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Since the property market started sagging like your Nan’s tits I’ve received an influx of emails from smug individuals, many of whom are presumably trolling, but also genuinely gloating about the unfortunate situation I must be in.
While I appreciate everyone’s concern, it’s a little alarming that so many are quick to rejoice over the idea of other people failing. Surely this says more about their mental health than the health of my property portfolio?
But what’s more alarming is that other people know my finances better than I do!
A couple of days ago I received an email from a chap that was attempting to convince me that it’s “financial suicide to attempt to make money in property“,so presumably he’s accusing me (and every other property investor) of making a loss.
If that’s the case, it’s a pretty ballsy statement from someone that literally has no clue about my personal circumstances. Granted, I think that it’s considerably tougher to make cash in this current economic climate, but you got to be some kind of dip-shit to presume everyone with skin in the game is making a loss, right?
Thanks for the encouragement John…
Here’s the core of his comments:
your an idiot.
As Joe Kennedy famously said “When the Shoe shine boy is giving you stock tips, sell!” Similar situation with yourself.
Good blog though. Gave me much amusement, especially now. It will allow young educated people such as myself who deserve a home to do so, rather than morons like yourself getting involved in a business you know nothing about.
I own a property myself outright, so have little to worry about.
If you are in a steady, highly paid job, im sure interest rate hikes wont bother you too much but in a bear market like we are in now, its financial suicide to attempt to make money in property.
50 billion injection to the financial market & .5% knocked off interest rates still led to a 5.25% fall in the FTSE today. The rate of decline in property prices has not even begun to flatten yet (look at the stats). Do you not think that, perhaps your days are numbered?
I will refer you to a graph which has been repeated through-out history, from the Dutch poppies of the 16th century to the Great Depression in the 20th, and everything in between.
Link to Lifecycle of a Bubble on housepricecrash.co.uk
From reading your blog, it would be safe to say you got in on the boom in the “delusional” stage.
john
I initially laughed because, “your an idiot.” was shortly followed by “It will allow young educated people such as myself”
Ahhhhh, self-proclaimed intelligence (from someone that’s clearly a spanner). That’s not hideous or cringy at all.
Anyways, he linked me to some junk on the HousePriceCrash.co.uk website (I didn’t concern myself with clicking on the link). The fact he used an article on HPC as a point of reference was very telling. As I’ve touched on previously, the HousePriceCrash.co.uk community is largely formed by fanatical lunatics, all eagerly waiting for a property crash like they’re waiting to witness the resurrection of Christ. Bunch of dummies.
Having a rational conversion with this character was unlikely, but alas, I made one small attempt knowing it was almost certainly going to be a waste of precious time.
I tried to explain to him that despite the downturn, I’m still turning a profit from being a Landlord, and I’m hopeful that any incurred losses in equity will eventually recover (as it always has done so far). Needless to say, my words landed on deaf and stupid ears.
Predictably, the lunatic knows my finances better than I do. The conversation essentially went as follows:
Me: I invest in property.
Stranger: You must be losing money.
Me: No, I’m not.
Stranger: Yes, you are. I know you are.
Me: Ok.
There’s no point arguing with that logic.
So let’s move on.
I noticed that John initially said, “It will allow young educated people such as myself who deserve a home to do so“
But then went onto saying “I own a property myself outright, so have little to worry about.“
Does that sound contradictory to anyone else? Does my mate John own a property or not?
Answers on a postcard, please!
Right, so let’s discuss Ron…
Ron kindly sent me the following email:
Hi,
I’ve been reading through your site and I’m sitting here laughing to myself because all your efforts will be pointless when the property crash comes and cleans you out. Doesn’t that bother you the fact you will have nothing left and the fact you are giving people false hope? Don’t you feel guilty for encouraging other innocent people from going bankrupt like you?
Ron
Fuck you, Ron, you blubbering little shit-bag.
Only joking. Now, seriously…
What’s with the people that want others to fail, anyways?
I genuinely don’t really know what John’s or Ron’s (or people with a similar mindset) actual problem is, because I’ve never been able to relate with people that want others to fail. I find it baffling.
I have no problem with people wanting the property market to slow down so more people can jump aboard the bandwagon. But the problem is there is a breed of degenerates that enjoy the idea of a declining property market because it will result in losses for those people that want to prosper through property. These people are not necessarily enjoying the property slowdown in itself, but rather the failure of others.
In any case, I just want to make it clear that just because the market is in decline, it doesn’t mean that everyone is losing out, and it certainly doesn’t mean that making money in property is ruled out.
One of the greatest investors of our time, Warren Buffett, famously said:
Be fearful when others are greedy, and greedy when others are fearful.
John’s sage insight versus Warren Buffett’s. That’s a toughie!
BTW, I’m not really advising anyone to be greedy, I’m just saying there are always opportunities.
As I touched on earlier, I do believe that back in the day (early 2000’s), any old fool could turn a profit from property (at least, it was easier), when the property market was going through an almighty boom. Perhaps that’s what John was inelegantly alluding to.
And yes, a lot of fools are still profiting because they purchased at the right time (maybe I’m one of them?). But who cares? Good for them/us. Why the hate?
Personally, I’m in a good position, whether that’s down to skill or good fortune is up for debate. I still know of many landlords snapping up bargains, and I certainly wouldn’t discourage the notion despite the plummeting market. I’m in this property game for the long-term, so it’s not like I was anticipating a few crashes and booms during my stay.
I really don’t think there’s an “unprofitable” time to invest in property, it’s just a case of buying the right property and selling at the right time. But that’s a different topic for another blog post. To be precise, my BTL property buying guide and my eBook for new landlords (free PDF download).
So now that’s all cleared up, perhaps the doom and gloomers can get off my tits.
Of course, I won’t hold my breath.
Right, I’ve had my little cry up.
So, how are you doing?
Disclaimer: I'm just a landlord blogger; I'm 100% not qualified to give legal or financial advice. I'm a doofus. Any information I share is my unqualified opinion, and should never be construed as professional legal or financial advice. You should definitely get advice from a qualified professional for any legal or financial matters. For more information, please read my full disclaimer.
It's great, always that find people who are quick to point out where investors have gone wrong - sitting in their bedroom of their parents house, bunkbed still there despite their younger sibling having left years previous, with LFC 1991 squad picture and 5 Star posters - who are THE least qualified to offer an opinion on the current market.
My own view - there will be no property crash, a correction probably but check out economic fundamentals and yes, look at property investment with a mid to long term view!
Keep up the good work with the site!