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hostman

A Deluded Friend Of Mine

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Hello,

I've just been chatting to a friend of mine. He's in love, bless him, and has this brilliant idea to buy a house with his girlfriend (who he's known for less than a year) and her brother. Her Dad will be "giving" them money for a deposit, 20-30k or thereabouts.

The plan is, they will sell the house in 5 years, they then take the "profit" and buy their own houses.

He won't be paying anything towards the mortgage, he'll be saving £500 a month to use as extra deposit when they sell the house. But has openly said on several occasions he has trouble saving, as he spends it all on the gf.

It will all end in absolute failure. I've tried to tell him, but he's having none of it and even believes prices will raise again soon in his area (Lichfield). He's older than me, quite arrogant and thus will not listen.

Never mind - Just thought I'd share the stupidity!

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Hello,

I've just been chatting to a friend of mine. He's in love, bless him, and has this brilliant idea to buy a house with his girlfriend (who he's known for less than a year) and her brother. Her Dad will be "giving" them money for a deposit, 20-30k or thereabouts.

The plan is, they will sell the house in 5 years, they then take the "profit" and buy their own houses.

He won't be paying anything towards the mortgage, he'll be saving £500 a month to use as extra deposit when they sell the house. But has openly said on several occasions he has trouble saving, as he spends it all on the gf.

It will all end in absolute failure. I've tried to tell him, but he's having none of it and even believes prices will raise again soon in his area (Lichfield). He's older than me, quite arrogant and thus will not listen.

Never mind - Just thought I'd share the stupidity!

He's a t1t. Let him learn the hard way. Oh yeah, tell him the house thing is a bad idea too.

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You can't save everyone!

I could write numerous posts about stupid suggestions and plans from friends.

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:lol: , people often do stupid things for love, unfortunately they usually can't be told they're wrong until at least 18 months into a relationship, which is usually the point that their entire life stops revolving around it.

Let him make his own mistake, and the rest of them, her dad is going to be severely out of pocket with this venture.

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Guest Mr Parry

Mods - Best merge this one with "Bloke cuts own head off with chainsaw" thread

Edited by Mr Parry

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Guest KingCharles1st

:lol:

Clueless in Seattle... jeeez, does he understand the meaning of father daughter bonding? Blood is thicker than water, or the slightly more basic- "That was then, this is now-you can fuk right off out of it sunshine..."

Edited by KingCharles1st

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Guest DissipatedYouthIsValuable
Mods - Best merge this one with "Bloke cuts own head off with chainsaw" thread

Haha.

Tell him to hurry up. The sooner we get the remaining twats in the noose, the sooner we can take it all off them.

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Guest Mr Parry
Haha.

Tell him to hurry up. The sooner we get the remaining twats in the noose, the sooner we can take it all off them.

Runnin' a casino, the golden rule is to keep them playing and keep them coming back. The more they play, the more they lose. In the end we get all.

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Guest Bart of Darkness

Sadly, much as you might want to spare your friend a lot of pain and financial loss, in the end, he has to live his own life.

You have at least offered him advice that you think is sound. You may think that you ought to be doing more, that's understandable. However, I think you would be better off leaving him to it. From the sound of it he's not going to listen however hard you push the issue.

Many of life's lessons can be mightily expensive.

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He won't be paying anything towards the mortgage, he'll be saving £500 a month to use as extra deposit when they sell the house. But has openly said on several occasions he has trouble saving, as he spends it all on the gf.

I don't see the problem - he is not buying the house. The GF will get sick of the freeloading and turf him out eventually. Jeez, these things should happen to younguns, not the mature!

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It will all end in absolute failure. I've tried to tell him, but he's having none of it and even believes prices will raise again soon in his area (Lichfield). He's older than me, quite arrogant and thus will not listen.

I know he's your friend but the statement in bold sums it up. :rolleyes:

I gave one of my friends some very sound advice in 2006 and he basically threw it back in my face because, as a 'homeowner', he knew best. :blink:

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Guest sillybear2
It will all end in absolute failure. I've tried to tell him, but he's having none of it and even believes prices will raise again soon in his area (Lichfield). He's older than me, quite arrogant and thus will not listen.

His life, leave him to it.

However, I just don't get the whole concept :- "I can't afford a house, lets buy with a friend and hope the market inflates even more. Then I'll have 50% gains against the 100% rise for the new property"

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If he's not paying anything into the mortgage, what will be the problem? In effect he'll just be a lodger.

Oh yeah, I didn't think of this when I read it.

Not so clear now that you should talk him out of it. It's her not him whose name will be on the debt.

Whether or not it turns out OK for him will depend on whether at some future time they pool his assets and her debts!!

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I'm trying to dissuade him because he will be associated with her if it all goes financially pear shaped.

Its more his mentality and thought processes that have annoyed me. The whole "buy a house, do nothing, make profit" attitude.

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I'm trying to dissuade him because he will be associated with her if it all goes financially pear shaped.

Its more his mentality and thought processes that have annoyed me. The whole "buy a house, do nothing, make profit" attitude.

I can see that, but from his PoV its not all bad - depends on how much % a 30k deposit is too. he may be in the happy position of living rent-free with his fav squeeze!

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I comvinced a good friend not to get into a dodgy BTL scheme in late 2006, he is very, very thankful I persisted even though we had a bit of a bust up over it at the time.

Generally though it's best to to people do there own thing.

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  • 399 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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