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You Think Btlers Are Mad?

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If you think BTLers are mad & are in for a rude awakening, then get a load of this "property tycoon." He just "bought" 209 flats that are yet to be built for £35million - 5 years ago he was a potless teacher.

Only thing is, he buys by putting 10% down, then selling them on after they're built & the value has appreciated. Hence he has a net profit after paying the remaining 90%.

Could be a slight problem there then?

http://www.telegraph.co.uk/property/main.j...0/ixptop12.html

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I feel sorry for his friends and family and other people who have invested in his 'Company'.

OK he got lucky on the rising boom but how will he preform in the next couple of years. Dismally I expect as he sits on a number of flats that he cannot shift.

How will he raise the other 90% of £350million when he cant sell??

No doubt he has pocketed some cash abroad for a quick escape when it all goes tits up because I would have!

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A freind of mine came up to me a few weeks back, and proudly announced that he'd just bought his 6th BTL property by similar means.

I just didn't have the heart to tell him what I really thought, I guess I would have been wasting my breath anyway !

God help him !!

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"So, the second clever bit is that not only does he get his hands on a hopefully appreciating asset but, should the worst happen, he might still have a property that it is worth more in a recession than the price he paid for it. "

Absolute tosh - probably.

These luxury flats have more faults than a austin allegro. They are the worst culprits to poor craftmenship as a report has shown about newbuilds. These type of developments are the first to bomb in a recession- who would pay £150K for a pokey 1 bed flat when one could buy a freehold starter home with 2 or 3 bedrooms and garden???

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"So, the second clever bit is that not only does he get his hands on a hopefully appreciating asset but, should the worst happen, he might still have a property that it is worth more in a recession than the price he paid for it. "

Absolute tosh - probably.

These luxury flats have more faults than a austin allegro. They are the worst culprits to poor craftmenship as a report has shown about newbuilds. These type of developments are the first to bomb in a recession- who would pay £150K for a pokey 1 bed flat when one could buy a freehold starter home with 2 or 3 bedrooms and garden???

I agree,

& I also guess that in a recession city center flats, which are aimed at city workers, will be particularly useless because no one will have a job & the city centers will be like ghost towns.

I wonder if he'll go back to being a potless teacher?

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"So, the second clever bit is that not only does he get his hands on a hopefully appreciating asset but, should the worst happen, he might still have a property that it is worth more in a recession than the price he paid for it. "

I liked the first clever bit best:

"and here's the first clever bit - Manoj could raise further money himself by either remortgaging at the new, higher value or selling the flats on before completing upon them."

Borrowing even more money against something that he still owes 90% on - yikes!!

He must have cast iron underpants.

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This brings to mind the bloke who sold his house and cars, took the lot to vegas and put it all on black. It was on Sky One earlier in the year (did anyone see how that turned-out?). He was obviously a self-destructive nut, but at-least he didn't also bet his extended family's money like this bloke has done. Mad - and dangerous to know.

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If you think BTLers are mad & are in for a rude awakening, then get a load of this "property tycoon." He just "bought" 209 flats that are yet to be built for £35million - 5 years ago he was a potless teacher.

Only thing is, he buys by putting 10% down, then selling them on after they're built & the value has appreciated. Hence he has a net profit after paying the remaining 90%.

Could be a slight problem there then?

Hrm, quite a bit of unintended irony :-

The finance sector is very strong - 17 out of 20 of the top legal practices in the country have offices here [Leeds], and there's the Bank of England. As long as that's expanding, it's fine."

Let's hope the BoE doesn't turn out to be his worst enemy.

Edited by BuyingBear

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All these luxury apartments follow one simple formula:

1. Build next to a canal or dock

2. Stick in some lifestyle shops, bars and restaurants.

3. Build compact flats on them and market them as luxury apartments, charging inflated prices.

Whether this is a passing fad or will stand the test of time we shall see...

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This brings to mind the bloke who sold his house and cars, took the lot to vegas and put it all on black. It was on Sky One earlier in the year (did anyone see how that turned-out?). He was obviously a self-destructive nut, but at-least he didn't also bet his extended family's money like this bloke has done. Mad - and dangerous to know.

He won. Took his money and went home.

spiv.

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All these luxury apartments follow one simple formula:

1. Build next to a canal or dock

2. Stick in some lifestyle shops, bars and restaurants.

3. Build compact flats on them and market them as luxury apartments, charging inflated prices.

Whether this is a passing fad or will stand the test of time we shall see...

Talking about the test of time :-

Domain name: summertimeproperties.com

Created on: 2004-02-03

200+ flats in just over 18 months, not bad, almost seems too good to be true B)

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Guest Bart of Darkness
http://www.rightmove.co.uk/viewdetails-362...=2&tr_t=buy

You dont even get the whole block - just the top floor. Jeeezus.

I actually quite like this place (especially the "Turret Area") but my goodness, all that wide-angle distortion in the pictures. The photographer must have used a near fish-eye in order to fit everything in (image 3 and, to a lesser extent, 4).

Surely the rooms in a place like this can't be that small? ;)

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Talking about the test of time :-

Domain name: summertimeproperties.com

Created on: 2004-02-03

200+ flats in just over 18 months, not bad, almost seems too good to be true  B)

It appears that all four devlopments that have been acquired; are already sold now. (in recent developments).

Edited by trev

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He won. Took his money and went home.

spiv.

Interesting. However, no-one does something like that unless they have serious problems of the non-financial type. Never trust a man who puts it 'all' on black, and certainly don't give him your savings.

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Only thing is, he buys by putting 10% down, then selling them on after they're built & the value has appreciated. Hence he has a net profit after paying the remaining 90%.

Could be a slight problem there then?

But he'll be OK. One of his tips is 'Research, research, research: read the business pages, bear in mind factors that might influence a local economy upwards; keep an eye on the investment reports produced by the larger estate agencies.'

:D

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These developments are constatly being highlighted in the press.

Too many built.. Too low quality and what is essentially a two bed appartment with massive ground rent can cost the same as a four bed detached house in a quiet estate.. Thats Exeter.. and I am sure the same can be said by people in many other cities.

They are just not worth what they are sold for....

At all..

and there are too many of them..

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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