Comments on: Inside Track

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

Wordy presentation, totally geared to selling places on the 2 day residential course at a cost of several thousands. All my attempts to get a detailed course prospectus from the presenter were met with ‘you’ll get those details when you sign up!’ Yeah! Righto! In summary, therefore, this is an attempt to get you to pay thousands to go on a course, the detail of which they are not prepared to divulge! And judging from other reviews, this payment would only be the start!

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

We bought an apartment through them in 2003 as a new-build off plan at a supposed discount of 20%, the full price was stated to be GBP203,000. We paid them an introductory commission of 3% of the full not discounted price = (GBP6,000 approx). The story was that we would ride the property market and sell just before completion at a healthy profit or remortgage at 80% of the new higher price and pocket the extra cash.
If the property followed the rest of the countrywide market price rise it should now be worth about GBP240,000. Instead when it came to valuation for mortgage it was valued now in 2006 at about GBP170/175k . Therefore instead of coming out of the deal with cash we have had to find another GBP18k (on top of the GBP17,000 deposit) as the mortgage lenders will only allow 80% loan to value of the lower current valuation. In 2003 we were assured the rental value would be about GBP900/950. Instead we are now told we will get about GBP700/GBP750 per month. When the agents fees are taken out this will not even cover the mortgage so we will be out of pocket for the foreseeable future!!
A more sceptical buyer might say the price had been rigged artificially high. I leave you to make your judgement. Perhaps we were just unlucky?? !!

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

I joined in July 2004. I purchased a property off-plan through Instant Access which completed February 2005. The property was GBP148,000 discounted to GBP130,240. They quoted an expected rental income of GBP695 per month. The actual rental I achieve is GBP550 per month which leaves me funding the shortfall myself. This makes it impossible to increase my portfolio as I am using my “safety net fund” to meet the extra cost. Similar properties in the area are now selling at approx GBP140,000 so, taking account of the GBP8000 initial membership plus the GBP4000 finders fee and legal costs, I am not in profit yet (February 2006) but I am viewing it as a long term investment.
I found their recommended mortgage broker to be lacking in both knowledge and commitment and had to source my own mortgage when the error in rental valuation was discovered. Their furnishing and snagging service turned out to be expensive and somewhat unreliable.
I’m sure a lot of people have fared better but I got in just before the market flattened which hasn’t helped.

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

They mention a gifted deposit scheme that means you don’t have to put up much of your own money, this unfortunately never materialised as BTL mortgages are based on rental incomes and do not take in to account up front discounts.

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

As others have said, it’s a hard-sell “free” introductory course – but it’s so very easy to become swept up with the idea presented of building a property portfolio worth GBP1 million + for a relatively small outlay.
I signed up and purchased three off-plan properties. By the time the first two properties were built and ready to be mortgaged I COULDN’T GET a mortgage at the price the properties were valued at in the sales hype. It seems almost every property in the off-plan development had been purchased by Inside Track and sold on to its members at the “discounted” rate so the properties were being valued at far below what we were told we could expect. I had to find thousands more to put down on each of the properties before I could even get a mortgage. But the real sting was when I tried to rent the property. With 90% of the buildings up for let (and most of us having purchased through Inside Track) it took many, many months to rent the properties – AND none of them realised an amount that paid the mortgage, not to mention maintenance charges. On top of that I had to furnish the properties – more money out the window. Also, the letting agency that worked with Inside Track were the developers of the properties. I could never speak to the same person twice as no one seemed to stay for more than about two weeks. When I complained to Inside Track about this, they didn’t want to know. I had to threaten legal action before anyone took any notice at the rental agents. I looked into selling the properties but the market is so flooded I wouldn’t get what I paid for the places. A total nightmare experience in my opinion – steer clear.

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

I think it is extremely expensive and have read elsewhere that they are not as diligent in hand holding as promised. I have since found my own developers who offer the same deal without you paying anyone a fee. They appear to be genuine and offer a management/letting service for the usual standard charges. I will let you know how things go. There are other companies out there who find the same deals for you without any up front charges other than the finder’s fee. These can be easily found on the internet.

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

I attended a two hour workshop advertised locally with a friend. It was a hard sell seminar aimed at getting you to commit to a two day weekend event. Usual garbage” Book tonight at special reduced price etc…” my advice haggle like crazy.
We did a deal where the two of us went for the price of one and they threw in the cost of hotel accommodation.. just say to them that’s my deal take it or leave it.. bet they take it.
On to the seminar…. lots of speakers from various third parties, tied in mortgage brokers and solictors and other biased cronies. Plus so called successful investors who were saying how wonderful it all was and how well they were doing. Strange that all these people are doing so well that rather than being out there and investing they would rather spend their time attending seminars in hotels in the UK… hmmmm!!
When I started to probe speakers about some of their comments the host would interrupt and suggest that issue was dealt with “offline”. Very convenient!
One guy who claimed to be a successful investor looked like the “cheap as chips” guy on tv with sharp suit and jewellery kept banging on about how he re-valued his portfolio constantly and drew down the equity as untaxed income. Failed however to answer my question as to what gearing he had on his properties and what rental yields was he enjoying after increasing his borrowing. Why do these people treat you as if you are complete muppets…..
I went along to see if there were any nuggets of information about how you could secure properties at under market value and no money down deals. Got nixt in that direction as anticipated. At the end of the seminar they then tried to sell us membership to a property investors club where for a modest 5K they will allow you access to a selection of overvalued properties which they then claim to give you a discount on. Check the locations on the Internet and you will very often find cheaper deals for the same properties direct with the developers or other groups.
My advice for what it is worth…. do not waste you time and money attending these seminars. There are other just as valuable sources of information and advice freely available on the internet. If you are looking to invest in property then do your own due diligence. The right property investment will always perform over the long term 10- 20 years… Inside Track is in my opinion cashing in on the interest in property developing and more focused in selling seminars and over priced properties..

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

Impressed by the free 2-hour I joined. The 2-day seminar was excellent for novices. They wheeled out a few property millionaires and I believed I could not do worse than them so I joined. The first property I bought never happened so I asked for my 3% back and was told there were no refunds but I could put the money to something else. I did – in Huddersfield – in February 2004 and the flat is not yet complete. They claimed that we need not worry as they carried out due diligence but the property appears barely to be worth the discounted price. I would never ever have anything to do with them again; I cancelled my monthly subscription after a year.

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

Having never taken out a proper mortgage before despite owning my own house I found it very interesting and I feel that I learnt a lot (worth the GBP2k to me and my friend) – in fact I bought my first property several months afterwards and am looking to buy my second one now. The things that people should beware of are: 1) Every property you buy you have a mortgage and they recommend you are mortgaged up to the hilt – OK if you have good tenants and low interest rates, but otherwise you have major problems. 2) They want you to pay several thousand more to join some sort of ‘club’ to get ‘Instant Access’ to some of their properties. This may suit some people, but I prefer to see and be able to touch what I own. 3) They do not tell you about the bad side to all this – e.g. interest rate rises, bad tenants etc.
My advice is that this is great for the basics if you are new to this game, but take what they say with a pinch of salt – some people there just live off their properties income – OK if you are not worried when the wheel falls off. Rather use their advice and then talk to a financial advisor just to make sure you have your feet on the ground before you buy your first property.

By: admin

admin — Thu, 15 Apr 2010 23:00:40 +0000

Having travelled a distance of 160 miles (5 hours)- stuck in Dublin traffic) to attend this workshop I was excited about learning more on Property Investment. Unfortunately the whole experience – mainly down to delivery – was what I could only describe as hugely disappointing and left me annoyed enough to email my experience to yourselves.
I found the speaker’s presentation to be 70 minutes of self-indulgence – an English man declaring himself to be more Irish than anyone else in the room – because of his genetic lineage – a man whose approach was defensive, aggressive and arrogant. At times it felt like he spoke to us as if we were idiots, cynical and cowards. I felt I was told what to do and if I didn’t I would be a fool.
He very cleverly covered his own ass by getting in and attacking his audience before they attacked him – he shot the cynic down before they got a chance to show themselves and he warned those of us who would leave that it would not be because of him but because we were either serial seminar attendees or because we were afraid. I was sitting at one point wondering if this idea that he was ramming down peoples throats is so good – why is he so defensive, aggressive and arrogant.
Many people know that investing in property is a way forward – those who can afford to take a measured financial risk want to do so having sought and understood all that is involved.
I personally went there eager to listen and learn how best to make my money work for me. I learned about the organisation through and advert in a magazine – Our speaker quoted The Times as having hailed them as ‘an elephant among pygamies’ – a warning? or a complement? Having suffered 70 minutes of a speaker who was representative of this company i was unable to tolerate another 40 minutes of me, me, me and I dare you, you, you – I left and had fish and chips to warm me up.
In my opinion the free two hour workshop was nothing more than a a hardsell for them to obtain money to the tune out of GBP4000.00 to attend a two-day training course.