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Wednesday, December 19, 2012

Have you been scammed?

For all novice buy-to-let investors this investigation on how it can all go wrong is worth watching if you are considering buying an investment property for the first time.

Remember the rule of thumb is that if a scheme looks too good to be true...it normally is &

If somebody else it trying to sell you an unmissable investment opportunity rather than keeping the scheme for themselves...you have to wonder why? (I don't believe in altruistic investment advisers but I do believe in dodgy salesmen)
 
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2 comments:

Lynne said...

I recently responded to an ad on Gumtree where someone was offering a 10-year lease on a flat above a shop at a very attractive price. Further investigation revealed that the advertiser - who claimed to be the freeholder - was a bankrupt who had no right to sell the property or a lease on it! Fortunately it only cost me a couple of phone calls and an hour or two of my time to find this out.

Anonymous said...

I went to a property seminar about off-plan properties on some offshore island a few years ago.

When it came to the Q & A at the end, I asked "What's the risk?" The guy answered that there were no risks. That was the point I lost interest.

About 18 months later, I heard that the scheme had gone bust and the guy running the scheme had been arrested.

There are always risks with anything. It's a great question to ask, because legit property developers will be open about what the risks are.

Anyone who says there are no risks is lying or stupid.