Property development opportunity or potential scam?
My husband completed a property development course costing approx $5000. He then was signed on to be coached by the teacher of the course for 18 mths costing approx $25000. He never completed a development during the time that he was being coached as non of the properties he looked at were feasible. Now the Coach wants to create a sindicate with other past students/mentors. His plan is for the students to form a company and they will be the directors and they will pay him a management fee as he will manage a development for them. My question is, is this a good opportunity or another way of this man making money off the students? Is this ethical? Does anyone have experience with this sort of thing? My husband is wanting to be part of it but I am sceptical.
Property development
Property development
Posted in:
Money
9 Replies
This is such a scam. Anything where you have to pay money to make money with no guarantee... ITS A SCAM
Scam
You've been tricked out of 30k. Stop!
Scam from start to finish. Stop, you have already lost $30K!!!!!
These are sales tactics to keep you paying. Not to help you make money. Sadly, there's a lot of them out there. Also ponder this - if the mentor make so much money developing, why isn't he doing his own, rather than ask his students to take the investment risk for him? If he was confident he'd be investing himself.
Would I? No. I've seen too many schemes, too many people's lives devastated over these 'opportunities'. If you H is well trained he'd be better going out on his own.
Do not let him borrow - especially against your home.
Has he gained a recognised qualification out of this?
It's been however long the course took plus 18 months and no opportunities?
Stop with the mentor. If he gave a shit this would have happened already. He's trying to guarantee himself an income doing a job he's just spent presumably years teaching your husband how to do, that makes no sense at all.
Time for your husband to cut the apron strings, get out there and start putting his training to good use.
Crazy amount of money for nothing. Don't let him give more! I would dob him in to CCC(?) because it sounds dodgy as.
No don’t do it and if it sounds too good to be true then it is!!
So you’ve paid $30,000 for zero benefit/return, and you want to know if you should pay more? Run for the hills.