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Long time lurker, just recently joined – haven’t had a need to post as the information I have came across so far has been plenty - so thanks.
We are just looking for my first standard BTL 2/3bed house in a high rental demand area, would be great if we could find a legit company that receives repos etc directly from banks/auctions/off market etc
After searching I was just wondering if there are any legit companies who source BMV properties in the north, nearly every one I have come across over the last year or so, when doing due diligence have big red flags, they have dodgy directors connected to them or have been taken to court, company formed a month ago or have multiple dissolved companies with similar names, or there are threads on here and on other websites with some serious complaints.
Also, many of the reviews left for them are fake, as the reviewer often only has one review, or if a user has more than one, the other reviews are often for random businesses with premises abroad (like a car garage in Argentina that they use “regularly”, might indicate reviews paid for on fiver or a similar service)
Is it really that hard to be a legit company in this niche? I appreciate things don’t always go to plan in business, but it seems most of the complaints are related to the companies not delivering and keeping hold of deposit/money they shouldn’t be after deals fall through against their T&Cs/the law etc.
Appreciate that most people probably source themselves, although interested to hear anyone’s experiences with these types of companies
Happy to hear any advice/comments - positive or negative
Hi John and welcome.I am not sure why you need a deal sourcer tbh. Buying a tenanted property is the safest, lowest risk way to get started imho.See - Benefits of buying a tenanted propertyI would find a reputable lettings agent - such as PT partner Northwood - in the areas you are interested in, and let them know you are in the market for a tenanted property.Northwood have the Investor List - which is properties for sale with tenants, some of which come with guaranteed rent. No need to pay expensive fees for deal sourcers as you are dealing direct with a regulated agent who will also manage the property for you going forwards.You can also search on the Vesta platform, which has tenanted properties for sale.This advice has hopefully saved you a few thousands £££'s, directed you to a low risk investment, and straight to a regulated agent who will manage the property for you, thereby cutting out all the risk of working with someone who is likely unregulated and want to charge large fees up-front.
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**
In my experience, you might spend an awful lot of your life (which consists of time) looking for "sourcers" and BMV deals. I used to go to PIN meetings and found a lot of time wasters.Many were in it for the short term and were chancers, e.g. a young fellow turned up and networked everyone for two weeks with the "I'm a property sourcer, here's my number" routine, then pestered you with texts about a fantastic deal he didn't want you to miss out on - for an upfront fee, of course.When pressed, there was no flesh on the bones. And guess what - after a few weeks he and his mobile number vanished into the ether! There are many of these all-mouth-and-trousers types out there.
And I get daily emails from an agent that specialises in "BMV" deals - but when you do a bit of digging, i.e. research for similar properties on Righmove, they're not BMV at all.
Good luck, but keep a realistic view.
Repo is at an all time low, but why pay someone if all you have to do is finding a local auction house or do what has been suggested above.
I believe SHL is a auction house up north and countrywide is also there, but else just google it.
As your first BTL and unless you have cash I will recommend an estate agent and there is sometimes better deals on the market than at auction and you have all the time to do DD