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 volume, 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.
From reading your blog, it would be safe to say you got in on the boom in the ‘Delusion’ stage.
He sounds like a smug little shit, don’t he? Yeah, that’s what I thought.
Firstly, here is John’s email address:
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.
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.
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!