"They're generally priced off the rate at which banks can borrow money from each other and that's gone up very fast as a result of the credit crunch.
Are people really this thick?
The Money Programme meets buy-to-let investors who are discovering that the rent on their properties is not high enough to meet the dual costs of the mortgages and their additional landlord costs, such as repairs and maintenance.
Derek Stobbs, who owns 13 properties in the Derby area, says he is losing about £6,000 a year on his portfolio.
He is relying on the profits from his other business to balance his books.
"It looks like I am going to have to subsidise them for a few years to come," he says.
It's very charitable of these people to subsidise people's rent.
Some investors have found that rents have actually fallen. And because so many properties are available, they have also had little capital appreciation when they sold their buy-to let investment.
Some experts think worse is still to come.
"If the rental yield mortgage comparison becomes more and more tricky and they don't expect capital growth they may be forced to put properties on the market, which may effectively accelerate the slow-down in house price growth," observes Jamie Dannhauser of Lombard Street Research.
Boomed etc.
(Please!)
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