A friend in financial pickle

MrVix

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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?
Depends what you call proper money i could have lived off rental income alone since the early 90s but apart from the cars i live extremely modestly. I am getting to a point now where i am starting to get very tired and i am finding it difficult to keep the pace up. For that reason i am in the process of selling the properties in the nw and reinvesting in 1 and 2 bed freehold properties in the southeast which i can manage more easily. The yields are almost halved in some cases but it will make life alot easier for me and i can then focus on the occasional project and spend more time with a much neglected Gf and the dog!!
 

developer

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Depends what you call proper money i could have lived off rental income alone since the early 90s but apart from the cars i live extremely modestly. I am getting to a point now where i am starting to get very tired and i am finding it difficult to keep the pace up. For that reason i am in the process of selling the properties in the nw and reinvesting in 1 and 2 bed freehold properties in the southeast which i can manage more easily. The yields are almost halved in some cases but it will make life alot easier for me and i can then focus on the occasional project and spend more time with a much neglected Gf and the dog!!
Thanks for sharing.

Surely at 20 from 22 bought outright, and if you're very tired you can afford to sell the NW ones and do nothing, sitting on the cash from them, or using it to clear the 2 mortgaged ones.

Living extremely modestly on the remainder of now fully paid properties sounds ideal.
 

MrVix

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Thanks for sharing.

Surely at 20 from 22 bought outright, and if you're very tired you can afford to sell the NW ones and do nothing, sitting on the cash from them, or using it to clear the 2 mortgaged ones.

Living extremely modestly on the remainder of now fully paid properties sounds ideal.
I am going to take a sizeable tax hit when i get out of the property in the nw, i could just cash in but i just feel more comfortable actually owning property. I am sure if i was a financial whizz i could invest in other areas but i feel more comfortable relying on my own basic knowledge and instincts. The mortgages on the 2 properties are very small so that isnt an issue, i don't want to retire but this route should give me the option of enjoying life a bit more but i will continue to do some local projects as i would miss the banter with the boys and the buzz. Time will tell.
 

baxlin

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The mortgages on the 2 properties are very small so that isnt an issue
I know it's nice not to owe, but with interest rates being so low, and Tax relief at highest marginal rate being available on interest charged, having some mortgages may not be a bad idea.

In this way you have your own money in your pocket, and someone else's money in your business, for tax purposes.


But see my sig......
 

redbaron

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not many seem to be concerned about the plight of the people in the original post
Finally something we can agree on.

I am concerned about me. Not anyone else.

I think you will find this is how the world works. There are some very rich people who choose to be concerned about others- they can afford to be concerned.

There is often a common factor in the woe's of other type of tale.... usually someone pushing a career / business idea that isnt working. If you are not earning enough to sustain your life style change something. It isnt difficult to earn money. It isnt difficult to get by. Far too many people wallow in self pity for far to long then seem surprised by the outcome.
 

markjay

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I find that people who are concerned mainly about themselves often find it impossible to accept that others are not all like them.

There is nothing wrong about being concerned about yourself - and yes, many wealthy people are like that - but people who are mindful of others do exist, and in droves.

Before you say that I am bragging about being a Good Samaritan... I am not. I am referring to the fact that my wife has a husband and my children have a father today thanks to an astonishing act of selfless kindness by a person who does not know me and who chose to remain anonymous. Words can't describe the feeling.
 

Dieselman

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I am referring to the fact that my wife has a husband and my children have a father today thanks to an astonishing act of selfless kindness by a person who does not know me and who chose to remain anonymous. Words can't describe the feeling.
Are you sure it wasn't like the Monty python sketch?
 

redbaron

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I find that people who are concerned mainly about themselves often find it impossible to accept that others are not all like them.

There is nothing wrong about being concerned about yourself - and yes, many wealthy people are like that - but people who are mindful of others do exist, and in droves.

Before you say that I am bragging about being a Good Samaritan... I am not. I am referring to the fact that my wife has a husband and my children have a father today thanks to an astonishing act of selfless kindness by a person who does not know me and who chose to remain anonymous. Words can't describe the feeling.
Yes, Jimmy Savile, Stuart Hall and many others did huge amounts for charity... there motives were acts of selfless kindness also?

I love your assumption that lack of desire to support those less willing to earn for themselves financially is some sort or club.
 

markjay

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Yes, Jimmy Savile, Stuart Hall and many others did huge amounts for charity... there motives were acts of selfless kindness also?

I love your assumption that lack of desire to support those less willing to earn for themselves financially is some sort or club.

Both your comments above are unrelated to my post which you quoted.

No need to go very far... I am not referring to the Rich and Famous, nor to the High Mighty. I was not talking about material wealth, or charities and tax breaks, or anything like that.

Look closer, near home... anyone who carries an organ donor card, or takes 30 minutes to give blood every few months, of volunteers as an NHS paramedic... there's a whole universe out there of good people who do not judge everything through financial motivation. They're just simple folks.

Indeed, people who are motivated by selfish financial pursuits do exist, and in rather large numbers I am afraid. However I do hope - for your own sake - that your personal universe is not made-up just from those greedy types you describe.
 

Scott_F

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Both your comments above are unrelated to my post which you quoted.

No need to go very far... I am not referring to the Rich and Famous, nor to the High Mighty. I was not talking about material wealth, or charities and tax breaks, or anything like that.

Look closer, near home... anyone who carries an organ donor card, or takes 30 minutes to give blood every few months, of volunteers as an NHS paramedic... there's a whole universe out there of good people who do not judge everything through financial motivation. They're just simple folks.

Indeed, people who are motivated by selfish financial pursuits do exist, and in rather large numbers I am afraid. However I do hope - for your own sake - that your personal universe is not made-up just from those greedy types you describe.
Your reasoning and argument is wasted on him.
 

redbaron

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Your reasoning and argument is wasted on him.
A little bit like air and you really...

However as he has changed the thread from being about money to alternate ways of assisting.... Then i do need to clarify: I carry a donor card. I raise money for charity. However i have no time for benefit scroungers/chuggers/unions.
 

Mike Walker

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Isn't it wonderful how the OP's request for help ends in a slanging match between forum members. Thank goodness it is sunny and the Welsh Lions defeated the Aussies. Bring on The Ashes!
 

Meldrew2

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Isn't it wonderful how the OP's request for help ends in a slanging match between forum members. Thank goodness it is sunny and the Welsh Lions defeated the Aussies. Bring on The Ashes!
It's a real shame that an appeal for advice has been misinterpreted by some as scrounging. From my understanding of the original post, the op was asking for advice about how his friend could help himself, and what safety net exists in the event that all attempts fail.

I applaud all those who help others, be it with money, by giving their time as volunteers or just by helping a freind or neighbour. Sometimes they are ones who received support from others at some other stage of their lives, and they are "passing it on"

Those selfish ones who take an attitude of "Im all right jack" may not remain all right forever and might need someone's help in the future. Maybe then they might change their own attitudes.
 

redbaron

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Those selfish ones who take an attitude of "Im all right jack" may not remain all right forever and might need someone's help in the future. Maybe then they might change their own attitudes.
Or maybe they have already been in that situation and thus already know they best person to help you is yourself. No substitute for gumption and hard work.
 

Dieselman

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Or maybe they have already been in that situation and thus already know they best person to help you is yourself. No substitute for gumption and hard work.
At 62, the O/p's friend might be finding the hard work aspect a bit of a challenge.

Do you have anything constructive to say?
 

redbaron

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At 62, the O/p's friend might be finding the hard work aspect a bit of a challenge.

Do you have anything constructive to say?

My father successfully decided retirement wasn't for him, found a new job aged 60... 7 years in he hasn't looked back - his biggest problem is the tax man seems keen to take a hefty chunk due to his existing pension. Age need not be a barrier... makes a good crutch / excuse though....
 

Dieselman

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Is your Father a carpenter, or other manual worker in a low paid and low employment area?
 

markjay

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From what I understand, the OP was not asking about debt advice per we, and he suggested that the immediate debt issue has been resolved by him anyway.

I think the OP in concerned about the lack of income for the aging carpenter and his wife, and wanted to know what form of state benefits and/or housing support may be available to them going forward.

I don't know the answer, however I would say that it is sad to see hards working people toward the ends of their lives in real need and struggling to find-out what assistance if any they may be entitled to, while elsewhere some perfectly fit and healthy young men and women who never worked a day in their lives can recite the entire benefits system rules and regulations backwards in their their sleep.
 

Dieselman

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He left school at 14, with no proper qualifications. In the north of England. Son of a bankrupt plumber.
Nice info, but it didn't answer the question. What does he do and what are his skills? Is he a manual worker?
 

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