Tdw, of course there is risk with debt, but leverage is a way to produce some impressive returns if you call it right. You can look back with envy on what others have managed when looking over a similar precipice you appear to be considering whilst deciding on whether to buy or not. Not so easy making the decisions without knowledge of the future is it?

 

That's exactly what happened, hence why I care even less about following a conventional 'normal' life path.

 

This, except put 40+ for the age

 

Give it a rest, why the personal attacks about envy? I've stated my objections to the essential injustice of the housing market, for the main reason homeowners form a political agent using state power to exploit the property-less rather than riding the luck of a 'free market' per se.

Now if you get x10 leverage and go and bet on black at the casino then good for you if you win, but when it is taking bread out of my mouth then I don't like it.

 

House price inflation wins more votes than it loses. The state moved heaven and earth to save the market in 2008 and now we have the H2B schemes. Record low interest rates, QE, and funding for lending are still ongoing. Plus you have more subtle policies such as planning laws, land release, the council house sells offs, etc.

 

Ok, so we have the usual formula for a SN topic

1) Unsuspecting SN member asks a genuine question

2) People give genuine answers

3) PSL makes up some bullsh1t

4) TDW brings up BTL landlords and compares them to the spunk of the devil

5) Now Alcazar and F1 will be along to mention scum bag politicians/media and how the country is doomed.

6) Some people tell all three of them to change the record.

7) The female bodyguards turn up to defend all three because they feel they are being bullied.

 

Most of my tenants are sheep. To accuse me of taking bread from your mouth is a point though, I should have cereals on it as it is more efficient for land use and by having sheep I am pushing down the cost of meat and pushing up the cost of bread. Sorry about that.

 

what I find amusing is that in these "property BTL" threads where TDW contributes, and boy does he contribute - like a moth to a flame

people concentrate on the Envy / Jelousy angle - which may or may not be true (looks to be true on the face of it LOL)

but is not really that interesting tbh

if they do attempt to address the economic points - it is usually to label him a crackpot

but plenty of economist past and present would not dismiss them so easily

take David Ricardo - a classical polictial economist, in the same stature as dullards like Adam Smith, John Stuart Mill, Karl Marx, you know idiots

http://en.wikipedia.org/wiki/David_Ricardo
http://www.dallasfed.org/assets/docu.../ei/ei0402.pdf

read his theories on Land and Rent -

 

Thanks for raising the tone, it is a little more interesting, but only briefly as per my last paragraph because unless an educational pursuit of genuine interest it doesn't enrich us.

So planning policy along with cheap money are the new Corn Laws?

It is interesting what made Ricardo rich before he had leisure to consider.

Interesting to see a Fed document talking about a gold standard, but Ricardo knew nothing of mechanisation of farming, fertilisers and EU subsidies.

Putting all that together, we have restrictions on housing supply due to planning policy, fuelled by banks that are cheapening money and pushing people towards debt and non monetary assets.

Do our property owners feel any guilt, or do they just try to legally make money in the system we have?

 

Good read lots of variations on opinion and what we have.......

Me......

30, yes unfortunately getting old,
mortgage owing 98k ish house worth 120k
little in savings as its all gone into scoobyworx to build the business.
our lass has some savings but not much as went on house deposit and business

no pension no savings and 30 is a little depressing when i look at it.

 

It should not be assumed that the rest of us don't understand the economics and politics of housing/rent/land ownership.

Or that we don't understand that the whole global monetary system is a bit of a Ponzi scheme.

I think we just don't tend to get so obsessed by it all and try to work within the system to get on with life.

 

well im 47 this year and the wife 52, neither of us have any savings, never have, but both very happy. bought first house at 25, but then moved quite frequently to please the mrs, anything for a quiet life! and now in neg equity. without sounding morbid, the only time we likely to have any money is either when I retire or when all the inlaws/ outlaws are dead and gone.
many a time we sit watching those property programs on the box, and think how do some of these young couples late 20's - early 30's afford £500k plus houses? then you see some indian waiter living in London who buys a 3 story house for £700k, spends £500k doing it up then makes £800k selling it. you got think where I have I gone wrong? fact is love my cars although never owned a new one and probably looking back made a lot of shi# decisions. I think a lot comes down to your luck in life and where you live, the south has always enjoyed more.

 

What if your inlaws take the attitude of some on here and blow all their savings enjoying themselves !

 

EDIT.... actually just forget it

 

We have saved more than most but we're also brilliant at just missing out on good investments. The most exciting thing in years was getting a 2.5% rate on my ISAs…

IMO, work hard, earn more money. Then stick that in the bank.

 

F**k me Shaun - you must really enjoy your work

 

This.

 

In what part of Wales are your BTL's John

 

I think the answer is:

It depends on your circumstances.

It depends if you like risk.

Next question.

However, I only feel comfortable being able to put my hands on a few grand at any time.....like 10 or 20.

 

In that case it would be termed a ***** house

 

In an ideal world I'd say everyone should have a least a year's salary tucked away for emergencies. In the real world people are just about scraping by with paying their bills each month never mind having money left over for saving, apart from the Scoobynet Rachmans, obviously.

I can think of a few acquaintances who are counting on granny popping her clogs before she has to go in a nursing home (she's not going to leave them her house if she's having to pay £600 a week care fees is she?) or they're sitting in front of the Lotto draw every week, sweating.

 

 

Or a leisure centre

 

Showing your age there girl

 

Oh **** it. I'm rich and wealthy, my bank is over spilling due to my huge amount of savings, I'm incredibly good looking and a lot more successful than all of you combined!

 

Again,

 

My great-grandfather told me about him

 

I just think each to their own. We all have to survive, if some do it better than others then fair play to them. We don't all land on our feet, or make the right choices, but why begrudge someone else getting it right.

 

Well said Ellie.

As for begrudging others or those that have landed on their feet, just envy I guess.

 

i saved £120 this year on car insurance thanks to Gary @ KM.

does that count?