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Hi Jerome,I rang them as well to enquire about their R2R deals, but was told they were all on software training.Did who you spoke to get agitated by your call? I am just wondering whether they deleted the listings themselves or whether Zoopla did it?
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**
I am almost certain that we spoke to the same guy lol. He seemed very rattled after a while because i posed as a lender and stated most of these deals breach terms and why he himself doesn't just do the deal.
Before i forget please check the last email i sent you, pretty please.
Not in my case one contract was with Golden properties and they did not prove freeholder ownership whenever I questioned. Another contract was setup by Golden properties for me with Skyvillion and short letting agents run by Etim Thompson who was also part of this deal. They pretended to market the properties on shortlet platforms like AirBNB and Booking.com but as soon as the building manager told me it is illegal deal I questioned Golden properties. They just kept saying we are working on it this and that and wasted time. Now Ben Vale is liquidating Golden properties and running Rhino Investments *moderator content removed*
Interesting, none of the RTR deals are now listed on Zoopla -
I am considering a R2R in London but not sure if I should do it. The sourcing fee is £1500, deposit to landlord £4500 (refundable at end if flat maintained) £3330 one month rent in advance and £1500 furniture top up. Estimated average monthly profit is about £1000.
You would be very unwise to have anything to do with R2R.
Most of it is illegal and breaches mortgage and insurance conditions.
Steer well clear
For a strategy that supposedly doesn't cost any money, there's quite a bit involved!The fact that Zoopla has removed the listings should tell you all you need to know about whether it is wise to engage in this activity.
I just "mystery shopped" Golden Properties!I spoke to the Sales Manager and the more questions I asked, the more agitated he became.I asked whether the property concerned was leasehold or freehold and he said it had no bearing on the matter.I asked if the property had sold as it had been removed from Zoopla, but he did not appear to know that it had, which suggests that Zoopla removed it.He said serviced accommodation was a very lucrative strategy in London and that he had sold numerous of these types of deals.I asked how he could guarantee the rent to the landlord when he didn't even know who would buy the property and he said that all they did was package up these deals and sell them.He said the head landlords were mostly foreign and looking for a long guaranteed rent contract.He said I could employ a manager to undertake the activity for me.When I asked why the landlord didn't just employ the manager direct and enjoy the enhanced profit from serviced accommodation, he replied "because they are not cute enough, or don't know how to do it, or they live too far away".I replied that, if they lived remotely, what did it matter when they could have someone manage it for them?He started to get agitated and his voice raised and he said lots of people were doing this and buying these deals from him.I asked about the 90 day rule and he said "what's that?", then quickly corrected himself and said "they all have C1 planning permission".I asked why it was in the "sales" section rather than the "lettings" section and he said because he was selling a package.He started to talk over me and said he would send me an independent link so that I could understand how it all worked.He said experienced landlords saw the angle and were making money from the strategy. I said I wasn't an experienced landlord and ended the conversation.I very much doubt whether they "vet" the landlords they sell these deals to.
I have just clicked on the link in the first post and the property is still available.
This is likely to breach the lease which will usually state -
The property is to be used as a family home, any group of people could stay with AirBNB.
The freeholder must be notified of any change in legal title and a fee paid.
It is also likely to invalidate the block’s building’s insurance which is likely to be on the basis of long term occupation by a family unit.
The leaseholder is at risk of being served with a Section 146 notice.
As an aside why would anybody sell an investment providing a 90% return?
Yes, it would appear Manchester, Canary Wharf, and Paddington are currently available to 'buy'.
It's a shame that unlike on RM, you can't see the Sold properties the EA has recently punted on Zoopla.