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Converted Lurker

All Lost In The Supermarket

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So, Monday afternoon I do my pensioner shopping, not for me! my Bro- in-law. He`s infirmed..long story. Anyhow to eek out his pittance I go into farm foods and aldi, no need for incognito tactics as it`s a few miles away ;)

Anyhow, the cute friendly assistant takes pity on my ham fisted useless bag filling skills in farm foods and calls over one of her mates. Again very cute assistant comes over to help pack. She starts THE CONVERSATION with her mate, you know the P (property) conversation.

"So I`m moving out from this one, gonna rent it out and we`re getting another mortgage on a bigger place" <_<

"What about the other place you`ve still got?" :blink:

"Oh, the Doleites are still in there, their rent pays the mortgage so that`s OK, but I`m keeping that one in my name just in case" :o

Now if the curse of the culture of BTL has reached this far then this tanker could take a long time to turn around, or explode in a ball of fire as it`s a low maintenance wreck. Now I hope in no way am I sounding superior I just find it incredulous that this early 30`s girl has bitten the bug so hard and is now a 3 property owner, stacking shelves at farmfoods to compensate her other career....

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i dunno. though it does make financial sense. you cant knock here for it. she probably sees it as a pension thing. so is happy to work as well.

although, there isnt room for everybody to do this as some will have to rent off others.

my main beef is that theres no building of social rental housing as such - council houses.

i dont like the way the private / profit sector has been encouraged to take over this service.

its not working and its not labour. and its eating wages.

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Well I'm sure people were saying similar during the 80's when shares were the big thing. Think about all the people who bought BT, British Gas, BA etc shares

or were mostly giving them for free

ahh the luck of age

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or were mostly giving them for free

ahh the luck of age

Playing devils advocate:-

if the money she is receiving is repaying a repayment mortgage what is the problem. Eventually she will have the house paid off.

If I was renting properties like that tho I wouldn't be buying another one in this market tho.

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i dunno. though it does make financial sense. you cant knock here for it. she probably sees it as a pension thing. so is happy to work as well.

although, there isnt room for everybody to do this as some will have to rent off others.

my main beef is that theres no building of social rental housing as such - council houses.

i dont like the way the private / profit sector has been encouraged to take over this service.

its not working and its not labour. and its eating wages.

It just seemed strange listening to this conversation, no superiority here, this girl is on minimum wage and yet is playing houses like Trump. Her 3 properties are two less for FTBs which naturally pisses me off..

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You say its not a superiority thing. Fair enough, I'll take you at your word. It just sounds like the common situation these days whereby people bought before the boom (when property was undervalued IMHO), then meets her partner, moves in, and keeps renting her own property out.

One of the BTL my wife and I have is her old flat from her single days, and we rent that out just now.

Like it or not, the market segment this girl is renting to (and its probably only a pair of social classes below most of my renters) is increasingly getting handed over to the private sector by the Local Authorities.

How many new Council Houses have been built during the last 7 years of property boom? I know where I am, its practically none. Hence why the slack is being taken up elsewhere, and when you consider its only the doleites who can afford to breed these days, its a healthy market.

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So, people loose their job's and their houses, only for landlord's take on more DHSS tenants and probably get their asking rent paid in full, with all the insurance for damage etc.

We could end up paying all these BTL numpties wages with our increased taxes (that's if I don't loose my job..)

Who sold all the council houses...... :angry:

Not looking good is it...

:(:(

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You say its not a superiority thing. Fair enough, I'll take you at your word. It just sounds like the common situation these days whereby people bought before the boom (when property was undervalued IMHO), then meets her partner, moves in, and keeps renting her own property out.

One of the BTL my wife and I have is her old flat from her single days, and we rent that out just now.

Like it or not, the market segment this girl is renting to (and its probably only a pair of social classes below most of my renters) is increasingly getting handed over to the private sector by the Local Authorities.

How many new Council Houses have been built during the last 7 years of property boom? I know where I am, its practically none. Hence why the slack is being taken up elsewhere, and when you consider its only the doleites who can afford to breed these days, its a healthy market.

Her reference to "her Doleties" was the drop my tin of mushy peas moment. I found the discussion bizarre for so many reasons, 5 years ago 10 years ago would she have been an avaristic landlady? No. She is the cannon fodder for lenders ably assisted by the mainstream media spin machine that has led countless lemmings to the cliff suggesting that "you too can be a property guru and free yourself from having to work again, you`ll have to stack shelves on minimum wage, but still, you`re chasing your dream, eh?" A dream she would not have had if every other tosser wasn`t sailing in the same ship of fools that caused her and countless others to follow the herd..

Edited by Converted Lurker

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Her reference to "her Doleties" was the drop my tin of mushy peas moment. I found the discussion bizarre for so many reasons, 5 years ago 10 years ago would she have been an avaristic landlady? No. She is the cannon fodder for lenders ably assisted by the mainstream media spin machine that has led countless lemmings to the cliff suggesting that "you too can be a property guru and free yourself from having to work again, you`ll have to stack shelves on minimum wage, but still, you`re chasing your dream, eh?" A dream she would not have had if every other tosser wasn`t sailing in the same ship of fools that caused her and countless others to follow the herd..

Doleites pay the mortgage... ..at very low interest rates. What happens after a couple of rate rises?

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The shocking thing is that the woman probably does not realise how much risk she is taking. If she realises it and is okay with it then that's fine. If not, it's a problem.

frugalista

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So, people loose their job's and their houses, only for landlord's take on more DHSS tenants and probably get their asking rent paid in full, with all the insurance for damage etc.

We could end up paying all these BTL numpties wages with our increased taxes (that's if I don't loose my job..) [bTman]

Housing Benefit is funded by the DWP. The DHSS ceased to exist in 1988 (and the DSS in 2001).

The amount of rent payable is subject to a number of limits. It's probably safe to say that the typical amateur BTL landlord's idea of the average local rent is somewhat different to the District Valuer's. HB claimants under 25 are limited to the 'average' rent for a single room in a shared house.

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I bet if she does have the properties repo'd she'll be straight on the line to scumbags direct or scroungers hotline or some other no win no fee merchants complaining about how she was mis-sold the properties/mortgages.

Maybe she was mis-sold them. Who knows?

frugalista

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  • 301 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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