LG John

Did anyone see this program? What the heck was that all about? I thought it would tell you how the guy increased the value of his properties and sold them for massive profit to finally find himself in a nice home with no mortgage.

How wrong was I? The guy seemed to bumble from property to property making a bit of profit each time (probably due to the natural increase during his stay there) and is now in a £1.7m house that he bought a few years ago for £1.3 but he has a MASSIVE mortgage on it, etc. He also drives a minted 911 so where the heck did he get the money for that? The only thing I can think of is a massive loan set against the excess value in the house? It seems to me that if he can afford the 911 and the massive mortgage he must be doing VERY well in his business so its not really a property story at all. Its a story of a guy that happened to be gaining money on every property he's bought (he's not been alone in the last 10 years) but has managed to keep getting big enough mortgages because of his successful business income to allow him to stretch himself even more!?

I'm a bit dissapointed to be honest I didn't need the program to tell me that getting more income will allow me to buy bigger houses - that's pretty blood obvious! At the moment I'm maxed out mortgage wise so if I want a better house I need to increase the value of it above what investment it costs me to do so + the natural increase in the time it takes me to do so. That's what making money from property is all about

Thoughts

darlodge

I thought a lot of it was luck, right place, right time and all that. But that is also the way life is

I saw one episode about 2/3 weeks ago. A women started out in a council house that was run down. She rented for about 2 years and then bought it. Then after about 1 year, she bought another council house for peanuts and kept the first property to cover the mortgage on the second property. Then her granddad dies, inheritance, etc. more properties etc.

Fair play to her, she took a lot of well calculated risks and she knew what she wanted and she appeared to do quite well at it.

Only thing that would concern me is that all her eggs are in one basket.

Darren

LG John

Is it a series? I thought it was just a one off program?

unclebuck

It's a very interesting series. Haven't seen tonights yet but I've taped it

Last week was a classic. Single mum in council house to owner of 18 houses in 2 years.

UB

mbc

and who saw my evo 6 make a brief appearance at the beginning , the cluster home is accross the road from my house

midget1500

missed it but as above saw the one a few weeks ago about the woman who started with the council house. also saw one about a guy that got his million pound home but really even that was dramatic as he got a plot of land in a decent area and had a home built, costing something like 300k.

LG John

I saw it I remember thinking, 'oh silver EVO' - well there you go, now I know who owns it

cletterridge

SB, when you're driving round Edinburgh, do you ever keep an eye out for possible development opportunities? You've got to be pretty well placed to have an idea of what's got real potential and what hasn't. Care to mention any?

Here's one I've seen.... at the bottom of candlemaker row on the right hand corner looking down is a beautiful old gothic style corner building. I've stumbled past it pissed for years and it's been empty all this time, only getting its windows smashed from time to time. Mark my words, one of these days someone's going to make that into a very cool pub and a whole heap of money.... But not me, most likely!

Steve Howat

I missed the beginning of it but I thought he was quite a shrewd guy. I think the point was that he started off as a burger boy and now has a £1.7m mansion. It wasn't a classic 'how to get rich in property' performance last night cos he's obviously got a well paid job but fair play to the guy, he got a £500k profit out of his previous house alone so he must be doing something right!

Mind you, he's now mortgaged up to the rafters which, going by the resale and purchase prices mentioned would have to be in the region of £600k - £700k... You don't need me to tell you that you have to be earning serious wedge to afford that, keep a family, run a property that size and keep the porker.

Still, he's now got best part of £1m clear profit should he want to sell it and that's through property alone so I guess the show was true to its word.

I liked his interior decorating skills in the farmhouse, very tasty....

[Edited by Steve Howat - 8/21/2003 8:29:57 AM]

NACRO

A friend of mine bought a terraced house in Preston,Lancashire about 5 yrs ago. He paid about 9K for it and spent 4 doing it up. He then rented to students at the university.This led him into giving up his job and buying 2 more similar houses. Things went well so he bought a few more.

In then end he had 14 houses around the same area- he sold some of the worst this year after Preston gained city status and all the prices shot up, netting hundreds of thousands of pounds as his original investments had now quadrupled in value. He's kept some and enjoys significant rental income as well as sitting on a good lump sum. He gave up his job as a night shift postman now lives in the balearics running his own club and generally being a jammy git.

His story tops most of those I've seen on that program, my only regret is that I had the opportunity to invest with him and went in for 5K only. If I'd listened to him I'd now be a partner in a property firm earning ££££ for doing nothing. The benefit of hindsight is truly a wonderful thing.

image doctor

Hey he has some 10k curtains too!

Bought 'em for 2k!

id

Steve Howat

And they match the existing decor in the room.... which is nice

WISHING

Ticking time bomb.....


He has put his family in a position that they COULD loose the lot within a couple of months.
I agree that it must be his job that is keeping them a float.
I worked out that hes got about a £500 to £600 mortgage ????

Sod that, why strech yourself like that.

imlach

cletteridge - there was a article in the papers recently about that building at the bottom of candlemaker row - someone has plans for it already - sure it was someone wanting to turn it into holiday apartments.....of which there are not many in Edinburgh, so not a bad plan.

imlach

cletteridge - even found the article for you........

Edinburgh News story

what would scooby do

A £600 per month mortgage - LOL that's nothing or do you mean £600k on loan ?



[Edited by what would scooby do - 8/21/2003 11:34:56 AM]

LG John

He's done well, there is no doubting that but I feel his true success story has been in his business rather than property. My uncle made a fortune everytime he changed house but his success was ultimately in the business that supported him - the property profit was just by-the-by

I agree that the guy must have about half a million as a mortgage

imlach

Why do people baulk at 1/2 million mortgages these days?

It's nothing really. I am just a normal "man on street" and I would say ours are not far off......

fast bloke

600k loan - probably costs him about £3000.00 per month to repay.

Add running costs for a big house etc etc and he needs to have a 150k a year job to pay for it. If you have a 150k a year job you are not making the fortune from property

imlach

Wishing - you said "Sod that, why strech yourself like that."

Errr....that's exactly why he now lives in a £1.7m house!!!
He's been stretching himself since day 1 and it has worked.......

Speculate to accumulate etc......

LG John

Exactly!!!! Thats double what I BANK each month!!!

Steve Howat

It's the same old same old, money goes to money. If you are in a position to invest more into a property by getting a more expensive pad the the % increase equates to more cash, simple sums. Mind you, you need a decent salary to get the bigger mortgage so yes it does work that he has a successful business too.

However, not everyone could get a 200% value increase in 7 years outside of London which would indicate he was particularly good at getting a return on property development. Oh, and not everyone can get a mortgage that big

hail-hail

I think he will need more than 150k a year to pull off a 600k load and a Porker.
I have a 6 figure salary, a 175k mortgage and an STi3, and I'm always skint. Where am I going wrong

mattstant

hmmm havent read all the posts but there were definitley some huge gaps in last nights story most noticeably his ability to pay the mortgages it just didnt stack up and i do this for a living.
He was also VERY lucky not to have fallen on his **** twice so he was basically a gambler who got lucky.

The single mum had two strokes of luck to help her inheritance and marrying somone with some means but she definitley had her head screwed on and would have got there eventually.
Even so her property "millions" carried maximum mortgages every time and her income was about 1500 a month a very poor return for a million pounds worth of property.

If both liquidised there assests tomorrow i doubt either of them would have a million in there pockets.

mind you in 10 years time could be a differnt story and fair play to them both they both worked hard for it

LG John

I don't know but can we swap jobs

fast bloke

hail hail - 6 figure salary - £1000.01 - that'll be the problem.

hail-hail

fast bloke, you got me lol , probably down to an expensive wife

V5

Is there another type?

what would scooby do

Yes in inexpensive hooker..