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Gary Bartlett makes a lot of sense on BMV

PostPosted: Tue Dec 25, 2012 12:42 am
by Rich G
gary bartlett Lise Chesters, the problem with SARB is that while it's great on paper - it only works where the buyer is a nice decent person or business who operates under a respectable moral code... but that's not enough on its own as even with the ethics of a perfect human being, SARB can only work if the buyer doesn't ever run into financial problems of their own.... If both these factors can be guarenteed then SARB is a perfect solution to a real problem....

Unfortunately, as anyone with a bit of experience will tell you; the property business is full of low-life, greedy, unethical, crooked, bent, thieves and bastards who would steal the family homes of old people before putting them out on the street just a few months later, just as the likes of Rachman and Van Hoogstraten have done in the past...
Unfortunately it was SARB that gave them the opportunites to do just that.
And currently it is the Lease Option practices (and several variations on the theme) that still allow for these abuses to take place.

The law on guns isn't in place because 99% of people can't be trusted with one... it's to protect everyone from the other 1%.... The crackdown on SARB schemes comes from a similar place... but sadly I put the the 'offenders' in a minority group of far higher than 1%.....

I'm putting a few heads together to device an ethical and legal alternative but so far it only suits cash investors.... very much a work in progress

gary bartlett I bought a Northeast property buyers repossession and sold it on to an investor who gave the tenant (the previous owner) an assurance of a life tenancy - via AST rollovers of course... but the tenant cannot be truly secure as the investor may drop dead, fall ill; all manner of things could happen that might lead to the tenant losing her home.... and this tenant is one of the lucky ones because she genuinely is as secure as any of these former SARB tenants could be -excepting any lucky enough to find themselves tenants of outright investor owners with no debt of course.
Northeast property buyers = GUILTY AS HELL (sorry, a spade is a spade).... adding to an already long list including John Potts of PPP infamy, Inside Track, Andy Shaw & partners at Passive, Ajay Ahuja and his vanishing deposits (not that he's the only one playing that game) and sadly 100s of others - not least almost the entire 'land banking' market responsible for robbing 1,000s of retail investors by selling agricultural land for 30x OMV (yes, greed on the part of the buyer is key to almost all these scams and rip-offs but the naivety and gullibility of the victims plays a greater part.... as did the desparation of the SARB victims.... barely any of these deals would have withstood the scrutiny of proper due diligance but the victims have one thing in common - they didn't know what they didn't know and suffered for it....
Ok, rant over lol
On that note.... goodnight & Happy Xmas

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Tue Dec 25, 2012 7:28 am
by Jo King
There is an ethical solution and it doesn't involve Private Investors making money :shock:

The Banks need to dig deep and find their moral compass and set something up in conjunction with the Government.

When they reposess a property (if they must!) after doing all they can to avoid reposession and working with the home owner, then they should have a system in place to rent the property back to the owner at an affordable rent, giving the tenant first option to purchase the property back at exactly the same amount as was owed to the bank on the day of reposession.

It might not be the business of banks to rent property out so it may need some really lateral thinking and a willpower to do good, but after all, they managed to turn themselves into Day Traders and Insurance Salesmen when their primary business was originally Money Lending.

I'm sure they'd be better off in the long run, it's just that it doesn't fulfill the requirements to raise capital and improve their balance sheets - that's where the Government needs to do their bit to make it happen as it would save money on the Benefits system.

But this won't be popular with Investors seeking reposessions.

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Tue Dec 25, 2012 1:47 pm
by Rich G
It's popular with me. I don't want to make money out of someone elses' misery if that misery is avoidable.

I've worked in two repossessed HMOs where the banks have left the tenants in place to keep the rent coming in, thereby improving their balance sheets, for all I know they do the same thing with single tenancies sometimes? So it's not much of a stretch from there to allowing the owner occs to remain and pay rent.

The elephant in the room with SARB is that if they couldn't pay the mortgage how will they do any better at paying rent? Granted there are exceptional circumstances like illness or a lost job which can be resolved for otherwise prudent people. Or if they were imprudent but on benefits with direct payment that would work. But all too often SARB seems to have been used as a carrot to get a bigger discount on the property at the expense of an imprudent owner/ tenant who is then evicted ASAP.

Anyway I wasn't just wanting to talk about SARB, I've noticed Gary talks sense on a whole range of topics and seems very knowledgeable, deffo one of the better people on BMV in my opinion.

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Tue Dec 25, 2012 2:52 pm
by Steve Griff
the thing is some lenders were very harsh early on like NRock, I was speaking to one of my tenants the other day who was reposessed after three months of missed payments, no talking, no payment plan, bang end of, the amazing thing is two years later and NR have done nothing further, they owe about 60k more than the house sold for, but they havnt persued them for any money?
He lost his job which is what led to the missed payments and hasnt worked since and they have no other assets, but they could have stayed on and rented if given the chance and allowed to with no deposit.

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Tue Dec 25, 2012 5:46 pm
by Rich G
Good tenants Steve?

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Thu Jan 31, 2013 12:49 am
by Rich G
Sue Maxwell Smith
Richard Greenland - armchair investing comes at a price. It suits some people who lack local knowledge in their chosen area, be it geographically or strategically. Armchair HMO's would suit ME, for instance, or armchair single lets in Liverpool or Bristol, both too far from my base for me to tackle them myself.



gary bartlett
There are few places where one can get a genuine armchair investment and that's at DFS
But bear in mind your investment will lose 65% of its value in year one, level out over year two if you take care of it but will most likely be a 100% write-off by year 8 or 9



Sue Maxwell Smith
The barrier to entry is the overall cash input for the armchair scheme.



gary bartlett
Barrier to entry? haven't you heard Sue? DFS do interest free over 2 years! lol
Ok, note to self.... that's quite enough of being silly now


:lol: :lol: :lol: I like this guy!

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Fri Jan 31, 2014 9:32 pm
by Rachel
Happy Anniversary!

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Sat Feb 01, 2014 12:02 am
by Steve Griff
Rachel wrote:Happy Anniversary!


Nice to see you back posting :}

Re: Gary Bartlett makes a lot of sense on BMV

PostPosted: Sat Feb 01, 2014 1:25 am
by Rachel
Steve Griff wrote:
Rachel wrote:Happy Anniversary!


Nice to see you back posting :}


I feel lucky to still be welcome here, Steve, very nice to see you again.