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I think you did the right thing by not signing up. To buy a property you need a deposit. To buy a btl you need a bigger deposit. Work out what that amount is.
You can use any means of raising funds in order to raise funds, and a credit card is one way to do that ..but an expensive way. A bank loan might be another way but I don't know if they lend for peoperty investment.
I don't think there is a magic secret . I think its about doing your sums.
Get the deposit together and a bit more to cover fees. Join a reputable landlord association ...ensure you have all things in place (gas, smoke, carbon monoxide alarms, correct insurance)
Take your time finding the right tenants. Do the paperwork ..treat others as you would like to be treated..be fair but not a pushover.
I don't think you will go far wrong
I propose to charge zero pounds for this ?
There are lots of good comments on here and I hope you are feeling supported and informed as to your next move. If you want to find out about financing a buy to let, based on your personal circumstances, feel free to call me or DM. Advice is free and I'm happy to help you work out how much deposit you will need.If you already own a residential property you may be able to borrow against the equity in this property to fund your first buy to let.Once you already own other buy to lets you can raise finance against these to purchase more. It's always important to thoroughly run the numbers.
Property Tribes Financial services
You can contact me via Direct Message, or 07581 794922 or call the team on 01206 654444 for personalised quote and advice
In the past I have bought property with credit cards or setting up partnerships with partners willing to lend half of the initial stake. Obviously the figures need to add up especially in regard to the monthly profit, but I think that paying for a course to do this is unnecessary and a waste of money. If you simply start looking at houses and understanding the actual achievable rent for each one of them, then you will be on the right road. Good luck
As a steer on what's available, I sit down with investors and we go through investment strategies and possible purchases - with you telling me what you want to buy at the end of the 4 hour session having identified your attitude to risk V's reward, amongst other things.
I hope to show my clients most of the stuff these "gurus" include in their 2 day courses in that time. There is no selling of future courses to unlock the great mysteries of the industry (because there aren't any - most of this is some basic knowledge of the way the market works combined with a large dose of common sense). I charge £180 + VAT and that includes lunch!
This is not a sales pitch for what I do, as my sessions are only for invited individuals after personal recommendation. I am aware that many other agents who have been in business for years also do a similar thing too, particularly those involved with Sally Lawson's Agent Rainmaker closed group (Sally is ARLA Chair and one of he most respected people in the industry). I mention this only as a counter to the plethora of training courses out there that seem to be planned simply to separate the client from their cash rather than give any useful insights into being a successful property investor.
DD is the key, and I have yet to see any investment training courses that are worth either the time or money - and yes, I know many on PT have attended these and got useful information from them. My concern is as a previous poster has mentioned, most of what you learn on these courses is available free elsewhere or is simply untrue, illegal or plain stupid.
Last year I signed up for a podcast with one of the most visible of these trainers who was selling a NMD concept, just to see what he was offering. It turned out his special trick to achieve this was contrary to CML guidelines and amounted to mortgage fraud. When I tried to mention this on the live podcast I was cut out, and I had no replies to the 2 queries I put to his office in the following days.
If these gurus were actually selling the key to instant wealth why would they bother spending their time speaking to you rather than going out and doing it themselves and making a fortune.
Managing Director Hamilton Square Estates Ltd
Proprietor Wirral Property Group
Sourcing and renovating investment property since 1994
Hi Property Noob, the best thing for you to do is sit down and speak to a specialist BTL mortgage broker, they will explain why you can't do this, and even whether you are mortgagable.One of the first questions any lender wants to know if where the deposit comes from and they will ask to see bank records to show it hasn't just come into your account.Anyone making loads of money through property does not need to run courses for £500. Don't believe the hype. Do any successful people you know sell courses for £500 and give up their time to do them?
I also attended a FF course in November last year. I had previously read that Fielding had been involved in other money-generating courses for currency trading and other assets previously. I learnt a fair few things on the course, however when testing them out - they weren't that useful. i.e. asking the council for a list of empty homes! I felt like the apprentice asking for a glass hammer or rubber nails.Ultimately is a sell on for their more expensive courses and I agree with someone who has posted previously, if there was so much money to be made through property sourcing in it current format then, these teachers / gurus would be doing that rather than generating competitors by training them to do what they do. A few comments from the course - property grows at 10.2% a year and has done since the Doomsday book. You can assess demand for a property by placing an ad in the newspaper! The bit that I especially liked was ringing up your credit card provider and asking to reduce the rate and increase your limit, all rates and limits were then listed.Later that day anyone who was umming and arring about the course was advised to use a credit card. In answer to the original question - my suggestion would be to use savings and / or borrow money from friends / family (assuming its possible) for your 25% down on a BTL and pay back as you start to cashflow.Start small and then as your knowledge grows look to grow the portfolio, no harm in doing it at a pace your are comfortable with.
I agree with both Vanessa & AndyBryne. I did their 3 day course and lost a whole weekend. Most of the content was basic and can be gleaned for free. About 2 hours were spent cutting out pictures from magazines and gluing them onto a sheet of "Your Property/Wealth Journey" or some other rubbish which made us feel like we were in primary school. They spent a lot of time on everyone calling their credit card co to reduce their APR (and you can't use cc for a deposit). Also, they provided completely incorrect info about S24 which I challenged twice to be told I was wrong. I had a 121 with one of their senior "mentors" who knew less than me and couldn't answer my questions yet wanted to spend the session up-selling further courses to me. I wrote and complained about the whole course and the incorrect info and eventually got a partial refund and an apology. Steer clear and save your money for buying a property. Property Tribes and Property118 (there's also Property Hub and a few others that you should take a look at) are both great sources of free information and support and I would suggest you sign up to RLA/NLA or similar too. If you know what strategy you're going for, and once you have a good basic understanding of it, then perhaps look to do some specific training on that topic or seek out a mentor who has been successful with that strategy. Property Wire is an email property newsletter which has some good content but I wouldn't hold too much store in the awarding of accolades. Best of luck and always feel free to ask for help & advice from the amazing gang on this site.