Why to HPCrashers still hate landlords? They all seem to agree buying residential property is financial suicide until prices return to long run multiple of average earings (eg another 25% off or so). Yet even HPCrashers presumably have to live in houses whilst the crash gathers the momentum of doom. Should they not have some good feeling (gratitude? sympathy? glee?) that some others are prepared to rent them a home. Indeed in their view property amateur is surely a wonderful guy offering a HPCrasher shelter from both the physical elements and the metaphorical tsunami of real estate armaggedon.

Basically what I am trying to say is that super ted and house of cards and all you other HPCrashers should try to be happy. Relax, kick back on your rented sofas, smoke a hamlet and enjoy the crash.

As for my guesses, they are based on experience of the last recession. How are your memories of the last recession?

You’re acting like a self-righteous shit-for-brains.

How am I “obsessed” with being a millionaire? Because I blog about my property investments, or because I have a caption that says, “DOCUMENTING ONE MAN’S JOURNEY TO BECOMING A PROPERTY MILLIONAIRE”? It’s just a caption. However, Heaven forbid that someone wants to make money and secure a future from property. MY GOD, what a bastard!

My youth was, and still is great. However, i have to question the state of your old age; so bitter, and in disbelief about something so believable. You’re sitting here having a mental masturbating over someone else’s possible success. I’m not sure why a lot of you people are having such a hard time to come to grips with my situation. Is it because it angers you to see other people doing OK in life, consequently you refuse to believe?

Here’s an idea…stop being such an ignorant, bitter, twisted twat and get on with YOUR life because it’s clearly suffering.

Get over yourself.

“I do think you are probably lying in your response to me though”

“most investors were getting yields of about 4 – 5%”

“IRs will go back up – and rents will probably go down as they usually do in a recession”

“I am guessing probably not though”

Good stuff. PROBABLY, PROBABLY, PROBABLY. Basically, you have no idea…

He keeps going on about making assumptions. It is hard not to when he shows that any assumptions one might make appear to be spot on.

The guy never lets out any of the interesting information. Like how a 24 year old can afford to put down 35% on a house on a regular basis. In reality, the career he claims to have cannot be that well paid (for his age). Even if it was, why is he so obsessed with being a millionaire. Did he have nothing in his youth. He really is a modern day Dellboy…

Classy

I do not have an ideological aversion to BTL. I just think that most people who have ‘invested in the last 3 or 4 years have made a bad decision. I do think you are probably lying in your response to me though. Or maybe you are just and misguided. I cannot be bothered to read through your site because it is badly written, semi literate, miss-spelt drivel.

However, my thoughts are that:

You claim to have bought properties in the 2006/2007 timeframe. At that time, most investors were getting yields of about 4 – 5% from the properties they bought. You claim to be getting a yield that covers your Mortgage IR, Capital Repayment, Tax Payments and indeed, you claim that you can make overpayments. If you have bought the places in 1995, I could believe this statement. As you bought in 2006, I do not – feel free to provide example of how the numbers stack up.

Also – your “35% equity” statement……. how have you arrived at the ‘value’ of your ‘investments’ to come up with this figure? And when were they valued?

You have, so far, had a lucky break with interest rates. That was pure chance rather than ‘shrewd decision making’ though.

IRs will go back up – and rents will probably go down as they usually do in a recession – capital values will decline sharply and banks will probably start making margin calls on their BTL customers. Maybe you have stress tested your model against these scenarios. I am guessing probably not though. I remember the last recession and the property crash of the early 90s. You do not as you are too young. Also, swearing is really not that big and clever, it just makes you look like even more of an idiot.

I didn’t release any equity. All my properties have over 35% equity. And I have no mortgage on my residential home.

My rental income covers repayment mortgages (and monthly over payments) and I have a full-time career, which doesn’t pay badly. Additionally, I have savings.

I’ll never understand why people like you enjoy other peoples’ failure. It’s pretty sad. I’m not a criminal. I work hard and I earn an honest living.

Thanks for being such a cunt.

Did you save up the 25% for the 2nd and 3rd house or did you release equity from previous houses?

And when did you buy the houses?

Just curious, as it will help to provide everyone with a clearer picture of when you will eventually go bankrupt.

I wouldn’t criticise all landlords – it is a necessary part of society after all.

It used to be a minority practise and the housing market has recently been distorted by 1) insanely easy lending on BTL and 2) property investment becoming a craze. But still I wouldn’t be hostile to all recent BTLers – it can be a rational decision in spite of the insane market.

I’d only have a go at those who 1) go on about how they are going to become property millionaires and 2) express attitudes of contempt such as the “I Hate My Tenant” article and various posts by PA stating how inconvenient his tenants are. That’s the kind of attitude that really doesn’t impress.

Basically the property market has over the last few years become a pyramid scheme. This forces many people to take some kind of gamble with regard to buying or waiting to buy. Some BTLs didn’t realise it was a pyramid scheme. But for many I think the decision is bascially to recognise that this is a scheme and that those who make money from BTL are doing so in a parasitic manner (eg to others detriment). It is characteristic of this group to see their tenants as a ghastly nuisance but to gloat about the fact that they are being enriched by the process. In that case I think there clearly is some moral dodginess about the attitude. Old-style landlords rarely behave that way. I was criticising PA for his published words and attitudes, not making assumptions about all landlords.