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  • New Members

    New Member

    Hi Everybody, my name is Steve and this is my first post on the tribe. My wife and I already have some BTL properties and would like to increase our portfolio over the course of the next couple of years.
    I am hoping someone may have used or had some experience with an insurance product called a Tenant Performance Bond.
    The product sounds a great idea to me and it looks like a win win situation for both the landlord and client. I was hoping for some feedback from the tribe, as I have been looking at other posts and see that the amount of knowledge and experience the members have acquired reaches far and wide.
    Any help would greatly appreciated.
    Steve
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    Welcome Steve, good to have you on board.
    You're the second Ede and the second carpenter? Any relation to Vicki?
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    Hi Marcus
    Thankyou for the welcome. Vikki is my wife and we have been married for 20 years. I am a city and guilds carpenter, but I am also a fully qualified aircraft maintenance engineer. Bit of a difference between the two trades I know, but I thought lets have a go see where it takes me.
    Do you have BTL's?. Are you finding the market tough at the moment, its a fine line trying to balance the good deals with manageable finance at the moment. However I like the idea of lease options so I am looking into the idea.

    Steve
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    Steve,
    Welcome to the Tribe.
    1. If you want to know more about lease options let me know. I presented to the 4_Walls community a couple of Sunday's ago (Guildford meeting).
    2. When considering any insurance product you have to look at all parties. What is in it for the insurance company? Can they actually make money?
    I do not know the name you used. Is this an insurance product for tenant deposits? If so I know of three ways to protect a tenant's deposit with only one being an insurance product. I use the insurance product and it has worked well.
    If the insurance is to protect the landlord from a loss of rent when the tenant does not pay the feedback from the marketplace is a bit more mixed. There are so many ways a tenant can fail to pay so the insurance tends to cover only the most extreme or after an initial loss. Some plans are not worth the cost while others might be OK. Getting your claim paid is a question.
    John Corey
    https://www.ChelseaPrivateEquity.com/blog
    Follow me on Twitter -> https://www.twitter.com/john_corey
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. 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.

    Steven Ede said:
    I am a city and guilds carpenter, but I am also a fully qualified aircraft maintenance engineer.
    Thought you might appreciate this bit of porn:

    No BTL's. Have experience in small developments.
    I've had several financial happy-slaps already this year so yes, I am finding it tough. Options are one of the arteas I'm looking into at present so snap.
    Best wishes.
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