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thecrashingisles

Btl Kingpins In Trouble

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Reposting from another forum:

http://www.propertytribes.com/things-that-make-go-hmmmmm-property-experts-asking-t-7925.html#pid92652

There is a worrying trend of well known gurus asking to borrow large sums of money, and then not paying interest installments or returning the capital.

There are currently three of the biggest names on the property circuit who are guilty of this, and tonight I see from an email forwarded to me that one of them is still trying to borrow large sums of money for "development projects", despite not paying existing lenders.

Please do not be seduced by gurus driving flashy cars, talk of huge portfolios, successful projects, promises of a "first charge", etc etc.

In reality, once a guru has your money, it may be very hard to get it back and could take many years to do so. You may not be able to afford to fight a legal battle.

Edited by thecrashingisles

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Gurus?

+1

I have just learnt that instalments can be spelled with a double L as well as 1 L. The 2 Ls method is the US spelling

I'm in my 40s and still learning English!

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Guru implies mastery of something.

Being a middle man in the debt chain, as is with BTL brigade in Britain, just shows the mastery of banks marketing arms, and the susceptibility and penchant for greed in the masses.

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Yet another case of low IRs allowing the plates to keep spinning. Higher IRs would have cleared most of the remaining bad lending out of the system by now so these guys wouldn't still be in business.

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I'm fully convinced that these idiots are not making money. Just had a major sob story from a London based slumlord. 4 properties, I know of at least one, a flat that last changed hands for 170k in 2003 and according to Zoopla estimate the flat is now worth 235k however the owner told me directly that he was in negative equity. How the f**k did he manage that? MEW'ed his way to oblivion most likely.

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I'm fully convinced that these idiots are not making money. Just had a major sob story from a London based slumlord. 4 properties, I know of at least one, a flat that last changed hands for 170k in 2003 and according to Zoopla estimate the flat is now worth 235k however the owner told me directly that he was in negative equity. How the f**k did he manage that? MEW'ed his way to oblivion most likely.

Yup....

I know of several people who have rented out because they "can't sell" [HA!! Pathetic. :rolleyes: ]

With all the maintenance costs -- broken boilers, roofs, etc., etc., -- AND - Most important of all - VOIDS & NON-PAYMENT OF RENT.....

Has left them skint.

They should have SOLD at a PRICE that people would BUY at........

Would have saved a lot of heartache.

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  • 241 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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