Due diligence with property clubs

I was doing some more research into property clubs and found out these clubs (also known as PICS) have received bad press here in the UK. Some of these investment clubs are not regulated by the Financial Services Authority. (FSA)

The British Property Investment Federation, the Royal Institution of Chartered Surveyors and the Association of Property Unit Trust wrote to the FSA recently calling for more monitoring of such investments clubs. A lot of companies charge thousands of pounds for people to join on a membership basis and advise on buying property, usually on a no money deal.

Property clubs usually present investment deals to their members before the general public, through negotiation. This is a result of bulk purchasing power, but do your due diligence before parting with any money. If you are in any doubt about any company, Rip Off Report, one of the most popular consumer advocate sites, allows you to air your complaint, publicly about suspected scrupulous individuals or organizations.