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Property Mentor Scam!

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  • Property Mentor Scam!

    Dear everyone,

    I joined Property mentor January this year. They have a very nice website.I was excited because i thought i could 'buy a property without puting capital down' like they said.

    After the course in milton keynes i began hard work of analysing, research, viewing property and negociations. I found a property with asking price 209k. I believed the property was undervalued and it should worth 290k. It was dificult to negociate and finally the vendor agreed 204k. I was happy and contacted a guy in Property Mentor who could help me.

    Jason agreed to help me. I told Jason clearly i dont have money to pay deposit. Can i can bridging loan or something. He asked me to pay 1,200 pounds as introduction fee. I paid by card. Then he recommended me a solicitor and a mortgager broker.

    I told Jason clearly the purchase price will be 204k but i thought the property potentially should worth 290k. I paid mortgage broker 495 pounds in advance. The mortgage broker later contacted me and agreed to apply for a mortgage of 289,950 for me(property mentor told them to do so). I was surprised but did not say anything. However when I accidently told the mortgage broker the purchase accutally is 204k then he said: no i cannot help you. the mortgage must be based on the purchase price rather than the potential value.

    In the meantime. The solicitor told me they could not work for me because they have not reach a deal with PM on the commission fee. I was shocked and tried to contact Jason but he did not reply me(as he said later he was not in the office for some days). The estate agent phoned me everyday and asked me to complete the purchase within one month. I had to pull out in that instance.

    I felt exhaused and finally realised that purchas of properties is rich people's game. I am just an electrician and at moment not so many jobs. I told Jaosn i just want to quit property mentor.

    The problem i keep receiving letters asking for money of 150 pounds every month(pay 4 years of total 7,200). I really feel should not pay this money. Is this fair?

    What shall I do? I know they will continuely send me letters asking for money. I dont have money to find a solicitor. Shall I go to police? Do they have time for this small amount of money dispution?

    Thanks everyone.

  • #2
    Re: Property Mentor Scam!

    I know it's not much consolation for you at the moment, but this is such a scam. Regardless of what people might have you believe, it's not possible to purchase a house without spending some of your own money.

    Think about it, the mortgage company needs security against the amount you would be borrowing. Why would they be happy about effectively taking on all the risk in your venture? And yes, the mortgage price must always be based upon the purchase price, not the 'potential' one. To obtain a mortgage based upon manipulated figures is simply fraud.

    In this instance, if you are concerned over the outstanding debt, I recommend you seek help from the Citizens Advice Bureau.

    In relation to going to the police, you might well find that PM have covered themselves within the contract in the terms & conditions. If not, then you might have a case against them.

    Comment


    • #3
      Re: Property Mentor Scam!

      it is called property mentor, i tried to talk to someone, but nobody would like to talke to me, made me feel very stupid, so i am a gullible people and i deserve it?

      Comment


      • #4
        Re: Property Mentor Scam!

        Tingting,

        Feel free to get in touch, no strings, no cost other than if I need to incur any expenses (postage and the like) I'll help as much as I can.

        Rob

        Comment


        • #5
          Re: Property Mentor Scam!

          hi Walker Fox, how to contact you, i cannot send PM at the moment,

          cheers

          Comment


          • #6
            Re: Property Mentor Scam!

            anyone can help?

            Comment


            • #7
              Re: Property Mentor Scam!

              Hi TingTing


              As a fellow delegate of Property Mentor (and also now. a member of the team) I was extremely concerned to come across this post.
              As you know Property Mentor offer continuous ongoing support and mentoringship in the form of emails, telephone calls, face to face meetings and the monthly mentoring days and all of these forms of communication remain open to you.



              As you are using a forum user name I cant identify you, but would very much like to speak with you to discuss your situation and how we can work with you, and get things moving forward again. Perhaps you would like to drop me an email - [email protected] and we can discuss further?


              Last year I put the PM system into practice for myself and bought my first investment property, and I only used £2500 of my own money to purchase a deal with a £30k discount and monthly cash flow of £400 per month


              Looking forward to hearing from you
              Helen

              Comment


              • #8
                Re: Property Mentor Scam!

                Hi there

                I was very concerned to read the posts regarding Property Mentor. As a member of staff working at Property Mentor and also a Landlord myself, I believe that Property Mentor is an excellent system that helps you to build a cash flowing property portfolio.

                If there are delegates of Property Mentor out there that feel unhappy or are looking for help to move forward I would very much urge you to contact me so we can help. My email is [email protected] or you can call us on 0845 331 3495.

                I am very confident in the professionalism of the team and also the way that the Property Mentor System works.

                Please do contact us to help us work with you to resolve your queries.

                Looking forward to hearing from you.

                Helen

                Originally posted by tingting View Post
                Dear everyone,

                I joined Property mentor January this year. They have a very nice website.I was excited because i thought i could 'buy a property without puting capital down' like they said.

                After the course in milton keynes i began hard work of analysing, research, viewing property and negociations. I found a property with asking price 209k. I believed the property was undervalued and it should worth 290k. It was dificult to negociate and finally the vendor agreed 204k. I was happy and contacted a guy in Property Mentor who could help me.

                Jason agreed to help me. I told Jason clearly i dont have money to pay deposit. Can i can bridging loan or something. He asked me to pay 1,200 pounds as introduction fee. I paid by card. Then he recommended me a solicitor and a mortgager broker.

                I told Jason clearly the purchase price will be 204k but i thought the property potentially should worth 290k. I paid mortgage broker 495 pounds in advance. The mortgage broker later contacted me and agreed to apply for a mortgage of 289,950 for me(property mentor told them to do so). I was surprised but did not say anything. However when I accidently told the mortgage broker the purchase accutally is 204k then he said: no i cannot help you. the mortgage must be based on the purchase price rather than the potential value.

                In the meantime. The solicitor told me they could not work for me because they have not reach a deal with PM on the commission fee. I was shocked and tried to contact Jason but he did not reply me(as he said later he was not in the office for some days). The estate agent phoned me everyday and asked me to complete the purchase within one month. I had to pull out in that instance.

                I felt exhaused and finally realised that purchas of properties is rich people's game. I am just an electrician and at moment not so many jobs. I told Jaosn i just want to quit property mentor.

                The problem i keep receiving letters asking for money of 150 pounds every month(pay 4 years of total 7,200). I really feel should not pay this money. Is this fair?

                What shall I do? I know they will continuely send me letters asking for money. I dont have money to find a solicitor. Shall I go to police? Do they have time for this small amount of money dispution?

                Thanks everyone.

                Comment


                • #9
                  Re: Property Mentor Scam!

                  Hi there,

                  Me and few more people are making a case against PM- We are from London. Will gather soon to discuss about strategy..in case you want to join our group, please get in touch with us ASAP.

                  Kind regards
                  Kris

                  Comment


                  • #10
                    Re: Property Mentor Scam!

                    One born every minute!
                    You can't make money without in=vesting your own money.
                    Even then nothing is certain, look at Cyprus!

                    Wipe yopur face and learn a lesson. Don't send any more money either!
                    BRAND NEW HOMES
                    Information for UK new home buyers
                    New Home Blog The latest news and views

                    Comment


                    • #11
                      Re: Property Mentor Scam!

                      Originally posted by anoir8 View Post
                      Hi there,

                      Me and few more people are making a case against PM- We are from London. Will gather soon to discuss about strategy..in case you want to join our group, please get in touch with us ASAP.

                      Kind regards
                      Kris

                      hi Kris

                      How do I join you? I also feel that I have been duped. I was just extremely gullible.
                      Last edited by tab; 30-04-2013, 01:07 PM.

                      Comment


                      • #12
                        Re: Property Mentor Scam!

                        sorry, i meant hi Kris

                        Comment


                        • #13
                          Re: Property Mentor Scam!

                          can you help me please! i badly need help re property mentor scam. i was just extremely gullible the time i signed up with property mentor and i can't afford to pay them the monthly dues. please will someone help me... i will explain my situation in detail

                          Comment


                          • #14
                            Re: Property Mentor Scam!

                            Originally posted by Walker Fox View Post
                            Tingting,

                            Feel free to get in touch, no strings, no cost other than if I need to incur any expenses (postage and the like) I'll help as much as I can.

                            Rob
                            can you help me please! i also badly need help re property mentor scam. i was just extremely gullible the time i signed up with property mentor and i can't afford to pay them the monthly dues. please will someone help me... i will explain my situation in detail

                            Comment


                            • #15
                              Re: Property Mentor Scam!

                              Originally posted by Walker Fox View Post
                              Tingting,

                              Feel free to get in touch, no strings, no cost other than if I need to incur any expenses (postage and the like) I'll help as much as I can.

                              Rob

                              hi rob

                              can you please help me
                              i am in a "similar" situation as tingting.. how do i contact you?
                              i badly need help ASAP

                              Comment

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