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Trouble at T'Property Tribes

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Don't pretend to know what all this is about but the 'saintly' PT has got the hump re some scumlords dissing them on Facebook it would appear.

https://www.propertytribes.com/statement-negative-propaganda-campaign-t-127632267.html

 

And this is Pegasus.

 

https://www.propertytribes.com/pegasus-property-group-7c-nick-leatherland-t-127631372.html

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Lots of lawyers....

It appears to be an echo of the property seminars circa 2005.

This sort of hoohaa is easily avoided if you apply some common sense, real life numbers and just work out  what can wrong - a lot when dealing with leverage, or 'investing with others peoples money' as they call it.

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I haven't really read Property Tribes much, so went and had a full browse today.   

I don't think I realised how good Section 24 was going to be until I read how much they hate it.

Their points are very confused and contradictory - on the one hand they say that lots of landlords will be selling up and all the tenants will be homeless so the landlord left in the game can charge higher rents,  but then they also say that the tenants/first time buyers won't buy the houses, they will be bought by other cash-rich landlords and corporations, so surely that means the same amount of rental stock?

Anyway, confused thinking aside, it really does seem that Section 24 will be some kind of game-changer in a more profound way than I was expecting, so that was quite enlightening.

I think the photo above of two monkeys and a bottle says everything about the current PT-on-PT spat action that's going on as a cheeky sideshow.

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3 hours ago, stop_the_craziness said:

I haven't really read Property Tribes much, so went and had a full browse today.   

I don't think I realised how good Section 24 was going to be until I read how much they hate it.

Their points are very confused and contradictory - on the one hand they say that lots of landlords will be selling up and all the tenants will be homeless so the landlord left in the game can charge higher rents,  but then they also say that the tenants/first time buyers won't buy the houses, they will be bought by other cash-rich landlords and corporations, so surely that means the same amount of rental stock?

Anyway, confused thinking aside, it really does seem that Section 24 will be some kind of game-changer in a more profound way than I was expecting, so that was quite enlightening.

I think the photo above of two monkeys and a bottle says everything about the current PT-on-PT spat action that's going on as a cheeky sideshow.

The ability to hold illogical and contradictory opinions is very common among landlords when it comes to discussing S24.

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4 hours ago, stop_the_craziness said:

heir points are very confused and contradictory - on the one hand they say that lots of landlords will be selling up and all the tenants will be homeless so the landlord left in the game can charge higher rents,  but then they also say that the tenants/first time buyers won't buy the houses, they will be bought by other cash-rich landlords and corporations, so surely that means the same amount of rental stock?

I think they may be sorely disappointed if they think the average corporate landlord would go anywhere near a widely-distributed portfolio of high maintenance terraced properties in some northern craphole; far more likely that they will go down the build-to-rent route. I don't think they have realised the full horror of what awaits them. Stuck with a series of painful voids while waiting for the penny to drop that the only people who're going to be interested in buying their now-empty properties are FTBs ...who will be needing a very healthy discount as they cannot buy interest-only and have to show the mortgages are affordable.

All of this against a backdrop of higher interest rates!

Some of these guys are sleepwalking into bankruptcy!

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6 minutes ago, oatbake said:

I think they may be sorely disappointed if they think the average corporate landlord would go anywhere near a widely-distributed portfolio of high maintenance terraced properties in some northern craphole; far more likely that they will go down the build-to-rent route. I don't think they have realised the full horror of what awaits them. Stuck with a series of painful voids while waiting for the penny to drop that the only people who're going to be interested in buying their now-empty properties are FTBs ...who will be needing a very healthy discount as they cannot buy interest-only and have to show the mortgages are affordable.

All of this against a backdrop of higher interest rates!

Some of these guys are sleepwalking into bankruptcy!

Sleeprunning.

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34 minutes ago, spyguy said:

Sleeprunning.

That would imply albeit unconscious free will

 

 

A-reeves-sleeves+-+from+campussafetymaga

Edited by Si1

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19 hours ago, spyguy said:

Lots of lawyers....

It appears to be an echo of the property seminars circa 2005.

This sort of hoohaa is easily avoided if you apply some common sense, real life numbers and just work out  what can wrong - a lot when dealing with leverage, or 'investing with others peoples money' as they call it.

I agree whilst not specifically commenting on this incident it does seem that spats like this co inside with falling prices.

Only when the tide goes out do you discover who's been swimming naked....so to speak

I am a firm believer in not telling anyone anything when you have a great technique, idea or investment.....until its over. 
 

Edited by Fromage Frais

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6 hours ago, stop_the_craziness said:

I haven't really read Property Tribes much, so went and had a full browse today.   

I don't think I realised how good Section 24 was going to be until I read how much they hate it.

Their points are very confused and contradictory - on the one hand they say that lots of landlords will be selling up and all the tenants will be homeless so the landlord left in the game can charge higher rents,  but then they also say that the tenants/first time buyers won't buy the houses, they will be bought by other cash-rich landlords and corporations, so surely that means the same amount of rental stock?

Anyway, confused thinking aside, it really does seem that Section 24 will be some kind of game-changer in a more profound way than I was expecting, so that was quite enlightening.

I think the photo above of two monkeys and a bottle says everything about the current PT-on-PT spat action that's going on as a cheeky sideshow.

Me too

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2 minutes ago, Dražen Petrović said:

Me too

About 2 years too late.

These people are morons.

S24 was detailed 24 months ago. Thise great busuness brains somehow managed to not connect the dots. Fuxtards.

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24 minutes ago, spyguy said:

About 2 years too late.

These people are morons.

S24 was detailed 24 months ago. Thise great busuness brains somehow managed to not connect the dots. Fuxtards.

Yes.

Its beautiful really and poetic justice.

For years these morons thought they were successful business people, where in fact they were just riding a huge wave.

The clever ones are already out or have a plan they are executing.

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2 hours ago, spyguy said:

About 2 years too late.

These people are morons.

S24 was detailed 24 months ago. Thise great busuness brains somehow managed to not connect the dots. Fuxtards.

Ah, but they did write ranty letters to all and sundry, even got the Daily Idiotgraph to write something about 'Alice in Wonderland Tax.'

Problem for them was that,

1 Most politicians couldn't care less.

2 that's it, most politicians couldn't care less.

 

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1 hour ago, Byron said:

Ah, but they did write ranty letters to all and sundry, even got the Daily Idiotgraph to write something about 'Alice in Wonderland Tax.'

Problem for them was that,

1 Most politicians couldn't care less.

2 that's it, most politicians couldn't care less.

 

They should try paying the politicians money like the house builders do.. that normally works.. 

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23 minutes ago, suresh786 said:

Almost read likes spoof.

'I have 8 BTL properties in my name, they are all at 75% LTV and are on interest only mortgages. They were all bought with the last 2-3 years and therefore the only equity I have in each property is the 25% deposit paid at the start of the mortgage. There has been limited price increase on these properties.

Each property is in the range of £80000-£100000

I am based in the NW of England.

I am a higher rate tax payer'

'@dislexic_landlord, you are right as I should have dealt with this earlier. My only excuse is I went through a difficult period and depression got hold of me resulting in me just about getting to my main place of work. Property was not a priority which I know is not a excuse but this is what happened.

I am fortunate to earn a pretax £100,000 so the property income is not required to live on and I expect to always be a high earner as I work in healthcare with good job stability. My long term plan is to keep the properties for the next 30 years as it will be my pension, I am currently 33 and have no other pension/savings.

My mother has a state pension (she is a homeowner) but no other income so I don't think she can get a new joint mortgage in conjunction with myself? Therefore I thought she could be added onto the existing mortgages and we can adjust the split so she owns more of the property. I am happy for her to keep the rental income and she will be free to do what she would like to do with it.

The problem is remortgaging into the LTD will mean higher fees, stamp duty, higher rates and each property would cost be £5000-£6000 to remortgage. I do not have money available to pay the fees for one property never mind the others.'

Poster earns 100k in healthcare but does not have a pension. Is he a GP who's dropped out of the NHS pension?

He's got 800k of proderdde, spending ~200k on the 25% deposit.

100k in the NW is well into slumlording area.

Not sure of th rent - Id guess its going to be HB. So lets say, 500/m per property - 4000/m income.

Half that will go due to the tax changes. He needs to find 24K.

How come someone earning 100k does not have the cash to pay 6K on sorting out one property FFS?

How can it be a pension as he's not paying the debt down?

There's nothing he can do as the property is owned in his name and he's down o nthe mortgage.

H cannto move it to a LtdCO, or bring his mum in. Not without incurring a hefty cost - assuming the mortgage provider will allow him.

Mental.

 

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I read the thread, elsewhere in it he says that prior to becoming a landlord he had invested in financial markets and incurred some heavy losses. He's likely about to do the same thing with houses.

Probably a clever guy in some areas but someone who should just stick to being a doctor and put any spare money in his Post Office savings.

Edited by Diver Dan

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21 hours ago, stop_the_craziness said:

Their points are very confused and contradictory...

...but then they also say that the tenants/first time buyers won't buy the houses, they will be bought by other cash-rich landlords and corporations...

...and even though landlords aren’t stopping tenants from buying by outbidding them, they will stop tenants from buying by outbidding them.

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2 hours ago, spyguy said:

 

Poster earns 100k in healthcare but does not have a pension. Is he a GP who's dropped out of the NHS pension?

....

Mental.

 

Yes, it is mental. And he is utterly rubbish with investment and greedy. He has no financial sense;NHS pension is one of the best pensions you can get at the moment, NHS contributes to NHS pension scheme a lot more than most of its members. No need to say; members dont get taxed for their contributions .And it is not only a good investment but also a very good insurance incase you are out of work due to ill health, accidents plus gives so many benefits to your loved ones if they die prematurely.

He is greedy, it is impossible not to know advantages of NHS pension scheme but instead of paying around £10000 for his pension, he has opted to pay this money's tax at a high rate and use the rest to buy properties.

 

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6 minutes ago, Dražen Petrović said:

Yes, it is mental. And he is utterly rubbish with investment and greedy. He has no financial sense;NHS pension is one of the best pensions you can get at the moment, NHS contributes to NHS pension scheme a lot more than most of its members. No need to say; members dont get taxed for their contributions .And it is not only a good investment but also a very good insurance incase you are out of work due to ill health, accidents plus gives so many benefits to your loved ones if they die prematurely.

He is greedy, it is impossible not to know advantages of NHS pension scheme but instead of paying around £10000 for his pension, he has opted to pay this money's tax at a high rate and use the rest to buy properties rent DEBT.

 

fixed<_<

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29 minutes ago, Dražen Petrović said:

Yes, it is mental. And he is utterly rubbish with investment and greedy. He has no financial sense;NHS pension is one of the best pensions you can get at the moment, NHS contributes to NHS pension scheme a lot more than most of its members. No need to say; members dont get taxed for their contributions .And it is not only a good investment but also a very good insurance incase you are out of work due to ill health, accidents plus gives so many benefits to your loved ones if they die prematurely.

He is greedy, it is impossible not to know advantages of NHS pension scheme but instead of paying around £10000 for his pension, he has opted to pay this money's tax at a high rate and use the rest to buy properties.

 

And 40% on his rental income too.

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  • 407 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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