We said at the time we thought it was wrong and probably illegal.
Funnily enough, the so called 'rent to rent' guru Daniel Burton who claimed he was making £35,000 disappeared in October with his company Unida Place owing thousands to landlords and tenants who had rented through him. Burton also charged hundreds of pounds to tell gullible individuals how they could make a fortune. For more details see this piece in the Guardian.
Apparently Burton has turned up in Cleethorpes where he has set up his second letting agency since being exposed. Does anybody know what it trades under? It might be useful for others to know.
We have warned investors before about following so called property gurus. If they have such a great scheme 'why? oh why?' being a businessman would you tell others how to do it? Would Starbucks run a seminar telling the world how to run a successful coffee shop?
Property Hawk Advice
When it comes to investing in property it's always keep it simple. You could have a look at our 3 Pillars of Buy-to-let for general advice on investing in residential property. The other thing now is that when looking at borrowing money seriously consider a repayment not just an interest only mortgage. Overall, in 20 years time you will have an income generating asset that you can sell or take an income from pretty much paid for by your tenants. It's not 'rocket science' but also it's no fast bucks either. This is the reality of being a landlord and of buy-to-let.
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