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I am just wondering how some on here view the property business?
I thought DL started a great post this morning with some great input from others on their various deals. I find buying a new property almost an addiction, if I have not got an auction to go to or a deal lined up I seem to get all grumpy. I am wondering when enough is enough?
I guess to a point, it depends on age and who is coming on behind you.It would be great to hear others point of view.
The BTL business is over and done with. Those entering now will find increased costs as new rules and regulations are put in place by local councils and government.Rent controls and great protection for tenants will result in many giving up as profit margins get thinner and thinner.Those getting in now and those still holding on with leveraged positions will get wiped out within the next 12/18 months. Just read these tribes as more and more seek advice on non payment of rent, re- mortgaging ,and buying more property.They should listen to the experienced ones and see how many are selling up or have already or reducing their property exposure. Your addiction is serious and my advice is to seek help before its too late.
you don't need a crystal ball just look around you. Jobs losses, high street in melt down, asset prices over blown, massive debt across the world. US debt if taking all those hidden costs they don't want you to know about is closer to £200 trillion.
I sold all my properties bar one some time ago. Cash is stored in safe haven gold and silver. some facts for you. US national debt $20bn, hidden debt $107bn ( ie unfunded liabilities primary to veterans. pensions, social security and medicare payments) total real debt $120bn but economists set real number is $200bn. Billions are pilling up every year and the problem is how to fund this debt service. Traditional buyers of treasury bills were Russian and China they have been net sellers for ages and building up gold reserves. European debt is also massive but the biggest problem is Japan with the largest debt of 1 quadrillion yen. So even if they have a budget surplus of 1trillion per year it would take 1000 yrs to repay it. Some say it does not matter but with an all time high of world debt some how it has to be financed. Hence the reason the fed is trying to reduce interest rates. This is all becoming a extremely dangerous financial situation all round and Governments do not know how to contain it. Those are the facts and ignore them at your own peril.
``I don't understand when others advise people to completely stay away from BTL.``
The people who do so sometimes do this when they have sold up or divested their investments away from BTL . They want comfort to be able to say they sold at the right time so kinda subconsciously want a crash to prove themselves right. Or they are selling other services maybe and want to convince others to cash in their BTL cash and buy into whatever they are selling. Conversely those who stick with BTL ( like me ) may lean in the other direction and shout that BTL is still the bees knees. Recently we have seen a flurry of people who think they have the answer and are not shy in sharing their views. One has to dig beneath the soundbites to see whats going on in their respective lives
Property in my view was absolutely brilliant and is now just very good .
I like very good because it stills beats good , average or poor
The truth though can only be ascertained maybe a decade or so down the line .
In 2007 ( if I had known ) I could have sold everything before it dropped 20%
People smiled at me who didn`t have property in a kind of `serves you right` sort of way
But I hung on and stuff is now up maybe 60% on pre crash prices where I invest
Recessions and house price crashes are all part of the game. We know they are going to happen
I pass by a property every day which was snatched from me .
Its 100K more now and I couldn't buy it for various reasons at the time and it hurts
I stick with BTL because I dont want to miss out on the next 100K gains
Because if I bought 10 now @ 100K that would make me a million in maybe 20 years from now
Sophisticated HNW investors are quietly acquiring portfolios ..
They know - Time is very kind to property
Jonathan Clarke. http://www.buytoletmk.com