Expect a pitch, and watch the promises

If you want to go to a property seminar how do you pick a good one?

This list of tips is a mix of common sense and information obtained from people in the industry. Some of these tips also apply to property investment books.

Remember there is no such thing as a free lunch. When you go to a seminar, expect the presenters to try to sell you something.

If you go to a seminar, look around at the people at it. Do they look like potential millionaires or do they look like people trying to make a quick buck?

If the seminar is free, do you think you'll be given anything valuable?

Watch out for presenters and authors who talk about how rich they are and the lifestyles they lead.

Watch out for authors and seminar presenters who present themselves as the best thing since sliced bread. This can include meaningless descriptions such as being "number one" in some field or "highly sought after". Also be careful of promotions packed with subjective adjectives describing how wonderful and successful they are.

Everything has dangers. But you rarely read about danger in a book by a real estate guru. Ask the gurus about mistakes they have made.

Be very wary of property offered to you at "wholesale prices".

Not everything is positive. If there was such a thing as the perfect investment which made you lots of money with no risk, we would all be rich. Ask about the downside and the problems such as legislation, the economy and tenants.

There is no magic process. Every property deal is different. If there was such a thing as seven certain steps to property Nirvana, the stairwell would be crowded.

Be suspicious of testimonials. When you read a testimonial, think about who gave it. Some seminar presenters use people in their own firms to provide testimonials.

Ask yourself, "what are these people trying to sell me?".

As with all investments, ask whether it is all too good to be true.

And remember: seminars often offer to give your money back if you're not satisfied. Reports are that plenty of people do ask for refunds. Don't be shy.