Wednesday, January 16, 2008
UK BTL locusts take note
"A few years ago, Mr. Smuck, 59, began making a comeback. Outbidding other investors, his MBS Companies, based in the New Orleans suburb of Metairie, quickly amassed a portfolio of 65 garden apartment complexes throughout Texas with 17,000 units. But now, Mr. Smuck’s real estate empire is coming apart for the second time. Most of his $900 million in loans are delinquent, some are in foreclosure, and his management company filed for bankruptcy protection on Nov. 5."