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Tuesday, December 23, 2008

Landlord Loses £3 million property portfolio - Will the floodgates open?

This is a sorry story of a poor landlord been sold the dream of riches and wealth.

Mr Morris invested £3 million in Leeds city centre apartments, promised by the developer that they were discounted property, and would secure high rents and big increases in values that never materialised. He has now gone bust.

Unfortunately I believe we will see a flood of 'Mr Morris' type tales through 2009 and 2010. I have been predicting this flood from the bubble within a bubble for some time, so we will see what the scale is as it starts to unfold. Interesting times.

But Mr Morris has picked himself up by helping other investors who lost out and contributing to a motivational book, Overcoming Obstacles.

"It is money. We made it before and we can make it again." he recounts bravely.

Good luck to him, and I admire his enthusiasm and persistence, however I'm not sure if I will be looking to purchase the book, it's those kind of motivational , 'You Can be a Success' 'Make a Million ' type books that got him in trouble in the first place.

Nobody seems to write books called 'How to Make a Sensible Investment' or 'Use Your Common Sense' or ' If it Sounds to Good to be True...' or 'Don't Believe a Salesman' or 'Let's Be Logical About This'.

Suggestions for more useful book titles most welcomed

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