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I am thinking of entering the property market and was impressed by Tom Wade system of property flipping.
I am very new to this though and very wary. I googled him on companies house and he seems to have set up companies and dissolved them within 18 months without filing accounts.
The company he uses presently is registered under his girlfriends name and is less that a year old. If the previous ones are anything to go by it could fold soon without filing any accounts.
Am I being paranoid? Has anyone here had any experience with Tom Wade's coaching?
Hi Antoinnette and welcome,I don't think you are being paranoid at all. You have already picked up on a couple of red flags.I think you might find this information helpful in making your decision as to whether you should hand large sums of money over to Tom Wade.With regards to property "flipping", this activity can only really be undertaken with cash and/or bridging, so you will need to be very cash rich or be able to access bridging finance in order to undertake this strategy.
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**
Thanks for the link Vanessa. It seemed a bit too good to be true :-(
I seem to have posted this twice. Just finding my way around the site.
Just adding this review of Tom Wade by Helene from another thread:If you are looking at becoming a deal sourcer, another course I found useful was the Tom Wade course (he has been endorsed by Samuel Leeds but has proven to be a a bit of fraud - one thing he did was pretend to drive around in a Rolls Royce with a personalised number plate which turned out to be fake- I found this out on the property tribes thread).Again, be very cautious as he too can be quite pushy with his sales pitch (he was saying it's a good idea to take the a loan on a credit card for mentoring and implied payday loans were another option. I met a lot of people who were desperate and had said they had lost a lot of money at other "free" events when they invested in programmes. This was my first programme and I didn't realise it was a "thing" that people do). I had researched before I went so I knew he would be selling his mentoring programme and his new software.Again, I left my credit card at home. I had never been to anything like it before so I didn't know how pushy they would be so only went with some cash for my lunch.
I found the content quite helpful as it was specific to sourcing. I also found it useful for networking.I initially partnered up with someone there who paid for the mentoring. I told them not to as Tom basically said his mentoring was to hold people accountable. I can do that myself.As for the software, he was using excel spreadsheets for the past few years as the software is only a year old or so, so I told the guy I was sitting next to that he didn't need it.As he paid for the mentoring he gained access to the software. As we partnered up I used the software for a few months but it is the opposite of user-friendly.There are lots of glitches and it does not do what Tom says it does. One example of this is that it is impossible to view an entire dialogue between your VA and the seller without having to open up each individual message. It's like having a Nokia 3310 again. It is also very expensive to use and I find excel spreadsheets to track the data much easier.Tom also promised access to his investor lists if you are on his mentoring programme.My partner had a few deals that he asked Tom to sell on is behalf. Tom sold none of them and he also didn't appraise the deals for his mentee who had paid £12,000 so I'm not sure where the value is.Tom was also very evasive with questions about problems with LOA and taught nothing about compliance.He was really trying to tell people they could start this without any money. He also made it sound very easy to find investors but since property investing is about large sums of money, it is difficult to find investors outside of family and friends (so you are in a strong position if you already know people who want to invest).
I would like to write about my experience of being on Tom Wade's coaching course.
I joined Tom coaching course in September 2016 after watching a number of his Facebook videos and downloading his free book. I honestly thought he knew what he was talking about and he was legitimate. I would like to say that before I joined his coaching course which cost £8.5K I was told by 3 property people (one of them was Vanessa Warwick and the other two are also well known in the property education sector) that his methods don't work. But I didn't listen and I signed up.
When I joined, Tom had 6 coaches working for him teaching his methods but one month after I joined one of his coaches left. I contacted this coach and asked why he had left and he said that Tom's methods don't work they are just theory and philosophy. A couple of months later another two coaches left. I contacted one of these coaches and asked him why he had left and he said he was taking a step back for his own business reasons. I also asked him if it's a bit odd that all of Tom's coaches are now leaving. He just said to speak to Tom and that the previous coach who left was asked to leave. After I received that message he unfriended on Facebook.
The methods that Tom taught were very similar to what other remote property flipping educators teach. They claim you can do everything over the phone and via the internet and you don't have to meet the buyers or the sellers in person. Now I know this is total nonsense. I contacted one of Tom's success' stories and he told me that he closed the majority of his deals by meeting the sellers or buyers face to face. He said you properly could do one or two deals without meeting people face to face but you can't earn a living by doing it. I also contacted another one of his so called success stories that had paid him £25k for his one to one coaching. He never replied.
As time went on I realized myself that Tom's methods don't work. Also hardly anybody on the coaching course had done any deals (there were approx. 20 of us). I also began to feel uncomfortable in using some of the wording to get a deal. I was told to use "Delayed Sale" rather than Lease Option as most people don't understand what a lease option is. But for me I found that uncomfortable because with a delayed sale you are going to buy the property but with a lease option you don't have to.
Tom also never really covered the regulation that is needed to be a property sourcer eg to register with a property ombudsman, to register with HMRC for anti money laundering etc etc.
After 6 months of being on Tom's coaching I left it after i realized his methods weren't going to work. I had a heated discussion with a number of other people on his coaching course and they were accusing me of being negative. But to this day i'm not aware of them doing any deals.
My advice is to stay away from him and other coaches/mentors like him.
Hi David,Thank you for your first hand experience. I am sorry to hear that you lost £8.5K to find this out!
Moral of the story. Next time listen to more experienced people than you