Hi Jim,

As you are a big fan of Scottish property, maybe you could explain why you think "Scotland is the land of opportunity" in a thread for our new Scottish Property Tribe ?

(14-10-2012 09:18 AM)Angela Bryant Wrote:  I'm not sure if or how that would work Pat, given that our daughter and son/s are Executors to our Wills when we die and now also 'other' Attorneys should we lose all marbles.

I wasn't suggesting it was a replacement for a will Angela!, John had mentioned "pro-active ownership" in relation to possible future relationship breakdowns (at least thats the way I read it) and I'd agree with you that "no-strings" is ultimately the way it would have to be for most off-spring. The RX1 scenario would obviously only apply whilst you are alive, hence it would be available to use before you go to meet your maker.

Typical example is elderly widowed parent, in good health, in big house on their own. Son and wife (or daughter and hubby) move in to what will ultimately be their own home when mom pops her clogs. Moms done her will and she's not phased about what happens when shes gone... but for now shes very much alive and kicking. She gifts house to her son or daughter but with the RX1 in place. Now she has peace of mind that she can't be kicked out (without her own consent) whilst she's still alive.

(14-10-2012 09:18 AM)Angela Bryant Wrote:  none are married yet btw, and 2 out of 3 don't even have a girlfriend presently I should say!

I've got 2 daughters who need fixing up Angela. I've given up hope now of finding a rich irish good catholic farmer with a few thousand acres... I'm thinking of starting up a matchmaking service, so I might start down your way

(14-10-2012 10:05 AM)pat_flatley Wrote:  

(14-10-2012 09:18 AM)Angela Bryant Wrote:  none are married yet btw, and 2 out of 3 don't even have a girlfriend presently I should say!

I've got 2 daughters who need fixing up Angela. I've given up hope now of finding a rich irish good catholic farmer with a few thousand acres... I'm thinking of starting up a matchmaking service, so I might start down your way

That is the funniest thing Pat, because one of my sons would be a good catch as a person but the other is a bit... hmm... well, I thought I might have to end up paying someone to take him off my hands anyway! And I'm not saying which is which!!

(14-10-2012 10:05 AM)pat_flatley Wrote:  

(14-10-2012 09:18 AM)Angela Bryant Wrote:  I'm not sure if or how that would work Pat, given that our daughter and son/s are Executors to our Wills when we die and now also 'other' Attorneys should we lose all marbles.

I wasn't suggesting it was a replacement for a will Angela!, John had mentioned "pro-active ownership" in relation to possible future relationship breakdowns (at least thats the way I read it) and I'd agree with you that "no-strings" is ultimately the way it would have to be for most off-spring. The RX1 scenario would obviously only apply whilst you are alive, hence it would be available to use before you go to meet your maker.

Typical example is elderly widowed parent, in good health, in big house on their own. Son and wife (or daughter and hubby) move in to what will ultimately be their own home when mom pops her clogs. Moms done her will and she's not phased about what happens when shes gone... but for now shes very much alive and kicking. She gifts house to her son or daughter but with the RX1 in place. Now she has peace of mind that she can't be kicked out (without her own consent) whilst she's still alive.

Yes, I see what you mean Pat; but I'm not sure if you see what I mean.

By the way - wasn't it you who said we shouldn't "quote / unquote"?!

Anyway... I wasn't suggesting a replacement for a Will. I was just pointing out that regardless of what's in our Will, to some degree our kids will have the power to do whatever they want after we go, or go ga-ga. Although I wasn't thinking about getting kicked out of my own home, I must admit. This conversation is a bit bizarre though...

Oh, let's face it - I'm confused!

Angela

The more mischevious way to convince them of the value of owning property is to buy one each, rent it to *them*, then go on a cruise to the Antarctic with the profits :-).

ML

.

(14-10-2012 05:27 PM)Angela Bryant Wrote:  That is the funniest thing Pat, because one of my sons would be a good catch as a person but the other is a bit... hmm... well, I thought I might have to end up paying someone to take him off my hands anyway! And I'm not saying which is which!!

Ok, I'll put my eldest daughter up for the dodgy one provided you leave him everything you've got... and for my daughters dowry I'll put up everything I have in my shed

(14-10-2012 05:27 PM)Angela Bryant Wrote:  By the way - wasn't it you who said we shouldn't "quote / unquote"?!

No, I suggested (on another thread), that if posters weren't so lazy and bothered to edit down their replies, then threads/posts would be less cluttered and so much easier to read through... you're still posting boxes within boxes Angela so you'll need to go and stand at the back of the class... must go now and sort through that shed

(14-10-2012 05:27 PM)Angela Bryant Wrote:  That is the funniest thing Pat, because one of my sons would be a good catch as a person but the other is a bit... hmm... well, I thought I might have to end up paying someone to take him off my hands anyway! And I'm not saying which is which!!

(15-10-2012 09:55 AM)pat_flatley Wrote:  Ok, I'll put my eldest daughter up for the dodgy one provided you leave him everything you've got... and for my daughters dowry I'll put up everything I have in my shed

Ok Pat, we might have a deal. Depends what's in the shed!??

(14-10-2012 05:27 PM)Angela Bryant Wrote:  By the way - wasn't it you who said we shouldn't "quote / unquote"?!

(15-10-2012 09:55 AM)pat_flatley Wrote:  ... you're still posting boxes within boxes Angela so you'll need to go and stand at the back of the class... must go now and sort through that shed

Ok, I think I've got the boxes sorted out now thanks:-)

Let me know if you've got any spare grill pans in the shed... or freezer drawers!

Angela

(14-10-2012 09:31 AM)vanessa warwick Wrote:  Hi Jim,

As you are a big fan of Scottish property, maybe you could explain why you think "Scotland is the land of opportunity" in a thread for our new Scottish Property Tribe ?

I will try Vanessa; when I get a chance. Currently working on a Scottish project.

Its not that I'm a fan, I am Scottish, however I've spent the last 25 years of my life in the South East. Its not brain surgery, its all about yields, if I were to buy a 3-bed terrace in Surrey, I'd pay 230k and get around 1250 pcm in rent. With those same funds I could buy 5 2-bed apartments and secure 500 pcm, or collectively 2,500 pcm. Additionally; through my contacts and currently being able to secure true up to 40% bmv deals, not packaged up nonsense, when capital appreciation eventually comes around it should be sizable.

Thanks to everyone who posted, as usual positives and negatives voiced but all good stuff. IMHO property isn't difficult, you should make your money when you buy. While it can be done off the bat, I believe you should have some kind of experience, as a tradesman, a trader, a landlord, for everything else you don't know have a good accountant. If you have no experience and want to make cash from a property venture, research and partner with one of the above and you shouldn't go far wrong.

*I know members have been successful in property without prior knowledge, as I say, this is my opinion, I don't want to dilute the string with another debate on the pros and cons.