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When using other people to help you build your property
portfolio there are five simple principles to follow
to help minimise the risks.
1.
What is their track record like?
The best way to find deal providers is through word
of mouth recommendation from people you know and trust
who have used their services and been happy with the
outcome. You can do this through networking events and
on line forums.
2.
Do your own due diligence.
Never assume what you are told is correct! When offered
a potential deal check it out yourself using the internet,
local knowledge from Letting agents, estate agents and
other investor you know in the area. This need not take
too long. Know what makes a good deal for you and be
decisive. Never buy blind. You or someone you trust
must have seen the property.
3.
Never pay a large upfront amount
Whilst I believe it is perfectly reasonable to ask you
to put down a reservation deposit (of say £1000)
on a particular property to prove your commitment, never
pay the full finders fee in advance. Pay at completion.
4.
Make sure your deposits goes into a client account
This means that they cannot use the money until they
have provided the service for you.
5.
Understand their terms and conditions
Make sure you know what happens if the deal falls over
(which can happen when dealing with motivated sellers.)
Understand your obligations and commitments so that
you know when you get your fee back and when you don’t!
What
to learn more from Simon?
If you would like to learn more about how Simon Zutshi
can help you to become a more successful investor then
you may like to look at his new website packed full
of valuable information for investors at www.Property-Mastermind.com
If you would like to learn more about Simon Zutshi you
might like to read his book “Property
Magic” now in its third edition, and an Amazon
No 1 property best seller!
If
you want some help with your belief of what you could
achieve through your property investing, then have a
look at these inspirational stories of people just like
you who have achieved incredible success through their
property investing.
www.Property-Mastermind.com/CaseStudies
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