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Today's Headlines:
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The most popular moving date is today, September 1, the Post Office has revealed. The two next
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The proportion of buyers expecting to buy for the first time in the next 12 months
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Net lending plummeted in July to the second lowest monthly figure since records began in 1993,
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Welcome to a new monthly blog by Henry Pryor, estate agent turned entrepreneur, inventor and expert
Rightmove profits climb 39% as more agents sign up
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Six in ten mortgages are now for house purchase
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The proportion of mortgages being taken out for purchases, as opposed to remortgages, is at its
News Story
Agent's anger at Making Money from Property seminar
Wednesday 21st July 2010An estate agent who went to a ‘Making Money from Property’ seminar designed by a TV property expert has spoken out against the advice given. She said it was reckless to suggest people could simply whack property purchases on their credit cards, and gave out precisely the sort of messages that caused the last housing market crash.
Carolyn Mellor, managing director of homes4u in Manchester, said it was tantamount to a ‘get rich quick’ scheme, appearing to offer investors a quick and easy way to make money from property.
The seminar, a free two-hour introduction to paid-for workshops, was designed by Martin Roberts, TV’s Homes under the Hammer presenter, although it was given by a 27-year-old South African Ryan Pinnick.
Mellor said: “I was very shocked at some of the advice that was being handed out at the seminar I attended. Actually, some of it was downright irresponsible.
“The main area of concern was that people were being told they didn’t necessarily need savings or cash to buy properties at auction. In fact, the advice was to whack the property on your credit card.
“It was this type of irresponsible behaviour that contributed to getting the country in so much financial difficulty in the first place. I simply couldn’t believe what I was hearing.”
Mellor was also concerned about advice surrounding the controversial areas of sale and rent-back, and lease options.
She said: “There seemed to be an acceptance that the lease option was a great way to make good money quickly, but responsible property investors would like to see activity such as this decreasing, rather than increasing.
“As an industry we must all learn from the recent past and I welcome the new clampdown from the Government in relation to sale and rent-back investments. But the advice I heard seemed to be encouraging investors down this route.
“I believe that to be irresponsible and I was astonished this sort of advice is still being peddled.”
She said responsible agents advise customers at no cost, with “no need to attend seminars costing upwards of £500 giving out reckless advice”.
Martin Roberts, who designed the seminars for Tigrent Learning, promoted them with flyers saying that banks and building societies “are desperate to unload the mountain of bargain properties on their books fast and at rock-bottom prices”.
He says investors do not need money: “Contrary to popular belief, almost anyone can invest in property, regardless of their financial situation.”
A spokeswoman for Tigrent said: “My client is not and never has been delivering any form of ‘get rich quick’ scheme. No properties or schemes are sold on during trainings. So any reference to ‘get rich quick’ is not only incorrectly cited and slightly offensive but we find it rather degrading to all the successful students who have worked extremely hard on their success.”
Martin Roberts himself said: “I have been working with Tigrent Learning UK for the last four years and am disappointed that your reader took away a negative view of one of my free preview events.”
He went on: “In relation to your reader’s specific points about credit cards and lease options, I am sure you will concur that no property investment strategy can be taught in full within two hours, nor should it be tried (or indeed ‘judged’) by a customer after a mere few hours’ free introductory seminar.
“In fact, our objective during the free preview seminar is to open people’s minds to the potential opportunities that exist for a well educated investor.
“‘Get rich quick’ schemes do not and have never formed part of our vocabulary nor delivery. What is presented within the two-hour seminar is an example or multiple examples of investment strategies that are live and true, that have been carried out by our customer base, with successful results.
“Using a credit card or a lease option are two of many creative investment strategies available to the aspiring and experienced investor, and they will and do reap rewards, if carried out responsibly, with the right guidance. Using a credit card to purchase or support the purchase of a property or business deal is quite commonplace.
“A lease option strategy can be a good vehicle within today’s marketplace, particularly for the first-time buyer.
“What is important to note when referring to any investment strategy is that people need to know what they are doing, with the correct training and guidance.”
Send to a Friend Today's other headlinesView Comments 15 comments
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Posted By AceofSpades on Friday 23rd July 2010 12:37:49
 Get Profile | Jonnie, I apologise for the duplication of a similar themed post on a separate article.
However, you clearly have a problem with the "lack of news", yet you continually read and slate. I suggest: a) Finding your own news and tweeting it to the World - sounds like you would do a much better job and/or b) Stop visiting the site as your seem to get your knickers in a twist when you do! Positive energy and all that... :) |
Posted By Jonnie on Friday 23rd July 2010 10:16:40
Get Profile | Here we go again EA Today – a woman from Manchester went to see a little known chap from day time telly and got cross………………….the end.
This isn’t news!!! |
Posted By PropertyInvestor on Thursday 22nd July 2010 16:17:15
Get Profile | Wow, where do you start with this?
"and gave out precisely the sort of messages that caused the last housing market crash."....REALLY? You have proof of that? Are we talking about the last real crash in the 90's? Interestingly I've never met an estate agent who understands property investing. Estate agents sell property, some are good at selling, some are not. Is the writer of this article a property investor? Or how has this writer achieved financial freedom? Through a job, working for someone else perhaps? You can mock these seminars, but I learned a vast amount. The key of course is are you prepared to use it. To actually take action because it is always easier to critise others. The reality is if you don't invest in property or build some form of business (even an estate agency business!) or invest on the stock markets, how are you going to retire? I would suggest you spend more time building your wealth and less time critising others. |
Posted By wooden top on Thursday 22nd July 2010 10:36:25
Get Profile | The bottom line is, these seminars are not chartibale organisations trying to help. They are there to make money themselves with some scheme they think they can peddle.
And as is so often the case, the gullable fall for it when they are not up to the job due to the hype presented. These people are the ones to later appear on the TV, broke or suicidal. Nothing new, sadly accepted and allowed peddling since the beginning of time. |
Posted By Property Insider on Wednesday 21st July 2010 23:26:55
Get Profile | For a "successful TV presenter" and "property developer", you'd think he could afford a website that didn't look like it was designed by a gypsy.
|
Posted By Trevor Mealham INEA on Wednesday 21st July 2010 22:29:27
Get Profile | In the last 4-5 years property investors and speculators have had a difficult time to see a profit from property. Lease Options should carry a large rider/health warning, unless set up in a structured protected manner. Lase options should be avoided, yet protected lease options do hold mileage. All said anything to do with lease options should be OK'd with your legal representative who should be independent from the lease option company to insure an unbiased opinion. |
Posted By Crockett on Wednesday 21st July 2010 17:03:52
Get Profile | Thats exactly what I am saying, 'self proclaimed expert' and a little knowledge is adangerous thing. Just look at his blog on garden land !! |
Posted By PeeBee on Wednesday 21st July 2010 16:53:20
Get Profile | Come on, Crockett - good guy he may be, but as proclaimed on his own website "He is also the BBC's UK and Overseas Property expert..."
This is YET another example of media hype making a big bird out of a wren. These people get so used to being called 'an expert' that they begin to believe it themselves. By then, of course, the public are all ears. THAT'S when these "experts" become dangerous... |
Posted By Crockett on Wednesday 21st July 2010 16:39:16
Get Profile | I know Martin personally and he is a good guy. He is however a journalist and a self proclaimed property 'expert' . Unfortunately he ought to stick to TV presenting as his hands on knowledge of the property maket is severely limited, starting with the infamous OVP. |
Posted By PeeBee on Wednesday 21st July 2010 16:01:26
Get Profile | Excerpt from Martin Roberts' website: "Why Banks and Building Societies are desperate to unload the mountain of bargain properties on their books FAST - AND. at rock-bottom prices (and how YOU can cash in on this massive new trend while you still can.)"
Mr Roberts appears never to have heard of the Mortgage Act, or the CML who are in place to enforce it. There again, seems that neither have many lenders... Best price... or rock-bottom price? Which one do you endeavour to achieve, Mr Lender; WHICH ONE? |
Posted By Mr Happy on Wednesday 21st July 2010 11:06:48
Get Profile | Anyone who calls themselves an expert should be treated with kidd gloves. An 'Ex' is a has been and a 'spert' is a drip under pressure. |
Posted By Lion-o on Wednesday 21st July 2010 10:59:03
 | what a suprise that yet another 'expert' is misleading people in the housing market - has anyone in our industry seen his program, this mullet haired muppett hasn't got a clue - I once watched him describe polystyrene coving as an original feature! It's the people that believe this bull, that I feel sorry for! |
Posted By Mr Grumpy on Wednesday 21st July 2010 10:49:09
Get Profile | probably the only people getting rich quick here are the training company trying to persuade the innocent or gullible to part with their money for a "course" having been falsley hyped up by an over zealous pitch .... they are everywhere in all industries |
Posted By Emma Smith on Wednesday 21st July 2010 10:33:15
Get Profile | "Carolyn Mellor, managing director of homes4u in Manchester, said it was tantamount to a ‘get rich quick’ scheme,"
Ahem... when are these tawdry seminars ever anything else??!! |
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Get Profile
My apologies, you are of course right, its all a bit of fun, the editor hasn’t taken it seriously and I need to stop, as you say getting my knickers in a twist.
Jonnie