‘Get rich slow’: Landlord who went from one to 430 properties in 13 years

admin    Uncategorized     agents

A background in wealth management and time spent running a betting syndicate has given Adam Lawrence the know-how to grow a seriously impressive property portfolio.

Adam only started out in 2008 as an accidental landlord but decided to get more seriously involved after discovering the value of networking and joint ventures.

These proved successful but when he wasn’t getting the expected uplifts on re-evaluation, Adam signed up for an MBA with the aim of looking at property trading with a more business mindset.

“I’ve carried on partnering with people who have expertise or a wider business with other things to offer,” Adam tells LandlordZONE.

This was certainly true when he wanted to learn letting agency best practice, so trained with ex-ARLA president Sally Lawson before setting up an estate management vehicle doing the tech side and bought into a couple of existing letting businesses.

Adam also now owns investment companies and asset management companies and is the co-founder of the Partners in Property network.

Solihull start

As he’s grown his business, the 430-strong portfolio has spread from his home town of Solihull to across the UK, with a focus on the Midlands and the North.

He employs staff to help with the day-to-day business; half the portfolio is managed from Solihull and the other half is managed by agents.

While he started out buying from agents and at auction, more recently he’s dealt directly with vendors. He’s currently converting an HSBC bank “trying to bring a nice building back to life” and working with social housing providers with the aim of making a profit in this sector – and trying to do good as well.

Adam explains that his strategy has always been about managing risk. He adds: “It’s good to have other sources of income and other trading businesses when you’re a landlord. There’s no silver bullet – property is definitely a ‘get rich slow’ sector.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – ‘Get rich slow’: Landlord who went from one to 430 properties in 13 years | LandlordZONE.

View Full Article: ‘Get rich slow’: Landlord who went from one to 430 properties in 13 years

Tenants and landlords being duped by sophisticated new property scams – warning

admin    Uncategorized     agents

Scammers are duping prospective tenants by advertising homes that aren’t theirs and pocketing thousands in rent and deposits.

The criminals take photos of empty properties while pretending to be an interested buyer or use pictures from websites, complete a title deed search at the Land Registry to glean all the details and then set up a fake email account purporting to be the owner or landlord.

They then list the property on social media sites such as Facebook marketplace or on Gumtree and encourage gullible tenants to complete an online tenancy agreement before taking thousands of pounds in rent and deposits.

Martin & Co in Bournemouth reports that it’s a growing and worrying problem in its area where some would-be tenants have even been threatened with court action by these fraudsters if they don’t pay.

Duped

Director Philip Skorochod tells LandlordZONE that sometimes tenants have given notice and turned up at the new property they’ve agreed to rent with furniture and children in tow to discover they’ve been duped, effectively becoming homeless.

Some of these criminals are breaking into properties and changing the locks while others simply collect the first payments from several tenants and disappear.

In one instance, the agent found two men illegally living in a property that was for sale, resulting in a costly eviction process for the landlord who had to fork out £5,000 to clear up the mess.

Skorochod says he’s tried to get the police involved but they have refused, labelling it a civil matter.

“We’ve heard of about 40 cases like this recently and it’s probably going on elsewhere in the UK,” he adds. “Lettings agents have to comply with 173 laws and regulations but sites like Facebook and Gumtree don’t.”

Gumtree responds

A spokeswoman from Gumtree says anyone who thinks they may have come across a scam should report it immediately via the ‘Report this ad’ button.

Action could include removing adverts and blocking offending users.

She adds: “We require that property ads on our site comply with government regulations for property advertising.

“We also list safety advice for prospective tenants on our website, which recommends that all potential tenants check the relevant paperwork, ask to see proof of ownership, and ensure a tenancy agreement is in place before paying deposits or holding fees.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tenants and landlords being duped by sophisticated new property scams – warning | LandlordZONE.

View Full Article: Tenants and landlords being duped by sophisticated new property scams – warning

Most in demand universities

admin    Uncategorized     agents

A report from UniHomes, has indicated which universities are seeing the greatest rental demand from students for the new academic year looking at the UK’s top 100 universities, highlighting which are currently seeing the highest demand for student rentals.

The post Most in demand universities appeared first on Property118.

View Full Article: Most in demand universities

SHOCK FIGS: Landlord laws have increased 40% over past ten years, research reveals

admin    Uncategorized     agents

The government’s onslaught on the private rented sector during Covid has contributed to the number of laws landlords must comply with increasing by 40% over the past decade to some 168 pieces of legislation.

This includes the latest, the Building Safety Bill introduced to parliament today, as well as the oldest, the Landlord and Tenant Act 1730 and the Distress for Rent Act 1737.

This has led the National Residential Landlords Association (NRLA) to warn that far from the private rented sector being under-regulated, the huge number of laws means councils are unable to enforce them properly.

It is calling for a full review by the Law Commission to establish if these laws are fit for purpose, and to propose updated and potentially consolidated legislation fit for the 21^st century.   

Civil penalties

Data obtained by one of the NRLA’s predecessor organisations found that in 2017/18, 89% of local authorities reported issuing no civil penalties against private landlords. More than half said they did not have a civil penalty policy in place.

With the government pledged to develop a new white paper on the private rented sector in the autumn, the NRLA also wants a full assessment of the ability of councils to enforce the wide range of powers already available to them. 

It believes proposals to improve the sector for tenants and responsible landlords will be critically undermined if regulations can’t be enforced properly.

Chief executive Ben Beadle (pictured) says laws underpinning the private rented sector are not fit for purpose and fail to protect responsible landlords and tenants from the actions of those who bring it into disrepute.

He adds: “As ministers consider further reforms it is urgent that we understand the ability of councils to properly enforce these as well as existing regulations. We also need to use this opportunity to ensure laws reflect the realities of a modern private rented sector.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – SHOCK FIGS: Landlord laws have increased 40% over past ten years, research reveals | LandlordZONE.

View Full Article: SHOCK FIGS: Landlord laws have increased 40% over past ten years, research reveals

The Building Safety Bill – Rights, Powers and Protections for Residents

admin    Uncategorized     agents

The Building Safety Bill, published 5 July 2021, will set a pathway for the future on how residential buildings should be constructed and maintained.

Housing Secretary Robert Jenrick will today outline the next key step in an extensive overhaul to building safety legislation

The post The Building Safety Bill – Rights, Powers and Protections for Residents appeared first on Property118.

View Full Article: The Building Safety Bill – Rights, Powers and Protections for Residents

168 pieces of legislation

admin    Uncategorized     agents

Laws underpinning the private rented sector are not fit purpose as new research reveals that some date back to the 18th century.

According to the analysis published today, by the time the forthcoming Building Safety Bill is given royal assent

The post 168 pieces of legislation appeared first on Property118.

View Full Article: 168 pieces of legislation

BREAKING: Building Safety Bill starts journey through parliament

admin    Uncategorized     agents

Private landlords who own apartments in cladding scandal-hit tower blocks are being offered substantial hope today as the government introduces its Building Safety Bill into parliament.

The much-anticipated bill will introduce radical changes to the way towers are built and managed from a safety perspective once it has received Royal Assent, most likely next year.

It will also tackle the thorny issue of compensation; the length of time claims can be made against developers will be increased from six to fifteen years and will be retrospective.

Also, freeholders will have to ‘explore’ alternative ways to meet the costs of remediation rather than passing them on automatically to leaseholders, and prove they have completed this process.

Regulator

The bill will also create a Building Safety Regulator who will oversee a tougher supervision system of building safety.

This will include ensuring that any safety risks in new and existing residential towers of 18 metres and above are ‘effectively managed and resolved, taking cost into account’.

The bill is a response to Dame Judith Hackitt’s 2018 report into building safety following the Grenfell tragedy including.

This includes giving leaseholders a greater voice in how buildings are run, and more severe penalties for property managers and repair firms who put residents at risk.

“The new building safety regime will be a proportionate one, ensuring those buildings requiring remediation are brought to an acceptable standard of safety swiftly, and reassuring the vast majority of residents and leaseholders in those buildings that their homes are safe,” says Jenrick (pictured).

Hackitt says: “Residents and other stakeholders need to have their confidence in high rise buildings restored and those who undertake such projects must be held to account for delivering safe buildings.”

Read one landlord’s story of being caught up in the cladding scandal.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – BREAKING: Building Safety Bill starts journey through parliament | LandlordZONE.

View Full Article: BREAKING: Building Safety Bill starts journey through parliament