Saturday, February 16, 2008
Poor little BTL investor
Self-employed vet Tamsin Barks knew her life needed new direction. A mailshot from Inside Track said she "could give up work and be a property millionaire." She now has a £1.1m portfolio of 7 BTL properties, but has made a loss after costs of £350,000. "My monthly rental income falls £1500 short of the cost of borrowing the money, and that's before essential expenses. I am running out of money - I'm worried I could lose my home and have to live in a small flat or even a caravan." "I was told I could make money within two years by a process called 'flipping'. I would buy off the architect's drawing [off-plan] by paying a deposit, then sell the property at a substantial profit to another investor just before the keys were due to be handed over. I was told the sky was the limit"