"Inside Track" property investment

dunker1

Hi guys,new on here..........anyone know about or had any dealings with this company?, they are currently doing mass advertising and holding workshops and seminars.I know someone who went and after workshop they are asking for £2500 (and 3% finders )to attend seminars.Sounds an awful lot of money to me,have heard people discussing them very negatively was wondering if anyone here had attended or dealt with them.......thanks.

nmiah786

dunker1 wrote: »

Hi guys,new on here..........anyone know about or had any dealings with this company?, they are currently doing mass advertising and holding workshops and seminars.I know someone who went and after workshop they are asking for £2500 (and 3% finders )to attend seminars.Sounds an awful lot of money to me,have heard people discussing them very negatively was wondering if anyone here had attended or dealt with them.......thanks.

Dont part with your hard earned £2500 that easily. Is it still 2 for the price of one. You will not learn anything that you can not learn on here.

I've been on it in 2003 and while it did provide some "insight" I would not say it was worth that £2500. Dont waste your money.

Anyway, they mainly go on about buy off plan....which is not something I would advise if you are looking for a quick return. Those, 15% discount dont really mean 15% instant equity.

All the information you need is readily available on the net, just keeping "google'ing"!!

Also, do a search on this forum, there have been numerous threads about IT

Generali

If they had a secret way to make money they'd be doing it, not telling you about it. If you want to know about buy-to-let or whatever then get a book from Amazon and then post questions on here or one of the other property websites. It'll save you approximately £2,485.01.

If you would like to share some of that with me then PM me - I accept cash, cheques or credit cards. Otherwise put it towards a deposit.

mags24

Absolutely - its just an excuse to give you a 'teaser' and then try and make you sign up for more seminars at an eyewatering cost. As the other's said, there's nothing they can tell you that you can't find on Google, or Sarah Beeny's book amongst others.

This isn't necessarily the best point in the property cycle to think about buying anyway. Prices are falling across the US and we may well follow.

davef

Inside Track is owned by property tycoon Jim Moore who has a large spanish property portfolio amongst others. He started the company in 1993 and is now worth an estimated £135 million.

He can cut it by all accounts but as others have stated he probably makes more money from seminars. £2500 - better spent on actual property and use googles, books and people in the know to gain the knowledge you need.

Property will nearly always carry risk - the key is to minimise that risk and for that reason alone knowledge is critical. Use the people around you - estate agents, letting agents, solicitors, property accountants. Also see if there is an investors club or similar in your area.

Finally have you looked at
http://www.singingpig.co.uk/forums/
http://www.landlordzone.co.uk/

Dave

$$$_12

Round here, Inside Track is rhyming slang for total cack.

"For Blunt's sake. You've made a right Inside Track job of fitting those Billies, haven't you?"

NB. Billie Piper = windscreen wipers, James Blunt = something very rude indeed.

pamsden14

DON'T EVEN CONSIDER IT. Unfortunately we were taken in by the expertly presented 'sales pitch'. Firmly believing there is no such thing as a 'free lunch', we were prepared to exchange money for knowledge and guidance. However, we believe Inside Track are far, far too greedy and would like to obtain a detailed breakdown of where members' money goes.

IT charge for attending a two-day course
IT then charge a joining fee (which we were told was a life time membership fee)
BUT then they charge an annual subscription :rolleyes:
(So what benefit do you get from the Life Membership if you choose NOT to pay the annual subscription renewal?)
THEN On top of that, IT charge a 'finders fee', about 3%, on most of the properties they source for its members!

YES we will attend as many training seminars as possible - not great value considering the amount paid up front, but got to get something for our money!
NO we will not be buying anything through IT on principle - why should they have any more of our hard earned cash?

If the membership fee covered the costs of the initial purchase, even with a time limit of say 1 year, then
a. it would be an added incentive to purchase and
b. it wouldn't seem like such a rip-off!

thelawnet

the wealth of the founder is a testament to the gullibility & greed of the British public

droopsnoot

I went to one of these workshops, and I must say they're very convincing, they do have answers for everything, and the people they wheel out to tell you about how much money they've made are very convincing. A friend of mine was sceptical about how good all these property millionaires are about public speaking, but then of course they wouldn't wheel out all the mumblers, would they? They were quite good at seeming to read my mind - one of their speakers explained how they even drove to Kingston to check that the offices existed and that it wasn't all a complete scam.

I did sign up for the seminar while I was at the workshop, then I took advantage of their cooling-off period and cancelled it. In the cold light of day it didn't seem quite so great, but I was impressed with the no-hassle way I got my refund. I think they have a legal obligation to do that, though, as it was signed up at a local hotel workshop meeting.

I did find it confusing about how they talk about all the extra equity these people have in their properties, but of course that only matters if they are able to sell them all up, something that isn't made obvious at the workshop. What I couldn't get out of my head was "yes, you've got all that property, but you've also got a massive debt in the form of all your mortgages". The key seems to be to buy the property and let it out, but I couldn't get the phrase "house of cards" out of my mind.

And I got a copy of the seminar DVDs off eBay the next day, which I have started to watch. So far, most of the advice is quite obvious when you think about it - look for property with development potential that you can get below market price, buy it, do the development, and make the profit.

I was hoping that the rest of the DVDs might go into more detail about how to finance the deals, how to maximise profit, but the more I watch the more it seems that the way to do this is to sign up as a member (another ~7k) and whatever other requirements there are, so you can use their services. So you've got a basic investment of 10k before anything real happens, and you've got to have a lot of faith to do that. At least as a deposit for a house, you'd have something to show for it.

If you're going to get a set of the DVDs off eBay (not that I'm encouraging anyone to get iffy DVDs at all) make sure they're current - mine still refer to 2001 as the future, so it's anyones guess how old they really are. And one of the speakers seems really irritating - sounds a bit like Alan Partridge.

They are upfront about how they make their money though - each time you use one of their nominated specialists, services etc during the purchase or rental of a property, they get a cut from that organisation. Also they make money out of the seminars. And as for the "if they're so good, why aren't they doing it instead of just telling us about it" question, they say that most of them are. Someone else mentioned Jim Moore, who has been in the papers recently about his divorce, and he does have a massive wedge of cash if the reports are correct.

I know one thing - if I had as much money in property as all the people at the workshop, I wouldn't be sitting in a hotel miles from home on a Monday night telling other people about it. On one level, it did have a bit of a cult-like feel to it.

DaveCarpetbag

I went to a free seminar (minus credit card ). I didn't learn much, and the presenter's answer to me questioning his demo figures wasn't convincing.
If you know absolutely nothing about property, you may pick up a few useful tips - but be sceptical, and leave your credit card at home!

wecanhelpu

The people that run these types of companies tend to be lying thieves and are best avoided.

The "expert" advice they give is available anywhere and for free. It's mostly common sense.