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New here so I apologise if this topic has come up many times before, I am just starting out researching in property and want to improve my knowledge and education to avoid expensive mistakes.
I have been following the Progressive community for a while and get a lot of value from it and was considering joining them for some course and possibly there VIP course.
I wondered if there was alternative way to go about this? (I read and listen to relevant material), are there other courses that people recommend?
Just wanted to do am much research as possible for committing .
Any advice good or bad would be appreciated
It is my understanding that it would be a costly mistake if you joined them, based on information I have read.
This site is free and full of information, so if you want to avoid costly mistakes take the time you would have spend with P. and read the propertytribe topics.
Please be mindful there golden days are over so half of the stuff people says on property training course WILL not work today.
All the best with your property journey
Thanks for taking the time to respond. I think what is tempting me with P is the networking possibilities, the no money down techniques. I have funds to invest i just want to ensure I have as much knowledge as possible. These are topics I may struggle to up-skill on in one sitting that P provide. EVERY business will have a bad review somewhere but they do seem to give a lot of value when you put your hand in your pocket and not just go to a free training day, the floor is open to what others think about this??
r2r, lease options, rent2own etc aren't all these just the latest cons. What landlord going to let a newbie run their properties, id be surprised if you can find any and even if you do they will be a valid reason why they are happy to have guaranteed money for rent from you
an ignorant and irresponsible one...
Hi Gavin, I've been interested in training with Progressive. It would be interesting in hearing what others have to say. I feel that I will use books, forums and I will network at property meetups, as I have a limited pot and training expenses would eat into that pot.Alex
Regarding no money down - the only two "strategies" I can see are property sourcing / packaging OR a property trainer...I've lost count of the number of sourcers wanting to charge a nice princely sum of 5K for "sourcing" a property - I'm still struggling to understand why this "service" warrants such an amount on a property worth 100K? (5%)?
Hi Gavin and welcome.Sorry to say there is no such thing as "no money down" techniques.There are many, many costs associated with owning or controlling a property. These include repairs, maintenance, setting up a property compliantly, insurance ... the list goes on.Property investment is dealing with people's lives and supplying safe and compliant homes, not treating it like a cash machine and if you come at it from that angle, you are opening yourself up to massive risk including fines of up to £30K or, in an extreme example, a tenant dying in your property because it was un-safe as you did not have the money to provide a safe and compliant home.Just this past week I am dealing with £2,300 rent arrears, damage to a property which is going to cost me the best part of £1K to put right, an integrated fridge and freezer that has become unserviceable, which will cost £1500.00 to replace. Another property has had the fence fallen down, and tiles blown off the roof in the high winds. All this costs significant money to upkeep.All those strategies you list sound great in theory, but try and put them into practice and you will find it very hard to make them work. With regards to lease options - have a read of this thread which kind of makes my point for me:Lease options guru Rick Otton fined $18mill With regards to JVs, who is their right mind is going to lend huge amounts of money to a newbie with no track record, no competence, and no experience? It's like expecting to someone to lend money on a plane when the pilot has only read a book about how to fly and never touched the controls. A crash is inevitable! But let's say you did find someone - then the legal fees to draw up a robust agreement would cost around £3K.With regards to finding training, this thread below expresses our view. I suggest that you read it and digest it, as it could potentially save you a lot of time and stress:Property education, training, and mentoring Once you have read those links, please return and ask any further questions.I hope that helps bring clarity to your future direction?
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**
Thanks for your opinion on this. I can appreciate that property is a difficult thing to be successful at, and would expect that there would be many miscellaneous costs that crop up on a regular basis.
I try to keep a open mind regarding what's possible and can appreciate your point of view. So in general you think the best method of investing in property is straight up purchases? No lease options or any of the above mentioned. I appreciate the insight as there would be no point me paying for training for something that is beyond the realms of everyday possibility.
My main focus is SA and a strategy that gets a lot of publicity is the lease to SA strategy (rent to SA), would all these such deals be something not worth considering ?
Hi Gavin,The best person to run your business with is the person you see in the mirror each morning, not a third party. So yes, starting out with single occupancy BTL that you have complete control over is a safe and low risk way to start.All these "creative strategies" sound wonderful on paper, but when the excitement of the course has faded and you try and put them into practice you will hit brick wall after brick wall. Most lettings agents will not even entertain a discussion about this kind of activity, as evidenced by posts on facebook groups where newbies fresh off a course cannot even get to see any properties. Also remember, that, as the head tenant, you will be credit checked for affordability to be able to pay the rent each month, and, if you do not get SA bookings, you are still legally obliged to pay the rent. Property is never all plane sailing. The devil is always in the detail and there are many pitfalls, however you will never hear of these on training courses, and therefore you will be unable to avoid the pitfalls. Property Tribes alerts you to pitfalls in advance, so you can decide if it is worth the risk to you.With regards to Rent to Rent SA, this is currently a hot topic at Property Tribes. Two deal sourcers have had complaints about them, including Lee Pemberton, ex-of Progressive Property.Lee Pemberton - ServicedLets - opinions?Jason Cunningham-Source Investments/Quay Acco I fully understand how compelling and alluring the marketing is and how much you want to believe it. I further understand that you might find my opinion one that you do not wish to hear, because you want to hang on to that dream that a Unicorn does exist and that you can buy a ticket to see it.I feel that I have said enough now, made my views clear, and given you plenty of resources to make up you own mind. Whatever you decide to do, best of luck.
Thanks for the advice. I appreciate it