CrashIsUnderWay Posted February 14, 2006 Share Posted February 14, 2006 As me & gf prepare to leave blighty end of month, some news popped up that frankly made me think I'd wandered into some wierd 'TTRTR' type alternative reality, where free money grows on trees etc. The gf's dad is buying another house! We came back from a weekend away to find that the fogeys had f*cked off to the extreme north where some distant rellies had alerted them to an 'absolute bargain' - a 700 sq ft fisherman's cottage in a desolate fishing village on the east coast of jockland. On at mid £40,000, by the time they got back down south, according to the gf poppa, 'its gone up £10,000 already', and 'we have put an offer in'. You may remember that the old fogey tried to sell the current house and downsize last year, but got no takers. Despite this, he now thinks the current house is worth another £100,000 at least'. Apparently, he's gonna remortgage the house (which actually belongs to his wife), and buy this rundown heap of crap north of the border. We've pointed him at all the useful resources, including this site, nethouseprices etc, but he's not having any of it. 'Property only ever goes up' apparently. And ... 'it will be our pension'. So from having owned a house mortgage free worth 400k plus, they extracted 100 to buy the premises for his new business and now intend to suck out another 50k plus for a ruined cottage 80 yards from some of the nastiest seas in the world... I dunno. He printed out the tiscali homepage for me yesterday, and proudly showed it to me as 'proof that i was wrong about prices falling'. It had the Land Reg fig report link on it, with the headline 'Prices Rise Again'. Obviously, he hadnt read the report, just the headline. Now what's REALLY interesting, is that this guy is an almost PERFECT contra-indicator. Whenever he says something, do the exact opposite and you will win. He's been bankrupt 3 times, and habitually uses the equity in his wife's houses to pay for it all. Wife number 2 is looking distinctly haggard right now, as she sees him increase their exposure to an asset class obviously past its best, and on the slide. She's no fool, but she cant seem to see that this strategy could lead to disaster unless the business picks up significantly and holds for YEARS. 'Safe as bricks and mortar' is one of her fave sayings. He also doesn't seem to understand that by buying more than 1 house, he's actively encouraging the current situation - i,e, one in which NONE of their children have managed to get on the property 'ladder' despite having good incomes etc. I didn't have the heart to argue with him any more. Looks to me like the very last fool is on board, and swigging rum while asserting loudly that the storm heading right for us is 'just a little bit of a breeze'... Quote Link to comment Share on other sites More sharing options...
delboypass Posted February 14, 2006 Share Posted February 14, 2006 Bankrupt 3 times?? Sounds like the kind of person id rather shoot with my last bullet than the govan benefit claiming scum. Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted February 14, 2006 Share Posted February 14, 2006 Where in Scotland? I know the E Coast well - perhaps somewhere round that pearl o'the north - Peterhead????? Quote Link to comment Share on other sites More sharing options...
Guest Winners and Losers Posted February 14, 2006 Share Posted February 14, 2006 He's in it for the LONG TERM though (no pun intended, i.e. jail sentence) You just can't help mentioning TTRTR, can you? And the fixation continues..... Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted February 14, 2006 Share Posted February 14, 2006 He's in it for the LONG TERM though (no pun intended, i.e. jail sentence) You just can't help mentioning TTRTR, can you? And the fixation continues..... Yes the fixation...... What this thread has to do with me, I have no idea. I advocate top locations near transport & shops, nothing to do with this type of scheme at all. Quote Link to comment Share on other sites More sharing options...
Gavin Posted February 14, 2006 Share Posted February 14, 2006 Yes the fixation...... What this thread has to do with me, I have no idea. I advocate top locations near transport & shops, nothing to do with this type of scheme at all. TTRTR, please change your avatar. It looks older and more distressing than your thinking. Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted February 14, 2006 Share Posted February 14, 2006 TTRTR, please change your avatar. It looks older and more distressing than your thinking. My avatar is making me more & more infamous....I like it. Quote Link to comment Share on other sites More sharing options...
Without_a_Paddle Posted February 14, 2006 Share Posted February 14, 2006 My avatar is making me more & more infamous....I like it. I note you have chosen a very flattering lighting angle in the avatar though. Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted February 14, 2006 Share Posted February 14, 2006 Being a senior veteran with looks like mine, any light is painful..... Quote Link to comment Share on other sites More sharing options...
CrashBear Posted February 14, 2006 Share Posted February 14, 2006 Yes the fixation...... What this thread has to do with me, I have no idea. I advocate top locations near transport & shops, nothing to do with this type of scheme at all. maybe because its valentines day he didn't want you to feel lonely all alone in that big house of yours smoking a 50 pound note? Quote Link to comment Share on other sites More sharing options...
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