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Good evening all. I hope this post is within the rules of the forum, mods please accept my apologies if not.
I'm considering an armchair investment opportunity with Sam of Kingsman Property. They use investor money to put into R2R HMO deals and seem to have a decent track record so far.
Whilst I'm doing my due dilligence, I thought I'd check on here and see whether anyone has had dealings with Sam and his company?
The returns seem fairly attractive, as most of the profit is paid back to the investor for the first 3 years. He is offering ~ 30% return for the first 3 years, meaning I should have my initial investment back by around month 18.
Their company model seems to be that they make their chunk during years 4/5/6/7, and beyond if they get an extension.
Hi Hardeep,Sam Eustace is a Director of this company along with someone called James Ryan. It was incorporated in October 2015. Therefore, how can they be in a position to say that they make their money in year 4 onwards when they have only been going less than three years? This makes it an unproven business model.How can Rent to Rent come with any guarantees? Seven years is a long time in the Rent to Rent world. What happens if the landlord wants the property back early? What happens to your money if there are voids and Kingsman Property cannot pay the landlord the rents? Are the HMOs legally compliant to all legislation? You are buying into thin air imho.30% return is suspiciously high and seems unsustainable.The company is not currently in a position to guarantee anything, judging by the financials.Are you given a charge on one of their own properties to secure your money? If there is no security offered, then your money is at high risk imho.
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**
You can only issue a section 8 notice for an assured (shorthold) tenancy.
The tenant for an assured tenancy can not be a company - see paragraph 1(1) of the Housing Act 1988. You say you have rented the property to the company Kingsman Property so you don't have an assured tenancy
If the tenant(s) is/are individuals, one of them must be resident at the property for it to be an assured tenancy so even if you have rented the property to Mr Eustace he would have to be living there to have an assured tenancy.
I would suggest you go to see a solicitor to recover money owed for breach of contract, particularly if your contract with KP says you have an assured shorthold tenancy. You may also want to have a look at this.
You could also talk to the sub-tenants as if they have a rental agreement that is the same length as your agreement with KP then KP have assigned the lease to the sub-tenants and have no interest in the property. You can collect the rent direct from the sub-tenants. Again, you should check this with a solicitor first.
Gas safe plumber/ property management
You probably want to have a look at this thread.
I also don't see how the figures stack up. The 30% return I assume is per annum so after 18 months (1.5 years) you will only have approximately 50% return.
Hello Fread and Everyone on this thread.
I am a landlord and have the displeasure of hiring Sam and Kingsman Property Service to manage my flat.
He has been totally unresponsive for over a month now and needless to say owes me rent arrears and has not been in contact with the tenants regarding their deposits which is a huge concern.
A total nightmare overall so BE WARNED - do not use them.
@Fread - I cant message you directly as a newcomer I am apparently on a "probation period" on Property Tribes but really want to get your solicitors information in the hope of joining your case against Sam and Kingsman asap.
My email is: email@example.com
Up-date for this thread:Kingsman Property has gone into liquidation: Sam Eustace and Kingsman Property - Concerns
Please refrain from mis-using this thread and this community.The whatsapp group can be joined by messaging Colin Appleby on Facebook, as indicated earlier in the other thread.