Wednesday, Nov 21, 2007
Merryn takes on Inside Track
MoneyWeek: Who wants to be a property millionaire?
Is it really possible to become a property millionaire in a matter of years? Even when property prices across the board are falling? A good many people would have you think so. According to Brad Rosser of Inside Track it 'just depends where you buy and what you buy'. So Merryn went along to one of their free seminars to find out what they knew that she didn't.
Posted by mary @ 08:37 AM (642 views) Add Comment
7 Comments
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1. Letthemfall said...
I have an even better route to millionairedom. Find the company share that will rise the most over the coming year, borrow heavily and stick the lot into this share. Can't fail.
2. fahrenheit451 said...
You can be a property millionaire as well.
Option 1: Buy 4 flats @ £250,000 = £1,000,000 (err, so most of it is debt !!!)
Option 2: Buy a small "run-down" terrace or semi @ £500,000, develop it into 9 x 2-bed flats Sell them for £250,000 each (£2,250,000) less purchase price, & construction costs = £1m
Option 3: Run a property seminar. 5 Teasers (100 persons each) fill 1 w/e course (50 persons each)
- 10 Teasers @ 100 persons each >> 10% pay £3,000 for the w/e course => 100 recruits paying £300,000
- 1 w/e Course @ 100 persons each >> 10% pay £10,000 to jion the club => 50 members paying £500,000
- Do this twice and you've more than convered your administration costs >>> Loads of money and very little risk !!!
This just sounds like "Money for Old Rope" to me.
3. drewster said...
As always Merryn is spot-on. Any person who discovers a wonderful secret trick to making money isn't going to tell the whole world about it. When there's more money to be made in selling a get-rich-quick scheme than in actually undertaking such a scheme, you know there's trouble ahead. You should never hand over hefty fees for simple information on how to make money - whether it's a £3000 property seminar, a £30 "make money from home" pack, a £10 betting tip from a racecourse tipster, or a £3 "police auction list" (eBay is full of these).
The £3000 spent with Inside Track would pay for a year's university tuition. A year's expert tuition from qualified academics is far better value than a two-hour seminar with self-appointed "experts" and snake-oil salesmen. Of course a good university degree takes hard work, which is not what people want to hear.
4. ben said...
The link doesn't work for me.
Is it broken or have they pulled the article?
5. bidin'matime said...
Me neither - can't even find it using the search.
6. su said...
Try this link:
http://www.thisismoney.co.uk/mortgages/buy-to-let/article.html?in_article_id=426508&in_page_id=56&in_page_id=56
7. Rollonapril2007 said...
Yup, I reckon that Inside Track have forced them to take down the article - has anybody got it in their cash history - if so, could you post it on the Forum!?