I have no sympathy for landlords with large portfolios that are now struggling because they over-leveraged, including "Sophie Siangolis, buy-to-let borrower"
She followed the shortcut blueprint often shilled by "gurus" - basically, everything I despise.
Sent out a newsletter yesterday evening, after HMRC confirmed it's view on setting up a "hybrid business model" to avoid tax - "this scheme does not work".
A landlord responded saying that they were on the verge of setting it up.
One response like that makes it all worthwhile.
@GaryLineker
People are more outraged at people throwing soup over artwork than politicians robbing us blind and voting for horrendous anti-environmental policies.
Not saying these protestors are in the right, but people need to get some bloody perspective.
On a related matter, Dr. Malone, who asserts he is "the inventor of mRNA vaccines" and actively cultivates vaccine skepticism, is not, and has admitted that fact:
Drs
@kkariko
and
@WeissmanLab
are credited with the seminal work that led to mRNA vaccines
@WholeMarsBlog
@elonmusk
Your point seems to be divorced from reality.
You said it yourself, you have sat down with him. How do you want everyone else to form an opinion - should we wait until we sit down with him?
People are working with what they have, which for now is erratic tweets.
Recipe for disaster:
- Increase rates (making it more difficult to buy houses)
- Introduce a lot of ridiculous regulations to the PRS (e.g. S24, Renters Reform Bill, EPC etc), forcing landlords to sell (creating a supply shock).
The Gov is either dumb as F and/or pure evil.
@Welshtruthseek1
@SarahWarsamaXxx
@eatongreen
Firstly, even if they are in rent arrears, there is still a legal eviction procedure to follow.
Secondly, the "professional" agent still shouldn't have reacted with violence.
WeWork files for bankruptcy. Not surprising, though.
What many don't realise (or consider) is that they operate like a rent-to-rent landlord, only on mass scale. Probably the biggest R2R landlord in the world.
Just another reminder that R2R is sh*t.
Confirmation from HRMC that the "hybrid business model" to reduce the burden of S24 does not work.
Oh dear! Not good for landlords that were advised to get creative with thier taxes.
Keep taxes simple.
Gov need to scrap S24.
It was unfair from the beginning, and it's one step that will actually make a big difference to landlords & tenants.
Meanwhile, they're telling landlords (borrowers) to switch to interest-only and/or lengthen the loan period so banks make more money!
@moving_charlie
To me, this sounds like an explanation by someone that doesn't really understand the problem (or the legal system).
Most landlords want long-term, reliable tenants. They don't use S21 (no fault evictions) for frivolous reasons - they use it because S8 doesn't work.
Article in TheTimes featuring
@DanNeidle
's report on Less Tax 4 Landlords and messy tax planning solutions that don't work.
The wheels on this bus is falling off quick, and it's making one hell of a racket on the way down.
Stay well clear.
For yrs I've emphasised how important it is for landlords to have big cash reserves, not just to cover maintenance, but also to pay off debt in an inflationary environment with high interest rates!
Paper rich, highly leveraged property gurus will ruin you with their strategies.
Most people that share their armchair-take on ending S21 (no fault evictions) don't understand the problem (or the legal system).
Most LLs don't use S21 for frivolous reasons - they use it when tenants have breached terms of the tenancy and because it's less complicated than S8.
Too many Londoners live in unacceptable housing in the private rented sector - this has to change.
I want much tougher penalties for rogue landlords who rent out private properties in poor and dangerous conditions.
It's a cash-buyers market right now. Mortgage rates have side-lined most people.
With inflation still rampant I don't see the situation improving anytime soon.
There's good opportunity for those who can take advantage.
This is why the gap between rich & poor keeps increasing.
Well damn. If you're a Jack Monroe fan, well worth a read. Regardless of what side of the fence you sit on, it's pretty interesting.
From a personal point of view, I liked a lot of her Tweets/work, but did notice... oddities.
FYI: it's one long-ass read. Prepare yourself.
Remember, most journalists that cover BTL know very little about being a landlord, and even less and the legislation.
Margin for error is high.
They sell headlines and talking points, nothing more.
@KoreanJesus90
@BradleyMartyn
@MightyMouse
Yeah, but it doesn't actually sound like you're thinking logically.
Weight divisions are for professional fighters, not random people with no fight experience.
@mikecosgrove
@Mistake_not
Nope.
LLs want security, which includes tenants in a strong financial position. If tenants show vulnerability in a market with strong rental demand, they're playing a high-risk game with very little upside, but huge down side.
2-3 months? It takes days to fill vacancies atm.
Everyone should be following the president of Ukraine
@ZelenskyyUa
to show solidarity and admiration. Truly astonishing what he's doing right now for the country of Ukraine.
This is the biggest joke of the century. The gov caused obscene inflation in the first place.
No one should be celebrating this.
Everything is still overpriced, all that's happened is the normalisation of extortionate prices.
Inflation impacts all of us.
That’s why we have made halving it this year our top priority - easing the cost of living for millions across the country.
Today’s drop will allow more families to manage their finances, save for the future & do more of the things they love in life.
Can't believe how many dumb property investment adverts are on YouTube atm. Are people falling for this crap?
There is no secret recipe:
- Put down a big deposit
- Don't overstretch your finances
- Have a lumpy contingency fund
- Buy a property suitable for BTL
Off you go!
Tenants should not pay the consequences for landlords that took on too much mortgage debt.
Pretty annoying listening to so many irresponsible landlords that *have* to increase rent by obscene amounts.
If you didn't stress-test your finances for increased rates, that's on you.
@cryptorecruitr
Man, it's hard to watch how toxic people are being. I don't own any $luna, but this is devastating. I can't believe the lack of empathy on display.
This is bad for the entire crypto space.
@samanthamarika1
@elonmusk
He literally had a public meltdown over an issue that wasn't real before having an adult conversation. Politicians need to do the complete opposite.
Honestly, it's an easy no-brainer for me. And it should be for all landlords.
If leading tax experts are strongly refuting tax avoidance schemes - even if there's a small chance they might be wrong - the gamble isn't worth it.
There's no need for anyone to place this bet.
The residential landlord community has been full of people willing to coddle and promote obvious tax avoidance. Kudos to people like
@The_Landlord
who call it out.
Admiral have quoted me 31% more than last year for renewing car insurance policy. You'd think I was plastered and drove my car into a lake and written it off.
I didn't make a single claim.
What the actual f*ck?!
@therealjanellew
@sbstryker
A close friend of mine is a stuntman and has told me some horrific stories about rude celebs. I hated to hear it - because I was a fan - he's worked with both Jared Leto and James Franco (on different projects) and apparently they're total wankers.
When folk say, "house prices are back to 2015 levels" or something to that effect, what they don't conveniently explain is that GBP is down a lot more against inflation.
Meaning, your wealth would have decreased more by not investing.
Property preserves wealth, cash does not.
Avoid property coaches/experts/gurus endorsing rent-to-rent and/or commercial real estate.
I'm still seeing adverts on YouTube with folk trying to sell this crap.
These people will most likely lead you into deep waters and leave you drowning.
"We're to help any way we can. Please do extend your mortgage from 25 yrs to 50 yrs. Even though you'll end up paying more than double the amount, your monthly payments will drastically reduce."
Mortgage lenders must be rubbing their grubby little mitts together right now.
Most people don't understand inflation and how it erodes fiat currencies.
Selling hard assets like property in an inflationary environment only to park the money in the bank blows my mind.
Same. That's why killing S21 won't impact me. However, I don't think it's a wise decision to get rid, because it won't help tenants as intended, unfortunately. Landlords will just become much more selective.
Jack Monroe seems sketchy as f*ck.
Surprised this isn't being more widely reported, what's even more surprising is how her fanbase isn't making more noise.
Secretary of State
@michaelgove
is currently introducing the Second Reading of our Renters Reform Bill in Parliament. The Bill will deliver a fairer deal for tenants and landlords You can watch the full reading here 👉
When you factor in inflation (CPI) the average price of a house in the UK recorded by
@ONS
in Dec 2005 (£160,209) isn't too different from the average price of a house today (£291,385).
One thing is for sure, housing stats are wildly inaccurate and largely speculative.
Most people won't know what's going to happen until it's happened.
Ignore the noise, do what's best for you.
If I were to go by my Twitter feed, everyone is far right, looks completely silly, is unproductive in life, and is in London causing mayhem.
Fortunately, 99% of people are relatively normal and doing normal activities.
@Victoria_Spratt
Amazing how many landlord exoduses there have been over the years, surprised there is even a rental market.
Whenever rates increase, house prices drop or a scary new legislation is proposed, there's apparently an exodus.
God damn, train drivers earn £90k?
Either way, BTL is a spiralling money pit, and we're on the verge of becoming instinct, so we'd love to welcome you, brother 🙏
‘I’m a 38-year-old train driver earning £90,000 – I want to be a landlord next’
Money Makeover: our reader wants to know if buy-to-let will provide later-life income
I feel so pathetic right now. Can't stop watching the news even though it's gut wrenching. I've told myself that all I can do is continue being vocal along with everyone else, in hope that it will apply pressure on the right triggers.
#WARINUKRAINE
#WarCrimes
Hearing of more and more cases of Rent-to-rent landlords getting wiped out.
I've tried my best to expose this house of cards operation.
R2R landlords are always the first to get ruined when there's a glimmer of turmoil.
I have no sympathy. But I will continue to warn others.
So many people are "certain" on which way the property market is heading and refuse to deter from their bias. However, those same people won't put their money where their mouth is by either longing or shorting the market.
That's all you need to know 😊
I'm undecided on whether the gov is intentionally trying to destroy the PRS, or whether it's happening as a consequence of desperate decisions being made by a desperate party to appease mass voters (i.e. tenants).
What do you think?
Either way, the destruction is real.
The gov has been on a warpath to shrink the PRS. S24 came home to roost when interest rates leapt. The imminent removal of S21 is the greatest reason behind the flurry of S21’s being served. Gov & tenant activist groups were warned but they’re more interested in column inches.
If you were buying today, would you get a 2 year fixed or 5 year fixed mortgage?
I'd gamble on 2 years, because I think we're close to the top (if not already).
@MartinSLewis
Errr... won't that require more money-printing and essentially push up interest rates even higher, making the situation worse?
Wouldn't it be more sensible to get lenders to cap/reduce rates?
@simonharris_mbd
WTF? I'm baffled. Did I understand correctly?
Andrew Pierce: He's being accused of rape and sexual misconduct by 4 different women!
Beverley Turner: Yeah, but have you watched his YT videos? They're great!
@wj_valk
@intocryptoverse
I've unfollowed and muted dozens of influencers/Twitter accounts for that reason - they literally speak like they know what's going to happen. Very irritating.
@LondonMoneyFS
Hmm... when I hear stories like this, my natural instinct is to believe that the LL was irresponsible/greedy.
Most put down tiny deposits & count on a strong property market forever.
LLs like this get caught out every cycle by their own doing.
@DanNeidle
Great post. As I suspected, the options are limited, and anyone trying to endorse anything overly complicated is likely shilling a gamble.
Another option, if possible (and if the numbers makes sense), is to reduce the balance of the debt.
95% of meetings are literally a waste of time!
My heart sinks when someone suggests grabbing a coffee or to "jump on a Skype call" to discuss "possibilities"
Bruv, just email me what you're thinking.
Serious question (only because I haven't been keeping up with the finer details), but why is the
#NicolaBulley
case getting so much media attention compared to other ongoing cases concerning missing people? Is there actually an objectively good reason?
"Most rich people in the world, wealthy people, they own property. They own city blocks in London because they have to convert their capital into a property asset which the government cannot print more of." -
@saylor
That's what a lot of people don't understand (inflation).
Few potential obstacles with moving a property portfolio to a LTD company:
- Stamp duty costs
- Capital gains costs
- More complex accounting
- Higher mortgage rates
Don't get it twisted, most landlords don't serve S21 for no reason, they do it because it's less complicated than S8.
If the Renters Reform Bill makes it easier for LLs to evict rogue tenants, I don't see eviction rates suddenly declining, especially during a tough economy.
Just seen a rent-to-rent advert on YouTube, with a "property expert" teaching a room packed full of people 😭
Rent-to-rent is always a terrible idea, but in the current environment it feels like suicide.