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I seem to be getting more of these emails each month where a third party is "selling" a Rent to Rent deal that they have sourced.
For £20k you get a net annual income of £18k?
I can only assume this would work as an AirBnB or similar, but wonder if the freeholder is aware?
Please forgive my language ... but Grrrr!There is nothing to "sell" other than a contract someone drew up with a landlord. It might not even be legally binding and there may be leaseholder and mortgage issues that the buyer is not aware to be aware of.This is an increasingly murky area imho.I am aware of two property gurus who are "selling" Rent to Rent deals, some of them even being their own properties, but they are not disclosing this.The margins in Rent to Rent are very slim imho. This suggests that the numbers are not stacking up and that people are trying to off-load them or make money by selling them on rather than undertaking the activity themselves.I have contacted Zoopla to ask if such an listing is within the Terms and Conditions of their site.
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**
Zoopla and the portals need to get a grip on this.
If you want to let a property online with, for example, OpenRent you need to prove ownership.
This weeds out R2R operators and makes a lot of sense to me.
Very true about OpenRent, and one of the reasons I like using them.
It's very doubtful Golden Prperties could be in ownership of all these properties, and they're all RTR deals, not straight lettings. They're being advertised in the Sales section, not the Lettings section.
I noticed that - if they were to be listed anywhere, they should be in the "lettings" section, not the "sale" section. Very misleading to consumers who may not understand what a rent to rent deal is.This is really concerning that Zoopla is being used for such activity when there are so many pitfalls for both the landlord and the individual undertaking the R2R activity - all totally unregulated - a lot of people could potentially be stung by this. When it all goes pear-shaped the R2R seller will be long gone with their £20K imho.
I'm pleased to see I'm not the only one that finds this sort of thing a little bit suspect!
Golden Properties seem to offer quite a few RTR type deals if you look at their other properties available. They're based in Leicestershire yet offering a lot of properties in prime London?
Just looking at their other properties, seems they have a number of other listings, one Rent to Rent opportunity in Canary Wharf Sold Subject to Contract £50k?
Just waiting for Samuel Leeds Buy Low Rent High Ltd and Alasdair Cunningham Better Sourced Ltd to list some amazing Rent to Rent deals in Grimsby! Release the Kraken!
From the Golden Properties website:Golden Properties is a leading property investment company. Based in the UK with offices in London and the Midlands, we specialise in property investments all over the world.
Founded by a group of business-minded property investors with industry experience accumulated over decades. Our clients are at the centre of everything we do. We have helped hundreds of property investors build lucrative portfolios by sourcing high yield off the market property deals in the UK and overseas.Company number leads to G P S ( UK ) Ltd incorporated June 2016.The sole Director is Benjamin Vale who has three other directorships, all younger than this one. His incomplete LinkedIn profile describes him as a property broker with 20 years experience in property.
Looks like the properties have since been removed as they're not appearing on the links provided?
Blog at http://abcdad.co.uk/ and Insta at http://www.instagram.com/abc.dad/
I had a rather interesting call with him, i even asked about why its listed as a sale, its funny he said that the contract is for a 5 year period and directly with the freeholder??