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I had one BTL which was a previous family home and was tenanted for 4 years. Now seen lots of webinars about trying to be financial free from property. Every guru has their own strategies. The ones in favour seem to be HMOs and SA. But other commentators are saying there are too many HMO rooms available. Any way to get mentoring the gurus are commanding fees in excess of £20,000. Can any one suggest someone who will actually be value for money and I can trust.
Hi Pearl,It concerns me that so many trainers are recommending HMOs and SA. I regard these are more advanced strategies for people who have some experience.Property Tribes' recommended training partner is John Howard, a renown property investor and developer with 40 years experience.John runs one day seminars. The next one is in September and costs £247.00 for the day. You can find out more >>> here.I also recommend that you join the Residential Landlords Association. Property Tribes members can enjoy 25% discount off membership.The RLA runs a Landlord training programme which is a good starter course and there is also a "Help Line" which you can call as many times as you need to.Finally, I recommend our "Investment Fundamentals" series:Monday - Taking responsibility for your financial future and how to do thatTuesday - Get educated!Wednesday - Create your "income engine" and then turbo charge it!Thursday - Build your "wealth pyramid" to future-proof your wealth.Friday - Protect your assets within a "wealth fortress". The best way forwards, imho, is to build a portfolio of terraced houses in good streets with high tenant demand, and get some tenant and property management experience.Once you have a solid foundation in place, you can try some more high risk/higher yield strategies.I hope that helps for starters?
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**
Thank you Vanessa - I did watch your recorded interview with John Howard but not received his book yet. Will chase it up. Your advice is very sound. Pearl
Hi Pearl,John Howard saw your comment and asked me to ask you to email him your name and address to johnhoward(at)claydonhall.co.uk and he will re-send your book tomorrow.
I honestly don't think you need a mentor. Spend time reading on PT and asking specific questions if they aren't already answered. BTL isn't a passive investment, if you haven't got the time to spend on PT doing the above, you probably don't have time to be a BTL landlord. Most of what you need is here if you use it, joining a Landlord Assoc is also good for legal advice, contracts etc (c£80 pa, I can recommend RLA)
Being a landlord is about taking control of your own destiny. To my mind, thinking you can only take control of your own destiny if an "expert" does it for you is missing the point. If you want to do it and have the funds to start you can do it without having your hand held.
" Being a landlord is about taking control of your own destiny. To my mind, thinking you can only take control of your own destiny if an "expert" does it for you is missing the point. If you want to do it and have the funds to start you can do it without having your hand held. "I would echo these points. Every one of us on here has a different path we've trodden, and collectively we know far more than any guru/trainer ever will!Ask questions on here by all means, but with them, put what you would do and ask for opinions, not asking us what to do as we don't know your situation.
Don't waste your money. everything you would want to know is available from experienced professionals on PT and other resources, books/google/youtube. The hard work and research you put in at the beginning will reap you the benefits in the long term. Property Tribes is amazing in this respect.
Look. Listen. Learn. ASK.
Hey Halfpass -
People learn in different ways . Some read, some do, some listen , some see etc
What works for one doesn't work for others
So personally I wouldn`t spend money sitting in a class with 30 others listening to a property trainer
But people pay thousands to be educated at Uni for all manner of courses so clearly it must work for some
So that may work for you and that`s fair enough
That never worked for me at school and so I knew it wouldn't work for me when I started property
I would read a book then ( these days PT) in my own space and time then do it myself
If I got stuck I would shadow someone who did what I wanted to do and ask a ton of questions
The answers roll of their tongue because they have done it
They didnt have to search through a book or google it or erm and ur - they just knew
If they didnt know, the good ones would say I dont know and i respect that
What i hate is when they waffle and pretend and circumvent because they think they will lose face
Some books are rubbish and just waffle and pad stuff out
Some training courses are rubbish and just waffle and pad stuff out
Separate the specific property strategy first you want - then select the right trainer
Or go on a course which gives all property options with pros and cons to help you decide
But if you know they are an HMO devotee expect a bias and maybe light on the rest
The trainer may be a great trainer but short on knowledge about the subject matter
I went on a training course to be a trainer . That`s a skill in itself
At school I had teachers who were top end with top knowledge . Brilliant minds
But some couldn't hardly string two words together let alone a training package
Their ability to impart their expert knowledge to me was woeful . They didnt have people skills
And they werent even trying to sell something to cloud that training picture
So be aware of the agenda
When I buy a £250 fridge I get a years guarantee or I can sometimes just take it back
Look for that kind of guarantee from a course
People sometimes pay to be motivated though or to be inspired sometimes
Sometimes that part doesn't actually need to be property specific
Sometimes the content is not that important its that fact that 29 other people want what you want
That in itself can be worth paying for for some
When I went to a Chambers of Commerce training for a nominal cost I loved it
29 other people in a room all wanting their own business
We had property people , hairdressers, carpenters , hoteliers and dog groomers
And all I kept thinking was my business is going to succeed where others may fail.
The buzz was to meet 29 people who wanted to start their own business
It was worth attending just to absorb that atmosphere and learn that about myself
That was the kick start . I cant really remember the stuff they churned out but that didnt matter
It was useful in that it taught me about how to run a business not specifically a property business
I needed one shot of adrenaline in that 6 week programme then I was ready to go
Some people need that continued shot every week / month / year . And we are all different
Good Luck in finding, first your method of learning and then someone / something to deliver it
Jonathan Clarke. http://www.buytoletmk.com