Another property club has just hit the buffers says Letting Focus
I was trying to understand the psychology of the "Get Rich Quick in Property" offers by getting some of the property clubs marketing material together.
What I found was 3 common themes.
First up, was “Sign up and achieve your “financial freedom” (Sub message - No more crowding on the tube to get to a lousy job working for a boss who is Satan in disguise)
Second, Get lots of freebies and bonus gifts if you sign up NOW. And you will want to sign up now won’t you because you are a winner not a loser, right?
Third, don’t listen to any friends who say you are daft to spend £X,000 on a course – unlike you, they are losers. (This neatly anticipates the objections of friends and family.)
This all came to mind because a very worried chap called me last night to say that the phone number of the “armchair property investing” company that he has £11,000 outstanding with (to source and buy properties for him) has been disconnected and the owners cannor be contacted.
Oh dear!
Remember, if you MUST invest in this way, for goodness sake check how your money will be protected. And if an independent lawyer / accountant says it is not safe, then you will be on your own. Remember, property investment and property clubs are NOT protected by the FSA.
I excpect a rash of these firms going bust as a result of the credit crunch.
Clearly, it is high time there was a degree of protection against the worst excesses of the bad property clubs.
If you are a journalist reading this, please contact me for more information about the firm in question.
ABOUT LETTINGFOCUS.COM and DAVID LAWRENSON
I’m David Lawrenson of property experts’ lettingfocus.com.
I’m the author of “Successful Property Letting - How to Make Money in Buy to Let” which for the last 3 years has been the UK’s top selling property title - buy the UK's top selling landlord 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 journalist, property speaker and a well known buy to let blogger
I contribute to newspapers and a host of property websites, write a number of columns in the press and I provide general property investment advice
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 training programme at my website.What’s unique about lettingfocus.com is that we offer you help as an independent landlords' mentor 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.
We offer one to one advice and are often asked to evaluate other property investments. Copyright: David Lawrenson 2008. This blog is updated once a week.
WANT TO BE KEPT UPDATED WITH OUR LATEST BLOGS?
It’s easy.
Go to the bottom of this post, and click on “Link to this post”
Our home blog page should then open & you should then see my smiling profile. Then page all the way down and on the bottom right it will say “Site feed” - click there and away you go.
You then just copy the link that comes up into your News Reader or News Aggregator. Even a non techie like me managed to do all this.
Please note if you are thinking of reproducing material here - that’s fine but we DO require the full links shown in each blog to be included including also the links in the section “ABOUT LETTINGFOCUS.COM and DAVID LAWRENSON” Please contact us via the Contact US button at our main site http://www.lettingfocus.com/ if you have any queries about this.
What I found was 3 common themes.
First up, was “Sign up and achieve your “financial freedom” (Sub message - No more crowding on the tube to get to a lousy job working for a boss who is Satan in disguise)
Second, Get lots of freebies and bonus gifts if you sign up NOW. And you will want to sign up now won’t you because you are a winner not a loser, right?
Third, don’t listen to any friends who say you are daft to spend £X,000 on a course – unlike you, they are losers. (This neatly anticipates the objections of friends and family.)
This all came to mind because a very worried chap called me last night to say that the phone number of the “armchair property investing” company that he has £11,000 outstanding with (to source and buy properties for him) has been disconnected and the owners cannor be contacted.
Oh dear!
Remember, if you MUST invest in this way, for goodness sake check how your money will be protected. And if an independent lawyer / accountant says it is not safe, then you will be on your own. Remember, property investment and property clubs are NOT protected by the FSA.
I excpect a rash of these firms going bust as a result of the credit crunch.
Clearly, it is high time there was a degree of protection against the worst excesses of the bad property clubs.
If you are a journalist reading this, please contact me for more information about the firm in question.
ABOUT LETTINGFOCUS.COM and DAVID LAWRENSON
I’m David Lawrenson of property experts’ lettingfocus.com.
I’m the author of “Successful Property Letting - How to Make Money in Buy to Let” which for the last 3 years has been the UK’s top selling property title - buy the UK's top selling landlord 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 journalist, property speaker and a well known buy to let blogger
I contribute to newspapers and a host of property websites, write a number of columns in the press and I provide general property investment advice
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 training programme at my website.What’s unique about lettingfocus.com is that we offer you help as an independent landlords' mentor 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.
We offer one to one advice and are often asked to evaluate other property investments. Copyright: David Lawrenson 2008. This blog is updated once a week.
WANT TO BE KEPT UPDATED WITH OUR LATEST BLOGS?
It’s easy.
Go to the bottom of this post, and click on “Link to this post”
Our home blog page should then open & you should then see my smiling profile. Then page all the way down and on the bottom right it will say “Site feed” - click there and away you go.
You then just copy the link that comes up into your News Reader or News Aggregator. Even a non techie like me managed to do all this.
Please note if you are thinking of reproducing material here - that’s fine but we DO require the full links shown in each blog to be included including also the links in the section “ABOUT LETTINGFOCUS.COM and DAVID LAWRENSON” Please contact us via the Contact US button at our main site http://www.lettingfocus.com/ if you have any queries about this.
Labels: financial freedom, passive income, property clubs
This entry was posted by lettingfocus, on
Friday, September 26, 2008.
