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Hello my and my work colleague are looking at getting into property together.
he has around £50k savings I don’t have any currently but together we can save approx £3000 a month.
We like the ideas of Rent 2 rent HMOs to start with.
Watched afew videos online and it seems abit too good to be true and after reading afew threads on here I can see it probably is.
Is there any recommendated mentors on here based in the North West with a proven track record in the Rent 2 rent strategy?
On this site the recommendation is to start small before looking at big stuff. There is so many pitfalls with rent to rent and HMO that I stay way clear of it.
Yes there are mentors who want your money, generally they are difficult to find on this site because they know what this site stands for.
Start small (Rome wasn’t built in a day)
Hi Mark and welcome to the tribe.There are many ways to get into property and not all of them are what they are cracked up to be!With your circumstances and savings, you can get involved in property using legitimate ownership strategies, not "creative strategies" that are designed to tempt people into parting with large sums of money for training courses and mentorships. What could be more compelling than being told that you don't need any money to get started in property? Of course, the reality is that you do and people are naive to think otherwise.With regards to Rent to Rent, it was before your time, but the original trainer and mentor of this strategy was someone named Daniel Burton. He was a real poster boy. Despite claiming to be earning £30K per month from his R2R business, it did not end well for him.The Icarus Syndrome (Daniel Burton and Unida Place)Education is vital, but unfortunately, many of the trainers and mentors make big claims about what you can achieve, when, in reality, it is unlikely that you could (unless starting with a very large cash pot).If someone makes more money from training and mentoring than they do from property, then you have to question if property made them financially free, as it would appear that they have taken on a "job" of teaching other people to be financially free themselves. Property training and mentorship is very big business and it is certainly more lucrative than property training and also generates money very quickly, where as property is a very long term investment.My advice is to join a landlord association and take their training courses (although they don't offer R2R which should tell you something). Property Tribes is partnered with the RLA and our members can access a 25% discount.Then immerse yourself in on-line information such as forums, podcasts, etc. Find a reputable broker and tax advisor and then start off baby steps. Learn to walk (single occupancy BTL) before you run (HMOs).This thread is a good place to start:Top 10 Property Tribes resources for novice landlords and BTL investorsThe other option is that you and your friend start an estate agency business together, with the long-term view of building your own portfolio and managing your properties through that, along with other landlords' properties.I would recommend that you look at the Keller Williams proposition. You can join their hugely successful business model and start up an estate and lettings agency under their umbrella. It costs around £200.00 per month to access all their training, support, compliance, and access to the portals like Rightmove and Zoopla. It might not be the kind of property business you were thinking of, but its certainly a low risk, low start up cost one!You and your friend could start an agency on a part time basis, build your client base, and then move into it full time once you have built up enough business to sustain you.See - Property Tribes welcomes Keller WilliamsHope that helps for starters and good luck!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I don't think there CAN be a legitimate Mentor if they're someone who charges for Mentoring services.
The only legitimate mentors in my life were some excellent bosses I worked for, some excellent people I've done business with who became Partners in a going concern with me, some people I respect in the Local business community, some great authors, historical figures for moral guidance such as Sir Winston Churchill, and lastly my family.
What do all the above have in common?
They don't try to flog me sh*t courses for a couple of grand and are a genuine help.
This forum can be a mentor of sorts to get you started, anything you're unsure of just ask away, and it's FREE !
Wow, R2R HMOs to start with?!
There's so many ways it could all go wrong, legislation-wise, tenant-wise, area-wise. Sorry but you're looking to go straight away into a combination of 2x difficult niches for new investors. Most would have a good few years under their belt before even choosing to go down this route.
As far as mentors are concerned, if you can find any, search for their name on here as part of your research.
Also just to add, Rent to Rent HMOs are shite.
Go in with an open mind
There is a whole mix of mentors out there and what they could do for you
Some brilliant some useless . Use your intuition to sus out the fake and useless ones
Some will teach and charge you lots but you learn next to nothing
Some will teach and charge you legitimate money and you will learn lots
Some will teach and wont charge you anything as they just like the buzz of sharing knowledge
Find the ones who live up to the cringing cliche - been there done it and worn the T shirt
They answer everything from their head as its all in there and dont need notes to refer to .
If they wear a suit and produce glossy brochures i get a bit nervous - but thats just me
They might be very good but test them with awkward questions first before spending any money with them
PT is a good starting point to research for free and then go and meet some real people
Jonathan Clarke. http://www.buytoletmk.com
Thanks for the replies every I really appreciate it.
I currently own 2 houses, 1 small BTL with an interest only mortgage that I’ve had for 12 years with zero equity (bought at bad time) 2 bed terraced house £78k which I’m in process of selling.
My family home I have about £80k equity but I don’t want to get my family house involved in our business.
My thought process was that small terraced houses don’t go up in value that much because the market is saturated with them, where as 3/4 bed houses seem to go up in value the most.
that being said, our original plan was to save for 2/3 years so that would equate to between £72-£108k and buy a house out right every 2/3 years and rent them out.
or would it be more sensible and financially better to save for 1 year and put a 25% deposit down on a house and then rent it out, and do this every year.
or option 3 save for 2 years to build a larger deposit to put down on a larger house, in the hope of securing a higher chance of equity.
sorry if it seems complicated but would be great to hear from some experts of what they would do with our combined savings of £3k a month.
Also I see about it investors using interest only mortgages, as I’ve had trouble with mine and not made any more I’d definitely like to stick with repayment mortgages.
is this advisable?