So I did spend a long time taking a number of screenshots as “proof” however it looks like the option to post pictures has been removed by the business.Deal 1: Ryan failed to add up the costs of the renovation, rounded it down by 3,000 which then meant the money left in was over 16k and the return figures were over inflated advised as over 18% but in reality they were 7.1%.Also he gave a figure of 130k for GDV showing sold comparables in different areas with gardens, even though there were sold comparables on the same street renovated for under 100k Deal 2: Was a great deal and I wanted to go ahead with however Ryan had got the information wrong and the house couldnt be converted to a 3bedroom house as he suggested, so this fell through.Deal 3: This was the killer, Ryan advertised the property as being worth 130k which was good as the sold comparables were 120k - 125k so not massively out. However upon speaking to my own broker I was advised that because it was a terraced house on a high street next to two commercial units it would be downvalued by 10-15%. Ryan admitted that he knew this but never put that into the GDV. Ryan has actually gone in the dropbox and reduced all the numbers on this deal today, probably in the hopes that I wouldnt screenshot and post on socials (I have the screenshots before and after now). We nearly ended up with a cash buy here and would have been left with a lot of cash left in the house making very poor returns. Overall all of the deals did not hit the 18% ROI he promises in the contract. After all these deals fell through due to either overinflated numbers, or just falsely advertised returns. I assume he thinks people won’t calculate and do due diligence? I asked for a refund which is promised in the initial call. Then he started ignoring messages and it took 3 days. At first he tried to keep £800 of the fee, but finally agreed to refund 90% after being threatened with legal action. Do not trust this cowboy. Ensure you do your due diligence and do not hand over money before seeing anything (lesson learnt for us). Also people from local areas comment on his post saying the values are very overinflated, trust these locals and don’t be left holding the bag.Bad experience just at the beginning of the journey I’d dread to think how bad this could have gone if anything happened further into a project.Ill try to figure out a way to post screenshots of everything above as proof.
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Based in South Wales, UK, we provide a full end to end bespoke service for working professionals who want to built a cash flowing, appreciating property investment portfolio but don't have the time or knowledge to do so.
We are able to source the property for them, manage the entire refurbishment if required, and offer a lettings option so that the entire process i hands off for the investor, making the entire process as hassle free as possible. See more
