The Tenant gets Revenge on his Landlord in the Sweetest Way

The tenant gets revenge on the landlord where it hurts most - his bank balance.

This post is from a Telegraph article on the Buy-to-let crisis.

"I'm very grateful for the BTL bubble. I moved into a brand new rented property in 2005 bought by my landlord for 220k. My rent has consistently been less than his mortgage interest. At this time last year he had the property valued at 290k, but decided to hang on a little longer.

This year the financial strain got too much for him and the property was repossessed and sold through auction. I lost my home for a couple of months and stayed with friends, but bought it back last week at the auction for 140k. That's about 60% of the 2005 price and under 50% of the 2007 valuation.

And the crash has only just started! Sadly for him my landlord is ruined (with repo expenses he still owes the bank about 100k), but I now own a home and pay less on my mortgage than I did in rent. " Posted by Graham on June 3, 2008 2:14 PM

Well done to Graham for some shrewd property investment moves, he gets this weeks Propertyhawk ' Sharpest Investor Award and unfortunately we know who gets the wooden spoon.

And the award for smuggest landlord of the week goes to this fantastically boastful post from Spencer ( sorry if you're reading Spencer - but listen to yourself - really)

"I've already made a lot of money out of BTL. Even if I sold my 8 properties after prices had fallen by 20% I would still have made enough money to buy my dream home (outright) in Barbados. So please stop moaning about how bad the property market is. Its like everything else in life - a question of being in the right place at the right time."
Posted by Spencer on June 3, 2008 1:09 PM

Well arent you the 'bees knees'.