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  • Wanted & Recommendations

    The Buy2Let Shop - should I invest with them?

    Has anyone dealt with this company. “The Buy2Let shop”

    I am new to this and wish to invest and they seem to have good deals and very willing to assist with my objectives (obviously.. I hear you say ).  

    They seem credible and has a good online presence.
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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences. 

    Yes - see:

    Any one had any experience with Buy2Let Shop? 

    can you recommend a company like the Buy2Let Shop to help source property 

    The Buy2Let Shop

    Buy2letshop Bromley 

    I hope those links assist you in making a decision as whether to "invest" with this company or not?

    What is your starting point and what are you hoping to achieve from property investment?  If you let the forum know, you can receive some authentic guidance .... Smile

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    Looks like they are bankrupt

    A companies house search shows them as entered administration on 7th August

    https://beta.companieshouse.gov.uk/company/07631758


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    Hi Debprop,

    I am new to the community but not new to property so firstly, Hi all.

    This place is a wealth of knowledge, experience and unbiased information so I think you have proved to be savvy to research and raise your concerns here.

    Buy2Let Shop are basically a high volume call centre who will sell you anything which fits to your budget. I am buy no means saying that what they sell is no good but your own due diligence is of the upmost importance here. Research research research.

    Unfortunately the market is flooded with people like this and most of their properties come from either developers wanting to shift a "guaranteed return" product (search this forum for more on that) or they have deals which come from "property sourcers" who have done one of the deal flipping courses. In turn this mean the deals are not likely to have been assessed as much as you would like to think.

    Something I do is to charge an engagement fee for new clients, it may seem scary but this fee ensures commitment from the investor and allows good time to build a profile for a specific investor which identifies their budgets, expectations and personal goals. This fee is alway credited against the final finders fee. I also have a few clients who will email me a deal/investment and ask my opinion, as long as it doesn't take me too long I do not charge for this. I don't want anyone getting stung. This is my good deed to keep my Karma nice.

    There are a good few who operate the same as myself out there and I would recommend you set aside some good time to research and find what suits you best. Good old Mr Google is a great starting point.

    Also see other threads regarding things being rushed, property is a long term thing and should be treated that way. Please ignore promises of unrealistic returns and ALWAYS calculate your NET return. There are lots of good return properties out there and please do not be seduced by BMV, it is a very overused term which in essence is just a buzz word to get people to buy.

    I wish you luck on your journey and if you ever want to bounce any ideas or deals around, please do not hesitate.

    James

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    Hi James and welcome to the tribe.

    As part of our community safe-guarding protocols, all deal sourcers who wish to be a member here, have to advise of their independent redress scheme membership number.  Please can you advise yours?

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    Hi Vanessa,

    Of course. My membership number is: PRS011687


    James

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    I understand the buy2let shop takes fees upfront, some of which are for ‘admin’ - I.e
    you won’t get it back regardless of whether they ever send you a deal you like.

    There are reputable sourcing companies out there who only take a fee when you are actually going ahead on a deal.

    Based on the above alone, I wouldn’t use buy2let shop
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    Thankyou.

    I have decided not to go with them based on what I have read about them and the advice on this site. You have made a good point about the fees and they are not right for me at this moment.

    kind regards


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