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I’m concerned that my children are no longer employable

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The big yields up North and Midlands not quite as advertised. 

The dilemma My ex-husband and I have always encouraged our children to pursue their talents and dreams. We supported their learning throughout school and university; we have never pressured them towards any particular career and have always encouraged extracurricular activities.

Following in their father’s footsteps, they have now acquired two buy-to-let properties. The rental yield has been disappointing, with most of the money consumed by upkeep on the property, or petrol money back and forth to the Midlands, where their investments are located. They speak about building multi-million pound property portfolios and devote time to social enterprises in Cambodia and the developing world. Any scepticism on my part is inevitably met with anger and accusations that I am jeopardising the venture by affecting their “mindset”.

It is now over two years since either of my children undertook salaried work. Neither keeps a regular schedule, and I worry they are losing the skills to market themselves. I need a way to broach the subject, which won’t drive a wedge between us or cause my lovely children to lose heart.

Mariella replies

https://www.theguardian.com/lifeandstyle/2017/apr/23/i-think-my-children-are-no-longer-employable-dear-mariella

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So, in thd likely event that the yield is 0 or below, what are they doing for money?

Btl has something for everyone. Yachts for the telegraph reader, a hospital and school for in 3rd world for guardian readers.

What a collection of stnuc.

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I was just about to post this too, but y'all beat me to it. Its beyond parody. 

"Back then, in the dark days before your parents let you drink their Chablis and smoke their grass"

Grrr...

And this article was from the Guardian/Observer daily freebie email-advert. Are they really expecting ppl to purchase a sub or "donate £5" to support this tripe?

EDIT: I'm counting down the years (7?) till the Scott Trust is exhausted and the Guardian group goes under

Edited by dryrot

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2 hours ago, spyguy said:

Not clicky the link.

Did mariella suggest the kids sleep their way to the tops?

The questioner doesn't reveal if either of her children are girls.

Or maybe Mariella is aware that they could sleep their way to the rooftops over their head (see the sex for rent thread).

Another golden quote to show she really hasn't a clue:

Quote

Why don’t kids move away any more?

 

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2 minutes ago, Qetesuesi said:

The questioner doesn't reveal if either of her children are girls.

Or maybe Mariella is aware that they could sleep their way to the rooftops over their head (see the sex for rent thread).

Another golden quote to show she really hasn't a clue:

 

Why dont they move away?

Times have changed since she was 15.

A 30+ tv presenter moving his 15 yo gf is frowned on these days.

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Just now, spyguy said:

Why dont they move away?

Times have changed since she was 15.

A 30+ tv presenter moving his 15 yo gf is frowned on these days.

It's illegal.  Remember Jeremy Forrest?

And I'm sure that was also the law when Frostrup was 15.

Frankly this column is tremendous rich pickings for us HPC-ers on several levels.  Was going to start a thread on it and found two already here!  Well done lads.

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8 minutes ago, Qetesuesi said:

It's illegal.  Remember Jeremy Forrest?

And I'm sure that was also the law when Frostrup was 15.

Frankly this column is tremendous rich pickings for us HPC-ers on several levels.  Was going to start a thread on it and found two already here!  Well done lads.

It was.

But 15 was almost 16, tv presenter was not primetime, arty late night, etc etc.

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Seems like propaganda to me. Greedy enough to try building a btl empire. Stupid enough to buy properties 'where they're cheap' and compassionate enough to go get their hands dirty in the 3rd world. Mariella then blames the rents for enabling their children.

 

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I’m concerned that my children are no longer employable

.....employed doing what?......will always be work to do, just what kind of work and what paid or exploited to do what work?;)

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As I said on the other thread sums up  Socialist/ Guardian family philosophy...number one aspiration is BTL empire building, number two overseas aid. 

The enemy is  UK business and their wealth extraction....BTL excepted.

 

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Followed the father's footsteps...?

HPC them all back into reality.

Some annoying comments left by the BTLers.

Quote

Whether tenants are victims depends on the landlords. This pair sound as if they are responding to their tenant's issues, unlike some I have had in the past. If they are not making any money, their tenant's are hardly being exploited.

They've taken economic control of the houses, preventing homeownership.  And the BTLers don't even have an income above rent (it seems) so what if a major repair is required?

Quote

 I object that because you have a rubbish landlord you tar us all with the same brush. I was raised in a sink estate to parents who only left us love when they died. I changed jobs after working for ten years at the same company and had to find a home for a pension pot so I used it for a deposit on a buy to let. Not only did I bring the property up to standard (it was a dump), I then let it at a rate equitable to social housing, my current tenant has been there for seven years and we get on really well. Repairs are attended to promptly as I believe in treating people as you'd want to be treated yourself and ongoing maintenance will see new windows installed next month. Many people got buy-to-lets through hard work, not because Mummy and Daddy shelled out for them.

Wonder if this BTLer believes in homeownership opportunities for others... treat people as treat himself.   Ahhh friendship to his tenant.  Buds.   

Hard work of an IO mortgage and working wage-monkeys paying down the debt for you?  Sweet, not.  

On 2/7/2016 at 5:42 PM, Bland Unsight said:

The BTL pension idea is so f**king nutty that it's only the fact that hundreds of thousands of people are engaged in it and millions of people are willing to countenance it that means that a brain system that ought to light up like a Christmas Tree and say "What the f**k are you talking about?" is sung into quiet acquiescence.

My favourite features

  • Landlords who say that their tenants can't afford the properties, when under any reasonable interpretation, the landlords can't either. The landlords can afford one quarter of the property. The rest is financed interest-only with a mortgage.
  • Landlords who just want a little pension (to go along with their own home) and cannot see the conflict of interest that results from them needing economic control of three, or maybe five or maybe fifteen properties. It is a pension plan that not only inevitably excludes others from the same pension plan (there aren't enough houses to go around) it also excludes younger cohorts from ever owning their own homes. It's a plan that really puts the "F** you" into "I'm alright, Jack. F**k you."
  • As many mugs turn to buy-to-let in desperation, having failed to make adequate pension provision, it is a investment strategy for people who have failed to save that involves borrowing.

It is all, to employ the technical parlance, mad as f**k.

 

On 3/17/2016 at 11:20 AM, Neverwhere said:

This is a really important point. Those who have spent their money on buying crappy BTLs have not been engaged in saving, they have been engaged in spending. Saving is income not consumed. Ploughing money into highly geared property purchases is an act of consumption.

Anyone who has chosen to do that in lieu of saving has in fact chosen to place themselves in the precarious position of having no savings at all. House prices can go down as well as up. Lenders can force them to sell at a time not of their choosing. Gearing means that they can lose all of the money that they originally invested and then continue to keep losing money that they didn't have to invest in the first place.

Where they are the marginal buyers - where they purchase all of the lowest priced properties before they can fall sufficiently in value to be worthwhile to any other purchasers - then as soon as they are no longer able to buy at the prices that they have established the value of their existing portfolio will start to fall. They have essentially created a ponzi scheme where they are their own bottom tier. If they stop expanding, if they ever stop expanding, then the whole thing will come crashing down around their ears.

This is not saving it is spending, in the same way that people in a casino are spending.

Next you'll be saying that they don't understand the difference between providing and monopolising! :P

 

On 3/17/2016 at 11:22 AM, CunningPlan said:

Unless she is a cash buyer I don't think she has actually been investing - more like gambling.

I very much doubt she would have had much money to spend on herself - unless she borrowed to do so.

It used to really bug me that someone earning £25k can get a BTL mortgage to outbid someone earning £50k - and then rent the property back to them at more than they were allowed to pay had they got a mortgage.

It doesn't anymore. The £25k muppet is going to be toast and the £50k renter has had his bacon saved by not being allowed to / choosing to buy.

Depends on how much time is required for any correction to play out.  And so many lives interrupted by decades of BTL greed.   Things are so out of whack that people actually think it something reasonable for individuals to have debt claims on loads of properties, renting them out to other people.

Quote

Webster: What were you thinking? Dragging our asses around, interrupting our lives... For what, you ignorant, servile scum! What the ****** are we doing here?

 

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23 hours ago, spyguy said:

Why dont they move away?

Times have changed since she was 15.

A 30+ tv presenter moving his 15 yo gf is frowned on these days.

Could you explain that?

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1 minute ago, iamnumerate said:

Could you explain that?

Oh some rumours swirling around about the agony aunt and how she got her start.

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16 hours ago, crashmonitor said:

As I said on the other thread sums up  Socialist/ Guardian family philosophy...number one aspiration is BTL empire building, number two overseas aid. 

The enemy is  UK business and their wealth extraction....BTL excepted.

 

 

It's a kind of cognitive dissonance in a certain type of middle class "Islington socialist" (definitely not all of them). They rail against the state of world and where capitalism has led us, but see no hypocrisy in their own selfish attitudes. There are endless articles about the plight of the young with unaffordable housing but almost no articles on the contribution made to this sorry state of affairs by the mainly middle class BTL empires 

 

To be fair to them though - in my experience, there are far more right-wing BTL empire builders around than Islington socialists. I would place 3 of the landlords I have personally rented from in the former category vs 1 in the latter. I have also worked with a couple of boomer BTL landlords who have been almost exclusively been pretty right wing "Thatcherite" conservatives and wouldn't spare a second thought about the fundamentally exploitative nature of farming people for rent. 

 

It would be interesting to see a more scientific study of the political leanings of BTL landlords - if such a thing exists and anyone on here is aware of one.

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