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Sideysid

30-YEAR-OLD from Somerset has defied the odds of becoming a homeowner and now owns a property empire worth £1.5MILLION

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Posted (edited)

https://www.thesun.co.uk/money/8589906/30-year-old-who-built-a-1-5million-property-empire/

Yes I know it’s the Sun. But still, no mention of how S24 will effect her, any rise in interest rates or the fact that she’s over leveraged herself into massive debt.

Shes a millionaire, isn’t she clever? Well not very actually as she confesses she was never any good at maths in the article. Paper wealth that will evaporate into thin air. The last 10 years has enabled ridiculousness like this to even happen.

Edited by Sideysid

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9 minutes ago, Sideysid said:

https://www.thesun.co.uk/money/8589906/30-year-old-who-built-a-1-5million-property-empire/

Yes I know it’s the Sun. But still, no mention of how S24 will effect her, any rise in interest rates or the fact that she’s over leveraged herself into massive debt.

Shes a millionaire, isn’t she clever? Well not very actually as she confesses she was never any good at maths in the article. Paper wealth that will evaporate into thin air. The last 10 years has enabled ridiculousness like this to even happen.

Oh well, when it goes `tits up` she can always get a presenters job on `Homes under the hammer`, she has the maths skills to show how to make a `killing` as they usually do on that programme.

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4 hours ago, Sideysid said:

https://www.thesun.co.uk/money/8589906/30-year-old-who-built-a-1-5million-property-empire/

Yes I know it’s the Sun. But still, no mention of how S24 will effect her, any rise in interest rates or the fact that she’s over leveraged herself into massive debt.

Shes a millionaire, isn’t she clever? Well not very actually as she confesses she was never any good at maths in the article. Paper wealth that will evaporate into thin air. The last 10 years has enabled ridiculousness like this to even happen.

Erm, can't tell if this and the other article you posted are trying to say, "there are ways to get a house, it's easy", or whether it's describing to the masses how bonkers the housing market is. 

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these stories are always half cut. Id like them to revisit the story in 5 years, like looking at some of the grand design projects years later, some were absolute shit and lead to bankruptcy, of course grand designs revisited wont mention those ones, its not good viewing for the gullible idiots.

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On 10/03/2019 at 11:16, Sideysid said:

https://www.thesun.co.uk/money/8589906/30-year-old-who-built-a-1-5million-property-empire/

Yes I know it’s the Sun. But still, no mention of how S24 will effect her, any rise in interest rates or the fact that she’s over leveraged herself into massive debt.

Shes a millionaire, isn’t she clever? Well not very actually as she confesses she was never any good at maths in the article. Paper wealth that will evaporate into thin air. The last 10 years has enabled ridiculousness like this to even happen.

Its the same story in Aus. These people will get wiped out

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17 hours ago, No One said:

Its the same story in Aus. These people will get wiped out

Its worse in Aus.

In the UK, only a sub-20 *aybe sub-10%) owned >1 property.

Admiringly, those that did tended to own a lot.

AFAICT in Aus the equivalent figure is 50%.

Which is bad.

Then you look at how out of kilter AUs prices to wages are, and its even worse.

Then you look at Aus economy and its mainly selling stuf to China, which makes it even worserer.

Aus doesnt face a recession. It looks like its going to get total financial collapse - people eating dogs type fall out.

 

 

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2 minutes ago, spygirl 🏆 said:

It looks like its going to get total financial collapse - people eating dogs type fall out.

If it wasn't so serious what's coming, the above would be funny

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On 15/03/2019 at 13:13, spygirl 🏆 said:

Its worse in Aus.

In the UK, only a sub-20 *aybe sub-10%) owned >1 property.

Admiringly, those that did tended to own a lot.

AFAICT in Aus the equivalent figure is 50%.

Which is bad.

Then you look at how out of kilter AUs prices to wages are, and its even worse.

Then you look at Aus economy and its mainly selling stuf to China, which makes it even worserer.

Aus doesnt face a recession. It looks like its going to get total financial collapse - people eating dogs type fall out.

 

 

Do you really believe that?

 

Australia is made of iron ore, uranium, gold, bauxite, tin, copper etc etc etc; many of the minerals it mines and exports are in short supply.

Why on earth should it be worried about a recession? I reckon it has enough nutural resources to last it 100s if not 1000s of years.

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12 minutes ago, Mirror Mirror said:

Do you really believe that?

 

Australia is made of iron ore, uranium, gold, bauxite, tin, copper etc etc etc; many of the minerals it mines and exports are in short supply.

Why on earth should it be worried about a recession? I reckon it has enough nutural resources to last it 100s if not 1000s of years.

Not quite.

It has a lot of those minerals kicking around.

However .... they are way way away from the ports. And there are not many people to dig them.

Adnthe market for the ore was mainly China, all other demand being far far away.

They cant eat natural resources. Or, more relevant, they cant drink and water crops with ore.

 

 

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Posted (edited)

So she'll have loads of BTL interest only mortgages right? In shit holes like Taunton and Bridgwater, not exactly known for their ever increasing rents/rental demand. She's absolutely fucked, esp with Brexit and the EE's start disappearing in those two places let alone when the next recession comes along.

Quote

Emily has no further plans to purchase any properties and instead wants to focus on helping others get on the property ladder through her podcast PropertyPod.

But but but....you can't lose with houses...why would you stop? When I've had previous businesses which took off I went balls deep, when the sun is shining make hay, I didn't suddenly stop and go off and start a fucking podcast instead.

Edited by gibbon

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Posted (edited)

It would be interesting to hear how she raised and funded the mortgage at 19 just to start with and whether it was the boyfriend's job that enabled that etc.  

I would much rather hear stories about how young people went along to the bank to start up a technical/science/engineering company and now they're millionaires.  You know "white heat of technology"and "northern powerhouse" style.

I expect in the UK those are either non existent or very thin on the ground so Sun readers just have to keep putting up with the same old boring tosh stories about property .

Edited by twocents

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1 hour ago, twocents said:

It would be interesting to hear how she raised and funded the mortgage at 19 just to start with and whether it was the boyfriend's job that enabled that etc.  

I would much rather hear stories about how young people went along to the bank to start up a technical/science/engineering company and now they're millionaires.  You know "white heat of technology"and "northern powerhouse" style.

I expect in the UK those are either non existent or very thin on the ground so Sun readers just have to keep putting up with the same old boring tosh stories about property .

That's the most depressing thing about our economy over the last 30 years -- that entrepreneurship has been 'property developer', rather than technical growth company.

[The second most depressing thing is the army of very educated scientists/engineers in finance.  IMO there is a massive opportunity loss in the way FIRE has suck up the most able -- think of the advances in medicine / science / etc that haven't been made because people have been spending their time inventing ever 'better' quantitative analysis]

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Posted (edited)
5 hours ago, dgul said:

That's the most depressing thing about our economy over the last 30 years -- that entrepreneurship has been 'property developer', rather than technical growth company.

[The second most depressing thing is the army of very educated scientists/engineers in finance.  IMO there is a massive opportunity loss in the way FIRE has suck up the most able -- think of the advances in medicine / science / etc that haven't been made because people have been spending their time inventing ever 'better' quantitative analysis]

About 2 years ago the number one occupation stated for the newly self-employed was Landlord/Property Developer....how fucking mental is that?

Edited by gibbon

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9 hours ago, dgul said:

The second most depressing thing is the army of very educated scientists/engineers in finance.  IMO there is a massive opportunity loss in the way FIRE has suck up the most able -- think of the advances in medicine / science / etc that haven't been made because people have been spending their time inventing ever 'better' quantitative analysis]

Depressing so many people subsidised by the state to do expensive physics or engineering degrees who then go into finance. Seems a waste to spend life optimising moving money around for banks. At work we hypothesised this was why standard of Russian grads was much higher than the British; they didn't have finance industry capturing the top numerate graduates.

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On 10/03/2019 at 11:16, Sideysid said:

https://www.thesun.co.uk/money/8589906/30-year-old-who-built-a-1-5million-property-empire/

Yes I know it’s the Sun. But still, no mention of how S24 will effect her, any rise in interest rates or the fact that she’s over leveraged herself into massive debt.

Shes a millionaire, isn’t she clever? Well not very actually as she confesses she was never any good at maths in the article. Paper wealth that will evaporate into thin air. The last 10 years has enabled ridiculousness like this to even happen.

Assuming shes like the other 3+ IO BTL I know then its not paper wealth. Its very real debt.

Shes took a very very leveraged bet on housing.

The idiot BTL wifey knows via baby club goes 'Oh we're asset rich, youre' cash rich'

Gormless fucktard comment, tht does not tally with her position.

Shes not asset rich - the debt cancels out any equity.

She n hubby are as thick and as greedy as they come.

Mrs has not seen her since S24 fully kicked in. Shes go to be paying 30-50% of her rental income in tax now.

On her first rental he grand total of cash flow was ~100 on a rental of 1000/m and mortgage of 800/m.

Andthat was an IO BTL, on a low rate rate teaser for 2 years.

Shes had to remortgage and to 'get the best deal' shes had to pour more equity in - she needed to put another 80k or so, put on her OO.

Its fucking nuts.

If housing falls 20% - as it think it will easily - shes totally wiped out

If rates go up 2% - shes wiped out. Bear in min IO BTL is going to cost more n more even if base rates dont go up.

If a tenant leaves for a few months - she wiped out. Im noticing that rentals are hanging around for months, as the LHA has been reduced.

 

 

 

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18 hours ago, dgul said:

That's the most depressing thing about our economy over the last 30 years -- that entrepreneurship has been 'property developer', rather than technical growth company.

[The second most depressing thing is the army of very educated scientists/engineers in finance.  IMO there is a massive opportunity loss in the way FIRE has suck up the most able -- think of the advances in medicine / science / etc that haven't been made because people have been spending their time inventing ever 'better' quantitative analysis]

That was then, this is now ..

I grew up on reading about the 'City'. Then work in and around it for a bit.

My guess is that days of the City sucking in loads of people are long gone.

Before 85ish, it was pretty small in terms of employment. Big bang n all that saw employment grwo massively, then lay massive lay offs i nthe the 90s recession, then bloating again.

However by hte mid 90s you started to see the move from open outcry trading to matched bargains on a computer. Poof! 1000s of human traders - the 'barrows boy bollocks' go.

Trading is moving more and more to software.

Combine that wi th the reduction of leverage and reduction in bank size and the City will just become a niche employee.

 

 

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9 hours ago, maudit said:

Depressing so many people subsidised by the state to do expensive physics or engineering degrees who then go into finance. Seems a waste to spend life optimising moving money around for banks. At work we hypothesised this was why standard of Russian grads was much higher than the British; they didn't have finance industry capturing the top numerate graduates.

Physics degree are not hugely expensive.

Not sure about engineering.

The days of rocket scientists is pretty much over. Its a busted flush, bullshit. Stock markets and maths/physics do not mix.

Bit like the joke of economics and its 'equiliberum' Pseudo maths/science.

InRussia, if you do Maths tnen you do Maths all the time, almost to the point of not doing anything else.

 

 

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14 hours ago, gibbon said:

About 2 years ago the number one occupation stated for the newly self-employed was Landlord/Property Developer....how fucking mental is that?

Smells like a ponzi if that’s true. But it isn’t a ponzi it’s a ladder, so that cannot be true 

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13 hours ago, spygirl 🏆 said:

Physics degree are not hugely expensive.

Not sure about engineering.

The days of rocket scientists is pretty much over. Its a busted flush, bullshit. Stock markets and maths/physics do not mix.

Bit like the joke of economics and its 'equiliberum' Pseudo maths/science.

InRussia, if you do Maths tnen you do Maths all the time, almost to the point of not doing anything else.

 

 

The degrees involving labs more expensive than fully classroom based like maths, not huge difference but still partly subsidised by the govt I think.

Remember the chaos + fractals prof talking about the absurdity of some of the models and assumptions in finance and economics.

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On 13/04/2019 at 18:09, gibbon said:

About 2 years ago the number one occupation stated for the newly self-employed was Landlord/Property Developer....how fucking mental is that?

It's the UK economy. The only people who are wealthy are those who bought more than one house when they were cheap and kept on borrowing. See em all driving new discoveries range rovers no doubt on some poor tenants rent. 

The government/banking zirp ponzi has allowed this. Its a disgrace. 

The rest of the poor gits are paying thousands in rent with no chance of escape expect going balls deep with 100ks worth of debt. 

 

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To be fair, I've just crunched the numbers on her 7 houses and established they have the following levels of debt.

1) Sold so 0
2) 38K
3) 57K
4) 68K
5) 98K
6) 150K + 130K
7) 100K

Total mortgage debt £641000

If she sold up I'd tup her

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