You will get all the information you need from us.
There is some good content in some of the courses you can attend, and others are just copied versions of the original.
Generally speaking, the courses are set up to make money from people’s insecurities and offer dreams rather than reality.
You do not need to go on a course, and you do not really need a mentor. That is just a word that’s made to make you feel like you’re getting value from something.
You do need to find people who you can trust who work in property full time.
5% of what you learn on a course is correct and genuine, but it can be found online.
95% is risky at best and unachievable at worst.
The get rich quick and no money down deals are impossible and misleading.
Save your money towards your first deposit.
Joint Ventures, No Money Down and Refinancing
In my view this is to be avoided. The agreements and contracts are liked by the courts and you are dealing with the devil when you enter into an agreement with a stranger. Unless you’re dealing with an established institution do not do it.
The figures people talk about are always subjective. The bottom line is that it is all fuelled by getting a BMV deal. The question is what is the real value of the property that’s sourced in distressed circumstances. Everything in property is ok when the market is increasing. When that market slows or decreases, we will see a lot of people in negative equity with higher loan payments. If you’ve JV’d with someone who has taken half your equity profit, then the real value of your refinanced property is actually less if you consider that the JV partner has taken a percentage of the refinanced uplift.
Avoid partners they are risky.
Be in control of your own portfolio.
Rent to Rent
This is practically illegal in Scotland, so it is not worth mentioning.
They could be deemed unethical so it’s not something we do. There are business factors why we also avoid. They are time consuming, and much can go wrong with time and money lost.
Our experience is that your time is better spent on constructive portfolio building.
Investment Companies (Ponzi Schemes)
Giving companies money on a secured or unsecured basis is the riskiest form of property investment. In particular, new and inexperienced companies.
To explain it briefly if you give a company trading only a short period of time money on an unsecured basis you have no guarantee you will receive anything back at all.
If you give them it secured it will be secured on a supposedly BMV property.
The risk comes with the property value. The second the economy weakens the property could lose value. If you have secured it in the property you will perhaps have the nightmare of trying to gain control of a property.
If the “Investment” business has built its entire business model on spending other people’s money the second the money runs out you are really in trouble. This will happen the instant the economy slows down.
Its only then you will realise that the unsecured version is actually a Ponzi Scheme.
The company will close leaving a trail of debt and you will not recover your investment.