I’m Bored Of Doom & Gloomers Chatting Shit To Me
Since the property market started sagging like your Nan’s tits I’ve had an influx of smug shit-for-brains emailing me and leaving me comments about the unfortunate situation I must be in. While I appreciate everyones concern (as facetious as the concerns are), it’s genuinely starting to affect my work rate, which is not cool. I find myself having to wait longer for my emails to download, which in turn means I have to spend longer separating the “shit” from the “good”. The comments were humourous and entertaining at first, but due to the increase in volumne, my work rate has suffered due to these logs of excrement clogging up my routine.
The other day I had this one particular chap trying to convince me that it’s “financial suicide to attempt to make money in property“, which self-implies that he’s accusing me (and every other investor) of making a loss. That’s a pretty bold statement from someone that has no clue to what my accounts look like. Granted, I think that it’s a lot tougher to make cash in this current economic climate, but I don’t think everyone is losing out- I’m living proof of that.
Here’s the core of his comments:
your an idiot.
As Joe Kennedy famously said “When the Shoe shine boy is giving you stock tips, sell!” Similar situation with yourself.
Good blog though. Gave me much amusement, especially now. It will allow young educated people such as myself who deserve a home to do so, rather than morons like yourself getting involved in a business you know nothing about.
I own a property myself outright, so have little to worry about.
If you are in a steady, highly paid job, im sure interest rate hikes wont bother you too much but in a bear market like we are in now, its financial suicide to attempt to make money in property.
50 billion injection to the financial market & .5% knocked off interest rates still led to a 5.25% fall in the FTSE today. The rate of decline in property prices has not even begun to flatten yet (look at the stats). Do you not think that, perhaps your days are numbered?
I will refer you to a graph which has been repeated through-out history, from the Dutch poppies of the 16th century to the Great Depression in the 20th, and everything in between.
http://www.housepricecrash.co.uk/graphs-bubble-lifecycle.php
From reading your blog, it would be safe to say you got in on the boom in the ‘Delusion’ stage.
john
He sounds like a smug little shit, don’t he? Yeah, that’s what I thought.
Firstly, here is John’s email address: removed.
I get a lot of spammers scraping my site, so hopefully his email address will now be piled up amongst the millions of others in the animal-porn mailing list.
I initially laughed because, “your an idiot.” was followed by ” It will allow young educated people such as myself”. I loath self-proclaimed intelligence, it’s cringe-worthy.
The second thing I noticed was that he linked me to some junk on HousePriceCrash.co.uk (I didn’t even bother clicking on the link). It was clear that I was dealing with a HPC fanatic at this point (The House Price Crash (HPC) Community Are Crazy), so it was apparent there was no sense in trying to have a decent conversation with the guy. I tried to explain that I’m actually profiting from being a Landlord, but my words were landing on deaf ears, which meant he thought he knew more about my life than I did. It was pretty bizarre in an insane kind of way.
Me: I invest in property.
Stranger: You must be losing money.
Me: No, I’m not.
Stranger: Yes, you are. I know you are.
Me: Ok.
The third thing I noticed was that John initially said, “It will allow young educated people such as myself who deserve a home to do so“, then he said “I own a property myself outright, so have little to worry about.” Slightly contradicting; I’m guessing John still lives at home with his parents, but fabricated a story to seem more badass than he actually is.
Anyways…
I just want to make it clear that just because the market is sliding, it doesn’t mean that everyone is losing out (am I the only one that thinks that’s a no-brainier?). And it certainly doesn’t mean that making money in property is ruled out- it’s still feasible. Yes, back in the day any old fool could make money from property, but now is the time when the real investor’s come out to play. A lot of fools are still profiting because they purchased at the right time (maybe I’m one of them?). Hey, perhaps John is right, and I actually know nothing about the business. But who cares? I’m in a good position, whether that’s down to skill or good fortune is another matter. I still know a lot of landlords snapping up bargains, and I certainly wouldn’t discourage the notion!
I actually took into consideration a slowdown before I purchased property, consequently I purchased properties significantly below market value, with high rental yield. I have repayment mortgages and put down large deposits. I was actually able to increase rent because of the current climate. I’m pretty safe.
I invested for the long term, so in 10 years time I’ll have cleared most of my mortgage debt. I’m not saying my plan is 100% fool-proof, but it’s pretty solid, and I don’t see myself struggling in the immediate future.
So now that’s all cleared up, perhaps the doom and gloomers can stop harassing me with inaccurate accusations.
Right, I’ve had my little cry up. Wa wa waaa!
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29 Comments
I wouldn’t worry about the doom mongers. I’m just getting into property NOW. It’s the best time. Everyone is scared prices go down and intelligent investors say I’ll have that one and that one thank you very much. They don’t understand the market – as long as you’re not overstretched you’re onto a winner
Hey Noble,
I also think it’s a great time to get involved.
As Warren Buffet once said, “Be greedy when others are fearful and be fearful when others are greedy”
The key definitely is not to overstretch, and identify the key threats!
Many thanks, and good luck!
Alright mate,
Love the site, I’m 25 and have a few properties and I also am sick of the doom and gloom merchants. In reference to the fellow who was babbling on about FTSE’s the decline of this, that and the other….I feel for him, I truely do everything is cyclical (love that word) including property. So when the poo waves part we shall come up smelling of roses! If your ever in Manchester drop me an email, be nice to chat face to face. All the best.
Hey Jenkins,
I’m glad I’m not the only one bored of the gloomers!
I don’t really spend much time in Manchester, but i’ll def let you know if I’m ever about.
Take it easy
I can’t believe you posted that guy’s email address. You put your email address on your website, and you unfortunately get emails from people you don’t care to hear from. But to post someone else’s email address on your website because you think they are a tit is just taking the piss.
Oh come on, Pedro, don’t be like that =/
Why not put your accounts on your blog so they can see how well you are doing? That should shut the jealous underclass up.
Pedro is sort of right though don’t you think? Your comment box says this: “E-mail (required – never shown publicly)”, but you have shown it.
Ah well.
[...] moves to cut their rates, others are still bullish such as Vanessa Warwick and some are just fed-up with the naysayers. Paragon claim that landlord rental demand is “strong” and the FT reports that agent [...]
Ok Ok ok, you guys win- I feel guilty now (even though that guy was a bit of a knob). Email address has been removed!
Go for it mate. I’ve just increased my portfolio to 7 properties, and I’m beginning to think that I’d be better with 17. The only issue I foresee is suffering a prolonged void. By maximising my portfolio I can hedge against this.
Its nice to see some recognition from you. I clearly made an impact! Im less impressed at your referencing of what Iv been saying. In your article, you twice sticthed together items I mentioned and took them completely out of context in order to mislead readers.
As to making email addresses public. This just goes to show how low you will go when you cant formulate a reasonable response. Luckily morons like yourself are predicatable and the registered email address doesnt exist.
If I stretched anything out of context, it’s probably because you weren’t articulate enough. I’m sure if I copy/pasted your entire comment, it would read the same.
I thought my response was just fine.
But I agree, displaying your email address was uncalled for (even if it wasn’t your actual email address), and I apologise for that. I removed it not long after I posted the article.
Regardless, “Your an idiot”
Fair enough. I would be annoyed if people kept on putting me down like that. But instead of writing articles on them just ignore the comments. Your only fueling the fire. Amazing blog!!!
Every a-hole in this country wants to get rich for doing nothing, and usually at somebody else’s expense, but they dont think enough ahead to realize it takes more than buying a cheap piece-of-crap house and renting it to some poor person that cannot afford to own a house, all they care about is early Retirement, and thinking they are going to make a fortune. What happens next is the reality problem. And the reality is that buying junk means you have to fix stuff all the time, and there goes all of your profit. Buying a decent house means you are not going to make a profit, so Rental properties are almost always pieces-of-crap that nobody in their right mind is going to buy to live in themselves.
I have been on both ends, and trust me, most of the people that rent houses to others, are nothing but a-holes who dont give a rats as_s about the tenent, so boo-hoo, cry your f-ing heart out and see if the poor people in this country give a s_hit about your problem, because you probably dont care anything about the tenent, just care about how much money you are NOT making….
All of you Slum-lords can kiss my backside…
put yourself in the tenents shoes for awhile, and think about the poor stupid idiot that is renting your cheap piece-of-crap, and has to put up with your B/S everyday, and because they signed a Lease, they dont have a choice…
Well you ought to be glad you didnt rent your crap to me, because my Landlord is going thru more s_hit than you can believe, because their rent checks have been going to court-escrow for 3 months now because they didnt want to fix their s_hit-hole house, and now they have bad credit to boot…
Yaaaahhhhaaaaayyy Meeee!!!
Chalk one up for the tenent…
one more thing… I hope the new Prez f’s things up worse than it already is for u a-holes, then maybe the housing mkt will be down where it should have already been anyway…
oh, almost forgot, dont bother Commenting back, because I wont read it anyway… just wanted to pi_ss on your parade…LOL.
heh, I actually WORKED to save up the money to put down deposits. It’s called “investment”- how is that doing nothing? HEAVEN FORBID, someone wanting to get rich by investing money. My god, are you like 15yrs old?
I’m a good landlord, and my properties are decent. Whatever experience you’ve been through doesn’t mirror my situation. Imagine that?
Anyways, son, keep on renting, and make someone else richer
Some fantastic comments!!
Watching these get rich quick idiots go under is literally making me piss myself.
To think the owner of this blog considers himself superior to tenants because he ‘owns’ the house. (Not quite lord of the manor yet mate) Anyway im sure he is secretly sobbing watching the deposit he put down drifting away in lost equity.
Also loving the piece about shit rental houses. Never a truer word spoken.
LOL…. Twat. cant wait to see you fail…
@HouseofCards: You’re the epitome of what kind of character i’m talking about.
You know nothing about “my situation”. You’re only as wise as what you read on the news or hear from your neighbour, because you evidently didn’t read anything in this article. Great.
Oh believe me, I have read all of this blog. I admire your drive and honesty and you clearly know your stuff, however to me you are incredably delusional and over optimistic regarding the future.
Your equity is decreasing. Why dont you simply admit that fact. Of course you will say long run, and safe purchase system, buying under market price etc etc… but its deeper than that.
There is no guarentee the market, or the economy for that matter will pick up next year or the year after. We are clearly heading into a world wide version of the Japanesse ‘lost decade’. If 0% interest rates cannot move the world economy forward, what can?
In Japan, asset prices fell 90% from thier peak and even handing people money in the form of vouchers didnt kick start the economy because they merely saved it. If this deflation hits the UK, and it is looking more and more likely, buying a house is the last thing you want to do knowing it will be worth less and less every year. (You dont catch a falling knife!) Not only that, rents will collapse so your system will leave you with more to pay in mortgages payments than rents received.
I dont think you will fold as a result because your not leveraged up to the hilt but many people are. I think you will realise, property really is not the guarenteed earner it has been.
Im expecting something rude in response, as is given to everyone critical. However, I would honestly like to know your opinion on this matter if you have one.;)
And how many buy to let houses do you have house of cards?
I’d like to share a quote with you all from Theodore Roosevelt that I have up on my wall, I think it sums up very well what sets the risk takers appart from the rest and why we do it:
“It is not the critic that counts, nor the man who points out how the strong man has stumbled or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes up short again and again; who knows the great enthusiasms, the great devotions and spends himself in a worthy cause; who, at the best, knows in the end the triumph of high achievement, and who, at worst, if he fails, at least he fails while daring greatly, so taht his place shall never be with those cold and timid soles who know neither victory nor defeat”
Nice one Jenks!
Risk taking is part of the job description. There are two choices – work for yourself and keep your destiny in your own hands or work for someone else and be placed at the mercy and whim of some bean counter. Who is in a more risky position at the moment?
1. The landlord with a good property portfolio with risk spread across various properties.
2. The employee who under the current financial market has no control over his bosses, sales figures, corporate re-structuring, knob head bankers etc..
The more people bleat and bitch and whinge about me being a landlord cements my opinion further that I have made the right move. If I screw up then it is down to me but at least I sleep soundly at night knowing that I will never be made redundant at a moments notice.
House of cards, I’ve read your comments on another page and you sound full of hate. Why do you bother to visit the site when you so obviously hate landlords? Go and find something positive in your life, give out some happiness and see your life improve. What goes round comes round and when all that ignorant shit you give out comes back round it’s gonna knock you flying.
Haha – the property investing filth are now getting an education.
The enemy is getting a financial kicking.
The crash is only just getting going.
It is financial slaughter for the landlords mwhahahahahah.
I don’t know of a single landlord who is “getting a financial kicking”. And I know a few hundred landlords!
People need homes, the government doesn’t provide them, landlords do. It’s one the few businesses that aren’t suffering at the the moment.
Dream on Slaughter.
Hey Slaughter – it’s because of tossers like you I really love this job!
Jools
Hmmmm, I know of a few landlords in Liverpool who are hurting – but mainly because they are ‘outsiders’ who bought properties expensively in areas they didn’t research properly. (some even bought properties unseen and have never been back since and yet they still expect market rate returns on delapidated properties)
And I know other landlords who bought up streets (literally) for a few thousand pounds ten years ago and which, even in the current climate, are still worth several hundred thousand pounds. Also, they are getting fantastic rental returns (I know because I manage their properties).
Some of my bolder landlords are already actively buying in Liverpool and I’m tempted to buy some myself – the ONLY thing preventing me is the fact that I am predominantly London based and may need to return permanently in the very near future
I’m constantly amused by the barrack room economists particularly from within the financial community. I met a fairly senior banker from credit suisse last year who proclaimed that my property business was in peril because the housing market would “fall off a cliff in 2009″ due to lack of liquidity then last month a “fund manager” told me I wasn’t selling the property I am actually selling because there are no mortgages. Where did these people get their education! Landlords you are in the right place at the right time, more distressed stock on its way but demand is high.Take a look at http://www.whitehotproperty.co.uk but remember rates will rise in a couple of years.
Markets this, economy that, rar rar rar rar!!
Still need a home whatevers on the cover of the daily rag.
Inflation nibbles away at out beloved pound, price of everything goes up in the end, ask your grandad. The wise man would prepare for base rate rises.
I love your site, and the shits it drags out of the closet.
I love this site everyone is gloves off and going for it. The problem is the history of predjudice in the UK housing market. Tennants feel they are the disposessed and are praying for a revolution, Landlords have a vested interest in the status quo. So youre never going to agree which is great. Interesting how many young Trotski sympathisers became capitalist monsters once they succumbed to the work ethic and the wonders of business.
Owning an investment property isn’t immoral or insane it is an investment. Being a tennant is fine because you don’t have to worry about house prices or interest rates and can put that energy into a happy and wholesome life.
I own a few properties myself but it isn’t my only driver in life and most of the people I rent to I get on with.
I also pay the rent on my daugters student rooms and we have a good old moan at times but Id rather not own that house with the cast from “the young ones” in it.
Sorry for sounding like I have splinters in my arse but sometimes you have to look at things from the other perspective difficult if your young and just out of Uni but far easier with the wisdom that time and life experience brings to you.
Or do we ever learn.