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Blackholeshine

Buy-to-let Borderline Millionaire After Costs Has Disposable Inclome Of £450 A Month

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And she wonders if she should sell some of the properties and concentrate on the more profitable ones!

What annoyed me about this article was that she is described as an (almost) property millionaire - but she only has £200K in equity in the properties, and that's by her own reckoning - she is probably assuming that she'd get the max possible asking price for each.

Given the size of her debts, I think she's lucky she has any disposable income left at all.

Edited by Immigrant

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She is massively over-geared.

With a 25bp rate rise almost certain in the next few months she will be severely cash flow negative.

I doubt someone with her naive level of financial experience will hold out very long.

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She is massively over-geared.

With a 25bp rate rise almost certain in the next few months she will be severely cash flow negative.

I doubt someone with her naive level of financial experience will hold out very long.

This is a job for.........OCEAN FINANCE :D:D:D

hahaha

funny as hell that an IT consultant can says such a dumbass thing as ....She sold the house's contents on eBay: "I was impressed by how easy it was. That got me thinking about how I could set up and manage a business that involved buying and selling on the internet."

Lord have mercy.

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funny as hell that an IT consultant can says such a dumbass thing as ....She sold the house's contents on eBay: "I was impressed by how easy it was. That got me thinking about how I could set up and manage a business that involved buying and selling on the internet."

Lord have mercy.

Let's face it, IT consultant could mean anything - junior programmer or the one who puts the paper in the printers.

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People like this have priced YOU out of the market.

They 'own' half a dozen properties. You own NONE.

You can scoff at how stupid they are - ho, ho, ho, look how much debt they have - but, if she gets through the next few years unscathed, she'll be laughing and you'll be renting forever.

Instead of congratulating yourself on how clever you are not to get caught up in it all - you really should be storming Whitehall demanding a change to the BTL taxation laws.

But you don't need to do that do you? Just sit it out and wait, that will do the trick won't it?

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Guest grumpy-old-man

People like this have priced YOU out of the market.

They 'own' half a dozen properties. You own NONE.

You can scoff at how stupid they are - ho, ho, ho, look how much debt they have - but, if she gets through the next few years unscathed, she'll be laughing and you'll be renting forever.

Instead of congratulating yourself on how clever you are not to get caught up in it all - you really should be storming Whitehall demanding a change to the BTL taxation laws.

But you don't need to do that do you? Just sit it out and wait, that will do the trick won't it?

yes it will. Also please ask this question again in 6 months time ;)

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She and half a million other Johnny come lately (last 3.5 years) amatuer BTL dreamers are going to flood the market with their failing to perform (yield/cap app) portfolios in the next 2 years. She is just a fool who has been able to borrow too much money, secured on too little assets at the wrong time.

Pablo Silver or Lead?

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People like this have priced YOU out of the market.

They 'own' half a dozen properties. You own NONE.

You can scoff at how stupid they are - ho, ho, ho, look how much debt they have - but, if she gets through the next few years unscathed, she'll be laughing and you'll be renting forever.

Instead of congratulating yourself on how clever you are not to get caught up in it all - you really should be storming Whitehall demanding a change to the BTL taxation laws.

But you don't need to do that do you? Just sit it out and wait, that will do the trick won't it?

I agree this idiot could still come out of this laughing. She'll have to sell the worst performers on her portfolio to pay off her credit card and loan though. If she does this, hangs in and stops spending, she may well come out of it with 3 or 4 good properties, all paying for themselves thank you very much.

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My biggest fear is that dopey chancers like this bint might get bailed out via our taxes, if there's enough of them in swing constituencies :angry: :angry: :angry: ...probably funded by increases in the tax on savings interest :angry: :angry:

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Whats the bet that if IR increase we see her moaning about it being the lenders fault that they offered her I/O mortgages and that they were irresponsible to lend her so much money... she'll probably get loads of compensation for being mis-sold the mortgages and forced to buy all those houses...

Perhaps She'll be the next Ms Begg (BBC woman ?).. suggesting that she shouldn't have to be forced to sell her properties.

Anyone manage to find out what the experts recommended ? I couldn't follow the link through

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But I can tell her what I would do (never advice, of course): sell everything but your home, pay off all the debts, anything left put in cash NS&I savings or gold, depending on your views on deflation/inflation.

Yeah quite- she says her main aim is to pay off the mortgage on her home- if she has £200k equity now, then even after selling costs she's there or thereabouts if she liquidates her portfolio. Bosh- there's a sudden £900 increase in her monthly disposable income, along with a complete removal of all risk.

The rents on the houses cover the mortgages- but they're IO, meaning that any further equity increase has to come from HPI alone. It's madness gone mad I tell you.

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People like this have priced YOU out of the market.

They 'own' half a dozen properties. You own NONE.

You can scoff at how stupid they are - ho, ho, ho, look how much debt they have - but, if she gets through the next few years unscathed, she'll be laughing and you'll be renting forever.

Instead of congratulating yourself on how clever you are not to get caught up in it all - you really should be storming Whitehall demanding a change to the BTL taxation laws.

But you don't need to do that do you? Just sit it out and wait, that will do the trick won't it?

Such people are not necessarily stupid - they have actually got up off their behind and tried to put into action their dream of achieving financial freedom - the fact is they are still learning and not experts - they have taken on the risks and had to make the initial investments and already contribute a high level of tax which incidentally would not be payable if the property were owner occupied - How do you know they are to blame for the rise in house prices? Individual buyers have also paid the high asking prices and the previous booms were not caused by BTL

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She has not status, apart from that of a dodgy borrower who managed to find some irresponsible lenders

I just find it hard to comprehend that any financial institution is willing to loan this sort of money.

If I were to walk into Lloyds tomorrow and ask for a 900k loan to buy a single house on my 40k salary I'd be laughed out of the bank.

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"On paper, Carole Lewis is close to being a property millionaire.

She owns eight properties which are currently worth an estimated £900,000"

Huh? Stupid phrase written by a foolish reporter

She is not close to being a property millionaire. Any kind of real millionaire is someone with a million worth of net assets, not some clown (or clownette) who managed to borrow a million, and buy a million worth of assets.

She has not status, apart from that of a dodgy borrower who managed to find some irresponsible lenders

Ooohh the mighty has spoken.

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Such people are not necessarily stupid - they have actually got up off their behind and tried to put into action their dream of achieving financial freedom

Totally agree - it takes guts to go to a national newspaper and lay your finances bare to have the laughing hyenas crawl out of their holes for a gloat - she not heard of the 0% credit card?

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  • 302 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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