A friend in financial pickle

MCFastybloke

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Ihave worked 20 hrs a day ,7 days a week in my time---and later ,rarely less than 60 hrs,,and never earned more than £8500
Net Profit?
 

Dieselman

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Of course I,m sure---perhaps you havent noted my age
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.
 

johnkyte

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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;)
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
 

meoldbangar

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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
 

Dieselman

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

Gucci

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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.
 

MrVix

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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
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.
 

CCAALLVVIINN

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

IanA2

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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.
 

Dieselman

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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.
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.
 

MrVix

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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.
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.
 

developer

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22 houses could be 22 liabilities though!
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.
 

MrVix

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

Dieselman

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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.
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.
 

MrVix

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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.
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.
 

Dieselman

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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,
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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