Thursday, Feb 21, 2008
ching ching
Greenbay: lease back scheme
i went to a landlord meeting yesterday concerning a lease back scheme being offered to landlords, they basically offer landlords a five year contract where they guarantee rent upfront every month without any void periods regardless if the property is tenanted, they guarantee any damage is covered etc etc and deal with all tenants basically totally handsfree for the landlord plus there is get out clause with six months notice if i required any of the properties back.
The rents are very good in terms of property prices around the newport area for example a 3 bed terrace they will give a net value of £525 per month and they range from 80000 upwards. so i must say im looking to purchase a few more and likewise the feeling im getting is many other landlords are doing the same....
13 Comments
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1. Stevie Dee said...
Absolutely hysterical... i'll look after your portfolio.. get your confidence.. how many properties in your portfolio? 100? then take your money and bugger off... I wouldn't really, but that's what will happen. You BTLer's are bricking it! Lovely.. Hey Greenbay de la Rigsby, the party is over! STEP AWAY from that mortgage.. and if that doesn't concern you, the government legislation on secondary property taxation will, because the Government can & they will.
I can see you being a really good seller of Apples.
2. Superruss said...
Who is it backed by Greenbay?
3. renting2 said...
Hi Greenbay!
Gosh! Sounds too good to be true!
My grandma always said 'If it sounds too good to be true .............. '
Now you've talked the talk, walk the walk and please actually buy them. Then keep us updated with verifiable profit data. You know the stuff, profit and loss, balance sheets, cash flow etc.
Hope no-one efaults on that unsupported 'guaranteed' rental income. Have you read the small print?
4. planning4acrash said...
Presumably the guarantee is insured by monolines, which are, currently, fooooked?!! Read the small print, do you go under if the insurer of the loan goes under? Or, is the guaranteed rental a "discount", which reflects a deflated price, in which case, you've just borrowed money to cover the difference between the actual price and the inflated price, and gained enough rental to cover 1/6 of the repayment of that loan. Good deal? Hell no, n if you'd had your cash in gold the past two weeks, you'd have made 5% gain.
5. techieman said...
I think we are all just jealous. Nice link by the way - very informative :-). As for the profits......Thats Lovelllllyyyyy boyo isnt it!
6. paul said...
But Greenbay, your site isn't even up and running?!
I know a get rich quick scheme too - it involves my friend who is the Sultan of The Democratic People's Republic of Congo, who is looking for a guarantor for his inheritance of US$40 million. All you have to do is pay the authorization fee of $300 to put the money in your account.
Whaddyathink?
7. it_is_going_with_a_bang said...
Well .. where exactly are you getting a price of £80k for a 3 bed house in Newport?
The cheapest I can see is £149,000 and it's a sh*thole.
Right now you are 50% off the mark with what you're using as an 'example'. Not very impressive is it?
Ching Ching my ar5e.
8. Stevie Dee said...
Maybe Greenbay works for the Government..
9. wiltshire said...
Presumably someone had already secured the grammatically correct www.i'mrichyou'renot.com ????
10. Suckers Only Should Apply said...
You'd have to be pretty dumb to believe that the £525 will just keep on dropping into your bank account each month.
Perhaps you could also tell us about the upfront fees.
It's not Nigerian, but it pretty close.
11. hpwatcher said...
''....i went to a landlord meeting yesterday concerning a lease back scheme being offered to landlords, they basically offer landlords a five year contract where they guarantee rent upfront every month without any void periods ....''
Read the small print you fool. They aren't going to be giving money away, so don't make it sound like they are.
Moreover, I live in Slough/Windsor area and in the local property paper, there are literally hundreds & hundreds of properties for rent. Sadly, I think most will fail to find to find someone to rent them - no matter how cheap the rent.
The good times are at an end Greenbay....just face it.
12. hpwatcher said...
By the way, the link doesn't work....perhaps they have already gone bust?
13. new user 2007 said...
Goodluck Greenbay.
The media has informed the public about the "sale-and-lease back" schemes so even more con artists are targetting the BTL with a slight name change to "lease-back scheme".
Of course the tax evasion benefits are likely to last about one year as Mr Brown is now desperate to raise funds. I hope are all paid up with the tax man:)
I realise that it does not take a lot of intelligence to enter a pyramid scheme. In fact, it relies on mugs. Sadly it then becomes a self-fulfilling propeshy until it crashes.
BUT this guy makes even the dim look intelligent. Unless he has had a Forrest Gump type of life, I suspect that everything he says is as honest as that of an estate agent (i.e. he never makes sense).