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  • Buy-to-Let

    Below market value property list subscriptions - any good?

    hi all - anyone here has experience with services like these that you pay a monthly/annual subscription fee and they send you their list of BMV properties? I was offered one of these a few weeks back and didnt think much of it until I was about to put an offer in a place that was snapped up within hours - and it turns out it was from one of these agencies who told me members had access to it 1-2 weeks before it went on zoopla... thx!
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    These lists are notorious and of dubious quality.

    They are often copies of other people's lists, or fake lists, or just a lot of cr@p.

    There was a big scam a few years ago about a fabled list of Northern Rock repossessed properties. Many people claimed to have exclusive access to it and were selling the list for big numbers. It was later found out that no such list ever existed.

    Why waste your money when you can learn to source your own leads?

    Have a read of How to get the most out of the property portals for research.

    If any PT member can personally recommend a decent list to sign up to, then please feel free to make that recommendation here....
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    You are right there Vanessa, If I had a list of brilliant deals, why would I publicise it the the world and her husband ? These things are a bit like those racing tips that people pay for. If someone knows which horse will win at 100 to 1 why tell other people and drive the odds down to 2 to 1 ? You would just put your bets on and collect your winings at 100 to 1.
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    interesting.. thank you both for your answers. I basically just wanted to see if anyone had any (good or bad) experience using them.
    I see the point on why share a winning tip on a horse or a guaranteed deal wouldt make sense, but surely if there were a number of them all over the country it would make sense to sell them rather than invest in them all. But I appreciate that they will be questionable at best.. this one property sure looked like a great deal! but again it was only the first one and surely there will be others - thank you Vanessa for the link, I will study those methods!
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    I have come across some characters who try to sell property that they don't own via lists of great deals. It works like this - you have to put down say 2k to secure the deal, you also have to complete in say 28 days, the deal provider then sits on their hands for 28 days making it impossible for you to complete, they then blame you for the delay and pocket your 2k. The great advantage of this "business model" is that you can "sell" the same property that you don't even own to umpteen people at the same time and pocket loads of dosh. I am not saying that they are all up to this but just take care. Good luck.
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    "Pass the Parcel Property Deals" is often what we refereed to these lists; information passed around so much it ended nothing like the original offering of which the vendor sold months ago - and fools still trying to add their "commission" on top of someone else's commission on top of someone else's. But the original property finder - not told them it had gone or more likely try and "cut" the original guy out.
    Avoid - id say.

    Talk to local estate agents - for properties they can not sell or uninhabitable (no kitchen/bathroom) in which ordinary citizen will find hard to obtain finance. A few posters; leaflet drops; local shops.
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.

    YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001


    That's a new one on me Glenn!

    Yes, there are a lot of scammers out there. Some of them don't even know they are a scammer - they think they are genuine - but they have no clue what they are doing and end up costing people money.

    A number of them come off guru courses, find they can't actually buy anything using the strategies, so try and source deals for others instead.

    Most of these people don't do any form of due diligence at all and wouldn't know a good deal if it bit them in the posterior imho.
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    very interesting feedback, thx everyone. These guys are asking for £145/year which is not lots but thanks Glenn for pointing out the fee etc.. very good point and can see how easily it would be to get caught on it
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    I can point you in the direction of a really good list of properties, free to use as well:

    It's called Rightmove.

    Being serious though, it depends what you get for your £145, what does it contain that the main portals doesn't?

    As mentioned by the others above, anything with an upfront fee is dubious, if you do use a sourcer or lead generator, make sure you only have to pay on completion.
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