Commercial Property Scams: In a recent video, I share a painful story about how I was scammed in a commercial property deal involving fake tenants and inflated rents. As an experienced property investor, it is embarrassing for me to share this story, but I think it will help a lot of people.
In the video, I explain how I bought a storage unit which was tenanted at the time. Commercial property valuations are based on the rental income, so it seemed like I was getting a good price! In reality, the tenant was connected to the seller and paying well over the market rate. Once the property was sold to me, they simply waited to exercise their 12-month break clause. This left me with a building worth much less than I paid!
If you want to understand commercial property scams and how they work, please watch the full video until the end. You can find the video at the top of this page or on my YouTube channel. If you are worried you could become a victim of commercial property scams, this is a must-watch!
It is much better to learn from other people’s mistakes than your own. That’s why, in this article, I will give you 3 lessons to learn about commercial property scams based on my own experience of being ripped-off! By the end of this article, you will be in a better position to protect yourself from investment scams!
Many people are losing money to commercial property scams, and I want to stop that. I want to get accurate information into the hands of as many property investors as possible, to help them protect themselves. Please consider sharing this article on your social media pages. With your help, we can put a stop to commercial property scams!
1. Commercial Property Scams: When Emotions Are High, Intelligence Is Low!
Buying with your emotions is never a good idea! I always teach people to put formulas over feelings, but this is a time when I didn’t follow my own advice! I wanted this deal not only because the numbers seemed to make sense, but also because it seemed like a good case study for my YouTube channel.
You should be speaking to motivated sellers, you shouldn’t be a motivated buyer! If you really want the property, you are more likely to make mistakes or overpay. Be ready to walk away, if the deal isn’t on your terms!
2. Commercial Property Scams: A Little Knowledge Can Be Dangerous!
I am an experienced property investor, but that doesn’t mean I know as much as a specialist property lawyer when it comes to due diligence!
The deal required everything to be done quickly to get a ‘discount’ in price. I thought, due to my property knowledge, I could do the deal without waiting for my lawyers to fully investigate everything. That was a mistake!
Having some knowledge can be more dangerous than having none! Always rely on your expert team, even if you think you know the answer!
3. Commercial Property Scams: Your Wins Will Make You Rich, But Your Losses Will Make You A Legend!
I have had so many wins in property, and they have made me a multimillionaire! But it is the losses and mistakes that have really helped me to be successful. If you learn from every mistake, you make your business stronger in the long run than if everything simply went to plan.
If you have fallen for commercial property scams or have had an investment deal go wrong, don’t give up. Use it as a lesson that will pay dividends in the long run!
Commercial Property Scams: Learn From My Mistakes!
It is cheaper to learn from someone else’s mistakes than your own. That is true for commercial property scams and for investment in general. On my way to becoming a multimillionaire, I made mistakes, and you can learn from them! Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
-
The SECRETS to becoming a successful property investor
Get immediate and actionable insights to accelerate your property investment journey.
-
How to LEVERAGE other people's money to get started
Begin to understand the strategies to use to reduce the barriers to getting started.
-
How to FIND fantastic property opportunities
Understand where property professionals source the best deals.
-
How to RECYCLE your money again and again
Don't just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
