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I'm very excited to have joined the PT community and look forward to getting to know you guys.
I'm a novice looking to get into property and I've been doing my homework on it and have booked on to some networking events. The rent-to-rent option is particularly attractive to me as I don't have the money to buy a property but have enough to get started in R2R if I get the right deal... if my research is to be believed.
After learning from quite a bit from sources like PT and various youtube channels, I am considering paying for an online course from Neil McCoy-Ward.The course is ~£500 and you get access to quite a few documents, including what he claims to be a water tight management agreement that he spent a few thousand pounds drafting up with various solicitors...
I don't want to be caught up in a (*Moderator note: word removed*), but at the same time, I don't know what I don't know and I would like some form of mentor... so I'm trying to do my due diligence. I can't find a bad word said against Neil through google searches, and the fact that you get 10 hours of videos including recorded live workshops, a document pack and access to future documents/videos is encouraging.
What's worrying me is trying to look up his companies. He still claims to be the owner and CEO of 'The forward thinking group', which was dissolved in 2018, as far as I can tell it was split up into a few different companies such as 'Forward Thinking Lettings' and 'Forward Thinking Training'.When I look at the accounts of these companies, they're really not very detailed and seem to have a small amount of capital. Not something I would expect if he is quite successful in his businesses. I'm not sure if this is such a big issue, but I thought you guys would probably be able to enlighten me a bit.
Does anybody have any insight into either Neil McCoy-Ward himself or some good tips for checking somebody like him is legit? Or if possible, can anyone recommend somebody reliable based on experience?
Thanks in advance,
Have you considered joining a landlord group, NLA / RLA or similar and attending their meetings. I think you can attend the National Landlords Association meeting without actually becoming a member to try it out. You might find that you will gain information from such sources. Is all you have to give is your time so might be beneficial. I always ask that, if the people running the courses are so successful, why are they just not getting on with what they preach instead of charging others to share in their "wisdom" …. just sayin!
Thanks for your swift reply and your suggestion.
I have booked onto a few events (one with the NLA) and have a good few questions lined up. Hopefully I'll be able to get some decent pieces of information and meet a few knowledgable people.
The main reason I am tempted by Neil McCoy-Ward is to have access to something that I can come back to and will provide me with strong legal documents. It would be a great resource to help me stay compliant and solidify what I've learned (providing it is legit).
You mentioned not wanting to be caught out by a scam and that you've booked on some networking events.
Worth watching the video in this link as it will give you a few things to watch out for when attending events, The Contrepreneur Formula Exposed. It's only recently been released and gives you a great insight into some of the techniques these property guru's use.
Looking at his 3 companies as you outlined, none show any real assets or wealth created through his property letting or training businesses, you would have thought any Rent 2 Rent profits would go through Forward Thinking Lettings Ltd but the figures don't appear to reflect the numbers he says can be achieved through Rent 2 Rent https://www.duedil.com/company/gb/087684...ttings-ltd
I would continue cautiously before handing over any significant sums of money. Rent 2 Rent as a strategy can look appealing with all the hype and spin these people put on things, but to do it and do it compliantly and successfully is alot harder than these people lead you to believe.
Thanks very much for your input. I have been able to recognise quite a few of the signs mentioned in the video, in a few of the sources I have been checking out (Sam Leeds particularly). I recommend anybody reading this to watch the video as well.I've seen a couple of the signs from Neil as well, however, the ones I have seen are pretty common sales tactics (such as pricing at £497 instead of £500 and creating a sense of urgency to get more conversions), so I am still in 2 minds I think.His workshops aren't free, don't seem to have the cult-like aesthetic and from what I've seen of them on youtube, offer some pretty good information (hence me considering him in the first place). I am certainly more wary, but I don't just want to strike him off because he uses some sales tactics, everyone selling something does in my opinion.
I've contacted them to see if they can justify their accounts, they shouldn't have a problem with me doing that if they're legit.
Neil does talk about a few of the potential pitfalls such as what he would do if serious problems such as boilers breaking, problem tenants etc. in his free content, which is a bit convincing that he's not just pedalling the positives.
Ahaha trust me I don't want to perpetuate any bollocks that's out there.
They do put forward a convincing case for the benefits of R2R from a landlords' perspective though. From what I've heard, plenty of landlords hand their house over to property managers to run, and the R2R strategy is just a form of property management.
It may be that i'm massively ignorant on this subject as I'm not a landlord, and if so... apologies... but it doesn't seem that farfetched that landlords would let people manage their properties. I get that a property is a huge part of people's lives, but R2R... in theory... maintains the house to a high standard with very little input from the landlord. (Not having a go at you by the way, I'm curious as to why you think the R2R strategy itself is a scam)
Don't know this guy from adam, but his training company was close to being compulsorily struck off about this time last year, action now discontinued.
I have just read his "back story", all these people seem to have one. Ex special forces but he doesn't want to talk about it.
Damn, that's ruined my image of him storming a Taliban position under fire armed only with a blunt entrenching tool.