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Where does their money come from?

JonnyTwoToes Avatar
banned6y, 8m agoPosted 6 years, 8 months ago
So I was watching 'Houses under the Hammer' (or something like that) this morning (which is a treat as I'm crying my soul out at work), and even got a little bit of the Jeremy Kyle in, ANYWAY.... I was watching this program and this guy came on who bought a house in auction (I'm guessing he was about 35/40 as he had hair on his chin) for £380k. He then spent a silly amount on it (not divulged) and was told at the end that the combined value was about £1.4M (million)

Now I think that's great, don't get me wrong, but how do these people get such an amount of cash? I've watched other programs like 'Grand Designs', 'Houses for Scousers' and 'A Home with a Tormented Patio' (not sure if I really watched the last two) and there seems to be along line of people in their middle 30's with oodles of cash....

... which is great but where are they getting their money from? 'Oh, we bought it for £200k and have spent £1.7 trillion on it and now it's worth the same as Cuba'.

I work hard. I work 10/12 hour days in my own business and I've guesstimate that I will be 245 and a half before I can say or do anything like what these people do (and say).

Do they live somewhere I don't know about? Does living north of London make you THIS out of touch?

I think it's great by the way..... honest.
JonnyTwoToes Avatar
banned6y, 8m agoPosted 6 years, 8 months ago
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#1
Inheritance, good job, loans, remortgaging etc etc.
#2
possibly inherited-once you get to 35/40 relatives have a habit of popping off.
#3
Anyone who jumped on the property market in the last 30 years could make silly money.
#4
g1bbuk
Anyone who jumped on the property market in the last 30 years could make silly money.


They could also lose silly money.
Pretty basic statement to make.
#5
There could be millions of reasons! Inheritence, their job, loans?! For instance, my Mum bought a house for £600k but wanted her parents to live with her but in their own bit of the house... They sold their house, she spent another £200k on it and now it's worth 1.1mil. It all depends what you do to the house! If you do it up horrendously, it's not going to gain any value! It also depends on other factors like where the house is etc!
Maybe they won the lottery :p
banned#6
barky
possibly inherited-once you get to 35/40 relatives have a habit of popping off.


That's what I'm hoping for.

Sorry, not hoping, ...... dreading. Yes, dreading. :oops:
#7
g1bbuk
Anyone who jumped on the property market in the last 30 years could make silly money.


^^yup^^

Loads of ordinary people who twigged that whenever they moved house it was always worth more when they sold it than when they had bought it, and decided they could make money out of it.

Wish I had thought of it...............
#8
Though they are in the vast minority, there are plenty of young (relatively speaking) high earners out there, both in established jobs and from the self made business realm.

To give one example, a good barrister practicing in certain areas of law (i.e. commercial/chancery/civil work rather than crime/family) would certainly stand a decent chance of having that amount of money to spend by that age.
banned#9
deek72
^^yup^^

Loads of ordinary people who twigged that whenever they moved house it was always worth more when they sold it than when they had bought it, and decided they could make money out of it.

Wish I had thought of it...............


But that doesn't answer the question. I bought my first house 14 years ago. I haven't got £380k to spend on a house now.

Is it a regional thing.
#10
thesaint
They could also lose silly money.
Pretty basic statement to make.


How?
Pretty basic statement to make:?
#11
JonnyTwoToes


Is it a regional thing.


Of course. Some places in the North are ridiculously cheap, 50k ish... but won't go up in value much in a decade. London, however, you can buy somewhere and make a profit on it very quickly. My Dad's house went up by £150k without doing anything to it in 4 years because it was in a very "up and coming" part of London. It's all about where you are and buying then selling at the right time! And not painting all the walls black :p
banned#12
baffledsalmon
Of course. Some places in the North are ridiculously cheap, 50k ish... but won't go up in value much in a decade. London, however, you can buy somewhere and make a profit on it very quickly. My Dad's house went up by £150k without doing anything to it in 4 years because it was in a very "up and coming" part of London. It's all about where you are and buying then selling at the right time! And not painting all the walls black :p


But I don't want to talk cockney. There must be a better way. There must!
#13
JonnyTwoToes
But I don't want to talk cockney. There must be a better way. There must!


You can often make a lot from buying to rent out?
#14
Property a certain thing? Simon Halabi worth £3.4 billion 10 years ago...yesterday, declared bankrupt, whereabouts unknown
banned#15
baffledsalmon
You can often make a lot from buying to rent out?


I already do. I got a flat in the city centre that I rent out. I got a house I live in in the sticks. I still got no £380k.

I don't want to move to London. I really don't. Really.
banned#16
mimosasttropez
Property a certain thing? Simon Halabi worth £3.4 billion 10 years ago...yesterday, declared bankrupt, whereabouts unknown


Gee. I'm annoyed if I lose a fiver. How the hell can you lose Billions? Some people don't know when to stop!
banned#17
Agreed.

waiting to hear back from jobs in london, so may be moving there later this year!
#18
JonnyTwoToes
That's what I'm hoping for.

Sorry, not hoping, ...... dreading. Yes, dreading. :oops:


I think the inheritance is FAR more common than most people would imagine-we are the first generation of spendaholics(gadgetry etc)-previous generations were savers by nature,so when you have someones great grandfather leaving all his assets to the grandfather,who then leaves this plus his lifetimes accrued assets to his son who then leaves that to todays 30-50 year old children you may be astonished by the number of "ordinary" people who are inheriting 500k upwards on a daily basis.

I suspect many of these are treating it as a lottery win rather than an investment opportunity because times have changed but it is by no means a rarity for such inheritances.
banned#19
barky
I think the inheritance is FAR more common than most people would imagine-we are the first generation of spendaholics(gadgetry etc)-previous generations were savers by nature,so when you have someones great grandfather leaving all his assets to the grandfather,who then leaves this plus his lifetimes accrued assets to his son who then leaves that to todays 30-50 year old children you may be astonished by the number of "ordinary" people who are inheriting 500k upwards on a daily basis.

I suspect many of these are treating it as a lottery win rather than an investment opportunity because times have changed but it is by no means a rarity for such inheritances.


I think that makes perfect sense.
Must go and visit the folks at some point over the weekend.


Mwahahahah! :whistling:
banned#20
IMO.

The ability to do things, retire early etc A LOT depends on when your family/parents die.


Take this in the why intended, it is all fro my own view, I understand there are anomalies to this..
banned#21
Hamm
IMO.

The ability to do things, retire early etc A LOT depends on when your family/parents die.


Take this in the why intended, it is all fro my own view, I understand there are anomalies to this..


It's mad though isn't it?
Take it as fact that we only get one chance here (no ghosties or coming back as your neighbours cat) then a lot has to do with how much cash your older relatives have, and how nice you can possibly be to them to make sure you get your fair share.
#22
baffledsalmon;8270177
There could be millions of reasons! Inheritence, their job, loans?! For instance, my Mum bought a house for £600k but wanted her parents to live with her but in their own bit of the house... They sold their house, she spent another £200k on it and now it's worth 1.1mil. It all depends what you do to the house! If you do it up horrendously, it's not going to gain any value! It also depends on other factors like where the house is etc! Maybe they won the lottery :p


A house is ONLY worth what people are prepared to pay for it. My house is not worth anything today because I am not selling it. That is exactly how many people got into deep do do....assuming and making purchases based on their valuation.

Works for some people though, there are always people who will spend far more than it is worth because buying a house is not just a business deal. Whether we like it or not, there are emotional factors too.
#23
thesaint
They could also lose silly money.
Pretty basic statement to make.


Sorry, I'll make it less basic for you...
If you take the last 40 years as an example, there have probably been 3 maybe 4 years that property prices have gone down (despite the daily Mail/Express headlines every other day!).
That leaves 36 years where house prices have increased WELL above inflation. So people that had not listened to the eternal warnings of price crashes & took advantage of the 'self cert' mortgages could build themselves a nice little portfolio of properties. Some of my friends regularly paid off estate agents to get prime properties that needed a bit of work on them, did them up & rented them out.
Even the 'massive' price crash of the last 18 months hasnt really amounted to much in the scheme of things. The only difference between the people that have made lots of money & those that didn't in property is those that took the risks & those that didn't...
#24
Property developers are the scum
of the earth. I assume the only way they can sleep at night is on the bed of cash that they take from The people that the fleece.
Rot in hell sarah beeney.!!!!
#25
skusey
How?
Pretty basic statement to make:?


Not everyone who purchased property in the last 30 years are sunning their nutz on a beach in the Caribbean. Serious.

g1bbuk
Sorry, I'll make it less basic for you...
If you take the last 40 years as an example, there have probably been 3 maybe 4 years that property prices have gone down (despite the daily Mail/Express headlines every other day!).
That leaves 36 years where house prices have increased WELL above inflation. So people that had not listened to the eternal warnings of price crashes & took advantage of the 'self cert' mortgages could build themselves a nice little portfolio of properties. Some of my friends regularly paid off estate agents to get prime properties that needed a bit of work on them, did them up & rented them out.
Even the 'massive' price crash of the last 18 months hasnt really amounted to much in the scheme of things. The only difference between the people that have made lots of money & those that didn't in property is those that took the risks & those that didn't...


So the only people that didn't make money are the ones that didn't take risks. Okay.

lufc_ginge
Property developers are the scum
of the earth. I assume the only way they can sleep at night is on the bed of cash that they take from The people that the fleece.
Rot in hell sarah beeney.!!!!


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