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  • Property-a-holics

    Steve Colley

    Hello Beth44...

    You make some excellant, balanced points and ask some very interesting questions. I will try to answer them the way i see things.

    Yes, there should always be a clear contract, detailing all of the things you discuss ie; Clear KPI's, how the upfront fee works (we envisage precisely the type of arrangement you describe where the fee is re-imbursed on a pro-rata basis if "either" party is not satisfied) for exactly the resaons you detail so well in your post (so i won't repeat them again here).

    The importance of detailing everything in the contract (and then spending the time going through that detail together with the mentee) is that neither party wants to waste their time investing in something that quite clearly is not going to work. In my case, I firstly want my mentee to become competent as a Property Developer, but my main objective is to build a longer relationship with this person as "business partners", working together longer term to grow each others company. Therefore, I really need to do my DD on each of my mentees to ensure I believe that they have the right attitude & ability, share the same values, have the willingness & the available time to commit, have the ability to learn & listen, are able to take action & deliver. As I have stated previously, every mentorship is different & one should be clear on what one wants; very often I hear of mentors who are bad & not so often that mentees are bad!! For this reason, I have limited my mentees to 2 at one time as my reputation is paramount to me & I do not have time for time wasters or non-action takers. If my mentees do not perform or I do not perform, I will be documenting publicly as to why! This is written into our contract that we both sign as I am happy to be held accountable, but want my mentees to be held accountable too!!! My first 2 mentees will be starting in August & September respectively & I invite you to foloow their progress on my facebook page.

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    Hi Steve and Sophie,

    Thank you both for joining the conversation and bringing clarity to this discussion.

    Steve - the purpose of this site it to make the private rented sector and the wider property sector better and safer for all involved.

    As you are aware, the "wealth creation" industry is completely unregulated and it therefore attracts a number of rogues, conmen, or those who believe it's okay to "fake it until you make it" - often using other people's money.

    These forums have documented many cases where people were promised a dream, but their dream turned into a nightmare, and they lost life-changing amounts of money.

    Common themes surrounding these cases was someone making big claims, speaking at wealth creation events including PIN events, asking for big fees upfront, offering only a limited number of places etc. so you can see why due diligence is needed to weed out the rogues from the ethical operators.

    This process of due diligence actually aids the ethical operators, as it allows them to distinguish themselves from the rogues.  If claims have to be substantiated, then the rogues won't be able to and the ethical operators will, so they win.

    Sadly, all too often, when people are challenged, they take it personally and turn nasty, sometimes attempting to discredit anybody asking pertinent questions.

    The actual process of due diligence could not be more UN-personal as it's based on documentary evidence, not what someone claims, or whether they appear "genuine" or "nice".

    I appreciated that you have provided an explanation of your background and situation and it sounds entirely reasonable.

    It's also great that you are going to document the progress of the two mentees in such an open manner. I am sure it will prove a useful resource.

    As you are new to the scene, you can appreciate that you are something of an unknown quantity, and time will aid with that process of getting to know your modus operandi & business model.

    In the meantime, I thank you for joining the discussion and helping the community understand where you are coming from.

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    Edit - we are continuing to work together.

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    Some general thoughts on this for all:

    1.  What do your terms and conditions say about refunds?

    2.  Many people judge a company, not just by their service, but how they deal with things when things go wrong or the customer does not feel satisfied, for whatever reason.

    3.  If you paid on a credit card, you could apply for a refund under Section 75.

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    How long was the course? When did you raise your concerns?

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    Looks like he has a couple of websites https://www.pdnetwork.co.uk/ / https://pdnonline.co.uk

    He has a number of Directorships under two profiles, all it seems started in the last couple of years, so no financials.......

    https://www.duedil.com/director/925078128...ectorships

    https://www.duedil.com/director/925930317...nce-colley

    Does come across well in a recent video posted on YouTube sharing his story, but they always do......hope you get sorted.

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    I can see why Steve would require an amount to show dedication as lots of people wanta freeride when it comes to educating. If £5k is too much, what are you actually bringing to the table? Why do you want to get into this but have no money?
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