Fantastic Btl Failure Story

[grey shark]

Thanx to poster housing carbuncle who posted this on the news blog , but i thought it should come to the main forum so everyone can laugh , one of the best BTL failure stories i've read so far , read on and enjoy ..............

http://www.thisismoney.co.uk/mortgages/buy..._id=56&ct=5

All 49 flats in this block in Manchester are owned by amateur investors - 37 of them thanks to one property club. Now it is feared that their value has slumped by HALF - or worse - in four years.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

A true schadenfreude moment

..........................................................................

Edited March 16, 2008 by grey shark

[chichi]

But only one for sale on rightmove

Bridgewater View, Anson Street, Winton

2 bedroom flat

£119,950

* Two bedroom, top floor apartment * Modern development, NO CHAIN * Communal entrance hall * Private entrance hall, lounge * Fitted kitchen, bathroom * Allocated parking space

I'm assuming the really cheap ones are actually the "affordable housing ones"

http://www.houseprices.co.uk/e.php?q=Bridgewater+view

1 10/12/2007 £70,000 Flat L No Map Bridgewater View, 286, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

2 06/10/2005 £123,296 Flat L Yes Map Bridgewater View, 216, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

3 22/09/2005 £108,300 Flat L Yes Map Bridgewater View, 296, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

4 15/09/2005 £117,300 Flat L Yes Map Bridgewater View, 212, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

5 09/09/2005 £108,560 Flat L Yes Map Bridgewater View, 298, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

6 08/09/2005 £130,150 Flat L Yes Map Bridgewater View, 228, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

7 07/09/2005 £103,040 Flat L Yes Map Bridgewater View, 288, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

8 07/09/2005 £143,520 Flat L Yes Map Bridgewater View, 238, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

9 30/08/2005 £131,750 Flat L Yes Map Bridgewater View, 266, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

10 30/08/2005 £95,000 Flat L Yes Map Bridgewater View, 220, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

11 30/08/2005 £120,000 Flat L Yes Map Bridgewater View, 240, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

12 30/08/2005 £120,000 Flat L Yes Map Bridgewater View, 206, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

13 30/08/2005 £75,000 Flat L Yes Map Bridgewater View, 248, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

14 30/08/2005 £120,000 Flat L Yes Map Bridgewater View, 254, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

15 30/08/2005 £110,000 Flat L Yes Map Bridgewater View, 264, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

16 30/08/2005 £120,000 Flat L Yes Map Bridgewater View, 218, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

17 30/08/2005 £129,940 Flat L Yes Map Bridgewater View, 250, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

18 30/08/2005 £130,096 Flat L Yes Map Bridgewater View, 236, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

19 30/08/2005 £85,000 Flat L Yes Map Bridgewater View, 274, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

20 25/08/2005 £131,100 Flat L Yes Map Bridgewater View, 280, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

21 25/08/2005 £130,150 Flat L Yes Map Bridgewater View, 256, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

22 25/08/2005 £128,725 Flat L Yes Map Bridgewater View, 262, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

23 24/08/2005 £104,500 Flat L Yes Map Bridgewater View, 284, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

24 24/08/2005 £128,800 Flat L Yes Map Bridgewater View, 268, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

25 24/08/2005 £131,100 Flat L Yes Map Bridgewater View, 242, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

26 24/08/2005 £129,675 Flat L Yes Map Bridgewater View, 230, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

27 24/08/2005 £140,760 Flat L Yes Map Bridgewater View, 292, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

28 24/08/2005 £132,020 Flat L Yes Map Bridgewater View, 272, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

29 24/08/2005 £123,280 Flat L Yes Map Bridgewater View, 252, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

30 24/08/2005 £120,520 Flat L Yes Map Bridgewater View, 204, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

31 24/08/2005 £127,300 Flat L Yes Map Bridgewater View, 222, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

32 24/08/2005 £135,375 Flat L Yes Map Bridgewater View, 226, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

33 24/08/2005 £123,280 Flat L Yes Map Bridgewater View, 224, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

34 24/08/2005 £124,196 Flat L Yes Map Bridgewater View, 208, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

35 24/08/2005 £105,450 Flat L Yes Map Bridgewater View, 294, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

36 24/08/2005 £102,600 Flat L Yes Map Bridgewater View, 286, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

37 24/08/2005 £130,640 Flat L Yes Map Bridgewater View, 244, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

38 24/08/2005 £99,275 Flat L Yes Map Bridgewater View, 278, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

39 24/08/2005 £128,725 Flat L Yes Map Bridgewater View, 260, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

40 24/08/2005 £100,700 Flat L Yes Map Bridgewater View, 276, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

41 24/08/2005 £129,675 Flat L Yes Map Bridgewater View, 258, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

42 24/08/2005 £123,296 Flat L Yes Map Bridgewater View, 202, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

43 24/08/2005 £129,675 Flat L Yes Map Bridgewater View, 234, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

44 24/08/2005 £123,280 Flat L Yes Map Bridgewater View, 210, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

45 24/08/2005 £101,650 Flat L Yes Map Bridgewater View, 290, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

46 24/08/2005 £103,550 Flat L Yes Map Bridgewater View, 282, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

47 24/08/2005 £127,796 Flat L Yes Map Bridgewater View, 270, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

48 24/08/2005 £103,500 Flat L Yes Map Bridgewater View, 246, Anson Street, Eccles, Manchester, Greater Manchester, M30 8HH

Edited March 16, 2008 by chichi

[FernandoMorientes]

So you begin and you pay out several thousands of pounds at that point in the investment you own.....feck all !

'Inside Track boss Tony McKay admits the market is difficult. 'There is less demand for seminars,' he says. 'We are focusing on existing members who are still buying properties but at a slower rate.' There are 10,000 members, most of whom have bought membership for a fee of several thousand pounds paid on top of the £2,500 seminar bill and McKay says most are happy.'

'On top of membership fees to join Inside Track, and the seminars they paid for, investors in this block also paid a 'finder's fee' to the property club in return for the recommendation. Gary estimates he has paid Inside Track more than £9,000 in fees, including a finder's fee of £4,540.'

How difficult is it to go down the road and buy your own flat? That's 9k off the bill already....jeeees these people encapsulate why the housing bubble is well and truly over!

Edited March 16, 2008 by FernandoMorientes

[Guest X-QUORK]

Superb. Nice to see these f*ckwits and their sheeple investors getting burnt.

[notthereyet]

Thanx to poster housing carbuncle who posted this on the news blog , but i thought it should come to the main forum so everyone can laugh , one of the best BTL failure stories i've read so far , read on and enjoy ..............

http://www.thisismoney.co.uk/mortgages/buy..._id=56&ct=5

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

A true schadenfreude moment

..........................................................................

A lot more to come, WHyyyyyyyy do you need to pay out £9000 for someone to find you a flat, it only takes a couple of days to look around and another couple of days to sort out the money side of things.

To me these these schemes look no different to pyramid selling schemes which i thought were made illegal.

Edited March 16, 2008 by TIMSY

[Errol]

Serves them right, really. They won't get much sympathy.

[CrashedOutAndBurned]

Good. Wouldn't wee on them if the property-ramping pricer-outers were on fire.

[red]

Yes, I read about this in the Sunday Mail (forgive me, Mrs Red likes the magazine...) and there was much rejoicing.

Interestingly, I also read a snippet about a woman who had won 'PROPERTY WOMAN OF THE YEAR' sponsored by Bradford & Bingley, no less.

She was celebrated for having a portfolio worth 1.2 million quid, but further in the article is mentioned she had paid (borrowed) around 800 grand for the properties.

If this woman is not in negative equity by Xmas 2009, I'll eat Krusty's hat!

[Serpico]

There has been generations of inbreeding on the Wirral. Have you ever been to Oxton in Birkenhell anyone who lives there can't be very bright. £9K? Muppet deserved to take a caning.

Edited March 16, 2008 by Serpico

[redgenieuk]

Thanx to poster housing carbuncle who posted this on the news blog , but i thought it should come to the main forum so everyone can laugh , one of the best BTL failure stories i've read so far , read on and enjoy ..............

http://www.thisismoney.co.uk/mortgages/buy..._id=56&ct=5

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

A true schadenfreude moment

..........................................................................

heartwarming.

except that inside track are still going.

[redgenieuk]

But only one for sale on rightmove

Bridgewater View, Anson Street, Winton

2 bedroom flat

£119,950

* Two bedroom, top floor apartment * Modern development, NO CHAIN * Communal entrance hall * Private entrance hall, lounge * Fitted kitchen, bathroom * Allocated parking space

I'm assuming the really cheap ones are actually the "affordable housing ones"

http://www.houseprices.co.uk/e.php?q=Bridgewater+view

Are you sure ? Maybe just auction sales. ie true value.

Edited to say. True value that second. Maybe not in a month.

Edited March 16, 2008 by wellandpower

[dryrot]

heartwarming.

except that inside track are still going.

and I wonder who lent them the mortage money... i bet it was NR, which mean we all pay in the end

[redgenieuk]

and I wonder who lent them the mortage money... i bet it was NR, which mean we all pay in the end

What are you on about?

Brown and Darling both said we'd get all our money back plus interest.

[mitchbux]

I PMSL when I read this article today.

My brother used to live on Anson Street, and was selling an end terrace to relocate at the time these flats were being sold.

We laughed at the prices they were asking, when they marketed them. Buy an end terrace, with lovely big light rooms, high ceilings, original features and 3 beds, or pay an extra £50K and get a 2-bed new-build flat.

A glance at Rightmove and Nethouseprices would have told these nutters that they were massively overpaying.

Serves them right for being too lazy to research the local market themselves.

[Leonard Hatred]

My dad read this in the Daily Wail this morning, saying "here's a story you'll enjoy" - but I already knew it!

I'm on the verge of being glad that these idiots lost money. After all, if you'd got a guaranteed way to make money with property, what is the last thing you would do?

Tell other people!

[Ah-so]

Should we all be laughing at the misfortune of people who were misled into making what they thought were sound investments?

Only joking, of course we should!

They were greedy and thought that they were getting a free lunch. Serves them all right. I like these stories as my HPC haiku (in signature below) turns from wishful thinking into everyday reality.

[EmpiricalBear]

Just think of all those who were *really* late to the party and were seduced by that 'nice' Diarmuid Gavin's radio adverts into deciding to 'profit from property'

Will that 'nice' Irish garden designer sleep well knowing he has sucked in the vulnerable into a form of para-legal fraud.

Although I think the buyers should take responsibility for their own decisions, I also have the inconsistent desire to see Mr Kay's ar3e sued off.

The most delectable schadenfreude moment up to now. I particularly like the fact that the letting agents gave up on the place because it caused so much trouble. Ouch!

Edited March 16, 2008 by 2MeterBear

[The Bachelor of Arts]

The article also states that Coventry (assume it's a building society or small bank) wants a 50% deposit on new build mortgages!! If the other banks follow suit then those properties will crash & burn and become the next form of social housing.

A few years ago I was looking to buy for myself. I went to a seminar (not sure if it was Inside Track or not) and it did sound interesting....................but a chat to my mortgage advisor back in 2003 and he told me that they overvalue the property to make it look like an off-plan bargain (which is why people don't mind paying those stupid fees as they think they are getting a 15% discount). After that I decided that these were not people to do business with. My other plan was to go to Manchester (lived there for 6 years in the 90's) and speak to local estate agents. I'd pretend to be a buyer of a new build, a seller and a renter......that way I'd get a picture of the local housing market. To me that was just normal due dilligence for such a large investement..........all it would have taken is a day or two (or a couple of phonecalls) to estate agents and these people would have known that these were overvalued, overbuilt etc,. etc,.

Once again: Capitalism's job is to separate money from stupid people.

[right_freds_dead]

they were probably londoners trying to buy rentals out of area, so they had no idea what manchester was like.

and neither did inside track.

[lets get it right]

A lot more to come, WHyyyyyyyy do you need to pay out £9000 for someone to find you a flat, it only takes a couple of days to look around and another couple of days to sort out the money side of things.

Because you are dealing with professional investors who will negotiate discounts on your behalf.

It is not healthy to stop and ask why, IF IT'S ALL SUCH A GREAT DEAL, the lads at Inside Track don't negotiate all the deals for themselves and simply run the biggest property investment business in the country. Which bit would be tricky. If they can get finance for their mug punters, what's to stop them cutting out the punter and taking all the action for themselves?

The people at Inside Track are there to make money for you.

Apparently.

You never know, maybe one of the people they have ruined will decide to get their own back in some way.

Edited March 16, 2008 by Lets' get it right

[DinosaursAreAwesome]

Inside Track... There are 10,000 members

Of the one million BTL mortgages floating around, how many are toxic waste, anyone know?