Buy-to-let investors who fear they may be left homeless

mystic_trev

Just months ago, Miller and Morris believed they had buy-to-let portfolios valued in millions - Miller's came with a £7.5m tag. Morris had contracted to buy flats developers valued at £3m.
Now Miller owes a variety of lenders some £3.5m, while Morris is living on benefits, fearing the repossession knock on his own front door. Miller accepts he has no excuses. "I was a director of a company selling new-build flats to investors that we found through newspaper adverts.

http://www.guardian.co.uk/money/2008/mar/22/buyingtolet.investmentfunds

The two men are not after sympathy:rolleyes: . While both say they were deceived by developers, lenders, lawyers and, above all, valuers, they accept that ultimately they have only themselves to blame.;)

Mushy61

Aww my heart bleeds.

This pair were probably swanning round telling anyone who'd listen that they were property millionaires and financial geniuses with their huge portfolio.

I wonder just how many more people in this country have fallen for this scam of borrowing huge amounts of money on new build rabbit hutches, putting your feet up and watching the dosh roll in.

God only knows how this will end up.

RecoveringAlcoholic

Blinded by GREED.

Pobby

Hmmmmmmmm.Nicely researched.Obviously based on ``properties can only go up``.

Get `um to pop onto the debt-free-wannabes forum!

TTMCMschine

My heart bleeds for this poor solicitor who was "duped" & who " assumed" that due dilligence had been done for him before he spent £6 million of someone elses money.

Winker.

RHemmings

Don't they keep telling us on "The Real Hustle" that an honest man cannot be swindled?

smugbear2007

this is amusing..happy easter

brit1234

I know some buy to let investors really starting to panic now. They either can't get mortgages for new property or remortgages for existing properties. They are running round like a headless chicken from one lender to another. All their favourite lenders have gone so they are constantly chasing the next best lender before they stop lending. There are almost no lenders left for them as of this Tuesday whhich is raising their fear levels.:D

It great.

Turnbull2000

Geoff Morris - How to achieve financial freedom

The secret disclosed on how you too could achieve financial freedom through property (and tell the pension companies just where to stick their measly, worthless ‘pensions’) Geoff Morris is a self-made property millionaire who made it in less than 18 months even with a hectic day job. He has written a series of articles to help people like you achieve the same levels of success – as long as you are willing to ‘Go For It!’

Today's Guardian...

Geoff Morris, 61, who lives in St Neots, Cambridgeshire, had had enough of stockmarket speculation by 2003."I decided to try property. I went to a free workshop, was very impressed, and signed up for the full course. I aimed to get as many properties as I could, as quickly as possible.

Morris is today living on £157 a week in benefits, owes £100,000 on credit cards and personal loans, is in £200,000 negative equity, and Northern Rock has a suspended repossession order on his home for the £200,000 he owes it.

Oops!!

motch

Good post this one, just waiting for some of the bulls to come up with a response....

Generali

In the Telegraph about 2 or 3 years ago was an Asian fellow that was flipping new build flats. He had something like 120 flats that he had signed contracts on and was planning to sell before completion. The article sticks in my mind because I remember thinking what a half-wit the journo was as he kept talking about the guy like he was a financial genius and recommending that readers took the same strategy before admitting later in the article that he didn't understand how the scheme worked!

I'd be interesting to read another interview with him now.