A finalist in our landlord version of these; a candidate for 'Landlord of The Year' in 2009 ( sorry the title even makes me snigger ) is now facing jail after he was caught running a brothel. Ironically, ex landlord Parminder Janagle was described as a new breed of ‘socially-aware’ landlords who had supposedly turned around a struggling portfolio of 12 buy-to-let properties, which have since been sold following the collapse of his property empire. Not what you'd call 'Landlord of the Year' material in most people eyes.
Now, I don't feel that I want to character bash Parminder anymore, he is reported as saying he took ‘full responsibility’. In many ways I feel sorry for him. He has lost everything - bankrupt, separated from his wife and facing a prison sentence. Happy new year! I hope he sorts himself out, and good luck.
You see, Parminder was yet another victim of this property investment industry of ours. After falling into the trap of believing the hype. Apparently, he bought the 12 properties in Hull, Halifax, Sheffield and Grimsby in 2006 after going to a seminar run by the now defunct Investors Club, which boasted that it negotiated 20 per cent discounts from developers by buying in bulk.
Despite all his award winning efforts to reduce the £3,500 monthly rental shortfalls on the flats which were valued at less than the cost of the loans secured on them - he lost them all, and desperation lead him to go on and do what he did.
I guess what I'm actually trying to say is, when it comes to most things in life, whether it's award ceremonies or property investing - it pays to be cynical.
Be cynical of industry awards, sharp suits, smooth talkers, someone else's figures, Estate Agents, Letting Agents, in fact any agents, tenants, certificates, plumbers, builders, inventory clerks, solicitors, surveyors, banks, brokers, financial advisors .....
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