Deezoid Posted May 16, 2007 Share Posted May 16, 2007 This guy seems to have done well for himself through property over past few years. Stories like this confirm to me that there is one hell of a bubble ready to burst, surley making money cant be this easy? http://www.realbusiness.co.uk/ARTICLE/How-...id-it/1822.aspx Quote Link to comment Share on other sites More sharing options...
cells Posted May 16, 2007 Share Posted May 16, 2007 "That’s the trick to making money in property. Just keep ploughing the money back into the market. As I reinvest my deals get bigger." he will go belly up if he is actually leveraging 100% like he is suggesting Quote Link to comment Share on other sites More sharing options...
Timm Posted May 16, 2007 Share Posted May 16, 2007 Stories like this confirm to me that there is one hell of a bubble ready to burst,.. "In 2005 I bought the entire stock of flats at a development in Leeds city centre for £35m. The builder, Crosby Homes, was shocked that all 227 flats had gone to one purchaser, but they were pleased." I bet they were. Not as shocked as his 800 investers will be when they discover the flats are empty and the guaranteed rent period is coming to an end. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted May 16, 2007 Share Posted May 16, 2007 You’ll never become a millionaire by writing. All I could afford was the deposit. To pay the mortgages I founded tenants. The model worked well. As house prices rose I knew I was making money – very satisfying for a poor student. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted May 16, 2007 Share Posted May 16, 2007 You’ll never become a millionaire by writing. Tell Stephen King, Arthur C Clarke, JK Rowling or Dan Brown + numerous other writers that!! Quote Link to comment Share on other sites More sharing options...
King Stromba Posted May 16, 2007 Share Posted May 16, 2007 Id rather wite one outstanding critically acclaimed book, and be poor, than have a million pounds. But then i value some things above money. I must be strange. Quote Link to comment Share on other sites More sharing options...
Deezoid Posted May 16, 2007 Author Share Posted May 16, 2007 Don't suppose he's considered his Capital Gains tax yet, not compulsory on book sales yet I understand. Time yet tho eh Gordon! Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted May 16, 2007 Share Posted May 16, 2007 I would love to see him sell that block of flats for £35m now - he is almost certainly in a lot of negative equity on that deal And I can see why he gave up writing - he 'founded' tenants - in a foundry maybe? Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted May 17, 2007 Share Posted May 17, 2007 (edited) http://www.telegraph.co.uk/property/main.j...0/prmanoj10.xml 2005 As well as this most recent "230, no 220, um 200 or something in that region", he casually mentions that he has also just bought 120 in the La Salle block next door and negotiated with Knight Frank for a further 103 round the corner in Cartier House. http://leeds.gumtree.com/leeds/61/7828161.html 1 bed apartment for sale at the prestigious Clarence Dock development in Leeds city centre.This apartment is in the 'La Salle' building situated at the side of the dock.This comes with 12 months free parking in the multi storey car park, after which contract parking is available. These apartments are to be completed by approx Nov 2007 and are to be fitted to a very high specification. As part of the deal, the property comes with a guaranteed rental yield of 5.5% should the plot to be bought by an investor to rent out, therefore a regular income regardless of wether it is tenanted for the first year. This plot is located on the 8th floor with views over the city which gets glorious sun in the afternoon. Clarence Dock is soon to be home to many trendy bars, retail outlets and a casino adjacent to the dock which will prove to be one of the most desirable places in Leeds city centre to live! Be one of the lucky individuals to become part of this very sassy development Edited May 17, 2007 by Ash4781 Quote Link to comment Share on other sites More sharing options...
Jamus Posted May 17, 2007 Share Posted May 17, 2007 I doubt he is really worth £200 million just from BTL, that would mean he is in the same league of the big commercial developers who have big land banks and developments in the pipeline. He must be very highly geared. Quote Link to comment Share on other sites More sharing options...
domo Posted May 17, 2007 Share Posted May 17, 2007 Im just suprised lenders will let him do that.. put deposits down.. gain equity.. sell/remortgage.. more deposits did someone say PONZI scheme? leveredge hell. Quote Link to comment Share on other sites More sharing options...
Timm Posted May 17, 2007 Share Posted May 17, 2007 "In 2005 I bought the entire stock of flats at a development in Leeds city centre for £35m. The builder, Crosby Homes, was shocked that all 227 flats had gone to one purchaser, but they were pleased."I bet they were. Not as shocked as his 800 investers will be when they discover the flats are empty and the guaranteed rent period is coming to an end. http://www.telegraph.co.uk/property/main.j...0/prmanoj10.xml2005 http://leeds.gumtree.com/leeds/61/7828161.html "1 bed apartment for sale at the prestigious Clarence Dock... These apartments are to be completed by approx Nov 2007... As part of the deal, the property comes with a guaranteed rental yield of 5.5% should the plot to be bought by an investor to rent out, therefore a regular income regardless of wether it is tenanted for the first year." Nice research. I stand corrected. Any BTL buyer will have the comfort of one year of a guaranteed yield of 5.5% in a falling asset. (Advert boasts "reduced price") Quote Link to comment Share on other sites More sharing options...
time Posted May 17, 2007 Share Posted May 17, 2007 Id rather wite one outstanding critically acclaimed book, and be poor, than have a million pounds.But then i value some things above money. I must be strange. Yes, very strange. If you are happy, thats the real question if so, dont change. Strange can be good. Quote Link to comment Share on other sites More sharing options...
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