X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Landlords in Distress

    Sam Eustace of Kingsman Property

    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.

    0
    0

    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.

    0
    0
    Hi
    I have hired a private investigator to look into Samuel Eustace, and can confirm he has undertaken numerous fraudulent activities. My family and I manage a largish property portfolio whereby where gave him one of our flats to manage via his company kingsman property. He has outstanding rent, failed to pay on time and is now not responding to any emails or calls. My solicitor has began court proceedings and has even encouraged me to inform the police of certain activities such as falsifying documents from the my deposits scheme. They have been slow but taking it seriously. Today I have referred the case to the financial ombudsman so essentially exhausting all avenues to bring this guy down and hopefully he will have a criminal conviction against him, maybe even prison if we are successful. I have also put a section 8 eviction notice to regain this property ASAP, I feel this too will need to go through court which is a lengthy process. Having worked in this business for awhile I'd like to reassure you all that from past experiences with such fraudulent people I have always been successful with my case and work with good lawyers. Can I ask anyone who is willing to share/similar boat to me to contact me to see how we can also work together to put forward a strong case.

    Thank you
    0
    0

    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.

    0
    0
    Hi Fread, I myself haven't had any direct contact with kingsman themselves but I have taken on a few properties from LANDLORDS that was with kingsman, i will find out more information of what they are experiencing. I'm still in the transition period of swapping everything over as kingsman are now in administration as you would know. 

    Barry 

    0
    0

    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.

    0
    0

    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: hellokieran@gmail.com

    Regards,

    Kieran

    0
    0
    I need to make a few comments so I can get out of probation and message someone to join the WhatsApp group.
    0
    1

    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.

    0
    0