Wednesday, January 9, 2008
"I bought 20 new flats dotted around the city centre, using the technique where you buy at a 15 per cent discount and that discount would pay for the deposit for the mortgage either in the form of a cashback or a gifted deposit,"This meant he had a property portfolio worth £3m having staked only £60,000 or so of his own money." A perfect plan, BUT... "The rentals went down very quickly as so many new builds came on to the market."He sold some, but many of the properties were repossessed and Peers was made bankrupt in April last year. He now works for a company, advising on how to build up a property portfolio "without overstretching yourself" What-a-punk!