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Thank you for your thoughts, you are right the impact is much more then just money, the money just adds extra weight/stress that is not need.I know its effecting me more then i realise. I know this as i can get easily frustrated and do not cope very well with simple situation that i should not get wound up by, especially as i have to look after my baby boy all day and its not his fault. It makes me said and upset that he should not get a stressed dad looking after him. But my bucket is full, despite my best efforts to try and empty out a bit.
The money mentioned is just basic debts and that is probably out of date and more then that, but I get even more stress when I review the level of debt so i don't do it that reconciliation too often as I know as the moment I don't have any way of paying it off.I do know what sort of money would resolve this but as you said its more then just money, as stress takes time to dissipate, plus to change/resolve my wife's stress would have a significant impact of the equation.
I believe we will start to see more and more stories like this come to light both from other ‘Partners and Academy members’ and also property investors buying through his sourcing businesses which focus on packaging deals of 4 Bedroom houses converting into 5 Bedroom HMO's.
BuyLowRentHigh Ltd his original sourcing business now, redirects to Better Sourced Ltd which he set up with Alasdair Cunningham.
Where deals are sold like this
Property 1 - 4 Bed multi-let. Doncaster. £98.000
Investors are then finding themselves in situations like this (Recent post taken from Property Investors with Samuel Leeds, Facebook Group)
23 November at 07:34
Advice needed....I bought my first house in Doncaster through Samuel & Co last August 2017 to convert to a HMO. The house is a lovely big Victorianhouse 10 minutes drive from the city and 5 mins walk to a train station, so very happy with the purchase.I loaned my new company £45k, converted to a 5 bed HMO and it's only just breaking even; in fact it's losing money as the business owes me expenses as well as the £45k I expect to recoup over the next 10 years.I took the advice that tenants prefer super fast broadband over an on-suite to heart as such there's only 1 on-suite and 1 bathroom. The 5th bedroom has never been let even after the second management agent ( I had to sack the first agent after 6 months due to professionally negligence ) suggested letting as a SA but have done nothing to commit to that option 3 months ago.The house can be converted to a 6 bed for c.£3.5k to include a wet room conversation; the local council have pre-approved this.I have several options, and selling isn't one of them.I could spend c.£18k to convert to a 6 bed and install on-suites to the remaining bedrooms.I could let to a professional R2R, local council initiative or homeless charity.I could let the current management agents go and source another in a hope that they can manage the property and tenants more efficiently. (I have asked Alistair for advice on local HMO management but no response to date).I could manage myself and change to 6 SA however I manage 8 other single family BTL properties which I own and rent-a-room in my own house.Positive constructive advise requested please folks.
Another member commented:
Gregor Pirie I think I am in a similar position with my first HMO.
Rather than shy away Samuel commented on the thread and subsequently made a video Today I had an UNHAPPY CUSTOMER
Unfortunately, I cannot watch the video and note it is not available to the wider public via his youtube channel. It appears I may be blocked to view that link, or you have to be a member of a closed group to see 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**
Have messaged you
I think that's because BLRH was getting too much heat and negative comments it, that were because it was found to be trading non-compliantly - re: membership of ombudsman scheme as pointed out by Property Tribes on the other SL thread.I think its safe to say Alasdair is a chip off the old block and Better Sourced is a clone of BLRH, with a couple of obvious additions. Those deals look like the ones that BLRH did when i was on the course and if they are then there is almost no DD done by the company only who ever finds the house as done basic bits on the house.I do pity the investors that buy them as they are likely to be in more problems that I am in thanks to putting my faith in Samuel Leeds.
That's why I posted on the thread as it's not only people that pay for his training and mentorship, but also Investors being effected that then have to deal with the reality of owning an investment property which doesn't match the dream they have been sold.I understand that this particular guy is in a fortunate position owning 8 single let properties and this was his first attempt at a HMO, so if it didn't work out it wouldn't be the end of the world, but for a first time landlord that has been sold the dream of HMO easy money it could have a significant impact on their lives if they found themselves in that situation.
Hi. I joined Property Tribes today although I've been 'lurking' for a while. I haven't started my property business yet but I had seen free courses advertised from both Samuel Leeds and Progressive Property (Rob Moore et al) and I've been a bit worried by a lot of what I have read. I know that free courses will have upsells to premium courses and I'm fine with that. I guess anyone who is surprised by that 'tactic' is very naive. I have just watched the video posted above where Samuel Leeds talks to 'TONY'? and it seems like a different situation from what was originally written. =Doing plenty of digging after reading people doubting that Mr Leeds actually HAS any money, and there are various videos of him doing charity work in Africa, plus on holiday in an expensive suite in Dubai. It's obvious you don't do that without being financially 'OK'. I don't live far from Peterborough, location of Progressive Property, so after reading about Samuel Leeds, I thought Progressive would be a better option, but now I'm seeing suggestions that Rob Moore is associating himself with 'less than credible' people. I've read books (Kevin McDonnel for instance) and watching lots of videos but I'm just getting more confused. I have a lot of building trade experience, including my current business where I meet homeowners, tenants, landlords and corporates every day but I don't want to start off on the wrong foot. Can anyone point me in the right direction?
I also got a Rent-2-Rent agreement through buy-low-rent-high (BLRH) from what I was told was a viable HMO. I was told by local lettings agents its in the wrong area and that I would only be successful in letting the house as a residential.Over a period of time not one room let and I found them to be right and was lucky to give notice to leave the R2R agreement.I later found out that the landlord actually purchased the property from (BLRH) and was also not happy with the property was sold with his life savings.In actual fact they sold it to the person as a HMO and when it was not working they advised him to do it as a R2R agreement where he would get guaranteed income. On top of that they charged as both large fees. I was lucky to minimise my losses.
Unfortunately your story isn't the only one I've heard who experienced a similar situation with BLRH, I think this is one of the reasons Samuel decided to wind down that business and set up compliantly Better Sourced Ltd with Alasdair Cunningham distancing himself a little from any comeback.
I still don't understand why in 2018 people are still getting caught out by pre-millenium techniques about wealth creation companies, that were much more difficult to research back then due to more limited internet.
I just did the following search:
>>>Samuel Leeds review>>>
And after quickly browsing through the 4.9 rated hundreds of Google reviews written mostly on the same day (November 3rd), halfway down the first page was the 100+ replies PT link with his name in the title. Less than 5 mins and I was already looking at various views on his company and their offerings.
Asking family/friends if you're really not sure would give some good opinions as well, and for free.
I would dearly love to know how long in hours the OP spent researching Samuel Leeds and similar companies before signing up to part with their money.
Until the real reasons (I can only think it's a combination of greed & laziness) are addressed as to why decades on people are still writing up how disappointed they are after the event, then we will keep on getting these stories.
It's a shame that the OP feels they've been tricked/duped out of their money, but I'm sure there were plenty of opportunities along the way that were ignored. Paying by credit card would have been an easy first step in protecting yourself along with a signed contract on what you were getting for your money. I wonder if these were used?I wonder how many successful LL's on here ever went to a 'guru'? Out of 100 you could easily count them on one hand I'm sure.