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Dear Property Tribes,
I already have 3 properties including two BTLs - in London - but these or coowned and this is the first time I'm considering making it a business venture on my own. I would ideally like to make a start without using my own funds. I believe the only way to make a start without using one's own money is Rent to Rent or Lease Option Agreements.
Are either of these a realistic proposition? All these property shows seem to suggest this is all easy - but is it that easy?
Any best ways - mentors that could help me get started? I'm already quite knowledgeable about property and tenants.
Is London a viable option or is it only sensible to start this in cities such as Manchester, Birmingham or Liverpool.
I very much look forward to hearing any advice or mentoring.
Hi Katie,This question was answered recently here:No money down deals - de-bunking the hype
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**
Thank you for getting back to me. And thank you for that overarching report - especially on all these property events that are going around.
However, I do know that property is the best way to increase wealth. I also think rent to rent could work - but its riddled with issues which you have laid out in the article above. Do you know anyone that has made a success of LOA and is it even ethical?
So with all that in mind - is there a person / mentor / book / training course that is legitimate and does help one get that first run on the ladder. When I say first rung I am already a property owner with a track record with Santander and The Mortgage Works, so hopefully that will help and also a good credit rating.
It might require just saving that deposit for a property in a far city, where capital is most likely to rise in the next couple of years - but if there is any advice for how to best get started that would be most helpful.
So you read all of that thread Vanessa linked to and typed your reply in just 14 minutes?
Why don't you just read the thread and your questions are answered!I created a related thread you may find interesting or annoying right here:https://www.propertytribes.com/why-is-fre...40303.html
It might require just saving that deposit
Yes, that's exactly what it requires.
Don't waste any deposit money on mentors or silly strategies like R2R.
I would say save your deposit pay the stamp Duty and the fees and crack on
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Totally agree with the replies.
LETS MAKE HOMES by treating landlords as partners, tenants as customers & every property as our own."
Relatives can have money they want to invest in property
When typewriters still existed in 1991 I typed a letter to 10 relatives asking for money to invest in property and offering them a return
9 said no 1 said yes
Its a tough ask sometimes simply because they are relatives . The 1st property book I ever read though suggested I do that . Their reasoning was ....Imagine you got rich from property and were chatting to a relative 25 years on and telling them that 25 years ago you were thinking of asking them for money in maybe a JV arrangement but in the end you didn`t as you were too embarrassed. Then Imagine how mad and cut out they might feel that you had got rich but you hadnt bothered to give them an opportunity to get rich also all because you were just too embarrassed to ask. So the book turned my doubts about doing that on its head
The one who said yes to me wasn`t the one I expected to say yes
There are many silent budding armchair entrepreneurs out there with money
They are waiting for someone they trust to come into their lives and open up their vision for them
Jonathan Clarke. http://www.buytoletmk.com
Meanwhile, in an alternative universe ....Imagine you got financially corrupted from property and were chatting to a relative 25 years on and telling them that 25 years ago you were thinking of asking them for money in maybe a JV arrangement but in the end you didn`t as you were too embarrassed. Then Imagine how relieved and grateful they might feel that you had got financially destroyed but you hadnt bothered to give them an opportunity to get bankrupted also all because you were just too embarrassed to ask.Speaking from experience, lending money to family and friends rarely has a happy outcome not to mention that lenders will wish to know the source of the deposit. If it's a cash purchase, then of course that is a different matter.
I know I would never ask money from relative or a friend.
If I borrow, I go to my Bank and If I need a deposit I either raise it (Not Recommended ) or I save it
My Grandfather who was a business owner always said "Never go into Partnership".
I actually bought a flat together with my cousin. We split everything in half, the deposit, legal fees, rent, maintenance. She arranged the mortgage, because she has a city job that allowed us access to the best rates and I manage it. It works very well.