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I read a heart-breaking story today on another blog about how a property investor (who was also a mortgage broker) got taken in by a cowboy property investment firm.
As you know, I also run a small sourcing company with a partner in Manchester and the one thing I echo repeatedly to our clients is – due diligence and research.
An ethical sourcing company is in the business of bringing you deals that they have carried out their own due diligence on and that they are happy that the deals stacks for their investors. But you need to do your own due diligence too – don’t take the experts words for it – get outside advice. Be particularly wary of the deal which is completely packaged up unless its from a firm which has a track record, happy customers and can prove the details its giving to you.
If you’re investing in HMO’s, then make sure you follow my golden rules of determining demand, found in my ecourse (sign up at the top right hand side of the page).
If you want to read the full heart-wrenching story of a property investing scam in detail, then read on.