INSIDE TRACK STOP THEIR SEMINARS says LAWRENSON OF LETTINGFOCUS.COM
Coming hot on the heels of Mortgage Express’s pull out of “next day re-mortgages” which has put a big hole in the potential ability to buy property “with no money down” (see last blog) we now have the demise of the property advice company Inside Track - who have pulled the plug on doing their seminars.
Well, this was kind of expected by property people in the business.
Inside Track traded on the premise that people could get rich quick in property by buying “discounted” new build flats.
Well, as we all know, new build flats in most areas have not been the best investment one could have made in property over the last few years (to put it mildly) - and defeat has been rather staring Inside Track in the face for quite a while now.
Still, for many years their property weekend seminars at a reported £2495 a pop (no, I’m not kidding!) were full to the gunnels with hopeful property investors and much money was made by Inside Track and their related companies for quite a long time.
But when mortgage lenders finally woke up from their slumbers and became reluctant to lend on often overpriced new build flats, Inside Track was always looking a bit doomed.
Plus they latterly did suffer from quite a bit of bad publicity when some of their disgruntled investors popped up on TV and in the press to say that the performance of the flats they had been sold had been poor.
As I have said many times before in this column, the wonder is that anyone paid so much to go on one of these seminars in the first place and I have to say, I still struggle to understand exactly why they did!
I guess it is partly it is the power of Inside Track’s admittedly brilliant marketing combined with some people’s belief that they can get rich by not actually doing much work. To see the latter effect in action just watch TV’s “The Real Hustle”!
As far as I can tell too, the attraction of Inside Track was that people wanted to learn all about it and then have a company say to them, “Here you are, we have found the property for you, so you don’t actually have to do any work.” (They had to shell out a few thousand more to actually be on the “inside track” to get these great deals)
If only life was so easy.
In fairness to Inside Track, their seminars were, I understand, quite informative but one investor I know well who went on one said they did not tell him anything that was not in a good property book.
ABOUT LETTINGFOCUS.COM and DAVID LAWRENSON
I’m David Lawrenson a buy to let and landlord expert from lettingfocus.com.
I’m the author of “Successful Property Letting - How to Make Money in Buy to Let” which for the last 2 years has been the UK’s top selling property title: buy the UK's top selling buy to let book
It is fully up to date with all the recent changes to tenancy deposit schemes, HMOs, licensing, capital gains taxes and it has new sections on buying property below market value. I’m an expert property investment speaker and a well known property investment blogger and I contribute to newspapers and a host of property websites, write a property investment blog, a number of columns in the press and I can provide advice for landlords
Check out where I was recently featured in the Daily Telegraph:
I also work as a consultant helping banks, building societies, housing associations and web portals with their buy to let and property products and services and am a regular speaker at property shows.
You can read more of my blog & find details of my networking, advice, property investors networking programme at my website.What’s unique about lettingfocus.com is that we offer independent property coaching because unlike most people in the buy to let and property “advice” business we are not linked to a property company, a developer, an agent or bridging loan financier and do not receive commissions from any of these sources.If a property investment is lousy – We’ll tell you straight and we will tell you all about buy to let and property investment - the good and the bad and we won’t make silly promises that you’ll become a millionaire overnight.
Copyright: David Lawrenson 2008. This blog is updated once a week. Permission must be sought before using the material in the blog.