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  • Crown
    • #0
    • 3rd May 07, 9:48 AM
    • 3rd May 07, 9:48 AM
    Hi, I actually did buy a BTL property hoping that I would I cash in if we got the olympics and after doing some research and attending a few courses and reading the books I brought the property.

    What they dont show you on these TV shows were everyone is making money left right and centre is that Tenants can be complete pains in the !!!! and stop paying there rent. What do you do then? the Mortgage company are not interested and just want there monthy installment.

    Since buying the flat I have had the worst 3 years of my life and am now in majot debt buy borrowing and consolidating, and buying again.

    I know it works for some people and I do intend on getting back into the property market at some point but I will do it when I actually have a proper deposit and a Emergency fund when the tenants miss there payments.

    Just to add before I brought the property I had small amounts of debt but reasonably good credit. I now have terrible credit High, Debts, and a Repossion Order on my flat.

    My advice would be to stay clear.
    Last edited by Crown; 03-05-2007 at 11:37 AM. Reason: grammar/spelling
    Official DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts
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