Yes.

Essentially, you're on the hook for the, the whole...

Most lenders will put you on the hook for the whole debt.

Now, it's not so dangerous when you're talking about stuff that you're holding onto, because normally even if you owe 75% The vast majority of that will come back even if the receivers are in, and you don't want the receivers to be in.

If that ever, ever comes to that, you want to try and keep control of assets.

So be prepared.

And I've, I've gone in with a very flexible attitude towards if someone wants to sell, right, I'm gonna facilitate that.

Mm-hmm.

What do you think specifically his arrival means for the private rental sector?

Well, he's got a fairly idealistic and I agree with being as neutral as possible.

I think he's fairly idealistic around housing, although not often quoted.

He's a landlord himself, Paul, as well.

But he ideologically seems to believe if you provide poor standard accommodation, it should be taken off you.

Right.

So he wants stronger compulsory purchase powers is one of the things that he's already talked about.

So what do you think his current position is on that? And where do you see that theme developing?

you're talking about buying tenanted stuff, are you buying portfolios or just

individual houses? Either, generally.

Portfolios, you know what they're like.

They're slow burners.

A bit messy.

The landlord always thinks they're worth more than they are.

You've got to factor in the fact that... maintenance might not have been prioritized over the it depends how there's what the sale looks like is it distressed quick job in which case they might be very well run right normally not if they're under distress realistically or they might have been trying to flog it for two or three years in which case they've turned the tap off on the bloody maintenance so you've got to remember there's going to be a big transition stuff like that to make it work because So you've got yields at six and finance at six.

It's what

Interesting

... and that has absolutely been the way of the world for me, you know.

So that bit worked really well.

The first project actually was a block of flats.

It went badly, but it was good in a way that it went badly because-It was a repo.

It was a bit of a classic, planning in '06, funded in '07, built '07, '08, repossessed in '10, a-and we bought it in '14, I think it was.

Um, started its life on the market about 900 grand they wanted, which must have been what they owed.

Mm.