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  • Buy-to-Let

    Buy property with zero money claims

    Hello all,

    This is my first post on here, so hello to you all!

    Last night in Central London I attended a FREE event in a hotel hosted by Fielding Financial. 

    They were selling a 3 day course on how to buy properties with credit cards.  One example being a BTL of 80% and borrowing £17K and paying the deposit with a credit card. 

    They explain the magic secret of how this is possible once you pay the £500 for the course. 

    It was very well presented and I almost signed up on the spot like the rest of the room did.  I decided to do more research instead of sign up. A couple of their claims included Winning a Property Wire award for being the best property training provider 2018, and also being AQA accredited  (GCSE examination board) which sounded impressive, though I'm starting to think neither claim is legit.

    I have two questions:

    (1) Has anyone heard of Property Wire Awards?  I looked them up online and saw one of their sponsors is fielding financial.  Would a sponsor be eligible to receive an award from the company giving out awards??

    (2) AQA accreditation for companies, does such a thing even exist? I went on the AQA site and saw only content about exams for maths english etc, nothing to do with businesses.

    Also any comments and opinions on this in general would appreciated.  I've not yet started my property journey, so I'm totally new to this world and still trying to figure it out at this stage.  All feedback welcome Smile

    N00b

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    Hi Noob,

    Vanessa who runs the tribe and Nick have a very good thread about doing due diligence thoroughly. I'm sure they'll post it soon in the meantime to me I would have caution like you have expressed here... I doubt there's much magic in using a credit card for deposit? Sounds very expensive to me.

    It sounds like you need to explore your BTL finance access options, it's a whole conversation on it's own.


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    Hiya,

    I think the host mentioned Russian banks at one stage, which also sounded dodgy! Big Grin

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    When I saw FREE in upper case my first thought was SPAM

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    DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.

    Hi, you have done the right thing by not signing. From experience , the only thing these so called experts or gurus are good at is taking your money. I attended one such course and the only thing my teacher did was tell me why I should buy his two week residential course and pay 5k for it. I walked out on midway through the second day , lesson learned . Save your money and put that towards your investment.

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    I did some googling while I was there and saw report someone then learned they could spend a further £20K on further learning and mentoring afterwards.  I mentioned that to the guy afterwards and he said he wasn't going to lie and that there additional learning opportunities / courses other than the 3 day.

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    Hey Noob.

    I actually attended the FF 3 day course in August. That was the thing that kick started me on my journey. My girlfriend was going to send me on it and pay the 500 but then she had an offer through for £97. We both signed up and went. I personally found it well worth the money and felt the 500 would have been good value for me also. The first 2 days was packed full but the 3rd day did feel like a bit of an upsell (we were ready for it). They were then offering a 2 year course for 19k (discounted 20% if signed up before 12) with a mentor for 5 months or a 1 year fast track with 12 month mentor for 35k (discounted again). I didn't want to sign up as that would be a deposit on a house and I wanted to get started.

    There are threads on here that talk about 'gurus' as well as doing you due diligence. I also couldn't find the AQA things about the business side.
    Have you been on YouTube yet? There are plenty of good videos where you can learn the same kind of things on your own. This place is excellent for info as well and I think I've read through just about every thread and every so often pick something new up.

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    Telling you about buying property if you have no money?

    Tick

    Free course held in a hotel?

    Tick

    Secrets available if you are up sold to a paid for course?

    Tick

    ------

    This pattern has been repeated time and time again over at least the last fifteen years.

    The difference these days are that there are warnings everywhere and you have no excuse to fall for it.

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    1) I've never heard of Property Wire Awards but anyone can setup an awards scheme and give the awards to anyone they want. Try googling for 'Dave Gorman' and 'Product of the Year Awards'. Finalists have to pay a large fee to be able to win.

    2) AQA do courses around property. Search for property on https://www.aqa.org.uk/programmes/unit-award-scheme. I found things like:

    https://www.aqa.org.uk/programmes/unit-a...unit=70165

    https://www.aqa.org.uk/programmes/unit-a...unit=70314

    https://www.aqa.org.uk/programmes/unit-a...unit=74525


    I believe that the charges are excessive for the amount/quality of information you will receive. You are better reading this site and sites like Landlord Law Blog.

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    Fools and there money are soon parted

    you don’t need to pay for education

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Hi David and welcome to the tribe.

    Well done for not believing what you were told and wanting to verify it - the process known as "due diligence".  This approach will serve you well and greatly mitigate your risk in property.

    First of all, no BTL lender would lend to someone, knowing that the deposit was coming from a credit card.  All sources of deposit funds have to be disclosed to the lender, and, if they found out the deposit was being paid via a credit card, they would decline to lend.  This is because the risk would be much greater to them as the borrower has no real skin in the game.  If it was not disclosed to the lender that the deposit was being paid on a credit card, then that would be tantamount to mortgage fraud.

    So, straight away, there is a major problem with what was being suggested.

    These threads will further assist with your decision making:

    Are all property education courses a scam? 

    Buying property with none of your own money 

    How to do due diligence on a property mentor

    How to use Companies House for due diligence 

    Fielding Financial Family

    I would recommend that you sit down with a cuppa and have a read through the above links.

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