Forgive me in advance, I am about to rant. Look away now if you are a sensitive type.
Another Bankrupted Property Portfolio Builder
In the last few days there has been some heated debates on property forums about yet another property ‘portfolio building’ guru hitting the skids. I am not going to name them because this site is not about gossip and slander, unlike some of the forum messages I’ve seen.
What amazes is me is the staggering amount of money that people are willing to hand over to someone who they don’t know for a service they know nothing about. Are people really still so stupid? After all the warnings in the press and various web sites , forums or whatever why do people still get sucked in by the ra-ra marketing slush that is thrown at them at property networking events. The sums of money here are upwards of £16,000 per investor.
In this particular instance the ‘expert’ in question has only been in property within the last four years. Surely this in itself would raise alarm bells? Becoming a property expert when the market is in your favour is easy. Any idiot can do it because the market will allow it. Every time one of these big name gurus hits the dirt we have to listen to those moaning about how they got taken for mugs, or on the flip side,of how this particular guru is a great human being who has ‘accidently’ ripped a shed load of people off!
Whilst I have every sympathy for those who have been ripped off, some of the details I’ve heard beggar belief. For example, people signing contracts that they had no idea of the meaning of. ( Yes really.)
Property Guru Marketing- Its a Mugs Game
If someone has to constantly market themselves at property networking events to ‘get bums on seats’ as the saying goes, what does that tell you? It says that either they are phenomenally greedy or they are empire building.
Question: would you want and ‘empire builder’ advising you on making money? Whose empire are they building- not yours I can tell you that.
Those larger networking events that are in it for the door cash and the back end fees from the various “guru systems” which they were happy to promote for the last two years, are now claiming to have no knowledge of the fact that these guys were sharks. Worse still they are suddenly claiming to be miraculously ‘ethical.’ Beware people, just because someone dons the emperor’s new clothes does not make them any more ethical than they were before.
Here’s A Golden Egg…
This chap mentioned above who was just made bankrupt, was all over the internet telling folks how ethical he was just a couple of months ago- when he had to have known the bankruptcy was imminent and that he was going to make a lot of peoples new year very unpleasant. Does that sound ethical to you? Especially as he has already set himself up in a new job with one of his ‘wife’s’ companies doing a very similar thing to his bankrupted company dealings.
Come on folks, wake up and smell the coffee. Stop falling for the endless patter of these folks who are in it just for the money- your money. Have some sense and avoid them with a large bargepole!