A number of property investors are in competition to be the first to generate £1 million by the end of 2019.
The contest is being organised by Touchstone Education, a Doncaster-based wealth education training company.
At the start of the year, around 40 contestants submitted a business plan and those who passed an initial audition are now being ‘mentored’ by judges before facing a public vote in December.
The goal of the ‘Millionaire Maker Challenge’ is to help as many contestants as possible to generate a turnover of £1 million or greater.
The first investor to reach the target will receive a VIP package worth £15,000, including an all-expenses paid trip to a Formula One race weekend with Touchstone.
Touchstone, which runs courses and seminars throughout the UK focused on property investment, launched the contest as a way of bringing together staff and investors to share their experiences and expertise.
“We’re always looking for new ways to impart our knowledge and this X Factor style competition helps to generate some energy and excitement around the process,” Paul Smith, Touchstone’s chief executive, said
“By adding a competitive edge, there’s an added incentive for our investors, with help from our staff, to push themselves further and make their property portfolios work harder for them.”
Smith said that Touchstone had already ‘seen some early wins for our investors’ and, even at this early stage, several are on course to reach the £1million mark by the end of the year.
Back in January, investors on Touchstone’s Platinum Property Mastermind programme submitted their entries. As well as their business plans, each was asked to explain what they wanted from the process and what they hoped to achieve, other than extra profits.
Based on the quality of their submissions and on their determination to success, a final group of 25 contestants was selected by judges.
They have been split into two teams, one mentored by Smith and Touchstone’s managing director Abi Hookway, and the other mentored by Smith’s wife and business partner Aniko and the company’s commercial director Gordon Dutfield, with each battling to produce the first millionaire.
The contestants, having visited judges’ houses for an intensive training weekend, are now busy putting their business plans into practice with help and advice from their mentors during weekly catch-up sessions. Additionally, each contestant is keeping a video diary to provide a record of their investment journey.
Touchstone, which was founded in 2004, promises ‘freedom through knowledge’ with a series of training courses, ranging from online webinars to ongoing monthly learning, as well as masterclasses and other learning materials.
The ethos of the firm is to ‘liberate’ people who have the means but not necessarily the knowledge to exploit opportunities to make money from the property market. Its customers hail from a range of backgrounds and age groups, from those who want to dip their toe in the property market to those looking to make it their career.