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I am going to begin deal sourcing and plan to get along to a lot of networking meetings to meet people who may be interested in having deals sourced for them and what they are looking for so I can get them what they need.
I also would be open to overseeing/project managing a renovation Buy to sell investment as a JV Situation as I have no money to contribute up front. I was just wondering what the best thing to describe myself (For a business card) would be, deal sourcer & JV Partner or just deal sourcer?
Finally once I do start to build up some money is it worth investing in areas with cheaper housing costs to get my foot in the investing world or Wait to invest local? Are there any major problems with managing from a distance (Or even hiring someone else to manage in a BTL situation)
Any advice appreciated! Thanks
If you were going to source property for me you would need to demonstrate to me that you fully understand the BTL world
I would expect you to be an experienced landlord to start with a good understanding of Taxation
I suggest you get into the business first walk the road personally
how can you ever think with so little behind you any Investor would listen to you in the first place
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
To be honest I was using the only asset I have... Time. I have the time to source and do in depth due diligence on deals and give landlords a full picture of the deal.
Currently I don't have the funds to put up a 25% deposit to do my own BTL and I don't want to sit on the sidelines any longer.
Other than deal sourcing the only other options I have are rent to rent and lease options.
I guess I may have to look into those
why not go and work for an estate agent or a letting agent
get some experience under your belt and fully understand BTL
or go and do an ARLA course and get a qualification to show you are a professional
You are simply not in any position to have anything to do with BTL
Most R2R is breach of lender conditions
Why would I need a deal sourcer?
I have all the deals at my fingertips at zero cost via the Internet.
LO I wouldn't touch them.
I fail to see what you could bring to the party
Your time is of no value to me.
I can do the same as you with my time and not have to pay anyone fees for using it.
I suggest you just try saving as no way would I use you for anything
If you were somebody like J Clarke then that would be a different matter.
He has proven track history as a result of long experience
You have nothing and will achieve nothing until you acquire similar experience
You have nothing that I can't do myself if I wish.
I fail to see you expect LL to pay you for things they can do themselves.
As has been suggested you should work for many years in property related fields such as LA etc and acquire qualifications
You will struggle to persuade any LL to pay you anything
In short you are simply a chancer hoping to mug some LL into paying for something of little consequence.
Good luck with that
I guess you will find some mug LL
Thanks Paul, I had been operating under the advice I had heard at a property meeting given to another hoping to start out and thought it might be a good way for me but as you have stated it's obviously not suitable for me in my position right now.
I see now it would be better to just save and do my own Investments as being a deal sourcer is not my end goal and was just an idea to get the funds to do it myself.
I appreciate your straight forwardness and have decided I will continue to learn about property and develop my existing contacts with tradesmen until I am at a point to invest myself.
This is very astute of you to recognise your limitations.
I am sure you will gradually build up expertise as you seem to be motivated to do so.
On that basis alone you should eventually succeed.
You need to develop your CV so that you may convince a LL that you have the experience and skill sets needed.
This is not easy to achieve.
Some very experienced LL on this site do engage in some of the things you suggest you wish to do.
But they have gone through a very long apprenticeship!!!
You need to walk the walk long before you start talking about.
With your motivation I have no doubt that you will achieve your aspirations
However it will be a long hard road
The true test would be if you were ever in a position to convince one of the many experienced LL on this site to utilise your services then you would have truly succeeded
Go to lots of networking meetings as you say. Listen, learn, research and take action.
Choose a niche that really interests you e.g. auctions and get to know it thoroughly. Auctions for instance are a good place to find motivated buyers. "I see you were interested in such-and-such a property. I know of somewhere similar. Maybe we can have a chat?"
Informed action is better than action, and action is better than no action.
All the best with your venture.
I agree with DL
I`m all for enthusiasm but these are specialised roles and you have no CV it seems
Jonathan Clarke. http://www.buytoletmk.com
Hi Jack,I think it is admirable that you want to get started in property in any way you can.Sorry to say though, I do feel you will struggle if you do not have any experience. Many courses promise lucrative businesses as a deal sourcer, but the reality is likely to be very different.Working in the sector, such as with a developer or for an estate/lettings agent would give you a far better grounding and allow you to start building your network and contacts.Without knowledge, experience, and contacts, you will find it really hard to move forwards. Focus on those three things first and build some foundations that can be leveraged later on.Good luck!
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**