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  • Property Training/Mentoring

    STOP! Don't pay for property education or mentoring until you have watched this!

    This video was produced in response to the increasing number of people who are contacting me after paying huge sums for education, only to find that they do not qualify for mortgage lending!

    Speaking to a mortgage broker FIRST, will bring clarity to what you can achieve in property and will direct you as to which strategy you can adopt with your personal financial circumstances:

    We would like to re-iterate that Property Tribes fully supports authentic education and believes that all landlords should commit to professional development and learning, which includes understanding mortgage products and deal structures so that you can make wise choices.

    This video is also very timely in the respect of the fact that it is likely to become increasingly more challenging to get BTL finance as new regulatory measures are introduced in 2016.

    Remember, as well as qualifying for mortgage finance (if you are not a cash buyer), you will need:

    1. Typically a 25% deposit

    2. Funds to cover acquisition costs of a BTL property

    3. A contingency fund for voids, repairs, and on-going maintenance.

    4. Funds for insurance and compliance issues.

    We endeavour to empower people to ask the right questions and and get a variety of inputs, not just take a singularity's input. This is healthy and reduces risk. All methods should be considered and evaluated, and, if in doubt, seek community opinions. You can never learn less and the more you learn, the more you mitigate risk.

    Property investment is a long-term game, and it's vital to use the correct mortgage products and deal structures for what you are attempting to do, if you want to build a sustainable property business.

    [Image: house.png]Related content:

    How to get started in BTL - in ten easy steps

    15 things they won't teach you at a wealth creation seminar

    Tribes guide to avoid becoming property shark bait

    Top 10 FATAL mistakes made by novice property investors

    Useful article about seminar scams

    Routes to property success - community reviews of training programmes

    What is the commonest mistake made by novice landlords?

    Property Tribes top resources for newbies

    Good Video. Totally agree Before you spend monies on course; talk to your broker ensure you can access financial products.

    Can I just say for those attending courses past/present; No - You can not loan your deposit and invest using "other people's money". Can often spot a bad mentored tenant from the source of their deposit.



    YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001

    Thanks for commenting Adam.

    Good point about the source of the deposit. No lender would knowingly accept a loaned deposit as it means the individual has 100% financing or "no skin in the game".

    Lenders are looking at the source of the deposit closely to check where it came from.

    Excellent posting Vanessa! It's very topical as always.

    I would add my own tuppence to newbie investors. Please be very, very careful before you part with your hard earned money when being seduced by self appointed gurus to buy expensive courses which would "teach you how to quit your job".

    You need to ask yourself the question as to why the self proclaimed gurus themselves are spending their time in our cold climate, pushing their expensive course, when in fact they could be sunny themselves on a paradise island somewhere if they are as successful as they claim to be. Yes, ask yourself that question.
    Really great post, especially for those of us starting out - it can sometimes feel like information is thrust at you, whether it's relevant or not.

    Big Grin We are blogging about our property investment journey over on www.ourpropertydream.com Whether it be good, bad our ugly we want to share any advice along the way.
    Great interview Vanessa.

    There are so many courses out there that are little more than a scam but the 'call to action' is now so honed and refined that its the perfect solution to what new investors think they want. In reality its not until a few months after they pay their money that they realise its either 'pie in the sky' or bordering on illegal practices thats being touted.

    I firmly believe that you have to teach yourself property because it has to be what you need it to be for you, everyones aims are different and as you travel your property journey the aims change. We have a business coach and he has been invaluable, his input is measurable and he has the experience and qualifications we need to grow the business, no GRQ schemes or give up your day job in 3wks rubbish.

    Phil Stewardson.

    Stewardson Properties.

    Stewardson Developments Ltd.

    Burson Land Ltd. & Jennings & Gilchreaste Ltd.


    Follow me on twitter - @philstewardson

    Following on from unleashes1's comments. A guru always has a good reason why a multi-millionaire drives all over the country floging courses. The story goes like this :
    1. POOR ME. I started with some sort of disadvantage ie single parent, poor area, dislexic, illness, accident.
    2. STUMBLE INTO PROPERTY. I was not clever I just fell into it ie took a lodger, couldn't sell my house etc
    The idea of 1 & 2 is to show that anyone can do it and to convince you that you are at least as clever if not cleverer than the guru. You are more likely to part with your money when you think that you are doing so from a position of strength.
    3. HUGH SUCCESS. This bit is simple - I made vast amounts of dosh and either retired or was about to retire.
    4. GIVE SOMETHING BACK. That's it ! The guru is taking your dosh because he wants to share his good fortune. What a guy ! At this point he will tell you about his charity work. This of course raises the question of why the guru does not simply do it for nothing if it is all about giving something back. He will have an answer for that - the money that you hand over is merely a way of testing your commitment to making the most of his pearls of wisdom.
    Phil & Glenn,
    Great posts. I love Glenn's 4th post. The only part you missed is the charity they support....starving children in Africa, or land mines in Hackney, that sort of thing.
    I have to concur with Frank and Glenn on this "cookie cutter" approach the new gurus take with regards to their charitable works. There must be a course teaching it somewhere! Smile

    I was at the Property Investor Show recently watching two young guns promoting their Rent to Rent business and the first part of their presentation was how they donate money to charity.

    Why does this need to be advertised unless there is an agenda behind it?

    Most people donate to charity and don't make a big deal out of it.

    Interesting that self-proclaimed guru Ajay Ahuja is selling up. He is one of the most notorious gurus for not delivering on promises!

    A reminder that once these individuals have your money, it's almost impossible, not to say extremely costly and stressful, to get it back.

    That is why the message of this video is so important!

    @Vanessa, excellent posting again. In response to a couple of the points you raised;

    1. You bet, the self proclaimed gurus learn their deceitful presentation techniques! They learn their "tricks of the trade" from other self proclaimed gurus from America and Aussie and of course from our own local champions, come dragons and from a former pizza delivery man come, personal development expert. I'm sure you know the characters in question.

    2. As far as the two young wizards of the north east at the property show goes, they are graduates of the courses run by one the the "gurus" I refer to in 1 above. It is really beyond words that potential investors get sucked in by these kids and take them seriously. I guess they use the claim of supporting a charity to mask their lack of credibility. SmileSmile
    So, moving forwards, let's say you've got yourself approved for BTL lending.

    The next stage is to undertake due diligence on the person/company offering the training or mentoring.

    On another thread, Lisa Orme wrote an excellent post on how to do this, which I am copying below:

    The only person who looks after your money is you!

    If someone is selling a product or service off the back of a claim of ownership of x many properties (why is it always 100?!) or £x income you have every right to verify that information. If they said they had one property or earned £100 I'd doubt you'd be interested added to which it could construe false advertising.

    Request a copy of a) bank statements and count the number of rent deposits in a month or check the income b) request a copy of their credit file (at least 80% of the mortgages will be on there). If they say they own them unencumbered then the rent statements will show the rents and no mortgages.

    The credit report will also show how they are with credit - if they've shocking credit then that might explain their desire to offer training or deal packaging! If they fess up then you can make a judgment call. Going bust, getting into debt etc doesn't make you dodgy but being dishonest about it does.

    If they claim the purchases are in a Ltd Co then request the accounts or check Companies House; all loan and mortgage charges are recorded.

    Then ask for at least half a dozen client referrals and ask the same info from them! They should easily be able to show the success they've had, the equity withdrawal, the 'guaranteed' rent etc. They can redact personal info as long as it has their name on it.

    If more people did these things I reckon half of the 'gurus' would be out of business!


    I thought I would just share a friend of mines recent guru experience.

    He went on a guru course where he immediately become suspicious when there was an exercise to increase the credit on your credit cards, the target being to get another £15K of credit available to you.

    The guru then introduced them to some software that allows you to check people's credit ratings, so that the students could check their own.

    However, instead of doing his own credit rating, my friend did the guru's!!

    It was not what you would expect for a multi-millionaire, and, ironically, it was worse than his own credit rating!

    He stood up and challenged the guru on this and the guru got very flustered and said they had had "a short term credit rating problem".

    Despite this, 34 of the 36 students signed up for the next stage of training - you guessed it! - for another £15K, even though they had not gone out and tried to put into practice what they had just been taught.

    Do the maths - 34 x £15K is over half a million pounds!. Proof that teaching property is more lucrative than doing it?