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  • Buy-to-Let

    One presumes the days of the GRQ guru is over

    The title is a comment from Paul Barratt on another thread, but rather than hijack that I thought i would start a specific one because this is an interesting point but unfortunately i have a different view.

    At present there is so much pension pot money flying around and no home for it, good deals take a lot of finding so a silver tongued spiv has rich pickings with his pipeline of amazing deals and profits of huge returns.

    Thats my view anyway, I would be interested to see whether others agree or not.
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    Phil Stewardson.

    Stewardson Properties.

    Stewardson Developments Ltd.

    Burson Land Ltd. & Jennings & Gilchreaste Ltd.

    http://www.stewardson.co.uk

    Follow me on twitter - @philstewardson

    Hi Phil,

    I agree.

    Snake oil salesmen have succeeded throughout history because people will always want to buy a ticket to see a Unicorn on the slightest chance that it might exist.

    This is pure GREED marketing and there will always be people - and innocents - who get caught up in it and learn an expensive lesson.

    The new tax regime and the reclassification of HMOs (removing the 3 storey requirement for licensing) will have a significant impact on more savvy people getting involved.

    But the "wealth creation" industry has very little to do with property and most people in these marketing funnels will not have a clue that they are being sold out of date strategies.

    Some GRQ gurus may claim that their accountant has come up with a "tax work around" and sell a course on that.

    It's business as usual for the gurus. The only thing that counters their efforts is the social web and community self-regulation. This seems to be happening a lot more of late and its gratifying to see.
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    I agree, it would seem that things are getting even easier for the GRQ gurus, with people looking for a home for their money.

    I was shocked to read one of the posts on the Facebook link that Teresa Roland added to the GA thread. Sorry to post it again here but it really emphasises how sharks circle on new investors on courses.
    UK Property Traders post from someone named 'Beauty Bridget Gwara'....

    ".... I personally attended Glenn's four day course, as a newbie. I met some sharks during the training not sure if they work with Glenn or independently. I was asked to JV a deal by lending the guy who claimed to have more than 450 houses. He needed £75K from me. The £75k was needed as soon as yesterday. The deal was to give this amateur investor cash and then he would use his LTD company to purchase a property via bringing loan and my funds for deposit and refurb cost, I would get 70% and he would take 30% of the profits, after refurb and sale of the property. All the work was going to be done by the investor's building company; which I was also meant to pay. NO SECURITY WAS OFFRED, what so ever, which left me questioning; How will I prove tht I have funded the deal? Maybe there are some people now taking advantage and tarnishing the image of JVs. Newbies are there to learn; not to be taken advantage of, simple! Reputation creates good businesses, but bad reputation destroys business! THE HUSTLE is now in Property Biz!!"
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    I'd love to call this the "Parkin Strategy" except then my name would stick with scammers for ever more but if you look at Gurus past present and future they follow a simple betting strategy - double or quits.

    Anyone who gambles will recognise Double or Quits.

    So in property you put forward any old strategy (lets say - didn't sell at auction) use other people's money (lets call it OPM) and take a gamble.

    1) didn't sell at auction, use other people's money to buy & resell.

    2) If you win you are a Guru. If you lose, other people lose their money & you go back to 1)

    In general the wins keep the dream afloat, but occasionally there is a loss, hence the number of Guru bankruptcies.

    Hence the number of Gurus who have a previous bankruptcy.
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    Regarding the pension money, not so much.

    Most pension providers say they "do not have the facility" to release say 30%. So its "withdraw it all or nothing". Most people dont want to "withdraw it all" for the tax issues.
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    (05-08-2015 09:44 AM)phil_stewardson Wrote:  The title is a comment from Paul Barratt on another thread, but rather than hijack that I thought i would start a specific one because this is an interesting point but unfortunately i have a different view.

    At present there is so much pension pot money flying around and no home for it, good deals take a lot of finding so a silver tongued spiv has rich pickings with his pipeline of amazing deals and profits of huge returns.

    Thats my view anyway, I would be interested to see whether others agree or not.

    Excellent hijack Phil
    Yep I agree with you
    GRQ Guru follows the waterbed principle
    When one avenue appears to be closing they pop up on another one.
    In this case on pensions!
    The'll be another one that comes along and the mugs will fall for the beguiling words on that
    Were it ever thus!!?
    Can you think of any other GRQ methods that these Gurus will be pushing!!?
    Property now pensions
    Wonder what the next thing will be!!??
    Something to do with Ltd companies and properties etc!!??
    The Guru is always seeking a mug and there seem to be a never ending supply of them
    I remember attending an Inside Track seminar; but for some reason I just didn't feel comfortable with what was being proposed
    I am a bit of a cynic to say the least!!
    Fortunately I never fell for their blandishments though I managed to successfully lose vast sums other ways!!!!Sad
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    I've always hoped not to be perceived by anyone as being among the GRQ gurus, despite the fact that I wrote a book in which I stated in the opening pages that I could teach you how to get rich through property investing....

    My book was published at the start of 2008 having been conceived and worked on for a long while before then - and I wrote it with full sincerity, believing my good fortune through property was too good not to share.

    I also for a couple of years, spoke at various networking events where other 'gurus' spoke in other months. I was also a firm believer in "positive thinking" as I believed it had worked wonders for me... I still do believed it helped me to reframe my thoughts more confidently and positively than the terribly unconfident person I used to be, but I now see positive thinking requires balance and that there are times when it's important to see the truth in being pissed off when it's called for!!

    I don't recall seeing any comments from you Phil on the "summer budget" thread but would be very interested to hear your reaction to the government's evil deeds?!

    Anyway this thread has encouraged me to change my signature to no longer mention my book! I was offered by the publishers just after the budget, an invitation to do some "VIP PR" for the book - which I think means "your book does quite well, but you clearly don't make the effort to market it much" - I turned down the offer as I was feeling too sickened and deflated.

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins