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  • Landlord Resources

    Good deal sourcers?

    Are there any that only source? This seems to me to be something investors might do when starting out to build up capital. Do some source for their careers rather than buy themselves when they have the money?

    If there are those that do this for a career how would you go about finding someone good?
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    Hi Edwin,

    Welcome to Property Tribes.

    Are there any that only source? This seems to me to be something investors might do when starting out to build up capital. Do some source for their careers rather than buy themselves when they have the money?

    There are plenty of good deal sourcers out there. Look for those registered with a Property Ombudsman scheme, as this shows their commitment to professional standards and also provides a route of redress if something goes wrong.

    Many investors do start out sourcing deals for others to build up their capital ... however, if you had the deal of the century, would you really pass it on to someone else for a few grand. Surely, it would be better to find a way to buy it yourself? This is the value of building a network, as you could find someone within your own network to JV with.

    Mark I'Anson runs a course on how to become a deal sourcer. I have not been on Mark's course, so cannot comment, but I know from Mark's on-line contributions that he has committed to professional standards and knows his stuff.

    If there are those that do this for a career how would you go about finding someone good?

    Ask others for recommendations! Make sure they are registered with an Ombudsman Scheme. Do intense due diligence on any company you are thinking of getting involved with.

    Although I have not personally purchased a property through them, Assetz have a good reputation and have been around for a very long time (and registered with an Ombudsman scheme). The best thing to do is attend one of their Open Days to meet their team and get a feel for what they do.

    Hope that helps?
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    In the UK a deal sourcer is legally no different than an estate agent. In other words, the person sourcing is required, yes required, to be registered like any other estate agent. See Vanessa's post above.

    Second, deal sourcing can legitimately be a career like being an estate agent. Some people enjoy hunting and they want nothing to do with being a landlord or long term investor. It is how they are wired and nothing to be ashamed of. Likely they enjoy sales, people, marketing, chasing details and being organized. Some skills that are similar to being a landlord and some skills that are very different.

    There are some who source because they find there are peaks and troughs to their investing. They are unable to manage or fund all the deals they find so they sell some on. Alternatively they might find deals that just make no sense to them as a rental (out of area; too up or down market for their strategy; HMO when they are not in the HMO market; major development opportunity when they prefer light cosmetic at worst). Selling on your scraps could mean thinking more than the deal was not part of your strategy while it could be spot on for someone else. No two people will see a profit in the same project no matter what the spreadsheet says.
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month. 11 years and running. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.


    No two people will see a profit in the same project no matter what the spreadsheet says.

    Very valid point John.

    [Image: house.png]Related content:

    Strategies to find BMV deals

    How to spot deals others might have missed
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    I should have come onto this thread earlier but, you are in good hands above.

    When you're out there just sourcing, on the ground, it seems like you're the only person doing it. There's no one to talk to, maybe you're not sure if you're doing it right but, let me assure you that there's loads of us out there.

    We all do different types of deals, some are keeping them, or trading them, or selling the leads onto others but, in essence, all the same.

    I'd visit a few property meets in your area, get to know the people, the host, and figure out from there who you'd like to work with.

    For some, it's a fine way to make a living (cashflow) and when the right deals come along, just add them to the portfolio for the future.

    Good luck
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