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I feel we should have a thread to collect tales of BTL woe that we come across in the news and on the forums. Just a few vignettes to bring cheer to the hearts of those of us who resisted, in the face of ridicule and social opprobrium, the siren call and proffered easy riches of leveraged landlordism for the past couple of decades.

In fact, I thought we *did* have one - but, if so, I can't find it.

Anyway, here's a not too bad tale. No tragedy. But hardly a stellar investment:

Hi, I purchased a 2 bed apartment off plan in 2007 for £132,000 Because of the recession it is probably valued at £90,000 now. I pay an annual service charge of £ 1100. Rents are only £450 because of to many apartments in same block.

Because of the service charge and the mortgage being £320 per month I am only making about £600 per year profit which I know is crap.

I cant see the apartment increasing in value for at least 5-7 yrs( North East England) to any extent.

So do I sit it out and hang in or sell the apartment, suffer a loss of about £42,000 and use that against my tax liablity

What other options may I have as at the moment its a dead duck

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Well it looks like he has achieved that.

? Great comment, I actually did laugh out loud.

I know someone bought a 'super' off plan flat in Leeds in 2007. I guess I don't need to fill in too many gaps but you can imagine the timing was almost perfection in terms of poor judgement.

It was in a 'not great' area with terraces going for £50k these flats were £170k.....I know he could not let it and he held and held until 2011. He sold for less than half what he paid....and throughout these terraces were still around £50 £60k.

He did ask me....Leeds not my area but my comment was that the area did not reflect great value, off plan flats seemed high risk and that rather than CCTV they need machine gun turrets on each corner. (Apologies North Yorks snob in me)

As it happens this was a super example of buying exactly the wrong thing at exactly the wrong time.

Edited by Phil321

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Have a heart mate, they're just trying to get a small pension income.

By stopping someone else from having a home.

Thing is, I could never evict someone. That's what I can't get over. Legions of 'ordinary' people who are happy to throw families out onto the street.

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He's even worse off than he thinks: using the mortgage costs and service charge that he's given, he only makes £456 profit a year not £600. If and only if he has no other expenses or voids and he S24 doesn't apply.

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Just round the corner from me. Ex copper by the looks of things. Describes himself as a caring landlord which to me is an oxymoron. Has 11 properties - all leveraged up the kazoo no doubt.

Hope he loses his shirt.

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Oh and to compund his misery Durham uni are closing a large part of the campus in Stockton so all those international students paying to live in some of the roughest parts of the Northeast will be drying up too. Happy days.

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I have a story I already mentioned it on another forum

amateur btl bought a house at peak in 2008 for 200k

landlord tried to flip and that was a fail so had to rent it out "innit"

all the valuations I look at put it now at 160k house is falling apart an identical one down the road sold for 150 and its not in as bad nick. That still took over a year to sell.

Landlord tried to up rent but tenant resisted, rent was consistant with local area. no where near enough to cover mortgage. THis is a working class area(north) not kensington.

landlord also has big mortgage on his own house which I checked has dropped in value by 10k already this year (only every go up innit?)

Landlord earns (if he is lucky)around 30k a year with his day job and is now 400k debt for or two houses.

property market is dying here regardless of what the media says. I track a lot i was interested in and they are taking years to sell and at discouts.

Landlord is crippled servicing the debt to the point where if something goes wrong on the house it has to go on credit card.

One thing, just one life event or one external event and he is sunk.

I expect loads are in this boat. balls deep and sinking.This is why the gov cant push the button on house prices and are deseperate to keep them up cause its all ********. lending 400k to someone on not quite 30k is ******ing stupid on the banks behalf.

There ar etimes in my life wher ei had debt that was 50% of my income and that gave me sleepless nights and I wasnt even paid that much so how these folk are going to cope is beyond me. I think we should start using HPA. House Price Apocolypse because thats whats going to happen and its going to decimate the economy. Im pretty sure when it happens too someone will uncover some of these threads too.

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Just round the corner from me. Ex copper by the looks of things. Describes himself as a caring landlord which to me is an oxymoron. Has 11 properties - all leveraged up the kazoo no doubt.

Hope he loses his shirt.

F*cking pigs.

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I have a story I already mentioned it on another forum

amateur btl bought a house at peak in 2008 for 200k

landlord tried to flip and that was a fail so had to rent it out "innit"

all the valuations I look at put it now at 160k house is falling apart an identical one down the road sold for 150 and its not in as bad nick. That still took over a year to sell.

Landlord tried to up rent but tenant resisted, rent was consistant with local area. no where near enough to cover mortgage. THis is a working class area(north) not kensington.

landlord also has big mortgage on his own house which I checked has dropped in value by 10k already this year (only every go up innit?)

Landlord earns (if he is lucky)around 30k a year with his day job and is now 400k debt for or two houses.

property market is dying here regardless of what the media says. I track a lot i was interested in and they are taking years to sell and at discouts.

Landlord is crippled servicing the debt to the point where if something goes wrong on the house it has to go on credit card.

One thing, just one life event or one external event and he is sunk.

I expect loads are in this boat. balls deep and sinking.This is why the gov cant push the button on house prices and are deseperate to keep them up cause its all ********. lending 400k to someone on not quite 30k is ******ing stupid on the banks behalf.

There ar etimes in my life wher ei had debt that was 50% of my income and that gave me sleepless nights and I wasnt even paid that much so how these folk are going to cope is beyond me. I think we should start using HPA. House Price Apocolypse because thats whats going to happen and its going to decimate the economy. Im pretty sure when it happens too someone will uncover some of these threads too.

Pathetic. This guy clearly aint cut out for the landlording game. Innit.

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I have a story I already mentioned it on another forum

amateur btl bought a house at peak in 2008 for 200k

landlord tried to flip and that was a fail so had to rent it out "innit"

all the valuations I look at put it now at 160k house is falling apart an identical one down the road sold for 150 and its not in as bad nick. That still took over a year to sell.

Landlord tried to up rent but tenant resisted, rent was consistant with local area. no where near enough to cover mortgage. THis is a working class area(north) not kensington.

landlord also has big mortgage on his own house which I checked has dropped in value by 10k already this year (only every go up innit?)

Landlord earns (if he is lucky)around 30k a year with his day job and is now 400k debt for or two houses.

property market is dying here regardless of what the media says. I track a lot i was interested in and they are taking years to sell and at discouts.

Landlord is crippled servicing the debt to the point where if something goes wrong on the house it has to go on credit card.

One thing, just one life event or one external event and he is sunk.

I expect loads are in this boat. balls deep and sinking.This is why the gov cant push the button on house prices and are deseperate to keep them up cause its all ********. lending 400k to someone on not quite 30k is ******ing stupid on the banks behalf.

There ar etimes in my life wher ei had debt that was 50% of my income and that gave me sleepless nights and I wasnt even paid that much so how these folk are going to cope is beyond me. I think we should start using HPA. House Price Apocolypse because thats whats going to happen and its going to decimate the economy. Im pretty sure when it happens too someone will uncover some of these threads too.

Ouch....

Where are you in the north. Watch the market oop north too and see it stagnant but not falling as yet

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Ouch....

Where are you in the north. Watch the market oop north too and see it stagnant but not falling as y

THer eis a website someone on here put up that lets you see the last sold prices and they are all re din my area "yorkshire". I doubt we will see big falls in harrogate but the more normal areas are about to take a spanking. Houses round me ar eon the market now for years. Just need panic to set in.

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THer eis a website someone on here put up that lets you see the last sold prices and they are all re din my area "yorkshire". I doubt we will see big falls in harrogate but the more normal areas are about to take a spanking. Houses round me ar eon the market now for years. Just need panic to set in.

I'm watching Whitby, seeing lots of reductions on right move but also seeing lots of flipped stuff kite flying asking prices. Some actually go for mad prices to incomers who know no better. Agree with Harrogate, seems to be defying gravity.

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I'm watching Whitby, seeing lots of reductions on right move but also seeing lots of flipped stuff kite flying asking prices. Some actually go for mad prices to incomers who know no better. Agree with Harrogate, seems to be defying gravity.

Harrogate is a funny town though. Some big prices for the top spots to help the headlines but reality is a lot of the bread and butter standard stuff is very comparable with the 'lower than average' surrounding areas.

Not saying Harrogate is cheap...,rather that it offer 'comparative' value to much less desirable places. That said it has all blown up over the last 12 months which like other areas will disappear as quickly as it appeared.

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Harrogate is a funny town though. Some big prices for the top spots to help the headlines but reality is a lot of the bread and butter standard stuff is very comparable with the 'lower than average' surrounding areas.

Not saying Harrogate is cheap...,rather that it offer 'comparative' value to much less desirable places. That said it has all blown up over the last 12 months which like other areas will disappear as quickly as it appeared.

The earning potential around the Golden triangle is poor and due to get poorer.

The lawyers and the like who used to make good moment are not making much.

The manufacturing in the area has been hollowed out by Chinese. Its coming back now, but slowly.

The Leeds legal sector is nothing more than large ambulance chasing.

The death of Halifax + B+B + (insert name) has took a huge chunk out of business services inthe area.

The new grwoing area of business - all things software is barely registering in the region.

Once farming loses the subs then vast amounts of money will go.

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The earning potential around the Golden triangle is poor and due to get poorer.

The lawyers and the like who used to make good moment are not making much.

The manufacturing in the area has been hollowed out by Chinese. Its coming back now, but slowly.

The Leeds legal sector is nothing more than large ambulance chasing.

The death of Halifax + B+B + (insert name) has took a huge chunk out of business services inthe area.

The new grwoing area of business - all things software is barely registering in the region.

Once farming loses the subs then vast amounts of money will go.

I agree, its not the midlands where a lot of stuff is made. Its not london where they can steal (bankster) its not really a big tourist draw, not to say there arent nice places in yorkshire there are but its a bit stuck in no mans land. It has some cripplingly poor areas. I cannot see it recovering ever. Some of the people I know here are on 1990s wages. So I cannot imagine who they are going to sell 200 k houses too. I read the median income in south yorkshire is 20k! and it has one of the lowest gdp per capita in the UK. It is starting to collapse here question is how low will it go?

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This thread is set to become an HPC classic. A place to indulge in schadenfreude at the expense of those who sought to gain through the exploitation of others.

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This thread is set to become an HPC classic. A place to indulge in schadenfreude at the expense of those who sought to gain through the exploitation of others.

Oh yes. "people-farming" is a phrase I picked up here and drop - very occasionally - into conversation. You can actually sense a few grey cells flexing.

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Whitby, really?

It is such a wonderful little place, I do a lot of sea fishing out of there, I can see why a lot of people would want to live there

Home town and at least one other poster on here can make the same claim.

Agree, it is lovely, but.... There is no work other than seasonal and zero hour contracts. It has been overrun by incomers, classed as either the the posh or the chavs by locals, who both, in their own way have has negative impact on the town.

Many (most) young people leave so as to find reasonable jobs. So much so that one of the three secondary schools is threatened with closure due to falling roles. Meanwhile lots of new houses being built but 79 percent of these are sold to the incomers described above. Meanwhile, those locals left in the town cannot afford to buy as prices, as with everywhere are out of sync with the local economy.

Most of the btl brigade are balls deep in the holiday letting game

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