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Soul Reaver

I Go Away On Holiday

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Interesting to note that all four of the properties were over 2 years old. Ok so they were at vastly inflated new build flat prices, but how much more of this has been going on over the last two years?

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Richard Dyson reports how one buy-to-let investor has been ruined by an ill-fated property speculation - funded by some of our biggest banks.

They gambled and lost. Boo hoo.

I didn't even have a chance to gamble, instead suffering the misfortune of being born in 1982.

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That's nothing. I died in Feb 2006 and i'm still posting.

You would have thought with being dead that you would have had more to say – after all with all that time on your hands! – ps if you could have a word with my great great great uncle – and ask him where he buried all his gold – that would be most useful thanks

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That's nothing. I died in Feb 2006 and i'm still posting.

Did actually wonder the other day, that if I died tomorrow who would close down my free Yahoo email account and HPC membership?

My online existence would live on, with no doubt my free email accounts accumulating spam for all eternity ... :lol:

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At the risk of being a bit ghoulish, I do wonder about death and online communities such as ours.

Somebody dies in the 'real' world and it's not as if a family member is going to break the bad news to the rest of us.

We will be left forever wondering what happened to that poster...

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At the risk of being a bit ghoulish, I do wonder about death and online communities such as ours.

Somebody dies in the 'real' world and it's not as if a family member is going to break the bad news to the rest of us.

We will be left forever wondering what happened to that poster...

Yes like crashunderway2001 (fictional name) – did he just die – or just give up – probably got a BTL portfolio by now (as good as dead)

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Guest portwinestain
At the risk of being a bit ghoulish, I do wonder about death and online communities such as ours.

Somebody dies in the 'real' world and it's not as if a family member is going to break the bad news to the rest of us.

We will be left forever wondering what happened to that poster...

Yes, I've thought about that too. Posters like Elizabeth who just vanished. Did they buy or did they die? :o

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At the risk of being a bit ghoulish, I do wonder about death and online communities such as ours.

Somebody dies in the 'real' world and it's not as if a family member is going to break the bad news to the rest of us.

We will be left forever wondering what happened to that poster...

Oh no, I've just been taking the wee-wee out of cgnao and it might be his funeral today...I'll say a little prayer just in case.

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Call yourself a poster?! RB goes on holiday and still manages to post!

Texas Recovery Center - Manor, Texas

For ex Meth(odists) and Obsessive - Compulsive HPC Disorder! :)

http://www.markhoustonrecovery.com/meth_rehab.php

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It's property crash porn all over the place yum yum yummy

4 Steps to buy to let ruin :)

This is all so over!

Wow. She was scammed good and proper and even paid £6k for the privilege.

Things that are of note to me:

1. Does the value of the flats seems realistic for glasgow? Seems very steep (i am from west midlands so its cheaper round here but for a reason)

2. All new development flats. The Semtex of the property investor

3. The mortgage company. How does that affect your AAA rated debt you sold on?

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Guest An Bearin Bui
Wow. She was scammed good and proper and even paid £6k for the privilege.

Things that are of note to me:

1. Does the value of the flats seems realistic for glasgow? Seems very steep (i am from west midlands so its cheaper round here but for a reason)

2. All new development flats. The Semtex of the property investor

3. The mortgage company. How does that affect your AAA rated debt you sold on?

ANS 1.) Nope, the flats were overvalued by at least 20% I would say even taking into account the property craze at the time. You could easily buy an OK two-bed flat in the centre of Glasgow for £120k. The rents were similarly overestimated. You'd have to be the owner of a very swish and exclusive apartment in Glasgow to collect £900 in rent per month. Average rent doesn't go up much beyond £500 there, I would say, and property is still relatively affordable especially in the suburbs and commuter towns so most locals would choose to buy something somewhere rather than rent. Most people who rent are renting by choice (e.g. don't plan to stay long-term) or are students. Glasgow is one area where the priced-out phenomenon doesn't seem to be a big factor. It's certainly nowhere near as exorbitant as Edinburgh.

So to sum up: she was indeed scammed good and proper. And she should have known better than that since she seems to be a local and surely as a taxi-driver in Glasgow in her 50s would be streetwise enough to recognise a conman when she meets one.

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Call yourself a poster?! RB goes on holiday and still manages to post!

I have such a full online life that when I go on holiday I dont even check emails so that I can switch off totally :) As for the death thing yes you have a point! My family have no idea about my online activitys, guess I will have to write instructions in my will!

Mark.

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ANS 1.) Nope, the flats were overvalued by at least 20% I would say even taking into account the property craze at the time. You could easily buy an OK two-bed flat in the centre of Glasgow for £120k. The rents were similarly overestimated. You'd have to be the owner of a very swish and exclusive apartment in Glasgow to collect £900 in rent per month. Average rent doesn't go up much beyond £500 there, I would say, and property is still relatively affordable especially in the suburbs and commuter towns so most locals would choose to buy something somewhere rather than rent. Most people who rent are renting by choice (e.g. don't plan to stay long-term) or are students. Glasgow is one area where the priced-out phenomenon doesn't seem to be a big factor. It's certainly nowhere near as exorbitant as Edinburgh.

So to sum up: she was indeed scammed good and proper. And she should have known better than that since she seems to be a local and surely as a taxi-driver in Glasgow in her 50s would be streetwise enough to recognise a conman when she meets one.

2 more points then:

1. How could she be so naive as to the value of the flats if its in area she lives?

2. How TF did she get the finance on them in the first place? Do the people who put together these deals have professional indemnity insurance? I guess not as the people they scam are too broke to bring any legal challenge against them.

It all boils down the the old saying of "a fool and their money are easily....."

What a scam. This should be publicised more to bring to the attention of the average person of how easy it to lose your shirt on property. Dont believe everything on daytime TV programs.

People clearly dont realise what they are gambling. Its not a bet on the deposit you put down, its total spread betting and you could lose everything.

A good many have fell lucky due to HPI but the coming few years may bring quite a few casualties in the BTL market

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