By Vicky Richards
Property spruiker…..quick, run!
If it sounds too good to be true….. it nearly always is. Get-rich-quick strategies are and always will be, an extremely risky proposition.
Property investment promoters, or spruikers, invite people to their ‘wealth creation’ seminars, often for free, with the promise of investment tips or opportunities. They typically promote a property investment system or market a specific property development and may recommend property investment through SMSFs.
Property spruikers promise easy and quick wealth creation through property investment, often with very little up front or ongoing cost. Unscrupulous operators mislead investors into paying for their advice or investing in property developments that could result in big financial losses.
Remember these spruikers are motivated to gain money at your expense. Too often they are the only ones who actually end up making money from the investment. Don’t risk your money and assets because of their misleading advice.
Be very cautious and hugely sceptical…….and run a mile if the spruiker is:
Consumer protection agencies across Australia have found many property spruikers cannot substantiate the success stories and claims of profits they promote and recommend you don’t attend these seminars. If you do go, do your own research and get independent financial and legal advice from licensed professionals (such as lawyers, accountants, financial advisers and real estate agents) with their own professional indemnity insurance. ASIC’s MoneySmart website has more information on its investment seminars page.