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dmc
05-03-2007, 14:16 PM
Folks – I’m making my plans to venture out into the world of BTL. I’ve read all (well some of) the books and pretty got my funding planned; now I just need to find properties.

I’ve also been looking at companies such as TIC Invest ( http://www.ticltd.com/ (http://www.ticltd.com) ) and I was wondering if anyone else had experience of either these or similar companies.

In short the deal is 2.5k to join, 10-20% discount on the property, 2.5% finders fee but (the sweetener) is that the deposit is 5% of the property value.

Whilst I could deal directly with the property developers I just don’t have the time at this point (with the day job and everything) and together with the low deposit this to me looks like a very tempting offer.

I’d really like to hear your views on this.

Regards
DC

P.Pilcher
05-03-2007, 15:01 PM
If you want to sit in your armchair and let others find properties for you, then expect to get ripped off! I read elsewhere of an organisation offering off plan properties "valued" at £200000 at a special discounted rate of £180000 (plus finder's fee e.t.c.) Fortunately the person concerned actually got off his butt and visited the site where the properties were being built. The developers were offering identical properties to the off plan one he had been offered for £170000, before haggling had started! He delved deeper and the local rental agents assured him that if a tenant could be found at all, the maximum rental he could expect could come nowhere near his anticipated mortgage repayments.
If you must use a property finder then agree to pay their fee on completion of the sale only, and independently research the viability of any property offered.

P.P.

justaboutsane
05-03-2007, 16:04 PM
I have to say that some of these companies are useless. I live in an area of Stoke which is currently having a lot of new builds... My boss got sent a brochure and they made this are seem like an up and coming hip and trendy place to be! Its a wonderful sleepy market town with a few pubs and a few toursit attractions!.. Not what they said it was! AND about 70% of the properties are available to let 6 months after they were finished! Letting agents are so desberate they are offering one month free rent! Renst are crazy too.. a 2 bed terraced house will cost £350 per month whereas a two bed appt is £550!!! You still have toc heck these ppl out at the end of the day, they may have a good price BUT do they really know their market and are thsy in it for the long term or just to make a quick buck off a few victims???

Dav
15-03-2007, 15:52 PM
Hi There

Don't know if you had any success in tracing anybody with experience of TIC Invest. I am also looking to ask a question or two to one of their clients. I asked them but they could not refer my to any existing clients.

I will let you know if I get any info - please keep my posted if you kan find out anything.

Cheers

dmc
15-03-2007, 16:46 PM
Hi There

Don't know if you had any success in tracing anybody with experience of TIC Invest. I am also looking to ask a question or two to one of their clients. I asked them but they could not refer my to any existing clients.

I will let you know if I get any info - please keep my posted if you kan find out anything.

Cheers

Having spent some time on this there are quite a number of companies who offer a very similar product to Tic. I've short-listed a couple that I've been talking to and have arranged a meeting with one (in fact on of the meetings is an open evening when I get to spend time with their clients and the company - not a hard sell as most of the people there will be existing investors)

A key point to watch out for is valuations - do your homework and ensure that they use a RICS surveyor, also (as in the case of Inside Track) there is no need for monthly fees and even 3% finder fees! - also work your figures to see if a profit can be made and work them twice as hard if they say you can purchase with anything less that 15%!

Tic is not on that short list.

shaun
02-07-2007, 17:28 PM
Hi

I bought a property with Tic Invest, bad mistake,all their figures were wrong valuation,costs,rent it is an expensive mistake