Buy to let now broke
 

I am not a doom and gloom merchant if you read all my threads they are on the whole humorous but people like this who close a company down overnight and then reopen the next morning under a different banner should be mentioned. This company has left 4,500 people in mid sale as they have exchanged but not completed. They are in Spain the UK and the USA. Links below.


http://www.iapinternational.com/Spain.htm

http://www.dailymail.co.uk/news/arti...goes-bust.html

Re: Buy to let now broke
 

Inside track their sister company has been in the press for a while now. I've been on the receiving end of their 'personal invitations' for years, but the offer of paying someone to tell me how to make money during a booming property market never seemed quite right. And it wasn't!

The scam was quite clever - they marketed themselves as an investment company, you paid to attend their 'seminars' - and join their 'property club' which got you the 'inside track' on some great property deals.

The truth is, they weren't some benevolent investment company wishing to divulge the 'secrets of the market' - were actually marketing and selling their own properties! They acted as estate agent and sometimes the property developer as well - i.e. got paid twice or three times over!

Many honest people got caught up in this scam. People who could never have afforded to complete - paying for off-plan deposits with pensions, redundancy money or life savings with the sole intention to flip. People weren't advised to buy a property - they were advised to buy at least three, whatever they could afford. Roll-up roll-up, the more off plan purchases you buy, the more money you make.

On another forum, I remember the case of one 'investor' almost a year ago who was now really struggling to make ends meet - and pay his FIVE mortgages. :blink:

Re: Buy to let now broke
 

What's that old adage? If it looks too good to be true, it usually is. If I make 5% year on year I am happy, if I make 10% I am suspicious, any more and it is probably not legal.

Re: Buy to let now broke
 

Blimey, I remember the perfume pyramid selling thing. A guy at work did a 'presentation' that I was unfortunate enough to witness. It involved a lot of high fives and a constant blaring soundtrack of Yazz - The only way is up.
All the bouncing about and high energy antics really didn't suit the guy either, he was quite overweight and stuttered.

As for inside track I'm suprised they lasted this long. The amount they put into marketing alone must have been phenomenal, I got mailshotted about once a week and couldn't escape their ads in the Sunday papers.

It's not the fact that so many people are suckered into these things that amazes me, it's the fact that a reasonably intelligent human being can stoop so low as to conceive and sell such a scam for their own gain. Truly a 'survival of the fittest' mentality.

The more people who are aware of this thief the better. Unmasked he should have to live solely on the kindness of strangers. That would be nice.

As for adages here's another one I like, 'If you think you've spotted the next bandwagon, you're too late'.

And 3630, the rule that has governed my property investment over the years is that if you can't get a 10% or better yield it's not a good investment. If you can get a better return in the bank (5% or more, recently) then sell. And never, ever invest in anything on the hope or promise that it will appreciate in capital value. Always invest on yield. When I first started in property 20% was the norm. How I wish I'd borrowed up to my eyeballs then!

Re: Buy to let now broke
 

I think the plural of mailshot is mailshat! :rofl: :)

Re: Buy to let now broke
 

:rofl:

Re: Buy to let now broke
 

Took the bait then moron :p

Re: Buy to let now broke
 

hook sink and line :rofl:

http://www.youtube.com/watch?v=Af1h4ibpKJA

or this one

http://www.youtube.com/watch?v=xocYkrRUrYc

Re: Buy to let now broke
 

I've only noticed one moron on the forum.:D and your posting wasn't any "bait" anybody can read your previous postings to see that.

Re: Buy to let now broke
 

1. BritishExpats.com is an interactive site, and everyone who participates is "in it together", please treat others the way you wish to be treated. Personal attacks will not be tolerated. Challenge others' points of view and opinions, but do so respectfully and thoughtfully ... without insult or personal attack.

Never a mod around when you need one,:D

Re: Buy to let now broke
 

I have a friend back in UK who jumps on every bandwagon, at least she did not go for buy to let though. She did the smaller "winning ideas. Amway, Tiscali, Steam Cleaning and now she is going to another called Cardtel (I think that is how it is written)
She paid about 80 quid to attend a seminar last week. There were a lot of people there all paying the same amount. Not bad for the organisers. She has such a big family they all are roped in to her schemes until the learn. She sometimes makes a few bob at the beginning, but the only winners are the organisers.

Re: Buy to let now broke
 

Pyramid selling has been about for years and of course the only winners are the stock holders.
They just need you to buy the stock, they don´t care if you sell it though, more mugs will be along join soon enough. ;-)

Re: Buy to let now broke
 

Pyramid the band ? google them any time in galway i go and see them
Pyramid selling is only music lol