Wednesday, Jan 16, 2008
UK BTL locusts take note
New York Times: New Troubles for Apartment Mogul in South
"A few years ago, Mr. Smuck, 59, began making a comeback. Outbidding other investors, his MBS Companies, based in the New Orleans suburb of Metairie, quickly amassed a portfolio of 65 garden apartment complexes throughout Texas with 17,000 units.
But now, Mr. Smuck’s real estate empire is coming apart for the second time. Most of his $900 million in loans are delinquent, some are in foreclosure, and his management company filed for bankruptcy protection on Nov. 5."
Posted by happyrenterz @ 05:14 PM (542 views) Add Comment
7 Comments
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1. mark said...
at least he gave it a go...lol
most of us can only dream about ever getting that far... Even if only to say I was mega wealthy once...lol
2. the reaper said...
'smuck',this article can't be for real
3. bystander said...
I agree reaper - this has got to be a joke article, but what a sick sense of humour.
4. lvmreader said...
Smuck or Schmuck?
5. drewster said...
It's real indeed. BTL just gave amateurs the same power that the professionals and the big-boys have always had: the ability to leverage themselves up to the eye-balls to make speculative purchases. This guy is just like the private equity buccaneers who borrow billions from the bank and use it to buy up a big company. The rules are different for the rich!
6. dohousescrashinthewoods said...
When the market is rising that fast, it doesn't prune out amateurs, and the pros get sloppy.
7. Landedgentry said...
"one of the 17 apartment buildings carries the spray-painted message “Death to All.” But the complex is nearly empty."
I know how you feel brother, I know how you feel LOL