Monday, May 05, 2008

Inside track bubble bursts

I was amused to read that Inside Track, the company that charged thousands of pounds for courses promising to teach people how to be property millionaires, has now itself gone into administration.

I am not a property investor myself, neither am I a millionaire (I wish!) but I would have thought that if people want to make money from property, something along the following lines would be necessary:

  • To be clever (particularly to understand numbers and finance) and to have a large chunk of common sense
  • To read around the subject (for example some of the books here) and attend talks and lectures (no need to spend thousands, for example there are free talks at property events such as the Landlord and Buy to Let Shows, and David Lawrenson runs modestly priced property seminars in London)
  • To study the property market very, very carefully in a specific area of the country, ideally not too far from where you live, so you know it really well and can buy sensibly
  • Capital
I suspect that good people skills and contacts in the building industry would also be important.

Belief in getting easy money by attending an overpriced course pumped up by extravagant claims, would, I suspect be a negative factor.

Stumble Upon Toolbar

3 comments:

Anonymous said...

Well is that so. Well I'm clever and I was taken in by it as were many thousands of other clever people. So dont sit there so smug spouting off about it- I bet you're not so clever yourself lady.

Tessa said...

Possibly. But I have always had a profound scepticism of ‘get rich quick’ schemes. Particularly if they cost a lot of money.

Mind you, this may be why I am not rich!

Anonymous said...

Err..Mr/Ms Anonymous ...were you and the many 1000's really that 'clever' or were you all just plain 'greedy and gullible'? The lure of £££££'s and simplistic get rich quick formulas were 'hard sold' by IT's very slick marketers, who have now run away hard and fast once the going got tougher and their very high sales commissions dried up.