My friend told me that she attended a free property investment forum (online) over the weekend. (She often signs up and pays for courses that she doesn’t finish.)
She owns her own home and has a sizeable chunk of equity but a low income and no pension. She’s 62.
She was sold a dream of “flipping” houses, avoiding tax by setting up a limited company and a host of other options.
She is not financially literate (she pays for her car on HP & puts everything on credit cards which don’t get paid off in a timely manner.
The next stage of the course costs £15k which she has signed up for by putting £7k on a credit card and will take a loan out for the rest.
i run a company that manages buy to let properties - exactly what she wants to do and tried to gently explain that it’s just not that easy. She couldn’t even explain to me what she was getting for her money. She’s angry at me for pouring water on her dreams,
I’m angry that companies like this exist and do no due diligence to ensure that the people that sign up really understand what they are doing.