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  • Property-a-holics

    'The No Money Down Sceptics are FOOLS‏'

    Saw this newsletter on the web,made me laugh:

     

    "There are 3 types of property buyers:

  • The ill educated
  • The educated
  • The rich
  • Now I will define the difference between the three:

    The ill educated – they have no knowledge that you can buy a property without a deposit.  They think 100% mortgages were a thing of the past and they also think they were the cause of the credit crunch. LOL

    The educated – they think 100% mortgages and no money down property “purchases” were possible but are now ILLEGAL.  So if you visit certain forums (run by part time investors) or regional property meets (who introduce you to scamsters i.e. pay £20 on the door and pay £5,000 on exit!) who position themselves as experts just because they run online forums or networking events you will see they seem to say the same thing: No money down is dead.  They have no personal relationships with lenders or banks.  They think banks are faceless organisations.

    Problem is these educated investors are like B or C grade students.  Yes they can talk a good talk but they are not really A grade students OTHERWISE they would be in the final category……

    The Rich – the rich know that 100% financing will always be here.  It morphs in to many methods however it still remains that you can buy a property no money down.  I am completing on my own 210th property personally on the 21st of January.  I can show you the proof at my seminar and introduce you personally to my lender who knows EXACTLY what is going on.  If they didn’t it would be fraud right?

    Take the most basic of basic no money down financing where you borrow the deposit.  You borrow the 25% and the lender lends you the other 75% . There you go 100% financing. The lender is fully aware you have borrowed the deposit and happy to lend.  I have done it over a hundred times and NEVER had an issue with it.

    Now take another basic example.  5% gifted deposit with a 95% residential mortgage.  Again 100% financing for residential purposes.

    Take a slightly more tricky example which I use to buy my properties.  Get a property valued in excess of the purchase price, purchase the property for cash and then remortgage based on the valuation.  Completely 100% legal.  It is called same day bridge. I sometimes get cashback this way. 

    For those who sight the 6 month rule please make sure you are dealing with a lender with NO 6 MONTH RULE (if you want to know which lenders do not have a 6 month rule).  It’s easy when you apply logic to any situation however there are some property companies who want you to believe you cannot buy no money down.  Not sure what their motives are.

     

    If you go to any of these forums or events ask them how many properties have THEY actually bought or how many do they own. 

     

    Are they active investors? Are they earning an income from their properties?  Do they have any concept of running a business with proper systems in place to run a portfolio or do they go round and collect the rent themselves?  Go and ask them. 

     

    So who do you want to take advice from:

    The ill educated? Obviously not

    The educated? Possibly, but with caution

    The rich? Well why would you not…..?

     

    Now am not saying to come and start doing business with me because I am “rich” however make sure if you are going to take wealth advice from someone make sure they have wealth in the first place and not someone who advises on wealth.  Know what I mean?"

     

    Do people not get this is mortgage fraud!!

     

    Can PT members guess who this is?

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    Someone who makes an awful lot of assumptions ... .

    Someone who is boastful and arrogant.  

    Someone who spends a lot of time on PT but probaby doesn't contribute anything here.

    Someone who is desperate because their business is failing because they are still trying to punt NMD deals.

    If this person is "rich", why is he running seminars and not relaxing on a beach somewhere?

    P.S.  It's well known that Nick and I own 20+ properties, but that doesn't make us rich, and doesn't make us experts, and we've never claimed to be either.

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    Oh I know who it is, definitely not as things appear and very clever use of wording. There are lenders who'll do same day refi but not in the way described.
    I'd rather be a free fool than a 'rich' jailbird!
    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Thought I was on every mailing list under the sun obviously not! Who is this then?Vanessa said:
    Someone who makes an awful lot of assumptions ... .Someone who is boastful and arrogant.Someone who spends a lot of time on PT but probaby doesn't contribute anything here.Someone who is desperate because their business is failing because they are still trying to punt NMD deals.If this person is "rich", why is he running seminars and not relaxing on a beach somewhere?P.S.  It's well known that Nick and I own 20+ properties, but that doesn't make us rich, and doesn't make us experts, and we've never claimed to be either. 
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    Didn't Phil Martin make such a play as this about three weeks before his bankruptcy was announced?
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    I think I know who it is and his initials are DC.

     

    There is a massive fault in this marketing copy though: Why would "the rich" need to say all this? Unless, of course, they weren't rich and are actually in the group called "the educated" and need to sell property.

     

    A few things are for sure:

     

    1. They assume too much.

    2. They appear to be quite upset

    3. I agree with the statement that anyone reading this e-mail absolutely should ask questions of any forum owner and/or any one who owns multiple properties before parting with any money. This is really the only advice to take from this e-mail.

     

    N

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    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director, site owner and moderator - propertytribes.com

    If it's a publically available newsletter what's the issue with naming the author? Don't really get the secrecynick tadd said:

    I think I know who it is and his initials are DC.

     

    There is a massive fault in this marketing copy though: Why would "the rich" need to say all this? Unless, of course, they weren't rich and are actually in the group called "the educated" and need to sell property.

     

    A few things are for sure:

     

    1. They assume too much.

    2. They appear to be quite upset

    3. I agree with the statement that anyone reading this e-mail absolutely should ask questions of any forum owner and/or any one who owns multiple properties before parting with any money. This is really the only advice to take from this e-mail.

     

    N

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    Further to point 3 Nick, there is no legitimate reason to part with any monies until you have something tangible for it.

     

    For example...

    • Commitment fee (to cover groundwork, negotiations etc.) I don't see why this should be anymore than £500 max.
    • RICS survey fees, you want a RICS, you pay for it, you have your RICS survey.
    • Building surveys (ditto RICS)

    No finders fee, commission or otherwise needs to be taken until the back end on legal completion.

     

    Thats MY opinion anyway.

     

     

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    Rob, agreed. Although on receipt of mortgage offer should be done too if precautions built in for buyer eg escrow, client accounts etcRob Hubbard said:

    Further to point 3 Nick, there is no legitimate reason to part with any monies until you have something tangible for it.

     

    For example...

    • Commitment fee (to cover groundwork, negotiations etc.) I don't see why this should be anymore than £500 max.
    • RICS survey fees, you want a RICS, you pay for it, you have your RICS survey.
    • Building surveys (ditto RICS)

    No finders fee, commission or otherwise needs to be taken until the back end on legal completion.

     

    Thats MY opinion anyway.

     

     

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    Rob, agreed. Although on receipt of mortgage offer should be done too if precautions built in for buyer eg escrow, client accounts etcRob Hubbard said:

    Further to point 3 Nick, there is no legitimate reason to part with any monies until you have something tangible for it.

     

    For example...

    • Commitment fee (to cover groundwork, negotiations etc.) I don't see why this should be anymore than £500 max.
    • RICS survey fees, you want a RICS, you pay for it, you have your RICS survey.
    • Building surveys (ditto RICS)

    No finders fee, commission or otherwise needs to be taken until the back end on legal completion.

     

    Thats MY opinion anyway.

     

     

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