.

When Paddy said in the show that after this property, he would look at bigger projects and hire full-time builders. I just cringed, because he doesn't realise he has to put the hard slog in himself (as much as possible) to really benefit. Any money paid for anything he could do himself is wasted money IMO.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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