The Five Pillars of Success ... PDF Print E-mail

  1. See (really see) what's possible
  2. Know specifically what you want to achieve
  3. Make good choices
  4. Understand the tactics to get things done and to change minds
  5. Earn the trust and respect of the people around you
 
Maintaining a tenancy agreement ... PDF Print E-mail

Hi 4 Walls,

I got the following email from my tenants:

> Hi Rob,
>
> Thank you for your email.
>
> Regarding the new contract, Alison is looking to buy a property this year
> and is therefore a bit reluctant to sign up to a new contract.
>
> The ideal solution for us, would be to have some kind of ongoing contract
> but with a two month notice period on both sides.
>
> If this is acceptable then let me know, otherwise we can always discuss the
> matter when you come over.
>
> Regards,

My question is: what sort of contract should I use?

Thank you for your help.

Rob Lamb

 
How do valuers value property in the current market conditions ... PDF Print E-mail

This interesting subject is addressed in some depth in an article in Property Week.  You can read it here.

 
The best way out is through .... PDF Print E-mail

There are certain times of the year, like Christmas, when we stop and take time to count our blessings.  The Americans do it at Thanksgiving. 

With all our blessings, however, is one day of thanks ever enough?

I would say not. In his book "Discovering the Laws of Life," the famed money manager and philanthropist John Templeton recommended a different approach. He called it thanksliving.

Thanksliving means practicing an attitude of perpetual gratitude.

That's not hard when times are good. But for many, it's tough out there right now. The economy is weak. The job market is soft. Credit is tight.

Combine these with the property slump and an attitude of continual thankfulness becomes a tall order.

Yet Templeton offers a radical solution. Don't just give thanks for your blessings. Be grateful for your problems, too.

This seems wildly counterintuitive at first. But facing up to our challenges makes us stronger, smarter, tougher, and more valuable as parents, friends, employees... and human beings.

I love sailing, but recognise that calm seas never produced a skilled sailor. Solving problems is what we're made for. It's what makes life worth living.

"Adversity, when overcome, strengthens us," says Templeton. "So we are giving thanks not for the problem itself but for the strength and knowledge that will come from it. Giving thanks for this growth ahead of time will help you to grow through - not just go through - your challenges."

Circumstances alone never decide our fate. We all have the ability to shape our destiny. And it begins with believing we can.

Worries, regrets, and complaints solve nothing. They change nothing. Rather they undermine your health, your social environment and your quality of life.

Difficult situations are rarely resolved with positive thoughts or gratitude alone, however. It takes another crucial ingredient: sustained action.

Even then, some problems are intractable. Others - like the death of a loved one - are insoluble. In certain circumstances, only an attitude of acceptance moves us forward.

Most of our day-to-day problems, however, are created by the person in the mirror.

We made them. And that means we can fix them.

According to Unitarian pastor Preston Bradley, "The world has a way of giving what is demanded of it. If you are frightened and look for failure and poverty, you will get them, no matter how hard you may try to succeed. Lack of faith in yourself, in what life will do for you, cuts you off from the good things in the world. Expect victory and make victory. Nowhere is this truer than in the business of life, where bravery and faith bring both material and spiritual rewards."

This lesson is best learned at an early age. Once when I was about seven years old, for instance, I was out on a bike ride with my Mum when we came to a steep hill.  I threw down the bike and said "I can't get up this hill".

It was one of the few times I've ever seen my mum really angry. "What was that word you just used?" she demanded.

"Can't?" I asked, sheepish.

"I don't ever want to hear you use that word again."

Then she strode off ... leaving me to the realisation that I had to push the bike up the hill.  I remember this incident so clearly even to this day.

Journalist Sam Levenson had a similar experience:

"It was on my fifth birthday that Papa put his hand on my shoulder and said, 'Remember, my son, if you ever need a helping hand, you'll find one at the end of your arm.'"

I'm not suggesting that it's wrong to ask for help. Under certain circumstances, you won't succeed without it. We could all use a boost from time to time.

But it's much more satisfying - and dignifying - when we solve our problems ourselves.

In addition to showing us what we're made of, working through our setbacks makes us more sensitive to - and more compassionate toward - the problems of others.

Look around and you'll see plenty of good people with more troubles than you. This is the season to remember them, incidentally. (Although the true spirit of Thanksliving means remembering - and giving - all year round.)

Whatever problems you're grappling with - personal, social or financial - the best course is always to face them with all the courage, patience and equanimity you can muster.

And, if possible, be grateful. Opportunity often shows up disguised as hard work.

Whatever your problems, few of them can withstand the onslaught of optimism, persistence, and a genuine spirit of gratitude. So get moving.

As the poet Robert Frost reminds us, "The best way out is always through."

 
Is the term "BMV" defunct in the current market conditions ...? PDF Print E-mail

We are just pondering if the term "BMV" is D.E.A.D. ...?

It seems to me that it might be.  Why?  Because, in the current market conditions, no one knows the AMV (actual market value).  It is completely unquantifiable.  We can no longer use comparables, as these change on a weekly basis, the market is falling so rapidly.

Everyone is buying at discounted prices.  Even home owners (as opposed to investors) know that there are serious discounts to be had and are making silly offers.  Therefore, BMV is now AMV!.

Perhaps it is time to coin a new phrase?  I propose "QoD".  The "quality of the deal".  Does it has positive net cash flow from the rent, and is it going to be able to rent out easily?  Is it what tenants want? 

Sorry if I am putting the cat among the BMV pigeons, but I believe I am making a valid point!.

Either than, or irony ....

 
"No money down" deals ... are they REALLY still possible? PDF Print E-mail

Hi,

I keep hearing people talking about "no money down" deals, but, in the current market conditions and with the current mortgage products, I just don't understand how it would be possible to bring one of these to fruition without some sort of "smoke and mirrors" going on.

Please could you clarify?

Thanks,

J. Moore

 
How to be the laziest Landlord possible ... ? PDF Print E-mail

I was 80% of the way through refurbishing my house with a view to moving, when three things happened. First, I got a promotion (nice money, but now too busy to finish the DIY), then the finance market problems started, and finally my girlfriend's family connections got us a chance to buy a nicer house at what seems a stonkingly good price, even in the current market. So, given the state of the market, I'd much prefer to rent my old house out until things stabilise (note "stabilise", not "recover"; I'm a realist ;-)).

But to raise a 25% deposit on the new house to get a good mortgage deal without selling the old one I'll have to suck my saving accounts pretty dry, and selling my investments (share based PEPs & ISAs) would have to be a last resort right now. A few K stuck in Icesave limbo didn't help, but that's my own fault, I guess.

So I haven't got enough spare to pay decorators to finish the job, but I guess I must be able to find the time somewhere to DIY, even if it means working very long hours. But my day job is demanding, and I can't be dealing with tenants, broken washing machines, CORGI certification, and all the other joys of real landlording.

So what I'd like in an ideal world is to hand the thing over to someone for (say) a couple of years, and in exchange for them guaranteeing the rent and eventual handback in equivalent condition, I'd accept a lower rent than I could get if I did all the hard work myself. If they'd finish the decorating for me at a reasonable cost and take that back via deduction from the rent, that'd be even sweeter.

Are there any good (e.g. not leveraged to heck and about to fold, or solvent but downright dodgy) organisations out there that do that sort of thing? Any recommendations for alternative solutions I might not have thought of?

Ta,

Bob.

 
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