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Property Secrets Goes Bust

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Sadly one of my sources of amusement, over the last year or so (i.e. reading all of the "how could things possibly have gone so wrong" tales of no mortgages, lost deposits, collapsing values and gereral financial ruin on the Property secrets forum) has come to an end with their calling in of the administrators.

Property Secrets was probably the largest of the firms encouraging british and foreign BTL investment. Quite how they managed to go bust, despite taking vast sourcing fees from 1000s of clients escapes me - suspect its all been invested in large yachts etc by the directors.

www.propertysecrets.net

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Yep. Good bye to the suit dummies and their legions of property chumps.

The Chechen: What are you going to do with all your money?

The Joker: See, I'm a man of simple tastes. I like dynamite, and gunpowder...

[the Chechen watches, appalled, as Joker's thugs pour gasoline on his mountain of cash]

The Joker: And gasoline! Do you know what all of these things have in common? They're cheap!

joker-burns-money.jpg

And so is property.

You take out a mortgage, the bank owns your property, and you own the debt.

Dumasses!

Edited by cashinmattress

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Property Secrets

Unveiling the truths of property investments

In their own bizarre way I guess they have achieved their objective.

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A long completion time of 18 months means investors can take full advantage of a rising market and staged payments to maximise their return on investment. With just a 10% minimum payment, investors can enjoy six months of capital growth of up to a predicted 50%, before they make their next payment of 15%. There is then another year before any mortgage has to be drawn down.

The average price of €1,131/sqm is a predicted 5.75% below the market value, according to an independent valuation, and we believe City Lights is currently the cheapest priced development in the area for a middle class, new-build project.

http://www.propertysecrets.net/view_invest...lights/132.html

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This thread was originally posted in the NI forum but I thought you all deserved a treat - so I moved it to the main board.

Thanks, not sure why it ended up in the NI forum - probably I need to take more care reading the instructions.

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But the recovereh is here? - if they just managed to keep using credit cards for the bills, i am sure QE will get into their pockets in the end.

Edited by Pseudo Lord Sandwich

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I like they way they put there names at the bottom

Neil Lewis, Peter Bennett, Simon Shepherd, Jez Touch

Directors.

Well I would like to welcome them to the real world this is how they should have signed it.

Neil Lewis, Peter Bennett, Simon Shepherd, Jez Touch

EX Directors.

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But the recovereh is here? - if they just managed to keep using credit cards for the bills, i am sure QE will get into their pockets in the end.

Or from their apology:

http://www.propertysecrets.net/forum/prope...0741/37741.html

"I'm really sorry it had to end like this. We've had 18 months of extremely difficult trading, and unfortunately we couldn't make it through to September / October when the property market traditionally picks up. "

Autumn bounce, anyone? :rolleyes:

EDIT: clarity

Edited by dryrot

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I'm so glad you all seem to find it funny that people have lost their jobs and possibly even more as a result. What a bunch of idiots!

Property Secrets were a publishing and information company; they stopped selling deals a long time ago.

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Guest theboltonfury
:D:D:D:D:D So true.

Eric, why does that comment deserve 5 smileys. Do you revel in depression?

Edited by theboltonfury

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I'm so glad you all seem to find it funny that people have lost their jobs and possibly even more as a result. What a bunch of idiots!

Property Secrets were a publishing and information company; they stopped selling deals a long time ago.

What ?...they were property price rampers....selling books about how to make money,by doing little more than speculating on house prices forever going up,to the detriment of young people mostly....it was doomed to failure...cheap and shoddy !!

No sympathy from me either ;)

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So there weren't any secrets about property at all. Yes, a bright eight year old could have told you that. So a couple of hundred thousand adults, attracted by the game of roulette, become lambs to slaughter at the slightest tweak of their greed antennae. Serves 'em right. Spivtastic result.

Telling us they were merely an"information" service doesn't mitigate them.

Edited by VacantPossession

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