Jump to content
House Price Crash Forum
Sign in to follow this  
I Told You So

Am I Mad

Recommended Posts

"My house has been on the market for 12 months, i'm going to rent it out and buy the new place"

"I need a new car i'm going to take £20K out against the flat"

"Property is 6x average earnings but its still a good investment"

"I've just bought another BTL the rent won't cover the mortgage but i'm in it for the long term"

How much longer can this madness go on? is it me or are most people in this country stupid or uneducated, I put it down to the calculator generation, anyone under 35 simply can't do mental arithmetic but they are playing with huge sums of money, yet ask them the 12 times table and they haven't go a clue.

Rant over

Share this post


Link to post
Share on other sites

"My house has been on the market for 12 months, i'm going to rent it out and buy the new place"

"I need a new car i'm going to take £20K out against the flat"

"Property is 6x average earnings but its still a good investment"

"I've just bought another BTL the rent won't cover the mortgage but i'm in it for the long term"

How much longer can this madness go on? is it me or are most people in this country stupid or uneducated, I put it down to the calculator generation, anyone under 35 simply can't do mental arithmetic but they are playing with huge sums of money, yet ask them the 12 times table and they haven't go a clue.

Rant over

I'm over 35, mad and and stupid (relatively) but I know my 11 times table up to 99 x 11.

Share this post


Link to post
Share on other sites

I'm 30 and can do my times table thanks ;)

But I do agree. Some people are just idiots!

Why didn't these fools dump their properties and buy Debtmatter shares if they are so clever?

Up 50% in month

Edited by OzzMosiz

Share this post


Link to post
Share on other sites

oh no, there is a 20 year old that just bought her first house that has the answer! Everyone should try it!

It is really easy to be mortgage free in 5 years if you know how to go about it, and you dont need to pay a single overpayment or have a whacking great salary to do it! (Although a decent salary and/or contact in the building trade will help)

If you live in the south, you can use the method but it'll take longer. In the North you can easily get a 3bed terrace for 100k, right? Where you wish to start with this is up to you, you could start with a 50k flat, its each to their own but this is where I started.

My house was the most disgusting thing Id ever seen, it had been uninhabited for 5 years, had textured, flowery wallpaper, concrete floors, a kitchen from, I think pre-WW1 and a heating system from when they were invested, amongst other cosmetic faux pas. It was on the market for 100k, it had had no offers in 8 months (not surprising) and was nested amongst 3 other houses that had all sold for £120-150k in recent months. I chipped the vendor to 90k and bought the house.

Need to spend £20-25k to make it immaculate with loft conversion to get a 4th bedroom but should sell no prob this time next year for £150k (It might be worth noting at this stage my mortgage was £80,000 at the start and I put down 10%) So, the house stands me at £110-115k with what Ive spent. Great, Ive made £35-40,000 profit. I dont pay Capital Gains as its my main residence.

I pay £40k off mortgage (so mortgage is now £40k), and buy another house for the most I can afford, probably about £110-120k and do the same again, sell this one for £160k or whatever the market dictates. If you do this 5 times, by the fourth you'll have no mortgage and your property will be worth between £150-£200,000+ depending on how good you are at it and you'll have no mortgage, as it was only 80k in the first place. You can keep on going if you like, why not get to £300k+!

There are still a lot of areas where huge profits can be made, and you can definately make money with the right purchase. I go into the estate agents and say 'find me a house somenoe has died in, or where the owner has gone into a home' or tell them you want a huge project to work on and to find the worst property on their books IN THE BEST AREA!!!! Dont ever buy an ex-council, or in a dodgy area cos it just won't work. The key is to find the wosrt house in the best street!

Good luck!

remember just bought first house at 20, and already has all the all the answers.

Edited by Wickedkitten

Share this post


Link to post
Share on other sites

oh no, there is a 20 year old that just bought her first house that has the answer! Everyone should try it!

remember just bought first house at 20, and already has all the all the answers.

OK well if its that easy why doesn't everyone do it? :huh: And those people who tried it and became insolvent.. well they must be "stupid or uneducated" by not making "the right purchase".

Give me strength!.. :angry:

Share this post


Link to post
Share on other sites

OK well if its that easy why doesn't everyone do it? :huh: And those people who tried it and became insolvent.. well they must be "stupid or uneducated" by not making "the right purchase".

Give me strength!.. :angry:

She'll be whining for the GOVERNMENT to help her out when her debts don't go away.

Share this post


Link to post
Share on other sites

If you ask me any letter of the alphabet I can give you its number eg. a = 1

I can recite the alphabet backwards quicker than most can recite it forwards.

Share this post


Link to post
Share on other sites

OK well if its that easy why doesn't everyone do it? :huh: And those people who tried it and became insolvent.. well they must be "stupid or uneducated" by not making "the right purchase".

Give me strength!.. :angry:

I've got the giggles actually imagining the look on an estate agent's face as someone strides in purposefully and says "Get me a house someone has died in!"

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.