If you want a future in property, chances are you have little money. Those of us with 5, 10 or 20 years' experience have often accumulated some so it appears from the outside a good way forward.
If you have little money there is a good chance that you have come across the training companies, all of whom offer "no money/little money down" strategy courses if, naturally, you will part with £5000 to find out how.
One of the strategies offered by the many training companies that have recently sprung up is the rent-to-rent model. All you have to do is persuade a landlord that you will lease his property, rent it on at higher profit and keep the difference. This is neatly known as R2R or rental arbitrage.
There is nothing fundamentally wrong with this, you, as a landlord may be tired of managing and wish to be more hands-off.
Rent to rent offers the chance for new entrants to property to learn the ropes and make a living. So far so good.
One of the tools offered on the courses (Progressive Property/Rick Gannon/Kevin Poneskis) is to gain clients by sending mail shots to your local HMO list, as I am sure you are aware.
I spoke to the ICO about this as I find it rather offensive that these chipper fresh-off-the-training-boat people can get details of my interests so easily. This is their advice:
If you are trading as a Ltd Company there is little you can do.
As an individual/sole trader there is a possible breach of GDPR, this hinges on whether they have just cause for sending the mail-shot. After investigating the courses it appears that this is justified as legitimate interest, i.e. they have something that is genuinely interesting to you.
To deal with it, send a letter to the person/s that wrote to you requesting their justification. If they do not reply in 30 days you can lodge a complaint with GDPR who will then investigate the circumstances of the claim and determine if there has been a breach.
But what should you do if the offer sounds inviting?
I hope that helps, if you are happy to tackle these obstacles best of luck. After all, a 5 year term at full rent with little maintenance sounds almost too good to be true!
Written & oral information and advice from the Portsmouth & District Private Landlord's Association is given in good faith, but no responsibility whatsoever is accepted by the Association or it's officers for the accuracy of it's information & advice nor shall the Association be held responsible for the consequences of reliance upon such information.