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Ajay Ahuja and his complete package
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 09 Jul 2009, 12:28 PM |
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Vistaro
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Joined on 03 Oct 2003
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Posts 4
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Re: Ajay Ahuja and his complete package
HI. Thanks for the comments, all valuable, think I'm slowly coming round to the fact that to do this requires more time than I have! Thanks again
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| 11 Jul 2009, 9:51 AM |
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John Corey
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Joined on 16 Sep 2004
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London England
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Posts 757
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Re: Ajay Ahuja and his complete package
 Vistaro:HI. Thanks for the comments, all valuable, think I'm slowly coming round to the fact that to do this requires more time than I have! Thanks again
The time commitment can be high if you do everything yourself. Some of the time you can reduce the time commitment by having a narrow focus. Or you can team up with another investor who has complementary skills. There are some passive opportunities. For some reason many are a bit of a con being sold to people who want the pot of gold without any of the hard work. Some of the time the person with the passive deal is honest and they have a good deal they are open to sharing. It is not uncommon for an investor to find more deals than they can take down on their own. John Corey Follow me on Twitter -> www.twitter.com/john_corey
25+ years of REI, US & UK. Free advice. I like to discuss deals & strategies www.ChelseaPrivateEquity.com/blog Follow me on Twitter-> www.twitter.com/john_corey
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| 28 Jul 2009, 10:43 AM |
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clottie
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Joined on 03 Sep 2003
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Somerset
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Posts 9,016
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Re: Ajay Ahuja and his complete package
From last sunday Mail on Sunday:
"The get-rich-quick property guru who tried to cash in on the misery of
Northern Rock borrowers whose homes had been repossessed, has himself
had a visit from the bailiffs as furious investors try to claw back
thousands of pounds in fees for deals that never materialised.
Last month, debt collectors seized a £30,000 BMW from the drive of Ajay
Ahuja's home after he failed to repay £3,000 to a client who discovered
that the buy-to-let house he was trying to sell her for £100,000 was
worth just £72,500. On top of that, the long-term tenants who were said
to be paying £1,700 a month had long since left.
As a growing number of Ahuja's clients have discovered, many of the
deals he promoted are an illusion. 'He offered me a house in
Stoke-on-Trent that he said was worth £100,000 and had long-term
tenants paying a monthly rent of £1,700,' says Kate Sylvester, from
Maidenhead, Berkshire. 'I paid him a £3,000 finder's fee, but our
lender valued it at £72,500 and although a second surveyor said
£80,000, we then discovered the tenants had left without paying the
rent.'
Sylvester sued him in the small claims court for £5,000, which included
wasted legal fees and surveyor's costs. Ahuja did not attend the
hearing and Sylvester won the case, but when he failed to pay she hired
Paul Shamplina, of Landlord Action, a firm that specialises in
recovering unpaid rent but now acts for property investors chasing
other debts, to get her cash back.
After his requests were ignored, Shamplina sent in bailiffs who seized
a BMW 7 series form the drive of his six-bedroomed house the the
Cambridgeshire town of March.
'In the end he had to pay £7,5000 to get the car back,' says Shamplina
who says he receives two calls a day from clients of Ahuja and similar
property-sourcing firms.
'I have just served papers demanding £25,000 on behalf of one client,
and if it isn't paid by the middle of August we're going to court,'
says Shamplina. John Standring from Halifax, West Yorkshire, paid Ahuja
£25,000 for finding him 17 houses in Buffalo, upstate New York.
Ahuja refused to discuss individual clients, but said his role was only
to find properties, not arrange mortgages. 'When we introduce a
property to a client they have to make every effort to purchase because
if they don't they will ruin the relationship we have built up with our
contacts, he says." |
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Clottie The Positive “Windswept and interesting” The Somerset-Lancashire lady Aviatrix extraordinaire !
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| 28 Jul 2009, 4:43 PM |
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roger bird
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Joined on 26 Oct 2008
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Posts 3
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Re: Ajay Ahuja and his complete package
Hi Vistaro.Theres a lot of bad press out there for Ajay,it was his book The Buy To let Bible which got me started. I have no personal experience apart from receiving the regular upbeat emails,we all recognise. There are many schemes and companies doing all sorts of deals but "hands off" isn't going to work riding this bike. There are many ways to mitigate expenses,lets find out what the average void in the UK is (was about 14 days or so last I looked),many tenants stay for years,boilers are cheap,Tax can be AVOIDED! 1% of the UK population control 25% of the wealth,the only way people like us can ever hope to catch up is via intelligent investing in assets including property Work out a plan set the goals get the cash and go for it,it's much more fun that way.Im still up for it although I,m a bit skint and cant get a mortgage.............yet. Good Luck
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| 28 Jul 2009, 5:27 PM |
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Wickerman
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Joined on 24 Mar 2005
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Liverpool
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Posts 128
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Re: Ajay Ahuja and his complete package
birdey: Hi Vistaro.Theres a lot of bad press out there for Ajay,it was his book The Buy To let Bible which got me started. I have no personal experience apart from receiving the regular upbeat emails,we all recognise. There are many schemes and companies doing all sorts of deals but "hands off" isn't going to work riding this bike. There are many ways to mitigate expenses,lets find out what the average void in the UK is (was about 14 days or so last I looked),many tenants stay for years,boilers are cheap,Tax can be AVOIDED! 1% of the UK population control 25% of the wealth,the only way people like us can ever hope to catch up is via intelligent investing in assets including property Work out a plan set the goals get the cash and go for it,it's much more fun that way.Im still up for it although I,m a bit skint and cant get a mortgage.............yet. Good Luck
cheap boilers equals more likely to break down (lower quality) plus higher cost parts for when it does break down. Cheap B&Q boilers break down more often and cost more to replace, in my experience. Doing it the expensive and correct way will save you more in the long term.
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| 29 Jul 2009, 11:52 AM |
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Re: Ajay Ahuja and his complete package
I did some business with a gent who worked as a 'guide' on some of Ajay's property viewing trips. He was very unhappy with how the prospective clients were treated. Many came back to him looking for assistance when things went sour...sadly, he was the face they saw on the day they thought their dreams were going to all come true. Most of the sale was done...he just showed them the 'representative' properties which evidently normally sealed the deals. Interesting read on the recovery of expenses. Thanks for sharing that.
Independent Property Auction House offering flexibility the bigger houses don't. www.sellbyauction.org
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| 29 Jul 2009, 12:12 PM |
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John Corey
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Joined on 16 Sep 2004
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London England
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Posts 757
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Re: Ajay Ahuja and his complete package
Tangent warning! birdey: 1% of the UK population control 25% of the wealth,the only way people like us can ever hope to catch up is via intelligent investing in assets including property
THe 'control' largely comes from making better decisions. Those who do not understand what they are doing are very quick to lose their money. People will not catch up. Some will rise, some will fall. It is not like there is a head of the race. The pot of who has the money does change. Education helps as learning how to be a successful investor is important. John Corey www.ChelseaPrivateEquity.com/blog Follow me on Twitter -> www.twitter.com/john_corey
25+ years of REI, US & UK. Free advice. I like to discuss deals & strategies www.ChelseaPrivateEquity.com/blog Follow me on Twitter-> www.twitter.com/john_corey
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| 29 Jul 2009, 12:19 PM |
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John Corey
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Joined on 16 Sep 2004
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London England
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Posts 757
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Re: Ajay Ahuja and his complete package
Maybe we should apply the BS test... Think of all the people who want to have money, do nothing and take no risk. Many are on the dole. Others are residents of the governments prisons. "...he seems to offer the ideal package, no money down, high yield props below market value, management of the portfolio etc; totally hands off from my point of view." No mess, no fuss, no capital, not work, just reap the rewards. If it was that easy then all the folks who have failed in other walks of life would jump in and be wealth. Even those who have not failed would likely pile in. There can be times when people do pile in and it works for a period. The fall of the Soviet Union, the dot com era, BTL in the early part of this decade. In each case there was a flaw or fundamental reason why the good times would come to an end. Depending on the era or circumstances there were a few winners, a few losers and a lot of people feeling abused by the process. I am not saying that property will not make savvy investors rich. I am just saying that it can not work in a sustainable way if any idiot with no money or time can pile in and enjoy a risk free ride. John Corey www.ChelseaPrivateEquity.com/blog Follow me on Twitter -> www.twitter.com/john_corey
25+ years of REI, US & UK. Free advice. I like to discuss deals & strategies www.ChelseaPrivateEquity.com/blog Follow me on Twitter-> www.twitter.com/john_corey
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