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About DerekT

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  1. Condolences to Danny's family and friends. I've been following this whole SL saga for a while now, especially after it all kicked off on Property Tribes last year when a lot of the Academy members voiced their concerns. Yes, people have a choice to sign up, but those that are more vulnerable are the ones impacted most. He's great at marketing and knowing his target audience, and cashes in as much as possible. From initial feedback, the Academy was working and worth the fee. However, as it grew bigger, it appears his desire to expand quickly has caused the service provided to drop. Over promise, under deliver. Because he uploads so many YouTube videos now, you can pretty much learn it for free rather than attending the Crash Course and other upsold courses. I doubt it will change him or his business practices very much, most likely the news story will be forgotten about (although Google SEO may keep it quite high up on the search results). Although his YouTube response video says he's transparent, pretty much all 'negative' comments on YouTube and his Facebook group are removed by admin. I think at one stage there were over 400 comments, majority were negative. These were all removed. TrustPilot also remove negative reviews of his Crash Course. I believe there's a petition going around to sign to make wealth creation seminars regulated, not sure how that'll work though. Hopefully the documentary and subsequent press articles will shine a light over any dodgy salespeople.
  2. There's some chatter on the Property Tribes site re: RW Invest - https://www.propertytribes.com/rw-invest-liverpoolmanchester-reviews-t-127636511.html Just do your due dil on the proposed investments - e.g. supply/demand, rents being quote, comparative prices etc.
  3. As an update, earlier this week the government refused approval to extend Liverpool City Council's licensing scheme for a further 5 years - https://www.bbc.co.uk/news/uk-england-merseyside-51076128
  4. Hi a1terrier Not sure if you follow Mike and Victoria over at Inside Property Investing, but they have a free HMO deal analyser available. You might need to register an email address to access it. https://www.insidepropertyinvesting.com/resources/
  5. Hi Ben There's quite a few brokers on this forum, including the Property Hub folk. Some of the more vocal and helpful ones include @simon allen (who I've personally used multiple times and can recommend based on his service), and @lilla d (who I haven't used but she's very helpful in responding to forum member queries). There are others as well which I'm sure to have missed. Contact them, have a chat and see who you'd like to work with and can help with meeting your financial needs and objectives. Good luck!
  6. Hi Mark Perhaps a couple of options - make an offer but assume the property will need a full refurb and price the offer accordingly (i.e. go low!). Ensure you outline the reasons to the agent/vendor for the offer price - e.g. previous sale fell through, tenant damage, requires work etc. Another option is to offer close to what you think the market price would be prior to the damages, but on the condition the vendor rectifies the damages caused by the tenant. This may or may not work depending on when the tenant's due to leave and when the vendor's looking to sell - potential delayed completion.
  7. Hi Kirk There's a particular insurance you can purchase for such occasions, for example - https://www.alanboswell.com/personal/personal-insurance/home-property-insurance/unoccupied-insurance/ Best bet is to contact an insurance broker and discuss your needs. Note: I'm not a broker nor do I work for Alan Boswell. I do however use them for my standard BTL property insurance. Other insurance brokers are available, just Google the insurance type
  8. Hi Catherine They're often promoted by developers in order to entice investor sales, especially if they're struggling to offload units. A few points to consider: The figures have already been incorporated into the sales price so you could be purchasing at inflated prices in order to cover the developer's cost of guaranteeing the rent. Who's actually providing the guarantee? Is it an insurance policy or the developer? What happens if the developer goes bust? (usually the guarantee ends). What are the service charges and ground rent costs? Sometimes they use the guaranteed rent to smokescreen the ongoing costs of the management company. There's a couple of threads over at Property Tribes forum that discussed guaranteed rent: https://www.propertytribes.com/showthread/tid/127641215 https://www.propertytribes.com/showthread/tid/127638024
  9. Hi Ruth I'm not a licensed agent or have experience in this situation, but was interested in the query and had a search around the RLA site. A couple of queries though - What's the current AST - is it a joint one with both named, or is it in the named partner that's leaving only? Does the remaining tenant wish to stay, and will they be able to afford it going forward on a single income? I believe as they're still within the fixed term, you are able to still hold them jointly liable and you can keep it enforced until it ends in March, at which point you can then draw up a new tenancy with the remaining partner - no reference fees chargeable. You can be empathetic and agree to let the partner off the AST and if it's in joint names, the remaining partner can switch to bring in a friend, or continue in sole name. As it's a change in tenancy requested by the tenants, then you can charge up to £50, or more if the costs can be substantiated. With the change, you'll need to consider the deposit and inventory check as well. The Deposit Scheme has a guide that might be helpful (page 54 of the FAQs) - https://www.tenancydepositscheme.com/resources/files/TFA_Guidance_for_LandlordsAgents.pdf
  10. Happy New Year fellow Hubbers. Hope you all have a great evening! Before clocking off for the year, thought it'd be a good time to share one (or more) happy / grateful moment of 2019 and the decade, along with what you're looking forward to in 2020. 2019 - seeing daughter start Reception and hitting one of the goals by picking up another BTL, Decade - having a kid and starting the property journey! 2020 - purchasing another BTL to build the portfolio, and travelling to Japan. Feel free to share yours!
  11. Hi blueskies For number 6 on your list, you could become a member of the new NRLA (previously the separate RLA and NLA). They help you keep on top of rules/regs and send out weekly newsletters. Other sources of information like networking events, podcasts, property magazines and forums may also help. A couple of other potential money drainers... If you're refurbing/developing, another way to 'lose' money is underestimating amount of work needed or employing a cowboy builder. This risk can be minimised through research, contacts - through recommendations/network. Dodgy tenants - whether they're non-paying or cause damage, you may need extra funds to repair the property or spend on legals to evict. Good referencing to minimise risk
  12. I use Rita 4 Rent for both property and trading company accounts. They've been very helpful and responsive (especially compared to previous accountants). For example, I'd have a query and ping an email in the early evening after work and usually wouldn't expect a response until the next day, however I'd receive a response within an hour. So although they're a bit more expensive, their service and knowledge is good.
  13. Unlikely, it's another income generator to 'professionalise' landlords. Similar to local council additional HMO licenses, they take the fee and might do some random spot checks but unlikely they'll have the resources to check whether you're GDPR compliant. At the moment, it's probably easiest going after limited companies as they're all registered with Companies House under a certain SIC code. Makes it easy to send out blanket letters. Next target might be the HMO registers of each council? Who knows...
  14. Had a quick look as I couldn't see the signature and there's an option in Account Settings to turn on the signature view for other forum members. It's set to 'off' as default, which is why most people don't see signatures on this forum.
  15. Hi Matt There's been some discussions on this over at Property Tribes - https://www.propertytribes.com/letters-from-ico-about-data-protection-fee-t-127644149.html There is a self-assessment form you can go through that determines if it's payable or not. Personally, I paid for it (normally £40, reduced to £35 if you pay via DD) as the managing agent sends copies of the tenancy agreement etc via email, which I then store for record keeping. Paying £35 fee is a lot easier than trying to explain / prove it's not required in the event they come knocking, the penalty fees for non-compliance are substantial. It is just another business expense... You can probably complete the 'no fee' section to explain why it's not currently needed and then sign up to it once you get some tenants in.