How to not get ripped off with property training: 5 tips to protect your investment
Becoming a landlord is an attractive proposition for many property owners.
It provides a regular income and security for the future in the form of guaranteed financial return. There’s a reason many landlords refer to their property portfolio as their ‘pension’.
But it’s not all a bed of roses and anyone taking the plunge into this sector will first have to navigate their way carefully through a maze of red tape and legal requirements.
At this stage, it’s often helpful to look around and seek advice from those who are already operating as successful landlords.
But even this can be a minefield.
There is no doubt that it is always helpful to seek advice from those who have experience and success. There are plenty of reputable property training companies offering genuine help for would-be landlords and it is perfectly fair for those with experience and success to charge for their expert help. Sadly, there are also other more questionable schemes that tempt you in with claims of being able to help you get rich quick, but in fact, will simply take your money in exchange for ‘advice’ that can easily be accessed for free elsewhere.
Here are 5 tips for anyone finding themselves at this stage:
There is plenty of free advice online – exhaust this first and if you still feel you need more help, then by all means look into the paid option
Beware cheap gimmicks – firms offering something for nothing – if it’s too good to be true, it usually is.
Beware firms asking for huge sums of money to be paid up-front and check to see if they are members of any professional body
Do your homework. Check the credentials of the firm as well as reviews and the success rate of its former ‘students’ and make sure the firm is up-to-date with ever-changing property legislation
If you are happy with all of the above, make contact and ask for a no-obligation chat in the first instance to further put your mind at rest.
“Being a landlord can be incredibly rewarding but we would advise anyone entering this field to make sure they are fully aware of all the pros and cons before parting with any money.
“While there are genuine property training companies out there, offering invaluable advice and assistance to potential landlords, there are unscrupulous operators who use questionable tactics to make people part with their money.
“My advice would be to do your homework, ask current landlords for their advice and make the most of all the free advice out there. Do not hand over any money unless you are 100 per cent happy.”
Need further advice about investing in property. Contact us at Shape Surveyors.
I started the Shape Surveyors in 2011 after changing careers. As an ordinary house purchaser, I mistakenly believed that the Valuation was a survey and went ahead and purchased my first property. This old Victorian house was presented in excellent condition, totally refurbished. I fell in love with the place, ready to make it my home. However, three months later, dampness, movement and rot were uncovered. Several builders inspected the property, and the recommendation was to strip the house back and start again. It needed a rewire, damp proof course, treatment for dry rot and timber infestation. The news was devastating. The minimum quote was £27,000. I had just put all of my savings into this purchase and did not have enough money to renovate the property.
I started researching. In those days, I did not know anyone who had a survey, let alone a surveyor. The Homebuyer Report would have highlighted all of these defects and allowed me to negotiate the price. So I decided to go back to university to become an RICS Surveyor. I did not want this to happen to me or anyone else again. So, after years of training and experience in housebuilding, project management, and residential surveying, I decided to provide a comprehensive service to homebuyers.
I’m on a mission to keep you informed throughout the home buying process, from viewing the property to closing that critical sale, whether you’re a first-time purchaser, upsizer, downsizer or investor. Unfortunately, property defects are often hidden.