Tuesday, April 1, 2008

Greedy flipper gets her comeuppance

Foreign homes investment leaves woman facing bankruptcy

Inside Track persuaded Tamsin Barks to take out mortgages worth more than £1.1 million to buy seven homes in Britain, Florida and Spain. The technique, called "flipping", seemed simple and promised to make her a fortune. However five years on, Mrs Barks faces the prospect of a £300,000 loss plus ongoing maintenance costs. A flat that she bought in Manchester for £172k has been recorded at the Land Registry at £203k, misleading potential investors in the development.. At the moment Mrs Barks makes about £3,500 a month in rent. That leaves her with a shortfall of at least £1,500/month. "I'm scared I'll go bankrupt. I thought it was too good to be true, and I wish I had stuck to my instincts. Property investment seemed sensible, it was bricks and mortar."

Posted by little professor @ 06:36 PM (2120 views)
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10 thoughts on “Greedy flipper gets her comeuppance

  • japanese uncle says:

    Property investment seemed sensible, it was bricks and mortar.”
    —————————————————————————————————

    Yes it is prickle for the mortal.

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  • yorkshireman says:

    “Foreign homes investment leaves woman facing bankruptcy” This is not the real story. This kind of “investment” has left many people and families homeless and scared. Not people like Mrs Barks who have choices and can make cutbacks, but ordinary hard working people who just want somewhere decent to live at a reasonable cost. That right has been taken away by Mrs Barks, Kirsty, Phil and all the others chanting the “put your money in bricks and mortar” mantra, inflating prices and lining their pockets.

    I have no sympathy for these “investors”. We could forgive inexperience, but not greed and stupidity.

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  • Watch Ch 4 news now!

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  • if i was a ticket tout and i bought a shed load of tickets at an inflated price for a concert, then asked even sillier money for them and got stuck with them after people refused to pay – would i get an sympathy? no.

    if there was war rationing and i hoarded food, selling it a premium to the desperate – only for peace to break out, leaving me with a cellar full of unwanted tins of spam – would i get any sympathy? no.

    how come these people are getting articles written about them? or is this a bit of a cheeky hidden agenda and in fact they are being held up to ridicule? cos they are certainly getting a lot more ridicule than sympathy. the people have spoken and they are barely able to keep a straight face.

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  • Why? What did it say?

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  • ………..and don’t expect the prudent, who realised this was a risk too far, to foot the bill. However, if she goes bankrupt effectively we will.

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  • Ch 4 news tonight pulled the BTL business apart and basically trashed it!

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  • Looks like Inside Track are in for a hard time reading this. They say: “We do not make this decision for them,” They are so sympathetic !

    Mrs Barks’ phone is going to be busy.

    The demise of Sterling for any foreign BTL property is compounding the material loss and there is probably now, not one single positive factor to reduce the losses even over the long term.
    This kind of investment should be outlawed immediately.

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  • mark wadsworth says:

    This lady will still be flipping for years to come … flipping burgers!

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  • sILLY COw.

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