Updating post from Reddit.
So I'm just starting out in property, and am about to acquire my first BTL flat. I want to make a success of myself in this industry but there are so many things to consider from finding the right deals, knowing and negotiating a good price, building a network of tradespeople, lettings agents etc., complying with tenancy regulations and so on.
I've spent a good amount of time learning from books, podcasts etc and a lot of them mention getting a property mentor, which I have now looked into. I've had someone recommended to me by an acquaintance and after the free Zoom consultation I do like the sound of them, they're definitely not the pushy sales person type anyway. They have, and still are, operating in the same area as me and say they will give guidance on all aspects of property investment, as well as access to their trusted contacts. So on the face of it, it seems great, however at just over £8k for the year I'm wondering if it's worth it.
Can anyone who has used a similar service please advise on their experiences?
DO NOT DO THIS and pay anyone!!!
If you're stuck ask questions on here or landlord forums like PropertyTribes.
No. This space is plagued with fake gurus. Stay clear.
So did you have a bad experience?
You’ll be better off posting something on Reddit for free than paying someone to hold your hand.
The type of mentor you want, doesn’t advertise their mentorship on YouTube or via a funnel.
Scam.
I suspect you're probably not even about to buy a good investment sadly.
What makes you say that?
Because BTL generally isn't a good investment anymore.
If you would even consider such an obvious con you are not cut out for the property world. It is full of sharks, estate agents, builders, landlords and (to a lesser extent) lenders and mortgage brokers are often basically crooks, out to fleece you unless you are both knowledgable and not afraid to say no.
In any case BTL property has had its day, returns are poor and the prospects for capital growth are much worse than they have been for the past 20-30 years.
Thank you for your positive input. Unfortunately I wasn't born with an in depth knowledge of the property industry, and asking for help on forums like this is all part of the learning process. Good luck to you.
Jesus Christ - £8k is insane money.
There's nothing they can teach you that you can't learn online for free.
I would be willing to tell you everything I know for free, if it means saving you £8k. Which would be more than this 'teacher' would teach you.
That £8k could be spent towards a deposit for your first place rather than lining the pockets of some 'teacher' (#scam artist)
Really the same could be said for any industry these days, yet hundreds of thousands of people still go to university every year. I suppose what's attractive about it is having all of the information in one place, and the ability to have regular contact with the mentor throughout, sense checking deals etc.
Yea for sure - go for it if you think it's worth it.
Personally I can't see them teaching you anything you can't find out from yourself (from a 3 hour Google session - but if you're happy paying £8k for 3 hours worth of Google then go for it.
Tbh I will teach you everything the course will tell you, and also be there to sense check deals (I've certainly got more than the 'tutors' have) - and I'll only charge £5k - if you're happy with that? Save yourself £3k
£8000 a year FML I’m in the wrong job. How many years experience do they have to be able to charge £8000? I’ve got 20 years across multiple types of properties and wouldn’t dream of ripping someone off like this! Absolute madness
The price is eye-watering I agree. Where would you recommend going to learn the ins and outs of the industry instead?
Just read this forum and if you need to pay an agent 10% to manage it for you. You will soon see what they are doing and can take control once you are more confident. £8000 is like the first 2 years profit on a lot of places.
How many sessions does the 8k involve? I’ll do it for way less😂
Mentors are great. Talking to experienced landlords is hugely valuable. Having an experienced co investor is great. Paying for these sorts of courses is a terrible idea and the fee is absurd.
Is this actually £8k for lessons or is it £8k for the search service? I know someone who charges a similar amount and basically does all the searching for you, arranges the price/deal etc. and (in majority of cases) will also convert to HMO and refit as well. Is that what you’re talking about for the £8k or is it literally just lessons?
The tenant’s rights bill is about to become law. Read it up. I have sold my rental property and warn anyone not to buy. Renting as an income or capital gain for savings is now dead.
£8k a year no way. Just join NRLA.