Tuesday, Dec 08, 2009

Buy-to-let club Passive Investments folds

Guardian: Buy-to-let investors fret as property firm fails

Amateur property investors fear they have lost hundreds of thousands of pounds in a buy-to-let club which is going into liquidation.
Sussex-based Passive Investments sold "portfolio builder contracts" for up to £59,995 each. It promised to use the money to purchase buy-to-let properties which it would rent out and manage, but also asked clients to periodically pay up to £7,000 extra into a "purchasing fund" to cover stamp duty and legal fees.

Posted by whatever @ 09:54 AM (1545 views)
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1 Comment

1. gone-to-colombia said...

Ah the wonderful price of greed and stupidity. May many more fail in the months to come.

Tuesday, December 8, 2009 06:51PM Report Comment

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