A friend in financial pickle

Discussion in 'OT (OFF Topic) Forums' started by Gucci, May 8, 2013.

  1. MCFastybloke

    MCFastybloke Hardcore MB Enthusiast

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    Net Profit?
     
  2. Dieselman

    Dieselman Banned

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    Where, and why, would I find, or be bothered about that?

    Perhaps when Noah was building the Ark, £8500 was a good income. You have introduced too many unknown variables into your conversation.
     
  3. MrVix

    MrVix Hardcore MB Enthusiast

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    And he runs a Merc dieselman!! All sounds very odd to me, he either lives in it or can't count;)
     
  4. MOCAŠ

    MOCAŠ MB Club Veteran

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    Don't think all this sniping is really helping the OP in his search for sound advice. :(
     
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  5. johnkyte

    johnkyte Member

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    What a load of prats on here---Yes I run and old merc ,on my £180 per week ,,,why shouldn,t I?? It only cost me£800 ,,cheaper than many small cars

    No,, I dont live in it ,, but do own my own house,,,I bet many posers on here dont

    And yes ,,not many seem to be concerned about the plight of the people in the original post
     
  6. balge

    balge Hardcore MB Enthusiast

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  7. meoldbangar

    meoldbangar Active Member

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    My Experience of selling a Caravan

    I bought a caravan from the Site owner. Found out after the previous owner could,t afford the repayments so sold it back to the site owner.
    Cost when New £23,000
    I bought it £12,000 and it was 6months old
    After 2 years ans was fed up of the site, I moved it to another site in Wales
    Cost of moving
    transport £400
    Fees for new site £2000
    After 3month got fed up of Caravans
    The site owner offered me £5000
    I took it to get away
    This all happened 8 years ago
    They class it as a "Leisure Depreciation" and not
    an "Investment Depreciation"
    Lesson learnt for me
     
  8. Dieselman

    Dieselman Banned

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    That's going to be difficult because they are in a difficult situation.
    Low income, no savings, virtually no capital in their residence and tied to rented land.

    I would say that along the way, over many years, there have been some financial mistakes made because it was seen as easier at the time.

    My advice is to get a local, regular job.
     
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  9. OP
    OP
    Gucci

    Gucci Hardcore MB Enthusiast

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    Absolutely right on both counts Dieselman. He's made some financial errors in the past which have come back to haunt. He's applied for local jobs, but they are VERY scarce. I've advised selling the (static) caravan which is freehold by the way (thank goodness) and moving out of the area. He can't get the work around him, so a financial time bomb.
     
  10. MrVix

    MrVix Hardcore MB Enthusiast

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    At the last count this Prat owned 22 houses, thanks for your financial advice though. With reference the op problem, the best route out of financial problems is to work every hour that god sends, this is what i have done for the last 31 years.
     
  11. CCAALLVVIINN

    CCAALLVVIINN Hardcore MB Enthusiast

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    There's no need for that, why are you boasting about your financial wealth to someone who is obviously nowhere near your position.
     
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  12. IanA2

    IanA2 Hardcore MB Enthusiast

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    I recall someone once saying to me that I had a lot of rich friends. My response was that all my friends were rich, and that some of them had money.
     
  13. DrFeelgood

    DrFeelgood MB Club Veteran

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    22 houses could be 22 liabilities though!
     
  14. Dieselman

    Dieselman Banned

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    It's probably rude to ask, but does this person smoke?

    The reason I ask is that I've seen a trend among smokers to not think about future wealth or having any hardship, in favour of another pack of fags. It's an expensive habit for the less well off.
     
  15. MrVix

    MrVix Hardcore MB Enthusiast

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    If you read the previous posts you might get the drift. This guy seems to think that people should not have money even if they have grafted for it. Money has never impressed me but i hate rude and bitter old men which is how this guy comes over.
     
  16. developer

    developer MB Club Veteran

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    Very true - the phrase "owns" means different things to different people.

    I recall the guy on one of these property crash programmes who had £4m worth of property until it went wrong and he was left with £160K. The other £3.84m belonged to the bank.
     
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  17. MrVix

    MrVix Hardcore MB Enthusiast

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    Very true the 'buy to let' brigade can be playing a very dangerous game fortunately i own all my properties bar 2 outright.
     
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  18. Dieselman

    Dieselman Banned

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    Did you buy them outright initially, or is that time has allowed the debt to be paid off.
    Is being a landlord working out?
    Should give a healthy income as long as you don't have too many voids.
     
  19. MrVix

    MrVix Hardcore MB Enthusiast

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    A bit of both dieselman. I have had mortgages on properties in the past but i have always ploughed any profits back into property and then rented. I started with smaller properties in the north west many of which i still own and then concentrated on larger developments in the south east. Once you get a few owned properties rented the income soon builds up. I left school at 16 and started in the building trade and went from their. I have never had expensive tastes apart from my cars and still live in a modest property myself . I am sorry if my previous posts came over as arrogant but it annoys me intensly when some people think those with 'money' don't deserve it, some don't but many do.
     
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  20. Dieselman

    Dieselman Banned

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    It didn't to me. I admire self made people as long as they still respect others.

    How long was it before the properties started to make proper money and are the profits still good in rental?
     

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