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http://www.guardian.co.uk/money/2008/mar/0...oneyinvestments

No more takers for dream of becoming property millionaire

· Buy-to-let investment firm ends learner workshops

· Business model collapses in face of lending crisis

* Patrick Collinson

* The Guardian,

* Saturday March 8 2008

* Article history

Britain's biggest property investment company, which boasted in newspaper ads that investors could "give up work and be a property millionaire instead", said yesterday it would suspend seminars and cut 40 jobs - in the latest sign that the buy-to-let fuelled property boom is over.

Inside Track operated weekend-long investment seminars at £2,500 a head, which spurred small investors to pour £2.5bn into new-build buy-to-let properties, largely in Manchester, Birmingham and Leeds. At one point, Inside Track and its parent company, Instant Access Properties, were believed to be behind one in 10 of all new-build apartment purchases in the UK.

Yesterday the firm's managing director, Tony McKay, said Inside Track, based in Kingston upon Thames, would axe 40 of the company's 220 employees "due to the current difficult market conditions in the UK". Once its already-booked programme of seminars is over, which according to its website will be March 24 in Guildford, Surrey, the company will abandon workshops aimed at enticing new investors.

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So, a date for our diaries then; March 24th in Guildford. The last Inside Track seminar.

Anyone fancy joining me outside to applaud them out when they finish?

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Sadly, a colleague of mine informed me yesterday that she was going to attend one of their seminars; she recently divorced, has 2 kids and is worried for her future.

She thinks property is the way to go.

I argued that if she waited she'd pick up a property a lot cheaper in 2 or 3 years time but she countered with the classic ignorant quote:

"But it'll go up eventually - prices always go up..."

"Yes, but if you buy now, in 2 years it'll be CHEAPER."

"Yes, but it's a long-term investment.."

Sound of me banging head against wall.

She's determined to attend the seminar so I just warned her about their hard-sell tactics and not to sign up till she does her own research.

Maybe she'll be saved - maybe not... :blink:

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Good to see the beginning of the end for these parasites (and I include those that attended the seminars). Being Jade-ignorant is no excuse for shafting your fellow man by driving up house prices with dishonest deals.

Edited by greencat

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The customers got told how to commit a very simple fraud and how to use gearing.

Inside track realised you sell the mortgage, surveyor, solicitor, advice and charge up front in cash because those greedy bastards are going out to knowingly commit fraud in the thousands and you don't want to be around when it goes pear shaped on the New build you just sold them. I have no sympathy for Inside Tracks customers, to carry out the scam you need to have some intelligence so greed and ego and thinking you are above the law because you haven't broken it before.

Edited by maxwell

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Ok, I've just gone onto their website and booked four of us onto the very last seminar, details below (I don't know your real names so I took a guess);

Guest1 - Mr. Losing YourJob

Guest2 - Mrs. IsTheLeast YouDeserveFor

Guest3 - Mr. RampingA BubbleMarketAnd

Guest4 - Mr. CoaxingPeople IntoPoverty

It starts at 18.30 on the 24th at;

Holiday Inn Guildford

Egerton Road

GU2 7XZ

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I really suprised by this news. The last letter I had from Inside Trap explained that they could help me make £lots, even in a slowing property market.

Anyway, that`s one less bit of junk mail for my postie to deliver.

What a great start to the weekend, Inside Track in trouble. :lol::lol::lol:

PS. I wonder if this has anything to do with the possibility of their victims, I mean "clients", becoming increasingly angry at their losses, rather than profits that they were promised. Once the crash takes firm hold, I.T. will disappear without a trace.

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Great hatchet job in Moneyweek yesterday, crunching the numbers.

Allsops surveyors identified £179m equity from "almost 17,000 units", costing £2.4bn by the end of 2006.

Thats a five-year gain of 7.45% or nearly 1.5% a year before costs. (Let alone inside track fees).

------------------------------------

Nowhere to hide now for the BTL rampers. Even in the "good times" it was cr@p, (unless you bought many years ago).

Edited by STR2007

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Guest muttley

I must say I'm disappointed. I was rather hoping they would still be in business when some undercover reporter filmed an exposee of their high pressure tactics. I fear that the company will be wrapped up, and the directors putting their feet up in the Caribbean, rather than being held accountable for this property scam.

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I went to one of their seminars once - complete rubbish. It was a classic "pyramid-selling" type scam i.e. blindingly obvious that the people runing the course were the ones getting paid first, doing the least work and taking the lowest risk. I was stunned by how many idiots were taken in.

Anyway, I was given a complete set of videos (rather poor quality) of one of their weekend courses. I'll keep it safe and then offer it to the first lawyer who tries to sue these scumbags.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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