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IGNORED

Company owner doing his bit for renters.


Hancock

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While this is a kind and benevolent idea, the timing is poor. It'll leave him (not his business) far too susceptible to any housing crash and he'll end up with no house of his own, and all of the staff houses will be repo'd too. Hope I'm wrong, just seems to be very poor timing.

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AlfredTheLittle

Nice idea, but I think anyone buying up houses at these levels is contributing to the problem. His staff will presumably lose their home if they leave the job (I haven't read the article because it's behind a quiz)

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Much depends on what level of rent they are charging? I see schemes for local workers offering flats at discounts to the 'market price' but when you look at bit further that market price has been inflated, and the discount is quite negligible.

Is subsidised rent a payment in kind anyway?

I don't think this is that benevolent as presumably he may be able to get away with paying employees slightly less and of course the discounted rent incentivises staff not to get a job elsewhere.

A BTL-er dressed up as Robin Hood.

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Hooray hes just invented truck money. Again.

https://en.m.wikipedia.org/wiki/Truck_wages

Fuck that prick.

I'd accept if he was buying the houses outright.

If he wants to employ people in Gt Bmouth then his wages need to reflect living costs.

Or he could employ tge hordes of oaps in n around Wimbourne.

The Wimborne-based businessman says it often takes half people’s salaries and decades of their lives to raise a deposit for a home of their own, with prices at 10 times the average wage

Then he needs to double their pay or move somewhere cheaper.

One of the firm’s 10 employees, 24-year-old Eliza, has been offered a £200,000 budget to find a house, which ClickASnap would buy on an interest-only mortgage. The tenant then pays rent to ClickASnap

Can he show a 200k house in the area?

 Icant believe how dumb most of comments. Onoy ines sussed it.

Then this fuckwittery -

Again you've failed to see the bigger picture. What he looses in rental income he'll make back two times over in property value increase. Wilf hit the nail on the head.

 

Bmouth property has a long long long way to fall.

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I wouldn't want my boss having that much control over me either.  Imagine being called in to a meeting because you're not meeting targets etc, you'd worry you'll soon be made homeless by your boss.  I'm assuming he's not going to continue to pay the mortgage of ex employees...

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With a crooked smile

Round my way it's very common to include accommodation in hospitality jobs. Normally there is a very small charge made for the accommodation basically charging something stops HMRC viewing it as benefit in kind and taxing it. 

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Back to serfdom.

In the pit mining villages which my ancestors worked in, the mine owned the houses.  Rent was paid.  If the man was crippled or died in an accident, the family were evicted.

 

Yay for 2030.  Just like 1830.

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Is he buying the BTL?

or the bizzyness?

In either case, I dont think he'll be able to borrow money for one BTL.

The moron is making the assumption he can leverage up like a loon with an IO mortgage.

He cant. Hed need to drop 30% on the place.

And the rent would have to much higher than 'half the local' average 

https://www.money.co.uk/mortgages/buy-to-let-mortgages.htm

Make that 40% down.

So what is his 200k budget?

~300k - 40% deposit + 60% mortgage?

or 200k - 40k deposit and 160k mortgagee?

Those APR are currently 4% - hes looking at ~6k/y just to cover the IO APR.

Thats not 50% of the rent esp. for a shared house.

Its bollocks.

 

 

 

 

 

 

 

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23 hours ago, spygirl said:

Hooray hes just invented truck money. Again.

https://en.m.wikipedia.org/wiki/Truck_wages

Fuck that prick.

I'd accept if he was buying the houses outright.

If he wants to employ people in Gt Bmouth then his wages need to reflect living costs.

Or he could employ tge hordes of oaps in n around Wimbourne.

The Wimborne-based businessman says it often takes half people’s salaries and decades of their lives to raise a deposit for a home of their own, with prices at 10 times the average wage

Then he needs to double their pay or move somewhere cheaper.

One of the firm’s 10 employees, 24-year-old Eliza, has been offered a £200,000 budget to find a house, which ClickASnap would buy on an interest-only mortgage. The tenant then pays rent to ClickASnap

Can he show a 200k house in the area?

 Icant believe how dumb most of comments. Onoy ines sussed it.

Then this fuckwittery -

Again you've failed to see the bigger picture. What he looses in rental income he'll make back two times over in property value increase. Wilf hit the nail on the head.

 

Bmouth property has a long long long way to fall.

Bit harsh for trying to do a good deed.

11 hours ago, wherebee said:

Back to serfdom.

In the pit mining villages which my ancestors worked in, the mine owned the houses.  Rent was paid.  If the man was crippled or died in an accident, the family were evicted.

 

Yay for 2030.  Just like 1830.

Yes, id imagine 2230 will be just the same, and so on.

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On 20/12/2021 at 13:58, spygirl said:

Hooray hes just invented truck money. Again.

https://en.m.wikipedia.org/wiki/Truck_wages

Fuck that prick.

I'd accept if he was buying the houses outright.

If he wants to employ people in Gt Bmouth then his wages need to reflect living costs.

Or he could employ tge hordes of oaps in n around Wimbourne.

The Wimborne-based businessman says it often takes half people’s salaries and decades of their lives to raise a deposit for a home of their own, with prices at 10 times the average wage

Then he needs to double their pay or move somewhere cheaper.

One of the firm’s 10 employees, 24-year-old Eliza, has been offered a £200,000 budget to find a house, which ClickASnap would buy on an interest-only mortgage. The tenant then pays rent to ClickASnap

Can he show a 200k house in the area?

 Icant believe how dumb most of comments. Onoy ines sussed it.

Then this fuckwittery -

Again you've failed to see the bigger picture. What he looses in rental income he'll make back two times over in property value increase. Wilf hit the nail on the head.

 

Bmouth property has a long long long way to fall.

I have a tenant who pays £600 pcm on a nice detached house and has done for over 10 years. It’s was then (and even more so now) a big discount. He is absolutely tied in because if he wants to move then £600 gets him a one bed tiny flat. Not only that but he has dogs, kid, wife, moans most of the time (but he is a moaner anyway so I translate that to just his nature) and has asked for several improvements over the years that were at least borderline. Probably costing £15k in total  

Am I a charity or a great benefactor……nope. Let’s see the actual position from my financial viewpoint. 

Interest only payments for me are £80 pcm (a yummy tracker). Bought for £150k (allowing for refurb) now worth £260k. 

So the reality is he has done well……but I have done incredibly well. Symbiosis at best but certainly not a loss leader for me. And if I could have had him as a profitable employee too….wow, that’s an even better deal  

So it’s a nice gesture (benefit of the doubt) but at best this employer is misinterpreting the reality of the impact of what he is doing. 

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8 minutes ago, Pip321 said:

I have a tenant who pays £600 pcm on a nice detached house and has done for over 10 years. It’s was then (and even more so now) a big discount. He is absolutely tied in because if he wants to move then £600 gets him a one bed tiny flat. Not only that but he has dogs, kid, wife, moans most of the time (but he is a moaner anyway so I translate that to just his nature) and has asked for several improvements over the years that were at least borderline. Probably costing £15k in total  

Am I a charity or a great benefactor……nope. Let’s see the actual position from my financial viewpoint. 

Interest only payments for me are £80 pcm (a yummy tracker). Bought for £150k (allowing for refurb) now worth £260k. 

So the reality is he has done well……but I have done incredibly well. Symbiosis at best but certainly not a loss leader for me. And if I could have had him as a profitable employee too….wow, that’s an even better deal  

So it’s a nice gesture (benefit of the doubt) but at best this employer is misinterpreting the reality of the impact of what he is doing. 

The problem is mostly for the employee, in your example they are 'locked' into that house without a large inconvenience and cost.

With this are locked into your house and job, changing either will lose the other or make it likely you'll encounter lots of inconvenience. 

 

Its a nice idea but in practice unless the employees skill set is in high demand and with high pay they become a lifelong slave to the company, for high paying jobs it's a great benefit though. 

For lower wage jobs the best option would surely be a rent to buy type system. 

Edited by Myco
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44 minutes ago, Pip321 said:

I have a tenant who pays £600 pcm on a nice detached house and has done for over 10 years. It’s was then (and even more so now) a big discount. He is absolutely tied in because if he wants to move then £600 gets him a one bed tiny flat. Not only that but he has dogs, kid, wife, moans most of the time (but he is a moaner anyway so I translate that to just his nature) and has asked for several improvements over the years that were at least borderline. Probably costing £15k in total  

Am I a charity or a great benefactor……nope. Let’s see the actual position from my financial viewpoint. 

Interest only payments for me are £80 pcm (a yummy tracker). Bought for £150k (allowing for refurb) now worth £260k. 

So the reality is he has done well……but I have done incredibly well. Symbiosis at best but certainly not a loss leader for me. And if I could have had him as a profitable employee too….wow, that’s an even better deal  

So it’s a nice gesture (benefit of the doubt) but at best this employer is misinterpreting the reality of the impact of what he is doing. 

I'm raising eyebrows at a detached house that cost 150k in 2011 and is now worth 260k.

The areas where you could buy cheap property in 2011 have not seen rises in 10 years.

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52 minutes ago, Pip321 said:

I have a tenant who pays £600 pcm on a nice detached house and has done for over 10 years. It’s was then (and even more so now) a big discount. He is absolutely tied in because if he wants to move then £600 gets him a one bed tiny flat. Not only that but he has dogs, kid, wife, moans most of the time (but he is a moaner anyway so I translate that to just his nature) and has asked for several improvements over the years that were at least borderline. Probably costing £15k in total  

Am I a charity or a great benefactor……nope. Let’s see the actual position from my financial viewpoint. 

Interest only payments for me are £80 pcm (a yummy tracker). Bought for £150k (allowing for refurb) now worth £260k. 

So the reality is he has done well……but I have done incredibly well. Symbiosis at best but certainly not a loss leader for me. And if I could have had him as a profitable employee too….wow, that’s an even better deal  

So it’s a nice gesture (benefit of the doubt) but at best this employer is misinterpreting the reality of the impact of what he is doing. 

You dont sound like pop321.

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With a crooked smile
3 minutes ago, spygirl said:

I'm raising eyebrows at a detached house that cost 150k in 2011 and is now worth 260k.

I sold for 81% gain, bought July 2011 sold Jan 2021.

Did it up a lot inside but no new kitchen or extension. 

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2 hours ago, spygirl said:

I'm raising eyebrows at a detached house that cost 150k in 2011 and is now worth 260k.

The areas where you could buy cheap property in 2011 have not seen rises in 10 years.

Bought may  2006. Tenant been in 10 years. Rarely pay sticker price so price paid won’t correlate to general prices. 

2 hours ago, spygirl said:

You dont sound like pop321.

Nor you like Spyguy. 😉😂

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On 21/12/2021 at 15:30, leonardratso said:

whats wrong with that, theres plenty of them around.

Landlordism is a sure sign, but i think this landlord is trying to make things better for the screwed over "renter" .. and thats not something i think i've ever said about such c.....

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1 hour ago, Hancock said:

Landlordism is a sure sign, but i think this landlord is trying to make things better for the screwed over "renter" .. and thats not something i think i've ever said about such c.....

i agree, but the fact it has to come to this is a pretty poor indictment of the whole situation.

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