Property gurus are always ready with some words of wisdom about how to make millions from buy to let – for a price.
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These shysters are likely to dress up standard property investment information as a ‘buy to let secret’ or a road to riches with ‘no money down’.
Their marketing appeals to would-be investors who do not have the knowledge or cash to buy investment property.
The guru’s promise that someone can build a multi-million pound portfolio using someone else’s money while enjoying a jet-set passive income look too good to be true – and generally they are.
Like all gurus, any promise of making a fortune from revealing secrets or buying into a strategy should be taken with a pinch of salt.
These experts often drive a luxury car, have an air of confidence and are good talkers.
But before handing over any cash, it’s a good idea to dig a little deeper.
Many of their strategies involve foreign property. A recent notable opportunity was to buy up foreclosed housing in the US rust-belt of manufacturing cities.
Detroit was a prime objective, with a ready supply of cheap homes and renters looking for somewhere to live.
Although the deals were promoted heavily in Britain, Scandinavia and Germany, if they were that good, why did not appeal to more local American investors?
Ask for a discount
And more to the point, why do gurus always want to share their money-making secrets instead of piling in for their own profit?
The killer comment to the guru who says they have enough money already is for you to ask for their course, seminar or mentoring for free as they do not need your cash.
Avoid property projects on crowdfunding sites as well. If the promoters are so knowledgeable and investable, why can’t they raise the funds directly instead of looking to others?
For new investors seeking advice about buy to let property, sign up with the Residential Landlords Association or National Landlords Association and go on some of their courses.
They are provided by industry professionals with industry experience and qualifications, not get rich quick gurus flogging a dubious scheme that will probably end in a mess.
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