30th April 2008

Property investment training firm Inside Track Seminars, which boasts to have made hundreds of property millionaires, has been placed into administration. "The company has seen a fall in the number of people who want to invest in the property market for the first time, and that is understandable in the current climate," managing director Tony McKay said.

The company had pledged to transform a whole generation of Brits into ‘property millionaires’. However, before the company was placed into administration, a number of its customers had threatened legal action against it after losing thousands of pounds on failed investments.

Its business model was in big trouble before the credit crunch began last summer. It was based on property values continuing to increase and the easy availability of buy-to-let mortgages. However, an over supply of flats / apartments in the main town centres in the UK led to falls in resale values and rents not meeting expectations which led to lenders taking away mortgage borrowing for new build apartments in 2005.

Does this mean the same for Property Monkey?

Property Monkey follows the mentor system devised in a completely different way. Unlike its competition, it does not offer properties for its delegates. It does not get you to buy from its portfolio. In fact, a lot of delegates on the property mentor course have previously been on the inside track programme and found it to be a complete revelation and while others our suffering, the number of people coming to see us is increasing every month. Although there is a credit crunch, we identify ways of still getting finance, and its never been a better time to invest in a property portfolio.

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