Wealth Creation Seminars - What they don't tell you

Wealth Creation Seminars - What they don't tell you

Things they WON'T teach you at a property/wealth creation seminar

1. If you buy a property and refurb it, it won't automatically be up-valued to the amount you need to recycle your cash.

2. Tenants are people, not an automatic rent payment.The property you supply to them is a "home", not a money making machine for you to go "kerching!" without meeting your numerous responsibilities as a landlord.

3. You will end up with the tenants you deserve.

4. There is no such thing as a "first time buyer 100% BTL mortgage".

5. Setting up a BTL and collecting the rent is not the end of the process, it is the beginning of a business.

6. Property does not automatically double in value every ten years.

7. Buying a property and just covering the mortgage with the rent - known as "washing its face" - is not sufficient cash flow for a viable investment.

8. To set up a lease option, you need a Consumer Credit licence.

9. When things go wrong in property, it can be very expensive and you do need a contingency fund.

10. You DO need to visit a property before purchasing it. You should never buy a property unseen.

11. The property deal they are offering you 20% BMV probably has an over-inflated price to make it seem like you are getting a discount. If it is 20% BMV, then you have to understand the reasons why.

12. Property is never "one size fits all". You need to understand your personal financial situation, your personal goals, your attitude to risk, how much time you have to dedicate to it.

13. As a landlord, no one can divest you of your responsibility to your tenants. Not even a lettings agent on a fully managed service. Your tenants safety and well being is down to you. The buck stops with you.

14. For vanilla BTL mortgages you DO need circa 25% deposit and there are significant costs associated with buying a property and setting it up for rental.

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