How to become a Millionaire...

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wabbitwabbit

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OK chaps it goes like this...

Here and in the USA house prices are tumbling. If you have the 'balls' and can raise 50% deposit then very soon is the time to get over toe USA and buy up some of that property that you will be able to get very cheaply.

That is properties that are the result of foreclosures. Then rent them out, yes rent will be low t start off but then as the US economy recovers, which it will, watch your portfolio of property values go through the roof. Have to stat in the USA then get back over here and do the same here, we are about 2 years behind the storm that is hitting the USA.

My fees for the above advice is ONLY 10% of what you make :p

 

extension15

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OK chaps it goes like this...Here and in the USA house prices are tumbling. If you have the 'balls' and can raise 50% deposit then very soon is the time to get over toe USA and buy up some of that property that you will be able to get very cheaply.

That is properties that are the result of foreclosures. Then rent them out, yes rent will be low t start off but then as the US economy recovers, which it will, watch your portfolio of property values go through the roof. Have to stat in the USA then get back over here and do the same here, we are about 2 years behind the storm that is hitting the USA.

My fees for the above advice is ONLY 10% of what you make :p
Flawed I think Ray...

I have a feeling, that the credit crunch is going to be permanent..

The days of cheap loans, credit cards etc etc is never going to quite recover.

Joe Public, simply cannot keep borrowing indefinitely..

Any recovery is unlikely to be on the scale we've had previously.

(Just my thoughts)

 

Mr Sworld

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Property is always a good investment.......... in the long term!

I think that recently we've forgot that, we still expect to buy a house, refurbish it and sell it at a vast profit within a year!

I think what we'll get in the UK is a long needed correction in the market. It'll be only the poor sods who took out 100 to 125% mortgages that'll suffer as they can slip into negative equity instantly. :(

While our banks lent money out on some less than clever deals, the UK banks didn't do it to the extent of the US banks.

 

SPECIAL LOCATION

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Surley the way to become a millionare is...

A) get an electrical manufacturing business set up......

B) bomb all of the exsiting RCD manufactures.... :eek:

C) start manufacturing RCDs & RCBO's !!!!! LOL :) :D :) :D :^O:^O:^O:)

 

kme

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Then I classify as a poor sod...........

4 years ago, had offer of a 3 bed detached, 60K. Needed rewire, replumb, decorate etc.

took 115% to cover materials for upgrade.

Now owe just over 100K, current valuation 180K

Just as an aside, I`m seriously hoping to move to US within 5-10 years (permanently).

I believe ext is overstating the problem. He`s right, as the obscene amounts of lending SHOULDN`T continue; but they will.

Today - in the junk mail delivery which used to be called post - a car credit company:

"Buy one of our cars. if you`re over 21, and resident in UK, we guarantee finance!"

Oh yeah. They`re guaranteeing that you`ll pay 39.9% interest. In two years, the car is devalued to the extent where you need to trade it in, but the

 

kme

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Surley the way to become a millionare is...A) get an electrical manufacturing business set up......

B) bomb all of the exsiting RCD manufactures.... :eek:

C) start manufacturing RCDs & RCBO's !!!!! LOL :) :D :) :D :^
Sorry S.L. - was mid-rant during your post.

If we can produce RCBOs at a `reasonable` price, compared to everyone else (i.e. not being greedy on the margins), We`d be "made men", and could live the life of the Don!!!!!! :^O :^O:^O

 

welshwizard

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Sorry S.L. - was mid-rant during your post.If we can produce RCBOs at a `reasonable` price, compared to everyone else (i.e. not being greedy on the margins), We`d be "made men", and could live the life of the Don!!!!!! :^O :^O:^O
:^O

Very Good.

 
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wabbitwabbit

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The economy WILL recover that is for sure here and in the USA, it how Capitalism works. It is no different to investing in stock markets - there will always be 'losers' and 'winners'.

I agree that it is going to be a long hard slog this time and much slower than it took to recover back in 1990 and the reason for that is that back in 1990 we had high inflation and this bootstrapped the housing market very quickly so people came out of negative equity quickly. Not this time though with low inflation.

I kid you not if you have a bundle of cash, and it need not be that much, buy US properties because they will recover before us. You will see a fast return then, very quickly get back here and do the same thing. Bobs ya uncle and off ya go and retire in the Caribbean somewhere secluded and nice :D

 
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