Property "Millionaire" Seminar - Last night, BBC2
Discussion
Did anyone see that documentary last night (BBC2, 9.50pm) about a man called Spencer Michael, who runs property investment seminars?
Am I alone in thinking that he's just slightly more sophisticated than the normal Nigerians scammers? I was astonished at the profile of person who seemed to be willing to sign up a couple of £000's to go to a seminar, and even more to purchase one of his "great deal" properties. This guy was encouraging people to pay for his seminars (and their 5% deposits) using CREDIT CARDS!!!
One of his advisors told a potential customer to buy a house on the assumption that it would yield a 5% growth over the next 2 years, conveniently forgetting both the mortgage interest rate, and the interest on the credit card!
Can Trading Standards not do something to clamp down on these people???
Am I alone in thinking that he's just slightly more sophisticated than the normal Nigerians scammers? I was astonished at the profile of person who seemed to be willing to sign up a couple of £000's to go to a seminar, and even more to purchase one of his "great deal" properties. This guy was encouraging people to pay for his seminars (and their 5% deposits) using CREDIT CARDS!!!
One of his advisors told a potential customer to buy a house on the assumption that it would yield a 5% growth over the next 2 years, conveniently forgetting both the mortgage interest rate, and the interest on the credit card!
Can Trading Standards not do something to clamp down on these people???
Complete the following well known saying:
'A fool and his money.......'
Personally, I think this sort of thing should be encouraged as one of the few remaining avenues for natural selection. If people like Spencer Michael (good made-up name, BTW - like the way it trades on the nice, middle class, reliable image of Marks and Sparks) part these idiots from their cash, hopefully they'll be too poor to be able to consider having a family.
'A fool and his money.......'
Personally, I think this sort of thing should be encouraged as one of the few remaining avenues for natural selection. If people like Spencer Michael (good made-up name, BTW - like the way it trades on the nice, middle class, reliable image of Marks and Sparks) part these idiots from their cash, hopefully they'll be too poor to be able to consider having a family.
Eric Mc said:
I note he didn't go for the more mundane "Michael Spencer" either.
If I dicovered the secret of getting rich, do you think I'd want to tell everyone else?
Quite, it's an old trick trading on some people's inate greed, such that they rush / blunder in without pausing to think.
it's a bit like these ads in the national press about the "how to become rich...just send me lots of money and I'll tell you how"
The one I read the other day was about a miracle back pain cure. The guy 'saw' a doctor who recommended this back belt thing and of course, the patient is now 'selling' it. Strange that the doctor or NHS isn't
The amazing thing is that there are enough silly people out there to make a multi thousand pound advert worthwhile.
>> Edited by cirks on Friday 23 September 11:44
The one I read the other day was about a miracle back pain cure. The guy 'saw' a doctor who recommended this back belt thing and of course, the patient is now 'selling' it. Strange that the doctor or NHS isn't
The amazing thing is that there are enough silly people out there to make a multi thousand pound advert worthwhile.
>> Edited by cirks on Friday 23 September 11:44
cirks said:
The one I read the other day was about a miracle back pain cure. The guy 'saw' a doctor who recommended this back belt thing and of course, the patient is now 'selling' it. Strange that the doctor or NHS isn't
The amazing thing is that there are enough silly people out there to make a multi thousand pound advert worthwhile.
I come across these things all the time at work. You can spot them a mile off, as the sales pitch usually reads like that of a dodgy second hand car dealer.
The trouble is, that these people often believe their own BS and end up losing great deals of money because they aren't willing to cut their losses and realise they have been scammed.
GarrettMacD said:
Did anyone see that documentary last night (BBC2, 9.50pm) about a man called Spencer Michael, who runs property investment seminars?
Am I alone in thinking that he's just slightly more sophisticated than the normal Nigerians scammers? I was astonished at the profile of person who seemed to be willing to sign up a couple of £000's to go to a seminar, and even more to purchase one of his "great deal" properties. This guy was encouraging people to pay for his seminars (and their 5% deposits) using CREDIT CARDS!!!
One of his advisors told a potential customer to buy a house on the assumption that it would yield a 5% growth over the next 2 years, conveniently forgetting both the mortgage interest rate, and the interest on the credit card!
Can Trading Standards not do something to clamp down on these people???
I saw that programme. Shocking. Basically, the premise of the chap was "you pay me to educate you on how to invest in property and become rich. Following which, you borrow money using a mortgage / credit cards, and this will give me a strong negotiating position (buying bulk) and therefore your investment will increase. Hey presto, in no time at all you will be a property millionnaire. Interestingly, they had three or four "property millionarres" that he'd created, but it didn't say what their "net" position was. Also, they are making an assumption of what the properties are worth - you never really know until you sell them!
Now the people he was selling to can best be described as "Ocean Finance Candidates". Gullible, to say the least!
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