I was going to do what someone else advised and read loads of posts on the forum before making myself known to everyone, but I see some people just joined and posted straight away.

I've been on Deep's e-mail list for a few months now but joined because I'm getting desperate. My story must be a familiar one to the regulars. I was lured into all these "free" 2 hour seminars by various means but managed to avoid the costly "education". However, they were all property clubs with new developments to sell. I didn't buy through any of them but I did carry on getting on all the e-mail property alert lists I could find.

I had no money, lots of debt and no work. I am 55 and didn't want to go back to the IT contracts I had before a serious illness, so I took the plunge two years ago and started buying new builds with at least 18% off the RICS valuations. That way I covered my deposit, legal fees and finders fees and it was truly no money down.

I soon discovered that the month to month service charges, letting agents fees and ground rent weren't covered by the rental income so started getting a little into debt month by month. Now with six BTLs on the go I am getting quite a lot into debt month by month!

I need some positive cashflow - and fairly quickly. The dozens of deal examples in Deep's mailings show that you can get cashback from many of them and it can be £3000 or maybe even £30,000. So here I am, sitting in Chester on the lookout for one that'll do me a quick cash rescue soon and then some more to keep me going through next year.

So that's me - now I will go off and read and read all those posts (and the system should stop reminding me I haven't posted yet?)

Looking forward to making many useful contacts.

Brian

Welcome Brian,

There are many here who can help you onto the right and hopefully prosperous road! There is a real education to be had here for those who want it.
I am still looking for my first deal but have masses of support from other forum users.
Good luck and keep us posted on your progress.

Thanks for that. Like your signature - it's brief and to the point. I haven't written one as I'm not sure what I should put but I guess something like yours would tell people where I stand.

Hi Brian,
Welcome to the forum. I got some of those newbuilds too. They get hungry for your money, don't they

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Hi Brian
Welcome to the forum,you will find plenty of help here

Hi Brian


Congratulations on joining the forum, it’s a really great place to be.

There’s loads of good advice to be found here, as well as thousands of like minded property professionals who’s expertise covers every aspect of the property business.

My own area of interest is Lead Generation, Ready Made Deals, Marketing and Advertising. So if you would like any help or advice in this area, then don’t hesitate to get in touch. I would be delighted to try and help you if I can.

Best of luck!

Regards

Robert

Rapid Property Buyers
01825 700165

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Brain I'm in manchester give us a shout sometime soon if you like and i'll try and help you.

Thanks John

I have a new build flat in Gorton which was empty for months after completion and I've had to let at a reduced rate. Another great money pit!

No more leaseholds for me, now.

Brian

Hi Brian,

Welcome to the Property Tycoons Community forum! If you are looking for the biggest and most successful community of property investors who find and buy bargain properties using little or none of their own money then you've definitely come to the right place

Before you get stuck in, I highly recommend checking out the following essential beginner guides and resources to help you make the most of our Property Tycoons community:

1. I have created a set of free members only training videos to show you how to find bargain properties. I created them all myself to teach our members how they can find bargain properties for very little and often no cost whatsoever. In other words you can use these videos to learn how to find bargain properties without spending a penny on advertising or marketing! These videos are extremely popular with our members and I'll be producing more of them to help you find and buy bargain properties using little or none of your own money.

To watch the videos go to
http://www.property-system.com/aucti...s.php?catid=16. PLEASE NOTE - these video files are HUGE so they may take a few minutes to load up. I wanted to make sure I packed in everything you needed to know about finding and buying bargain properties using little or none of your own money so I didn't leave anything out

Oh and while you are in the free downloads section you may want to check out all the other documents, audios, videos and files we have created to help you make more money in property. The free downloads section can be found by going to http://www.property-system.com/aucti...ocal_links.php. This section of the forum contains dozens of free downloads you can use to make more money out of the property business with less risk. The audio sections for example contain several interviews I conducted with some of our most successful Property Tycoons community members (my personal favourites are "How To Buy 150 Properties In 2 Years" and "How To Buy A £165,000 House For £110,000 Using None Of Your Own Money"). We also add a monthly interview with our "Member of the Month" to the free downloads section each and every month. These are also very popular with our members and we have plenty more on the way to help you become more successful in the property business.

2. If you haven't already, check out this link Step 1 -> PLEASE START HERE. There you can watch videos on how to make the most of all the features we have made available for you here at the Property Tycoons forum.

3. Go to this section
http://www.property-system.com/aucti...tin/usercp.php
to set up your profile, upload your picture and customize the forum to suit you.

4. You can find a list of all our upcoming events and member birthdays here http://www.property-system.com/aucti...n/calendar.php at our calendar page.

5. To access the ready made deals section of the forum go to http://www.property-system.com/aucti...splay.php?f=76. This is where we post up our popular ready made deals for Tycoons members. To access all our property leads go to http://www.property-system.com/auction/members/admin_main.php - this is where you can buy the contact details of potentially distressed sellers of properties in your area.
The instruction manual for using the Property Tycoons Leads Trading system can be found here http://www.property-system.com/LeadsSystemManual.htm

6. If you have any queries whatsoever you can contact our support department for help. Our "Tycoons Team" is responsible for this role. You can find them by going to www.tycoons-forum.com. Scroll down the page until you see the "Forum Feedback And Queries" section. Feel free to post any query or feedback for us in there.

I wish you the very best with your property business and continued success.

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Parmdeep Vadesha
Managing Director
Vadesha Properties Ltd

“the species that survived were not the most intelligent –they were the most adaptable to change” Charles Darwin

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Hi Brian,

to the forums ... ....

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Hello and welcome to the forum

Its a really useful resource, with some great people! Let me know if i can be of any help with the lead generation side of things,

Matt

Quick Sale Houses

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Hi Brian

Welcome to the forum

Regards Brian.

Hi Brian,

Here's wishing you a warm welcome to the forum!

Hope you'll find what you're looking for property-wise here, we're a very friendly bunch.

Kind regards,

Adam
CashForYourHome BMV Leads

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HI again, Brian,

I'm just re-reading this, as I've been wondering what to do with my own negative cash flow newbuilds. I've not done anything in a hurry yet, mainly because the after-bridging mortgage has a 2 year period of early redemption penalty. I had two ideas:
1 On four out of the six, there are actually no further properties for sale on that site, and one has recently come up for sale at Open Market Value, so I am encouraged to take one off rental as we approach next June, the two year anniversary, and advertise it to conventional owner occupiers.
2 I have also thought of offering an option to purchase (not necessarily to the current tenants). The objective would be, for example, to write an option to purchase in 24 months and asking the potential buyer to pay me £200 per month for 24 months, which equates to approximately 5% deposit. Then I would allow all that accumulated money to be offset agains the sales price. If I were to agree a deal like this at today's OMV, I may make a decent overall return. I just have to do all the figures to make sure it stacks.

One thing is for sure, if you can't see the rental covering all of your costs within the next two years, the earlier you think up your exit strategy the better. The last deal I have just done should bring in about £70 per month after all costs, so we do learn as we progress.
Good luck with finding a solution to your newbuilds.

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Hi Gerry

I revisited this myself just by chance to see if I got all the standard welcome messages that everyone else gets. So I saw your ideas and, yes, the option is a good idea. I'll give it some thought.

I had a two year plan based on things I picked up at free property workshops two years ago. It was the usual thing - own a million pounds worth of property in two years and become financially independent! Well I hit £1.2m in about 18 months mainly using NMD after using my initial own home remortgage funds.

It's the financially independent bit that was the big lie. I was surprised how easily I managed to get mortgages on flats at various locations and surprised how little sleep I have lost in taking on a million in debt. But it's costing me money every month so I'm now spending all my time looking for ready made deals with cashback to get me out of the mess and grow my portfolio at the same time. I have no idea if that will fix things but I've not found too many people on here with negative views so far.

Brian