The Daily Mail has investigated the claims of a self-styled property investment expert who claims he can make anyone a property millionaire – if they hand over £10,000.
Reporter Ruth Lythe attended a seminar run by Raj Shastri at a hotel in London after spotting an advert in a newspaper. The seminar promised it could help people make fast money from soaring house prices.
Lythe explained how a three-hour presentation taught delegates that having limited funds to get started wasn’t a barrier to building a property empire. As he spoke, images of Shastri’s luxurious homes and cars flashed up on the screen behind him. He claimed he started with £950 and had a multi-million-pound property empire just five years later.
Also speaking at the seminar were a fellow property investor – who also claimed to own a buy-to-let empire – and tax-mitigation expert Simon Goody who explained how investors could “legally” avoid paying tax on rental income.
Delegates were then encouraged to invest £10,000 into flats at a former old people’s home in North Shields. Shastri explained that they were being sold at a discount and promised a 7% a year return.
Despite being impressed by Shastri’s presentation, Lythe wasn’t won over by his sales pitch.
“But while the properties on sale looked decent enough, I can only think you’d have to take on a lot of debt in mortgages to build your empire. If the property market should fall, you could end up owing hundreds of thousands to the banks,” she said, “And while Raj was keen to present this opportunity as too good to be true, I can’t help but think that’s probably because it is.”