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

Lotus-eater

http://horizonportfolios.com



I'm tempted to gain "immediate" access and see if I still get bumf sent through

turbobob

Turnbull2000 wrote: »

Geoff Morris - How to achieve financial freedom

Today's Guardian...

Oops!!

Oh dear. According to the Guardian article he is now taking legal action against developers, valuers and lenders. I wonder if things like the "How to achieve financial freedom" "guide" will come back to bite him.

This says it all I think:

"I never made the money I was promised. The rents never matched the interest payments. Buy-to-let was a fantasy for me because I never checked anything."

While I have no sympathy for those in the cases highlighted, I don't doubt that lots of ordinary people have been duped by unscrupulous developers etc.

Generali

I never checked anything

Caveat emptor. Especially if you're spending millions of quid.

Jorgan_2

Generali wrote: »

Caveat emptor. Especially if you're spending millions of quid.

of someone elses money.

rrwfotr

Generali wrote: »

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.

Depends if he got out before the down turn, he could be sitting on a fortune.

I know a couple that got out about a year ago. They are 35 ish mortgage free and living it up now.

All buy to let or fliping inestors were not half wit's, like anything you need to know when to get in and when to get out.

Gorgeous_George

It is not only BTL 'investors' who hav espent money that is not real. Many home-owners have steadily increased their borrowing as their home increased in value.

If prices fall by 50% over the next two years (my most extreme estimate) they'll be paying larger mortgages than newbie neighbours who buy after the crash/correction (delete as appropriate).

Most BTL LLs will be ok. Rent will cover mortgage interest with a little left over for repairs/profit. The BTL LLs with problems will be those who fell for the flat selling scams.

epz_2

in theory if you didnt have any real assets then going in for massive a exposure is the way to do it, remember its not their cash they were risking.

think of it like this if a bank would lend you £1million unsecured then you could bet it all on black in roulette, if it pays off then you are a millionaire if not then live it up on as many credit cards as you can get till you need to need to decalair banckruptsy.

I wonder how many BTL'ers have such large portfolios, imagine 3 or 4 people like this who all bought in a local area, it would decimate the price of newbuilds as the bank try to flog them.


I love the fact they dont expect sympaty but still find the need to sue somone.


OT but how are all the bulgarian property moguls doing these days.

Gorgeous_George

If they are looking for sympathy, it comes between s**t and syphalis in the dictionary.



GG

neas

LOL GEORGE hahaha

I think this is brilliant bear material . I love it.

bluejake

Turnbull2000 wrote: »

Geoff Morris - How to achieve financial freedom

Today's Guardian...

Oops!!

The sheer stupidity of people never ceases to amaze when it comes to bubbles. Whether it is tulip mania, south seas, internet, or property the ability of people to blot out reality and be swallowed up by their greed fueled delusion is amazing. The same story over and over again...but this time it is different...the normal rules of economics don't apply, ignore the history of the market because this time special voodoo economics apply which means we just get richer and richer and it is all so easy. :rotfl: