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as a millenial, life ends at 18 Watch

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    (Original post by jamesthehustler)
    at 20 and already considering my first commercial property that will be turning over a couple of hundred grand a year once i have paid the five year purchase plan
    Nice
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    (Original post by TuppenceB)
    Nice
    i know as i can get a good supply of stuff from a dealer with big name jewellery, celebrity owned stuff and premium watches not to mention lots and lots of diamond encrusted pieces
    as well as the scrap stuff that comes in as well
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    So I have been dead for 4 years... Who knew.

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    (Original post by jamesthehustler)
    at 20 and already considering my first commercial property that will be turning over a couple of hundred grand a year once i have paid the five year purchase plan
    And who will be managing this property?

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    (Original post by DiddyDec)
    And who will be managing this property?

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    i'd manage in in the first few years then hire some staff and open another branch and so on and so forth until i can afford to retire (£100,000,000)
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    (Original post by jamesthehustler)
    i'd manage in in the first few years then hire some staff and open another branch and so on and so forth until i can afford to retire (£100,000,000)
    You have got your work cut out, managing commercial property is harder than it looks.

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    (Original post by Reue)
    None of that suggests any of your initial post to be correct.

    Anyone earning even minimum wage working full time can afford to buy a house in the UK.
    Are you high? Minimum wage is £6.30 an hour, thats like £250 befoe tax a week (37.5 hours). Works out about £12500 a year after tax.

    Typical mortgage providers allow a maximum of 4.5x the highest earners annual salary. If the highest earner is on minimum wage they could afford a maximum of £60000 for a house before saving for a deposit (If youre on minimum wage how do you save for a deposit)
    Which may get you a one bed flat if youre lucky in most areas. You could argue "go where you can afford then" but minimum wage jobs are required all over the country, not just where they can afford to live.
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    (Original post by Dallen)
    Are you high? Minimum wage is £6.30 an hour,
    It's not.

    (Original post by Dallen)
    thats like £250 befoe tax a week (37.5 hours). Works out about £12500 a year after tax.
    Less. £10,062 for someone 18-20


    (Original post by Dallen)
    Typical mortgage providers allow a maximum of 4.5x the highest earners annual salary. If the highest earner is on minimum wage they could afford a maximum of £60000 for a house before saving for a deposit (If youre on minimum wage how do you save for a deposit)
    Why are they buying a house on a single salary? Should be buying as a couple, whether that be in a relationship or as friends/family.

    Taking 2x £10k earners will give a mortgage of ~£80k.

    (Original post by Dallen)
    Which may get you a one bed flat if youre lucky in most areas. You could argue "go where you can afford then" but minimum wage jobs are required all over the country, not just where they can afford to live.
    Indeed. Minimum wage jobs are required all over the country... so move to somewhere which cheaper housing and get a minimum wage job there instead.
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    (Original post by DiddyDec)
    You have got your work cut out, managing commercial property is harder than it looks.

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    i only have to for five year than it who ever i pay to's problem
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    (Original post by jamesthehustler)
    i only have to for five year than it who ever i pay to's problem
    You make it sound so simple. I am one those people who is a paid to manage properties. It is still your problem as long as you own it.

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    (Original post by Reue)
    It's not.

    Indeed. Minimum wage jobs are required all over the country... so move to somewhere which cheaper housing and get a minimum wage job there instead.
    herp derp, who will make all the tea and coffee in the london cafes that everyone loves to frequent under that analogy. Supply and demand doesnt work when you move everyone into one area.
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    (Original post by Dallen)
    herp derp, who will make all the tea and coffee in the london cafes that everyone loves to frequent under that analogy. Supply and demand doesnt work when you move everyone into one area.
    Those willing to live 20 to a room I'd guess.

    But we've gone off topic and you're trying to lead me into a different discussion. My response was:

    Anyone earning even minimum wage working full time can afford to buy a house in the UK.

    I was very clear to not specify a particular area of the UK. House prices in London and certain other pockets remain out of reach of those on minimum (and indeed far higher) wages, but that does not detract from my point that there are plenty of alternatives which offer both affordable housing and minimum wage jobs to move to if you so wished.
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    So, you read an article, and decide to give up on life? People like you deserve to like in dustbins with that attitude
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    (Original post by Reue)
    Those willing to live 20 to a room I'd guess.

    But we've gone off topic and you're trying to lead me into a different discussion. My response was:

    Anyone earning even minimum wage working full time can afford to buy a house in the UK.

    I was very clear to not specify a particular area of the UK. House prices in London and certain other pockets remain out of reach of those on minimum (and indeed far higher) wages, but that does not detract from my point that there are plenty of alternatives which offer both affordable housing and minimum wage jobs to move to if you so wished.
    Also i ran the numbers through a mortgage calculator of a couple earning £12500 each WITH NO outgoings, no bills at all and it came as £87000. This is the absolute maximum based purely on salary and not outgoings (which you must provide to a mortgage provider), the majority of the country this is not affordable nor realistic, especially where I live in sussex, the affordable housing is £150000-£200000.

    Regardless of location £87000 is still far below the normal house price, the supply of houses given that new builds have not met government targets over the 5 years is simply not enough. Affordable housing that is produced isnt even aimed at this price.
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    (Original post by Dallen)
    Also i ran the numbers through a mortgage calculator of a couple earning £12500 each WITH NO outgoings, no bills at all and it came as £87000. This is the absolute maximum based purely on salary and not outgoings (which you must provide to a mortgage provider)
    £7k more than I had estimated in my original response to you. Generous


    (Original post by Dallen)
    the majority of the country this is not affordable nor realistic, especially where I live in sussex, the affordable housing is £150000-£200000.
    Sussex hardly represents the majority of the country, especially with regards to house price!


    (Original post by Dallen)
    Regardless of location £87000 is still far below the normal house price
    Considering how house prices are so completely linked to location, I don't see that you can disregard the location at all.


    (Original post by Dallen)
    There are plenty of alternatives, but it isnt an ideal scenario. You make it seem like nothing needs to change.
    Please don't put words into my mouth. I've probably done more than any other member on this forum with regards to pushing developers and local government to provide more affordable housing. Only 2 weeks ago I was in a meeting with a developer arguing over their affordable housing allocation and calculations of requirements.
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    (Original post by DiddyDec)
    You make it sound so simple. I am one those people who is a paid to manage properties. It is still your problem as long as you own it.

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    ok but it's mostly just pouring money in and that's easy if you're making a couple of grand a day
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    (Original post by Reue)
    None of that suggests any of your initial post to be correct.

    Anyone earning even minimum wage working full time can afford to buy a house in the UK.
    lolwut Where on earth would they even realistically be able to get a mortgage? I'd like to know which bank.
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    (Original post by jamesthehustler)
    ok but it's mostly just pouring money in and that's easy if you're making a couple of grand a day
    It isn't that simple, you will need to instruct solicitors and negotiate leases among other things.

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    (Original post by lotusbloom)
    lolwut Where on earth would they even realistically be able to get a mortgage? I'd like to know which bank.
    I just whacked 2x £10k salaries for a joint mortgage in the Barclay's calculator. It said they'd lend £80k.

    Obviously there will be affordability checks but we've no way of knowing an individual bank's requirements for those as it really does depend on the circumstances.
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    (Original post by DiddyDec)
    It isn't that simple, you will need to instruct solicitors and negotiate leases among other things.

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    i'd get a soliciter on my payroll and leases i was told don't apply once you own a site by my old boss
 
 
 
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