A Few Compliance Updates & OOOO What if You Source Rent 2 Rent?

The spirit of this episode is ‘compliance is simple’ and compliance must be your favourite subject if you are going to source deals for your investors and keep them happy. David updates compliance and reveals a ‘blow your socks off’ anomaly, a kink in the system currently that could help any deal packager to get started  and go faster. It's vital to be compliant as you move forward and in this episode, David shares current advice on what you now need and don’t need to be a compliant deal packager.   KEY TAKEAWAYS You must  have professional indemnity insurance policy in place. Be a member of a  property redress scheme such as the property ombudsman (TPO). Hold data protection registration with the information commission. Be registered for anti-money laundering with the HMRC. Joining the TPO will give you access to documentation that will enable you to be compliant in the other required areas. The Property Ombudsman (TPO) Review your registration/ membership with the TPO and revise if necessary Registration is no longer enough; you need to be a member but do not have to fulfil all of the compliance issues of full members. Internal complaints procedure You need to have an internal complaints procedure If you are a member of the TPO you will have access to a downloadable internal complaints procedure. Fact find your investor   The fact find is good practice and provides you with the information you need to search for investments to meet the client criteria. Send a written confirmation of the fact find to the client for an accuracy check and ensure you retain a signed copy. Terms of business If you have gone through my training you will have access to my terms of business. A contract It's best to have a written contract in place with an investor this will make transparent your fees and the points at which monies will be due. You must have a signed copy returned to you before you move forward to source properties Rent to rent, rent to rent for SA If you are sourcing rent to rent or rent to rent for SA opportunities you do not have to be registered with a redress scheme or HMRC for anti-money laundering supervision. As soon as you have a client who wants to buy, you are subject to being a member of a redress scheme and registered with HMRC.    BEST MOMENTS ‘You need a picture of who your client is and what they are looking for’ ‘There is a kink in the system, and you don’t have register for compliance if you are sourcing rent to rent or rent to rent for SA’ ‘It’s good practice to become compliant as you move forward’    VALUABLE RESOURCES  Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/   ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.   CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/