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BandWagon

How To Be A Property Developer

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In case you missed lasts weeks clanger, this is going to be great TV.

Property developer Gary McCausland follows the progress of two couples trying to make money from buying and selling property. Amanda and Tracy come across a new property that could turn their fortunes around after they lost more than 30,000 pounds on their first disastrous deal. And in Bristol, best mates Jem and Dave are flying high after making a killing on their first house - but come down to earth with a bump as they get stuck with a property that nobody wants.

Hope you enjoy this as much as I will...

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Apologies, I see Libitina has already posted this.

I'd delete it, but don't have my Vip status no more!

Ah well, we'll probably need 2 places to post this stuff tonight. :D

Edited by BandWagon

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Ahhha... only one of the flats is occupied..

The building is deserted.. and they hadn't noticed..

you would think perhaps.... they might have noticed...

and all of these profits..

Do they have to pay capital gains tax?

isn't that 45%???

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Can I just say for my 500th Post!!!!!

I am proud to be a Scouser but Tw't and Tw@t are not a reflection on Liverpool people.

God I feel ashaayymmedd!!!

I would just love to play these girls at poker - could take them to the cleaners!!!!

BTW Those houses in dingle are crap - and up an coming area?? Not the worst but NOT up and Coming!!

This is where they have just looked for in DINGLE! Just off Cockburn street£80,000 to £117,000 - come on Gary way off the mark!

Penny Lane (Yes the one in the song) - Not a bad area but FULL of students and rented accommodation.

Location can be found here - looks like they may hit the jackpot here! As long as they dont spend more than £75,000 Kenyon Road Wavertree

1 18/11/2005 £159,950 Ter. F/H Map 37, Kenyon Road, Liverpool, Merseyside, L15 5BD

2 21/06/2005 £85,000 Ter. F/H Map 37, Kenyon Road, Liverpool, Merseyside, L15 5BD

Report back later!!

TB

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Ahhha... only one of the flats is occupied..

The building is deserted.. and they hadn't noticed..

you would think perhaps.... they might have noticed...

and all of these profits..

Do they have to pay capital gains tax?

isn't that 45%???

so at 45%, those lads have made £35,000 in five months..

£17,000 each..

£8000 after tax..

they need to pay stamp duty..

Because they look like they could have made more money part time in McDonalds..

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Guest wrongmove

so at 45%, those lads have made £35,000 in five months..

£17,000 each..

£8000 after tax..

they need to pay stamp duty..

Because they look like they could have made more money part time in McDonalds..

Exagerating a bit here, apom.

The details for CGT are here: http://www.hmrc.gov.uk/rates/cgt.htm

Individual allowance £8.5k, so having made £17,500 each, they would only be taxed on £9K of their profit

The rate is the same as income tax, so the maximum is 40%, but only applies to top rate tax payers. If they are basic rate tax payers, they would only pay 20%. If this is all the money they have made this year, they would get a further income tax allowance, then pay 10%, then 20%, like income tax.

The amount chargeable to CGT is added onto the top of income liable to income tax for individuals and is charged to CGT at these rates:

below the starting rate limit at 10%,

between the starting rate and basic rate limits at 20%,

and above the basic rate limit at 40%.

First, you have knocked £1,000 of their profit (2x£17k = £34, not £35). Then you gave them no allowance. Then you taxed them at over 50% (9k tax on £17k profit)

VI spin of the first order !

Edited by wrongmove

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Exagerating a bit here, apom.

The details for CGT are here: http://www.hmrc.gov.uk/rates/cgt.htm

Individual allowance £8.5k, so having made £17,500 each, they would only be taxed on £9K of their profit

The rate is the same as income tax, so the maximum is 40%, but only applies to top rate tax payers. If they are basic rate tax payers, they would only pay 20%. If this is all the money they have made this year, they would get a further income tax allowance, then pay 10%, then 20%, like income tax.

Cool...

I wasn't exagerating.. I was just completley wrong..

Happy to admit it.. :)

Trying... very hard.. not to comment....

Musn't comment... about ... the neighbours.....

Must resist....

Must .. try...

i feel a little bad for the girls..

A little..

That was rotten..

Edited by apom

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Guest wrongmove

Trying... very hard.. not to comment....

Musn't comment... about ... the neighbours.....

Must resist....

Must .. try...

:blink:

Not quite sure what you are trying to say here.....

But how are people to take posts here seriously if they just twist the facts, or ignore the facts, of are ignorant of the facts, and put a misleading mega-bearish spin on every piece of data ? I want a price drop as much as anyone (FTB), but posts as ridden with misinformation, bias and denial as this don't help the case at all, IMHO.

ok, rant over, nothing personal apom.

:unsure:

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So James and Dave are forced to sell the place on an Auction, after no-one bothers to view the property. And walk away with a £6k loss, after just managing to get their reserve of £23k.

A few more months of this and your hairdresser is going to start saying housing doesn't look like a good investment...

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:blink:

Not quite sure what you are trying to say here.....

But how are people to take posts here seriously if they just twist the facts, or ignore the facts, of are ignorant of the facts, and put a misleading mega-bearish spin on every piece of data ? I want a price drop as much as anyone (FTB), but posts as ridden with misinformation, bias and denial as this don't help the case at all, IMHO.

ok, rant over, nothing personal apom.

:unsure:

Which is why I posed it as a question... two question marks...

Its discussion..

Do they have to pay capital gains tax?

Isn't that 45%??

see two question marks..

If I make a statement its because I have faith in what I say. If I pose a question its because I would like an answer..

BTW, profits over the two properties and IF IT WAS 5-6 MONTHS.. McDonalds looks the better financial bet.

I take no offence, I had clear english in another thread mis-read and I was compared to a Nazi..

That was funny.. :)

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Guest wrongmove

I take no offence, I had clear english in another thread mis-read and I was compared to a Nazi..

That was funny.. :)

No offence meant, I'm glad none was taken. Yes, I have had a long day !! :)

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Did anyone pick up on the presenter saying something like (in reference to the Scouse lasses new house):

"They have got this property at a fraction of its open market value by keeping their ear to the ground"

Is this an example of the legendary "Below Market Value (BMV)" transaction that is being touted on SingingPig as the new goldrush?

It looks like there is a lot of profit in that house at the moment, but we'll see how it pans out. If they can't turn a profit on this one, they should be forced to sign a power of attorney over to a responsible relative.

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Exagerating a bit here, apom.

The details for CGT are here: http://www.hmrc.gov.uk/rates/cgt.htm

Individual allowance £8.5k, so having made £17,500 each, they would only be taxed on £9K of their profit

The rate is the same as income tax, so the maximum is 40%, but only applies to top rate tax payers. If they are basic rate tax payers, they would only pay 20%. If this is all the money they have made this year, they would get a further income tax allowance, then pay 10%, then 20%, like income tax.

First, you have knocked £1,000 of their profit (2x£17k = £34, not £35). Then you gave them no allowance. Then you taxed them at over 50% (9k tax on £17k profit)

VI spin of the first order !

If they are property trading then they will not get the annual exemption and they will also pay national insurance -(if they make any profits that is)

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Didn't that scouse house turn out to be a wreck though??

I couldn't believe that those muppet blokes just rolled up into an auction and bought a property without checking what local EAs though of it first....

Where do they find these fools for these programmes.... I suppose they just represent your average squealing piggy. :lol:

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teddyboy

Like yourself I am a SCOUSER & Honourary Brummie and proud of it. These

two fools do not reflect the true people of Liverpool. They are giving us a

bad name. :(:(:(

Edited by E Powell

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The scouse builder said that the 2 women only turned up when the camera crew were there so they must be more interested in being on TV than actually doing property development. They aren't using their own money so it's just a bit of a laugh for them.

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Did anyone pick up on the presenter saying something like (in reference to the Scouse lasses new house):

"They have got this property at a fraction of its open market value by keeping their ear to the ground"

Is this an example of the legendary "Below Market Value (BMV)" transaction that is being touted on SingingPig as the new goldrush?

It looks like there is a lot of profit in that house at the moment, but we'll see how it pans out. If they can't turn a profit on this one, they should be forced to sign a power of attorney over to a responsible relative.

see my post above

1 18/11/2005 £159,950 Ter. F/H Map 37, Kenyon Road, Liverpool, Merseyside, L15 5BD

2 21/06/2005 £85,000 Ter. F/H Map 37, Kenyon Road, Liverpool, Merseyside, L15 5BD

TB

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A few more months of this and your hairdresser is going to start saying housing doesn't look like a good investment...

Not what NuLabour have planned

A Demos spokesman said that hairdressers were identified as having “high social engagement” and privy to a uniquely high number of intimate and lengthy conversations through their work, which made them an ideal link between policy makers and the public.

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  • 301 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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