Landlords sell up before perfect storm

[No One]

Quote

“For me, this is a long-term thing, something I’m going to keep hopefully for maybe a few decades. I don’t really want cash at the moment with inflation being so high. Like most people I like the security of having it in bricks and mortar. Where else are you going to put your money?”

Stocks and Shares ISA

PM

House abroad

Rolexes, JLC's

Some cash for a rainy day,

Art?

 

[No One]

This is the crux of the story, and deserving of a thread on its own.

Essentially we have a class of people born in the past when times where good and houses where cheap that have been hoovering up an asset class that enables them to live off of the next generations.

Crippling the next generations from even owning their own home and making the nation more unproductive whilst pushing up GDP figures. 

A rentier economy in essence, 

[humdrum]

On 28/08/2022 at 17:53, spunko said:

I hate to agree with a BTL-er but I think she's right. The government are going to repeat their rather ridiculous COVID-19 offer of subsidising people living in BTLs by making "rent holidays" a permanent thing for the hard up. It'll be difficult to evict them, and will take months and cost the landlord thousands of pounds.

I won't be shedding a tear for the BTL brigade, mind. Just so glad I never dabbled in it.

Haha, they're going to get raped.

True, although I don't share Spunko's delight at the BTL-ers' misfortunes. The basic idea is that you buy a property, knock it into shape and rent it out until you can sell it.

Being a landlord isn't something with long term appeal.

 

[No One]

Just now, humdrum said:

True, although I don't share Spunko's delight at the BTL-ers' misfortunes. The basic idea is that you buy a property, knock it into shape and rent it out until you can sell it.

Being a landlord isn't something with long term appeal.

The LandLady in the article has 16 properties. That's not accidental.

She could have put money into the S&P and made more money, and left properties in the UK for families to buy instead.

[Wight Flight]

3 hours ago, No One said:

The LandLady in the article has 16 properties. That's not accidental.

She could have put money into the S&P and made more money, and left properties in the UK for families to buy instead.

If landlords had stuck to the golden rule of 10% yield, rents would have been no higher but houses would be 50% cheaper.

[spygirl]

10 hours ago, No One said:

Good. No one should be extracting 16 rents from the working population. Parasitic.

Ibe no moral objection to LL - they provide a service.

However ...

I do object to the gormless leverage leverage that has enabled the fuckwits.

As wightlflight pointed out, with his post of being able to rent but not buy, and LL being able to buy but not able to rent, the lending criteria are fucked.

LL mortgages need to move to 10/15y repayment at commercial rates.

As it is an IO BTL is a grossly mispriced commercial bridging loan.

The idea that a a LL borrowing 200k and renting is lower risk than an OO is nuts - come the push, housing demand shrinks a lot.

Anyhow back to Sarah LL. All LL appear in the media, one way or another -

https://www.property118.com/in-a-pickle-and-need-legal-expertise/#comments

Got a strange situ here – I have 2 licensees who originally rented 2 rooms in a shared house. Then they got together.

The other 2 licensees moved out before Christmas and these remaining 2 asked if they could rent the whole house. I agreed reluctantly as they’ve been a pain with late payments and 3000 excuses etc, but fundamentally a nice couple needing a break, so early January I popped over & left them a draft, incomplete, standard AST to review.

I pushed for the rent and completion of the AST, and after lots of back & forth agreed to pick up the AST – which they said they had signed – and outstanding rent on 23/1.

When I got there, neither the rent nor AST was there, so I gave them 2 weeks notice under their licenses (which is only 1 week but…). They say they have a tenancy agreement with me – the draft I left, and they signed, but not returned.

I still haven’t seen this. They have not moved, and say I have to issue a s21 which I don’t think I can do anyway as I haven’t served any of the standard docs a landlord needs to serve at the beginning of a tenancy.

So I need some legal advice on the best way to get them out. If anyone has any recommendations, I’d appreciate it.

Cheers Sarah

Ahh, when current laws are not suitable ... make one up.

Money no object -

Cheers Neil, yes they are my backstop, but are quoting £720 'to review the papers and consider the best course of action' which seems a bit steep so I'm wondering if there's a cheaper alternative

 

Men! What do they know, just accept that wimmin are better -

Sarah, given that the licensees are almost certainly tenants, that two weeks is completely inadequate notice, that you "haven’t served any of the standard docs a landlord needs to serve at the beginning of a tenancy" and that you may also - without realising it - have created an HMO, £720 sounds incredibly cheap to help fill in the gaps in your knowledge and perhaps get you out of a scrape.

...

Ok boys, calm down, I've been doing this for 30 years (literally) and this is only the 2nd time I've had to resort to legals, so I don't need any lectures from you. It's a simple legal question - do they have a tenancy or not? - for which I'm looking for a recommendation of a good lawyer.
cheers

If she has, shes been v lucky.

Id reckon she stumbled into it with an underwater house in the 90,s then leveraged up like a loon post 2005

No I didn't sign the draft, and it wasn't complete either ie names, dates etc, it was just a template.
As Landlord Action is the only recommendation on here, I'll take it up with them. Cheers

Who needs to spend £££ on lawyers hen theres WHSMith...

More men. Just cos theyve got a penis (which looking at Srah profile picture, she may have too..)

The original four unrelated occupants would have formed a HMO (regardless of whether on one shared tenancy, or four separate ones).

I believe that the "licences" are almost certainly "tenancies" (regardless of what you may wish to call them), as per the Street v Mountford caselaw (and subsequent caselaw that re-affirms this).

As the licences would almost certainly be considered by a court to be tenancies, the ability to end the tenancy will be specified in the original tenancy agreement (what you are calling the licence), but are also subject to the standard tenancy ending legislation and processes, e.g. Protection from Eviction Act 1977. This means that the tenancy can only be ended by a court order (unless you meet the criteria in section 3a).

A court may not grant possession unless you can evidence the tenancy and your compliance with a lot of legal requirements, e.g. protecting the deposit in a government approved scheme (among the long list of legal requirements), plus of course following the correct legal procedure in terms of the serving of valid notices etc (which of course you cannot do unless you have complied with the various other requirements first).

There is no quick or easy solution to your problem, and the cost of rectifying your position is likely to be many times more than the £720 figure you have been quoted (the £720 is just for reviewing the documents, not putting everything right (paperwork wise), or assisting with a possession hearing, or an eviction).

You may also find that the tenants may be entitled to compensation from you (e.g. if the HMO needed to be registered), and you could also face prosecution or civil penalties by the local authority.

This is the pickle that private landlords can get into when purporting to issue a "licence", when really the occupancy would legally be considered to be a tenancy.

NOTE: I am not a solicitor, so please consult a solicitor in relation to your problem and to also check and verify any advice you may receive from myself or other people (unless they are legally qualified and are advising you in a professional capacity).

LL for 30y and making he tenancy laws up ..... stumbling into HMOs ....

Fellow genius -

My hart goes out to you been a landlord for 40 years with quite a large portfolio up until about 5 years ago never evicted any one now seem to always have 1 are 2 on the go finding professional help is not easy last week was in court and my barrister could not answer my questions so be careful

Id assume the question was nuts.

A lawyer, which you engage *before* a tenancy will answer your questions.

A barrister is there to defend you in court, when things go to shit.

I am surprised at some of the comments. It seems people are pushing thel solicitors approach I wonder how many have a vested interesed.
My advice as a landlord who form experience with solicitors and there limited skills is sort it out wit the tenants. save your £720. rather than waste it on legal fees which will only go up. Note Landlord action quoted £x to review your file thats only their advice and involvement will be more
If you never signed that draft AST then its not of any worth to the tenant surely you follow this and explain that to the tenant. tell them to check that fact with Citizens advice. You say you are prepared or were prepared to let them stay. so negotiate a deal for them to stay and clear the rent arrears. Serve them all the right papers but dont sign the AST. Even if you you forgo a bit of the arrears its a better solution than going to solicitors. Suggestion: once they have paid off x amount you will forgo the debt
This idea of running off to lawyers that so many above suggest is crazy Citizens Advice will give the tenants FREE legal advice ( when they get through) use that advice to manage the situation Infact you are also entitled to seek their advice. There is also NRLA who for members give prompt simple advice and advice on all the forms you now need etc. ( the forms are free )

Excellent advice.

Dont issue any agreements. That way, you cannot end up in court.

And lawyers, there only in it for the money, unlike LLs....

 

Of course like all LL, sarah is also a financial genius. Who needs banks and there expensive due diligence. LL have a feel for property, Besides, no way on earth can you wrong with property -

https://www.propertytribes.com/jvip-group-losses-in-millions-t-127655423-1.html

In a meeting with creditors this week, we have been informed by the creditors who attended the meeting that Insolvency Practitioner Michael Chamberlain gave the following overview, although creditors have reported that he said the picture was difficult to understand as it appears at this early stage that financial records and book-keeping entries have not been properly kept for around two years within the affected companies.

Assets:  £43 million

Secured lending:  £31million

Unsecured lending:  £29 million

A net position of circa minus £17 million.

We contacted the IP today for comment but so far have not received a reply.

Investors have told Property Tribes that they were informed that this sum does not include personal loans made to the Directors privately where, in some cases, personal guarantees were given.  However, it was made clear by Mr. Chamberlain that it is highly unlikely that the Directors have sufficient personal assets to honour such guarantees.

Another investor has told us of his 6 figure losses, where he loaned money in good faith, without any security.

Loan repayments for him started to become sporadic in 2020 and he was asked to reduce his interest rates and allow payment holidays to give the companies a chance to get back on track.

 

...

Both investors we have spoken to said they were introduced to the Dabners in the Property Investors Network.  The Dabners were well known figures within the pin community, as they took the Mastermind Programme on two separate occasions.

Thats cant be right. No way on earth can anyone doing a propredee mastermind programme fail to make money.

bernie_wales 23 Feb at 16:01

I agree. The property training sector needs far more scrutiny and regulation to minimise 'sheep being led to slaughter'.

Having said that, my wife and I invested £100k into a specific investment company; Forte Bailey Ltd ... part of the JVIP empire ... via a SIPP and FCA regulated route.

Oh now LL want *more* laws?

The devastating news came to us last Monday, when we got an email from Forte Bailey Ltd director; Derek Watkins indicating that cash flow problems at JVIP would have a significant effect on Forte Bailey. The email also indicated that Pete Dabner had entered "Breathing Space" and thus we are legally obliged to not contact him, for at least 60 days.  (*Moderator note: Content removed*).

Whilst Peter has always seemed to be a 'nice guy' and we wish his speedy recovery (*Moderator note: Content removed*) there is the other side of that coin to consider - the mental health of the unfortunate investors.

I have had my own mental health issues in recent years - and now faced with most of my pension wiped out, at age 63 this is very unwelcome news, which is likely to increase my own depression and associated mental health issues. And I'm far from the only one. There are hundreds of similarly aged, similarly pensioned individuals, who are now facing a severely depleted retirement ... if they can now afford to retire at all.

Again, more law being made up by properdee people. Lazy fucking lawyers, bet theyve never made any laws up.

What lessons can be learned from this? Hundreds ... including never to take at face value the background stories portrayed at 'property training events'. A rosey picture is always presented (as you'd expect in a sales pitch) but it is done in a 'trusted environment' of like-minded trainees wishing to help each other succeed.

No!

Heres Saz -

Sarah Quinlan to bernie_wales 25 Feb at 12:00

 

 

 

 

Hi Bernie

I'm very sorry to hear about this situation for you, a nightmare. I know that you would have done a lot of dd, and if someone as sensible and experienced as you can fall victim to this, the rest of us have little chance of avoiding similar. I lent money to them for a Bank conversion to resi via Crowdproperty, but in my opinion CP have been slow to react to refinancing red flags going back to 4/20.

What i don't understand is where the money has gone? These 2 were experienced developers. I appreciate that covid has disrupted business plans dramatically, but that still wouldn't explain this massive shortfall in their consolidated accounts. 

Whatever the answer to that turns out to be Bernie, I hope you bounce back quickly and wish you all the best.  We need your expertise!

SarahQ

 

 

Wheres the money gone?

Has Sarah not heard about coke, whores and foreign banks accounts?

 

[spygirl]

Useless R4 feature on LL and shit,.in that well known BTL hotspot - Mevagissey

Thread crosser.

The featured woman was a 'freelance' writer in her 60s.

Yeah, a blowin on benefits whose moved to the seaside.

LL selling up, coverting into AirBNB/FHLs.

LL spokesman given free license to spout crap - LL have lost tax advantages.....

No, they should have never had them at the start. Investments cannot offset costs against tax.

The whole mortgage rent offset thing never happened as banks never used to let LL borrow huge lumps of money at IO.

Anyhow, FHL/AirBNB is easily addressable by making them pay business rates.

The only way seaside can survive, economically, is with FHL paying full rates or being occupied by residents.

 

 

 

 

 

[Axeman123]

37 minutes ago, spygirl said:

Wheres the money gone?

A business plan that revolves around turning other peoples' labour into lifestyle and conspicuous consumption, and they get outraged when a bigger spiv developer beats them to the punch and does the same to their capital. Is there no honour among theives?!

[spygirl]

16 hours ago, spygirl said:

I've mentioned this anecdote before.

A mate runs a reasonably succesful business in Scarbs. He also does the local bizzyness socialising, so knows everyone.

On beers out, we bump into people and snd goes hes a Painter n Dec, taxi driver, BnBer whatever ... theyve got 2m+ of IO btl mortgages.

Up til it went bust, Scarb BS was out of control with BTL, lending local halfwits literally millions.

A stupid BS combined with a large number of social renters - HMO flophouses n single mums lent to a v turbo charged fuckwittery.

Up til s24, money came in, money out. Post s24 they are struggling as tax bill rolls in.

Now theyve got rapidly rising IR too.

Io btl is being slaughtered, and the banks that lent to them.

 

To give an v apt example - 

51 Bedroom Terraced For Sale in Scarborough

Residential Portfolio£1,900,000 Guide Price

https://propertyheads.com/properties/2694756/Residential-Portfolio/

You see these very few weeks.

Not only does the LL think they can exit, they think someone will take the whole lot off them in one easy go.

The reality is theyll have to sell them, property by property, and serve notice on tenants and swallow the voids and non payments, which Id bet big money that theyve not got the cash to do, hence the Buy it all, please.

And for 1.9m youd need to be looking at a rents of 200-250k.y to wash your face.

 

 

 

 

 

[Axeman123]

28 minutes ago, spygirl said:

And for 1.9m youd need to be looking at a rents of 200-250k.y to wash your face.

From the link description:

"WG - YO11 2DL A block of 7 self contained unit generating a gross rental income of £30,400 per annum when fully let. ?

CT - YO11 2DT A block of 4 self contained flats generating a gross rental income of £20,612 when fully let. ?

WS - YO11 2QP A block of 5 self contained units. Three units in need of work but can generate a gross rental income of £20,400 when fully let.?

AW - YO11 1XW A block of 5 self contained flats that generate a rental income of, £19,500 when fully let. ?

E14 - YO11 1NW A block of four self contained flats that generate a rental income of, £16,500 when fully let. ?

E16 - YO11 1NW A block of four self contained flats that generate a rental income of, £17,500 when fully let.?

AC - YO11 1XX A Block of 8 letting units that generate a rental income of, £36,700 when fully let.?

LPS - YO11 1NP A block of 10 units that are partly finished. We have obtained quotes from contractors and we believe there is approximately £70,000 worth of outstanding works to complete these units. The property would then generate a rental income of £43,000 per annum.?"

Firstly the "?" marks were on the original, and don't exactly inspire confidence. Secondly, two of the properties are desribed as needing work and one even looks derelict in the photos .Thirdly, the optimistic rental figures above only total £204,612 so barely scrape over your income hurdle before voids or any costs.

I wonder what the 5 houses would sell for as normal homes in the local Scarborough market, 100k each? The other two properties look like derelict pubs, so probably almost worthless in any other use.

 

[spygirl]

3 minutes ago, Axeman123 said:

From the link description:

"WG - YO11 2DL A block of 7 self contained unit generating a gross rental income of £30,400 per annum when fully let. ?

CT - YO11 2DT A block of 4 self contained flats generating a gross rental income of £20,612 when fully let. ?

WS - YO11 2QP A block of 5 self contained units. Three units in need of work but can generate a gross rental income of £20,400 when fully let.?

AW - YO11 1XW A block of 5 self contained flats that generate a rental income of, £19,500 when fully let. ?

E14 - YO11 1NW A block of four self contained flats that generate a rental income of, £16,500 when fully let. ?

E16 - YO11 1NW A block of four self contained flats that generate a rental income of, £17,500 when fully let.?

AC - YO11 1XX A Block of 8 letting units that generate a rental income of, £36,700 when fully let.?

LPS - YO11 1NP A block of 10 units that are partly finished. We have obtained quotes from contractors and we believe there is approximately £70,000 worth of outstanding works to complete these units. The property would then generate a rental income of £43,000 per annum.?"

Firstly the "?" marks were on the original, and don't exactly inspire confidence. Secondly, two of the properties are desribed as needing work and one even looks derelict in the photos .Thirdly, the optimistic rental figures above only total £204,612 so barely scrape over your income hurdle before voids or any costs.

I wonder what the 5 houses would sell for as normal homes in the local Scarborough market, 100k each? The other two properties look like derelict pubs, so probably almost worthless in any other use.

 

Yeah, The EA has really pulled the stops out, preparing the numbers ...

Itll be filed in the 'Only an idiot would buy' box.

the issue with Scarbs is that there are so few properdee buyers.

All OAPs and bennies sinks.

The last ~15y has been propped up by BTL idiots.

 

 

 

[Froggy2000]

On 29/08/2022 at 17:07, haroldshand said:

I have lost count now of the BTL landlords I know who have made it clear that if it all goes wrong the lenders can go whistle for their money, cannot help but think we could be reading about this in a few years time when £Billions cannot be collected.

These people really are the scum of the earth, only time in my business life that I dropped the ones I had  as customers and refused to do anymore work for them, hated the way they treated their tenants and it was affecting me watching it.

Were they Pakis?

[One percent]

11 hours ago, spygirl said:

Yeah, The EA has really pulled the stops out, preparing the numbers ...

Itll be filed in the 'Only an idiot would buy' box.

the issue with Scarbs is that there are so few properdee buyers.

All OAPs and bennies sinks.

The last ~15y has been propped up by BTL idiots.

 

 

 

I’ve told the story of my mate who had a scabby btl.  Mind, there was no mortgage on it. What there was though was a loon tenant paying 500 quid a month and wreaking the place. She offloaded to some shifty company. 

[spygirl]

On 30/08/2022 at 09:57, spygirl said:

To give an v apt example - 

51 Bedroom Terraced For Sale in Scarborough

Residential Portfolio£1,900,000 Guide Price

https://propertyheads.com/properties/2694756/Residential-Portfolio/

You see these very few weeks.

Not only does the LL think they can exit, they think someone will take the whole lot off them in one easy go.

The reality is theyll have to sell them, property by property, and serve notice on tenants and swallow the voids and non payments, which Id bet big money that theyve not got the cash to do, hence the Buy it all, please.

And for 1.9m youd need to be looking at a rents of 200-250k.y to wash your face.

 

 

 

 

 

From my post on TOS - 

Scabby has a lot of property fkwits.

I'm seeing a lot of stuff like this -

https://propertyheads.com/properties/2694756/Residential-Portfolio/

Some gormless fkwit, who Id bet big money is an io blter reckons someone will swoop in a take their portfolio off their hands, at a profit.

 I assume carefully created Google map pins are the HMOs they are offloading.

Address:	1 Cromwell Road, Scarborough, YO11 2DR
Type:	Semi-detached
Tenure:	Freehold
New build:	No
Estimated value:	£284,250
Links:	Price map  (Scarborough)
Transaction type:	Standard price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
19 Dec 2002	£122,000	n/a	n/

 

Address:	26 Westbourne Grove, Scarborough, YO11 2DL
Type:	Terrace
Tenure:	Freehold
New build:	No
Estimated value:	£230,750
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
30 Nov 2018	£186,400	210.7%	74.2%
21 Nov 1997	£60,000 *	n/a	n/a

 

 

Address:	22 West Square, Scarborough, YO11 1TW
Type:	Other
Tenure:	Freehold
New build:	No
Estimated value:	£190,000
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
13 Apr 2017	£145,000	141.9%	46.9%
13 Nov 1998	£59,950 *	45.3%	32.3%
05 May 1995	£41,250 *	n/a	n/a

 

 

Address:	30 Albemarle Crescent, Scarborough, YO11 1XX
Type:	Other
Tenure:	Freehold
New build:	No
Estimated value:	£334,750
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
30 Nov 2018	£270,250	414.8%	188.7%
21 Nov 1997	£52,500 *	n/a	n/a

 

Address:	38 Aberdeen Walk, Scarborough, YO11 1XW
Type:	Terrace
Tenure:	Freehold
New build:	No
Estimated value:	£207,750
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
30 Nov 2018	£167,750	255.8%	106.5%
16 Apr 1999	£47,150 *	n/a	n/a

 

The two on Eastborough arnt listed, so I'd assume these are long term owned rentals.

Just look at those years n prices! 620k blown on one day!

Dips toes in in 2002.

Rest bought after Gidiots stamp duty changes, where the morons piled in.

I'd reckon that fkwits like the one above have been the market in Scarbs since 2002.

620k! Spent! In one day!! On Scabby real estates.

 

[One percent]

24 minutes ago, spygirl said:

From my post on TOS - 

Scabby has a lot of property fkwits.

I'm seeing a lot of stuff like this -

https://propertyheads.com/properties/2694756/Residential-Portfolio/

Some gormless fkwit, who Id bet big money is an io blter reckons someone will swoop in a take their portfolio off their hands, at a profit.

 I assume carefully created Google map pins are the HMOs they are offloading.

Address:	1 Cromwell Road, Scarborough, YO11 2DR
Type:	Semi-detached
Tenure:	Freehold
New build:	No
Estimated value:	£284,250
Links:	Price map  (Scarborough)
Transaction type:	Standard price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
19 Dec 2002	£122,000	n/a	n/

 

Address:	26 Westbourne Grove, Scarborough, YO11 2DL
Type:	Terrace
Tenure:	Freehold
New build:	No
Estimated value:	£230,750
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
30 Nov 2018	£186,400	210.7%	74.2%
21 Nov 1997	£60,000 *	n/a	n/a

 

 

Address:	22 West Square, Scarborough, YO11 1TW
Type:	Other
Tenure:	Freehold
New build:	No
Estimated value:	£190,000
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
13 Apr 2017	£145,000	141.9%	46.9%
13 Nov 1998	£59,950 *	45.3%	32.3%
05 May 1995	£41,250 *	n/a	n/a

 

 

Address:	30 Albemarle Crescent, Scarborough, YO11 1XX
Type:	Other
Tenure:	Freehold
New build:	No
Estimated value:	£334,750
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
30 Nov 2018	£270,250	414.8%	188.7%
21 Nov 1997	£52,500 *	n/a	n/a

 

Address:	38 Aberdeen Walk, Scarborough, YO11 1XW
Type:	Terrace
Tenure:	Freehold
New build:	No
Estimated value:	£207,750
Links:	Price map  (Scarborough)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
30 Nov 2018	£167,750	255.8%	106.5%
16 Apr 1999	£47,150 *	n/a	n/a

 

The two on Eastborough arnt listed, so I'd assume these are long term owned rentals.

Just look at those years n prices! 620k blown on one day!

Dips toes in in 2002.

Rest bought after Gidiots stamp duty changes, where the morons piled in.

I'd reckon that fkwits like the one above have been the market in Scarbs since 2002.

620k! Spent! In one day!! On Scabby real estates.

 

If it’s such a lucrative business, why is he selling up?   No one ever sells a business that is a sure bet. They would either put someone in to run it or sell to family or friends.