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How do I sell my 37 Properties - Telegraph today


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Time for the small violin, he is facing a £700k capital gains tax bill

Love this 'I could probably start by selling two or three properties. But many are in the same areas- some are on the same street - and I don't want to negatively impact property prices ' what a gent ?

http://www.telegraph.co.uk/personal-banking/mortgages/buy-to-let-stampede-begins-best-sell-37-properties/

 

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"He believes it is going to take a long time – both to attract the right price and to limit capital gains tax due on the sales."  Planning on kite flying by the sounds of it...

"Even so, he lives on a relatively modest £45,000 per year, splitting his time between Britain and Australia. He and his partner, Diane, 50, have no children."  Modest!!  I'm asking what is he spending it all on...

What is he trying to achieve by plastering himself all over the Torygraph other than saying look at me. look at me...  Maybe that's it.

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8 minutes ago, Greg Bowman said:

Time for the small violin, he is facing a £700k capital gains tax bill

Love this 'I could probably start by selling two or three properties. But many are in the same areas- some are on the same street - and I don't want to negatively impact property prices ' what a W*#%*# ?

http://www.telegraph.co.uk/personal-banking/mortgages/buy-to-let-stampede-begins-best-sell-37-properties/

 

Fixed your typo Greg ;)

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10 minutes ago, HaveAniceDay said:

Fixed your typo Greg ;)

:P I thank you

The other thing that  struck me was it says he makes about £19k before interest but loan value of £1.5 million. If someone lent me £1.5 million for a proper business investment I would be making a far bigger return than that

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Not bad being able to live in Australia half of the year and still keep up your full time commitments of "managing" 37 properties. I think many will get caught out in a falling market, paying the 28% CGT might have been the best way after all, oh well don't look back in anger etc.

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1 hour ago, Greg Bowman said:

:P I thank you

The other thing that  struck me was it says he makes about £19k before interest but loan value of £1.5 million. If someone lent me £1.5 million for a proper business investment I would be making a far bigger return than that

You'd even make a better return by just shoving it all in Zopa.

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Ranty Ros 22 Jul 2017 11:30AM
 
This entrepreneurial businessman has invested his money and worked hard providing housing to his tenants for 30 years, and all for £3.4 million which is an amount of money that a BBC "personality" like Gary Lineker is paid in a couple of years.  Now, if he sells his properties the government will take 28% of his profits in tax. His tenants will all become homeless, as the houses will all disappear.  This is outrageous.  The future provision of housing for people, and the future prosperity of the whole country, depends on entrepreneurs like him.  He should not have to pay any tax at all on his income or capital gains and should also retain full tax relief on his mortgage interest payments.

OK, which of  you posted this?

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.

Quote

 

Rental income totals £19,400 per month before mortgage interest and other costs, so his portfolio is highly profitable.

Even so, he lives on a relatively modest £45,000 per year, splitting his time between Britain and Australia. He and his partner, Diane, 50, have no children.

 

 £19,400 X 12 =  £232,800 per year retail income.

Claims to live on £45,000 per year.

£232,800 - £45,000 = £187,800

£187,800 in interest and maintenance each year?

Doesn't sound highly profitable to me.

Now add higher rate income tax:wacko:

Edited by Lord D'arcy Pew
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2 minutes ago, Lord D'arcy Pew said:

.

 £19,400 X 12 =  £232,800 per year retail income.

Claims to live on £45,00 per year.

£232,800 - £45,00 = £187,400

£187,400 in interest and maintenance each year?

Doesn't sound highly profitable to me.

Now add higher rate income tax:wacko:

Exactly my point LDP 

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1 hour ago, wotsthat said:

This is the side of the BTL speculator come "business man" that p****s me off the most.

I would bet my non existant house on it that in day to day life and over the years down the pub this guy has been full of himself , bragging about his property empire and all the hard work and business skills he has had to put in into it.

Yet we all know this is the biggest amateurish cry baby business going where as soon as something does not go their way they go crying to media and wheeling out that over opionated hairy baboon Krusty Allslop to rant on about "how they just care for their tenants" and must give them what they want.

The question is easy to answer, this BTL landlords knows the answer already, we all know the answer, those properties will sell in the next few hours even.. There you go, and I don't even have to type in what he should do, you all know.

What this guy really means is that he has a life and financial plan, he has pencilled up some numbers on what and how he WISHES things to happen, and now we must all oblige.

I have always said it, 90% of these BTL speculators have close to zero business skills, it has all been done for them from day one when this debacle begun. I run a business and on a daily basis you are chopping and changing, making allowances, adjust to the new rules and regulations and not just hoping they all go away if they don't fit in with "your" plan.

 

Just maybe we are now approaching the point where BTL landlords are at last going to learn a lesson we all as business man have to learn, you are not given a God given right to suceed and usually only the strongest ever do on the whole, and that's a good way of doing thiongs in my opinion.

 

 

P.S       And that is why I have no doubt that the banks will fail in the UK again

To be fair, any business that felt like it could lobby the government or the general public to achieve some sort of advantage would likely take it. Whether that is through direct lobbying, 'leaking' news that may alter opinion/law making decision or getting Kirsty involved.

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2 hours ago, wish I could afford one said:

What is he trying to achieve by plastering himself all over the Torygraph other than saying look at me. look at me...  Maybe that's it.

To me its just another BTL landlord trying to protest and highlight the 'terrible' plight of the new tax which they are subjected to. Given most newspapers make a lot of money out of property articles and ads I'm not surprised they ran this story. The guy is most probably a mate of one the newspaper staff who are all into BTL themselves as are BBC/ITV/ SKY news staff also.

Edited by bear.getting.old
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6 minutes ago, bear.getting.old said:

Yes but I'd like to know how he could borrow 1.5 million at the low rate you get on a mortgage in any other way other than housing.

I offer very competitive rates....

You're entire existence and that of your family could be at risk if you don't keep up with repayments.

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29 minutes ago, Lord D'arcy Pew said:

.

 £19,400 X 12 =  £232,800 per year retail income.

Claims to live on £45,000 per year.

£232,800 - £45,000 = £187,800

£187,800 in interest and maintenance each year?

Doesn't sound highly profitable to me.

Now add higher rate income tax:wacko:

I presume he is saving the surplus - I do not think it was implied that everything other that £45,000 was costs. What puzzles me is why a man of that age would want to live on so little - it is not as though he can take it with him.

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46 minutes ago, Ah-so said:

I presume he is saving the surplus - I do not think it was implied that everything other that £45,000 was costs. What puzzles me is why a man of that age would want to live on so little - it is not as though he can take it with him.

Little?  That's a King's ransom.  Or is my irony filter broken today?

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Just now, wish I could afford one said:

Little?  That's a King's ransom.  Or is my irony filter broken today?

I mean little compared to actual amount he takes in rent. £45k is of course a big amount, equal to a salary of over £70k.

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4 minutes ago, Ah-so said:

I mean little compared to actual amount he takes in rent. £45k is of course a big amount, equal to a salary of over £70k.

What somebody 'takes' in rent (or takes via other means) matters not.  That's just useful for pub talk if that's your thing.  The buck stops with Mr Micawber - Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

I have £1.24M in wealth but it does me no good at all.  It's the £24,700, after home purchase, that I think I can extract from it annually that's important.

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I couldn't care less how many leveraged properties he has, how much he made from them or will in future lose from them....he has a big headache and a short life.......I care more about those that might have owned those homes if he had not decided to extract so many from the market for himself.....what will happen to the tenants if sold?;)

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I'm no expert on how CGT is calculated, but! Now bear with!

      If CGT due is 700k, and is charged at 28% then his Capital gain is approximately 2.2 to 2.3 million, right?

       So, how come he has 1.5 of debt on it all, it looks to me like he has never put any cash into his " business" . 

   

  These kinds of articles used to make me feel angry. Now they just make me feel sad that individuals think this is a normal way to go about trying to make your way in life. As if no one else is affected by his " trade" . What a morally desolate wasteland we are occupying my fellow crashers! It does indeed look like the worm has turned on these misled BTL landlords which is fair enough, and not a moment too soon. In their defence,  The wider picture as to why so many went into it is a screwed pension industry and   The state stealing from savers. Lots got sucked in due to this.

   Cheers,

     

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53 minutes ago, buyinbrazil said:

I'm no expert on how CGT is calculated, but! Now bear with!

      If CGT due is 700k, and is charged at 28% then his Capital gain is approximately 2.2 to 2.3 million, right?

       So, how come he has 1.5 of debt on it all, it looks to me like he has never put any cash into his " business" . 

   

  These kinds of articles used to make me feel angry. Now they just make me feel sad that individuals think this is a normal way to go about trying to make your way in life. As if no one else is affected by his " trade" . What a morally desolate wasteland we are occupying my fellow crashers! It does indeed look like the worm has turned on these misled BTL landlords which is fair enough, and not a moment too soon. In their defence,  The wider picture as to why so many went into it is a screwed pension industry and   The state stealing from savers. Lots got sucked in due to this.

   Cheers,

     

CGT is the profit which is taxed

Bought an asset for £5000

Sold the asset for £25,000

£25,000 - £5,000 = £20,000

If paying higher income taxes = 28% = £5,600

If paying basic rate income taxes = 18% = £3,600

Or sell each property one at a time by declaring it as your primary residence for 6 months and then ditching it.

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