Transcription
Did you know that you can start deal sourcing and start doing rent to rents without spending a penny on compliance? Did you know that in the United Kingdom right now, you can start sourcing property deals, running rent-to-rents, making tens of thousands of pounds per month? You can build a six-figure rent-to-rent business and even start doing joint ventures and buying properties without spending a single penny legally. I'm talking on licenses, registrations, redress schemes like the Property Redress Scheme, The Property Ombudsman, anti-money laundering, ICO, public indemnity insurance, or any of the compliance rubbish that you've seen so many times on the internet, all over the internet. It's all nonsense.
And in this video, as a full-time law student, as someone who has full-time lawyers on retainers, as someone who has researched this for many years, I'm going to be explaining to you the truth and the lies around property compliance, what you may need and what you categorically do not need despite being told otherwise all over the internet. My name is Samuel Leeds, and you might want to get a notepad and a pen for this one. But first, why don't you just hit the like button? Let's get started.
There seems to be a lot of misinformation on the internet from what I call the compliance cult. These are people that maybe read a government website once and now charge you £1,500 advice to tell you what you need to be compliant and then give you big long checklists to cover their backs and help you spend thousands more pounds before you even think about starting actually making any real money in deal sourcing or in rent to rent or in property in general. My name is Samuel Leeds. I've been in property now for 17 years and I've made millions of pounds. I've taught thousands of people how to make money in property. So, I'm going to tell you the truth legally, ethically, and unapologetically. This isn't sponsored by a redress scheme. I'm not getting commission from an insurance broker. I'm not here to deliberately over complicate things to secretly stop you doing it because I don't want the competition. I don't see you as competition at all, believe me. In fact, I see you as potential future collaboration. So, let's go.
So, you're about to know exactly what you need to do, but also what you absolutely don't need to do. Because the real scam isn't skipping compliance. The scam is thinking you need compliance before you've made a penny. Let's start with rent to rent. You take on a property. You agree terms with the landlord. You pay them a fixed monthly rent. You then rent the property out, run it, make a margin, typically around £975 profit per month. That was from the latest survey that I did with my academy members from their rent-to-rent deals. Here's how it works legally. It makes you a tenant and when you rent it out, you become a sub-landlord. There's no agency. You're not managing somebody else's property. You're not collecting rent on their behalf. You're not an agent. You're not a broker. You're the one paying the rent, which is for rent to rent now. And you're the one receiving rent. That's it. That means that you do not need Property Redress Scheme. You do not need The Property Ombudsman. You do not need letting agent insurance. You do not need anti-money laundering registration, which you have to take a test for. You do not need to register with ICO unless you're storing a customer database or running CCTV. If you're doing rent-to-rent the way that I teach with the right contracts and the right legal framework, then it's completely legal and compliant and you don't need to drop £2,000, £3,000, £4,000 or any,000 on any compliance to get started. You may need a little bit of money in terms of deposit, contracts maybe, but you don't need to do 99% of the stuff that it says even on ChatGPT. Shame on you ChatGPT.
Did you know when you search on Google, what you see is blogs written by anybody who could just be good at SEO and then those blogs are taken as gospel and ChatGPT knows everything on the internet, but it doesn't necessarily know the difference between the true blogs and the untrue blogs. How can it know? It just tells you what is online. So, it's very difficult to know the truth. So, make sure when you're learning for something, don't just say, "Oh, it was written by a 17-year-old kid who happens to be good at SEO who lives in America talking about property compliance. It must be true." Look at the source. One of the things I'm learning at university is to look at the source. Quote the source. Understand the source. It's very important.
Now, you might think, "But Samuel, are you even a good source?" You know, you say you don't necessarily need TPO, PRS to be registered with these ombudsman schemes to do rent-to-rents, but is that true? How can I trust what you're saying? Well, for a start, I'm credible and I've been in the business a very long time. But secondly, I myself have, and you should too, have actually gone to the real sources. I have gone to the TPO. I have gone to Trading Standards. I have gone to the government website. I have spoken to my lawyers to get the information that I'm sharing with you. Don't take anything I'm saying blindly. Go and do the same. In fact, let me show you a screenshot of a message that I got from Trading Standards. I'll also show you emails that I've got from The Property Ombudsman themself because everyone will tell you, "Oh, you need to be registered with anti-money laundering." Do you have you actually gone on to the government website and looked at the requirements of what makes you need anti-money laundering? Now, some people say, "Oh, but you class if you're a deal sourcer, if you do rent-to-rents, you class as an estate agent. You class as a letting agent." Do you have you actually spoken to the Trading Standards teams specifically for letting estate agents in the UK? I have here and I'll put this up as a screenshot. Uh, I've blanked the the the person's name because of GDPR reasons. Uh, but this is from Trading Standards. This is from a senior Trading Standards officer, business team, and this says, "Apologies for not getting back to you soon regarding your inquiry about deal sourcing, but this area of law is particularly complex." And you know what? Because it's a bit complex, that's why these trainers just say, "Oh, you just need everything," 'cause they're covering their backs or getting kickbacks from their um compliance court gang. It's not right.
This is now from Isabella from the Senior Trading Standards Officer, Business Team. "As promised, I have sought the advice of the National Trading Standards Team for Estate Agents and Letting Agents. Based on the information you provided, we are all of the opinion that you do not need to belong to a redress scheme for your rent-to-rent and deal sourcing operations. If your business model changes or there is information that we have not received, the situation may be different. So please do contact us if you need further clarification. Kind regards, Isabella from the Trading Standards at Buckinghamshire and Surrey Senior Trading Standards Officer Business Team."
So, so if anyone's told you or if you're doing rent to rent or if, oh, don't even think about going to a viewing to package and sell a deal if you haven't got TPO registration. They've literally said, "You don't need it to do deal sourcing." So, you should tell your mentor that told you that and charged you £1,000, £2,000 for the information and then you had to get all the schemes on top. You should ask them for a refund because you should tell them that what they said is incorrect because it is.
Here's another email. This is an email now from The Property Ombudsman themselves. So this is from The Property Ombudsman themself and this is written from the Membership Compliance Team and this is what it says. "Thank you for your email. From speaking with our membership team and checking jurisdiction documents, you are not legally required to have membership for rent to rent." And then they say, "We advise you to check with Trading Standards on the property sourcing requirement as they enforce the legislation on this." Guess what? We already did. That was what I just read. So, we've spoke to Trading Standards. We've spoke to The Property Ombudsman themselves and they say, "No, you don't need it." So, go back to your mentor that told you that you do. Ask them for a full refund because not and not only a refund, for their nonsense, ridiculous back-covering advice that they should never have given you and are not qualified to give you 'cause they're not studying law like me and they don't have full-time lawyers on retainer like me and they didn't bother to write to the TPO like me. So, they need you, you need a refund. But more than that, the money that you then spent unnecessarily on all the compliance stuff that maybe that's an extra couple grand, they are liable to give you that money back as well. So they need to give you back your £1,000, £2,000, whatever you paid for your mentorship to learn about compliance from them and the money that you unnecessarily threw down the drain on compliance. They are liable. Take them to court. Take them to a small claims court. You will win. You'll win. I'll help you because what they say, what they're saying is not true. And there needs to be accountability when people are speaking like this with authority and it's just not true. There needs to be accountability. They need to put it right. I'll help you.
The truth is a lot of these compliance court gang, they just get irked off when they see people like me saying, "You don't actually need any money to get into property. You don't need any money." 'Cause they're like, "Hang on, that means that you're opening it up for everybody." And a lot of these people are middle class, maybe even elitists, you know, from nice, well-to-do families. So when they see ordinary working-class people that never went to university, that haven't got any money, saying, "Oh, I want to be a deal sourcer." It irks them. So they'll say, "No, no, no. You need money. You need money." No, you don't. You know, you need to be registered with the TPO. No, you don't. You need to be registered with anti-money. No, you don't. You're either a liar or you're wrong. Which one is it?
Now, sure, you might need a little bit of money to get a rent to rent. You might need money for contracts. Might need a bit of money for upfront rents. I mean, potentially not. You could negotiate no rent up front, no deposit, but but a few thousand. It's going to help you. Of course. I mean, I'll teach people how to start with no money, zero. It's possible. Now, of course, if you take it to the nth degree, you need money for the petrol to get to the viewing. Yeah, of course you you need a little bit of money. You need money to breathe and to live. Everything needs money. But they would have you believe that you need £10, £20 grand to put into rent to rent and compliance. I would say if you've got £10, £20 grand, actually you shouldn't put that into rent to rents. It wouldn't make any sense. Maybe you should put into a little bit of it into mentoring, but not mentors that teach you things that aren't true. Those you need your money back. And this is how so many of my students are becoming financially free, starting with very little, making £10, £20 grand a month every week.
Let's talk about deal sourcing. We've seen it from the horse's mouth. TPO. Let's talk about what you're actually doing. Now, I have to say this. If you're acting like an estate agent, negotiating between buyer and seller, taking reservation fees, inserting yourself between the solicitor and the seller, then yes, you do need compliance because you're now an estate agent. You need redress. You need anti-money laundering. You need to fully bank. But that's not certainly not how I teach to do deal sourcing. And certainly not what the vast majority of my students are doing. This is what I teach. You find property deals using your time, your research, and your skills. You package those deals into a document. You then sell that document to investors who want opportunities. You're not brokering the deal even. You're not taking payment from the seller. You're not handling contracts or funds. You're getting paid for your time and services. You're not an agent. When structured and done this way, not only is it the best and most effective way to make fast cash as a deal sourcer and the proven method that I use to become a millionaire from deal sourcing alone, not only does it mean you can replicate exactly how I source deals and on average even right now to this day, I sell 30 deals per month. That's one a day. But also this means if you do it the way I teach, you don't need any form of redress. You don't need anti-money laundering. You don't need public indemnity insurance. It's not a gray area. It's crystal clear. The law is about what you do, not what you call yourself. Most people don't understand what they're doing. So, they panic. Am I on a stage? And how does this work? They don't know what they're doing. So, they start ticking boxes, registering for schemes they don't need, and spending thousands before they've made a penny. And this, for me, it pains me. Hence why I'm making this video. And I've been saying this, by the way. What I'm saying right now, I've been saying for years to my students on the academy, and I've been saving them thousands of pounds. But I can't bear to see my YouTube followers getting burned with these expensive and nonsense guru compliance cult trainers, 'cause let's be honest, they are compliance cult. So, please stop believing everything you read on the internet and get around real property investors, real sourcers, real mentors, real entrepreneurs, and real lawyers. My lawyers have spoken directly to the PRS, TPO, Trading Standards, the lot. And they've all confirmed the same thing, which is what I'm saying right now.
And do you know how many people message me on Instagram daily? And I always tell them when they message me, I've just not done a video about it because in the past I've kind of thought, you know what, it's it's it's your fault. If you're going to learn from stupid trainers that are not educated and don't know the law, if you're going to learn from Google threads, if you're going to learn, I kind of think it's your fault, but then I I get I got a message right about seven months ago from a kid who was 17 years old. And you know what he said to me? He said, "Oh, I'm too young to do deals myself." Firstly, that's not true. You can, if you're 17, can you wash a car for somebody and charge them £20? Yes. So, if you can do that, guess what? You can also do help find them a deal and negotiate the price and charge three grand. You can do that. You can do as a sole trader if you want. You can. It's legal. It's fine. You can do it. 17, so I can't do it myself, but I've persuaded my mom to set up a company and get compliant on my behalf. My mom is struggling to make ends meet, but for the last six months, she's been putting £150 aside each month, and we've been really sacrificing to put towards compliance. And now, my mom's getting a loan to pay. And I'm just like, mate, what are you doing? £150 a month and then getting a loan again for what? For anti-money laundering that you don't need. And then I meet people that come to my training that come to the even my my £10 training. £10 training. They come down and then I'm like, "Here's how you get started in deal sourcing." And people ask, "Oh, do you not need this? Do you not need a license?" Not even like, "No, not if you do the way I teach. Here's how I teach." Back. Oh, that makes sense. I don't know if they're even grateful. I'm like, I just saved you three grand at least a grand or two grand. It cost hundreds and hundreds of pounds for each one of these things. Indeed insurance alone is like £750. So, it it blows my mind. And that's why I'm doing this video. Getting all of these memberships to do rent to rent and then when you want to start deal sourcing, getting them again for your deal sourcing company. And then meanwhile, people are coming to me paying £10, £10 for my crash course and then within 3 months, I'm working with them, back they're financially free, making £10 grand a month. Shame on all the fake teachers that teach compliance and add extra steps to struggling nurses and hardworking employees that are saving up for something they don't need. Shame on you.
But you know what? Next time I see people failing now I've done this video. They haven't bothered to learn from me. I won't feel bad, man. I'll be like, "Look, I want you've been warned. You've been warned. I've said it now." So share this video, by the way, with everybody that's in the space. You've been warned now. These nonsense educators would literally tell you to buy a Ferrari so that you can drive to the post office to post a letter. You don't need a Ferrari to drive to a post office to post a letter. You can just walk. Maybe you get a Ferrari later, but right now walk. In the same way, you don't need all this red tape compliance to just get a rent to rent to start a business. You know, maybe later if you want to get indemnity insurance and all this stuff as you're growing, as you're taking staff and getting offices, fine. This is the order of things, okay? It's very simple. Number one, get skilled. Two, get paid. And then three, structure your property business. Not structure first, delay everything, and then quit.
Let's talk about public indemnity chunks. It's not a legal requirement for most businesses. Same with anti-money laundering. Don't take my word for it. Go to the government website and you can see specific businesses that are required to register for AML anti-money laundering and those that are not. So, if you're an estate agent, a letting agent, or you're an accountant, solicitor, any companies taking bank notes of £10,000 cash or more, fine. Guess what? You need anti-money laundering. But guess what? If you're a landlord or property investor who's doing rent to rents or dealing sourcing the way I teach, you don't need anti-money laundering. It's a complete waste of £450 just for your first year subscription on anti-money laundering. You don't need it. And you have to do a test and everything. Takes months. That's alongside registering for the PRS or the TPO. By the way, amazing amazing services for estate agents, letting agents. Hundreds of pounds a year though in subscription fees, which adds up to be thousands and it takes months sometimes to get registered, waiting around. And and you don't have to do it, but people would tell you that you do because they're either trying to stop you being successful or they're getting kickbacks or they just don't know the law. Either way, there's no excuse. They read an a blog written by a 24-year-old insurance broker with no legal qualifications but good at SEO and now has a course on compliance.
Next, ICO registration. Let's talk about that. Don't take my word for it. Go on to the ICO website and take the free test. It takes about 5 minutes and it will tell you firsthand if you need to be registered with ICO or not. Don't just get it because you're following a checklist from Karen, the self-appointed compliance police. You only need ICO if you're handling data in a way that requires it. If you're working from home with no stored data and you don't have customers being filmed by your CCTV cameras, that would be another example of when you would need ICO, then you probably don't need it. And we could get you literally, we could I could sit down with you in 5 minutes and go on, do the ICO testing. Oh, you don't need it. Like all of these other tests, but people just give you a checklist. Just give you a checklist and say, "Yes, you need it." Or maybe you've messed yourself up. For example, SIC codes. This one catches people out all the time. When you register a company, you choose a SIC code. And that's how the government defines what your company is and what it does. And if you're doing rent to rents and you register your company under property management or estate agency, then you're telling the authorities that you're something that you're not, which means you've just potentially opted into regulation that didn't apply to you. It's not about cheating the system. It's about accurately telling the system what you are actually doing using the right SIC code, using the right contracts, pitch the deals in the right way. Do it, but do it properly.
I'm I'm not saying for a minute, by the way, that compliance doesn't matter. Compliance does matter, and it's very important. But you know what's also important? Knowing what is and what isn't required based on the actual business that you're running. Compliance is not about ticking boxes. It's about understanding what you're doing and building systems around it. I can't tell you on YouTube you do need ICO or you don't need ICO. I don't know you. I don't know how you run your business. I'd need to sit down with you and look at your business. Look at your goals. Look at how you're doing your. Are you doing off-market deals, on-market deals? Are you charging a management fee or are you doing it? How are you running the business? What does your contract say? What does your SIC code say? And then put together a system for you that works for you. And that's what makes me a popular mentor because not only am I saving a lot of people money, saving them time, but also actually giving them guidance specifically for them.
But you know what? I think part of the problem is you, many people, maybe not you, but many people, they think they need permission to start. You don't need permission to start. You don't need a certificate. You don't need a badge, an insurance. You have permission to start. You can start right now. You can start making money right now. You don't need someone to tell you, "Yes, you have the the right legislation." We're in a free market. We're in Great Britain. You can start trading. You can start making money. Go. I'm giving you the permission right now. I'm giving you permission to not only tell your old mentor you want all the money back. But I'm also giving you permission to start making real money now. Regardless of your age, your gender, your university background, the way you speak, the way you talk, where you live, do it. But do it right.
Education. I'm not telling you to get education 'cause I happen to have an education company. I happen to have an education company because I really believe in the power of education. So what I would suggest you do obviously take your old mentor to court. Yeah, that's the first thing I would suggest. You come and spend a full day with me learning about the strategy that you want. So my crash courses, I got three property crash courses. One is about rent to rent. One is about deal sourcing. And one is about property investing, BRR, lease options. Choose the one you want in your area. Tickets are £47, which by the way, is ridiculous. But if you get an early bird, if you book early, it's just £9.99. So it's basically free. And when you arrive, I give you a book as well, one of my bestselling physical books in your hand. It's basically free. There's a little bit of skin in the game, but just come to that. Come to a crash course, spend a full day with me, and then let's decide what the next steps are for you. Do we do a financial freedom challenge? Do you have a look at doing the academy? Have you learned enough just from the crash course? Spend a day educating yourself. Because if if I said to you, chop down some trees with this axe, but the axe wasn't very sharp. You'd want to spend the first hour sharpening the axe. And in the same way, if you're wanting to build a business that's profitable and sustainable, makes sense to spend at least a day sharpening your skills with someone that's done it. So, I'll leave a link in the description. Come and spend a day with me. I can't wait to work with you. I can't wait to help you win, and I can't wait to teach you how to do things the correct way. Link in bio. Get booked on and I'll see you soon. Thanks.