hazellend
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Post by hazellend on Sept 22, 2017 13:47:23 GMT
Another well curated investment. Well done PM. Your team is very skillful selecting properties and should get bonuses.
In case anybody can't tell, I'm being sarcastic.
Stay strong when you read the updated report on this one. Which now looks like a very good investment if it was to be listed at the suggested share price which would give it a yield of 13% gross with a benefit tenant signed up for 12 months.
Also, if you vote to keep the investment, they are going to dilute existing holders by issuing more shares to pay back the money PM loaned to the SPV, rather than taking it from rental payments.
I wish I had never found PM. It is an absolute joke, and their attitude stinks. Not even a whiff of them admitting their team are absolutely crxp at picking properties and they might learn going forwards.
Nothing to do with this one but suck it up and carry on I guess, and hope to get some return back from rent, although my confidence in PM is less than zero in this regard.
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carolus
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SPV24
Sept 22, 2017 14:52:08 GMT
Post by carolus on Sept 22, 2017 14:52:08 GMT
I'm not in this one, so can't see the update. Am I right in assuming from your post that the relisting will be at a substantial loss to current investors?
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hazellend
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SPV24
Sept 22, 2017 16:08:19 GMT
via mobile
Post by hazellend on Sept 22, 2017 16:08:19 GMT
25% loss including rental dividends paid out
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carolus
Member of DD Central
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SPV24
Sept 22, 2017 17:17:40 GMT
via mobile
Post by carolus on Sept 22, 2017 17:17:40 GMT
25% loss including rental dividends paid out That's appalling. And I see their "projected value" is still £579. This is just increasing my feeling that it might be time to start pulling out of this experiment.
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SPV24
Sept 22, 2017 18:04:27 GMT
Post by sayyestocress on Sept 22, 2017 18:04:27 GMT
25% loss including rental dividends paid out Any chance you can paste the text of the update message for those of us not in the SPV? The property looks to have only been tenanted half the time so the total return should be pretty poor, but a total loss of 25% is crazy, especially when the original listing claims it was bought 25.5% below market value  . Perhaps propertymoose can provide some further context/explanation?
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hazellend
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SPV24
Sept 22, 2017 20:19:20 GMT
Post by hazellend on Sept 22, 2017 20:19:20 GMT
Probably won't be allowed to copy and paste.
Their comment was the valuation seems a little low lol.
The minus 25% return is including the fact the it was rented half the time. If it was rented the whole time the figure would have been better but still terrible.
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Steerpike
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SPV24
Sept 22, 2017 20:24:48 GMT
Post by Steerpike on Sept 22, 2017 20:24:48 GMT
Sounds really bad.
I have been with PM for under 2 years and missed SPV24, but my XIRR to date is 6.48% so perhaps more recent offerings have been better or I have just been lucky.
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ben
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SPV24
Sept 22, 2017 20:34:17 GMT
Post by ben on Sept 22, 2017 20:34:17 GMT
Was not one I was in either.
But what PM seem to ignore is that yes they purchased it for below market price, but there is a reason for that. So unless they are planning on doing major work on it the same reason will be there when they come to sell it. But they use the fact that they have purchased below market price in there calculations of return and the calculation of their fees, so even though it will probably never sell for market value they calculate the return on it will doing. Be interesting to see there positive spin on this one although I am sure Lendy or FS can give them a few tips
I am finding it harder and harder to continue to invest, it is probably one of the better models just run very badly.
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hazellend
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Post by hazellend on Dec 14, 2017 21:54:41 GMT
PM have officially gone a bit loopy now.
They don't want to relist on their website as they are aware it will be slow to sell so they have put it up to vote again to sell on the open market or retain for another year.
The weird thing is, they are wanting to list it at 47k despite RICS valued it at around 37k which was far below what they paid for it.
Although I want out of PM, badly, this one currently is tenanted and I am hoping to get some of my money back through rental. Also, the yield: current RICS value is about 13% gross
I suspect PM want it off their books, but they have not given any justification for listing it at an unachievable price.
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adrianc
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SPV24
Dec 16, 2017 11:39:43 GMT
Post by adrianc on Dec 16, 2017 11:39:43 GMT
...this one currently is tenanted and I am hoping to get some of my money back through rental. Hmm. Tenant moved in on 5th Sept, no sign of any rent yet. Last payments from this one were December 2016... A total of a dozen payments since it started in October 2015, with one of them being £13.83... PM has given me an XIRR of just under 4% since July 2015, across six properties. This one has, at least, returned twice as much as SPV22.
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hazellend
Member of DD Central
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SPV24
Dec 16, 2017 14:22:40 GMT
Post by hazellend on Dec 16, 2017 14:22:40 GMT
...this one currently is tenanted and I am hoping to get some of my money back through rental. Hmm. Tenant moved in on 5th Sept, no sign of any rent yet. Last payments from this one were December 2016... A total of a dozen payments since it started in October 2015, with one of them being £13.83... PM has given me an XIRR of just under 4% since July 2015, across six properties. This one has, at least, returned twice as much as SPV22. PM have confirmed with the council that they are back paying rent directly to PM for the current tenant.
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adrianc
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SPV24
Dec 16, 2017 14:42:34 GMT
Post by adrianc on Dec 16, 2017 14:42:34 GMT
Hmm. Tenant moved in on 5th Sept, no sign of any rent yet. Last payments from this one were December 2016... A total of a dozen payments since it started in October 2015, with one of them being £13.83... PM has given me an XIRR of just under 4% since July 2015, across six properties. This one has, at least, returned twice as much as SPV22. PM have confirmed with the council that they are back paying rent directly to PM for the current tenant. Wake me when it happens.
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hazellend
Member of DD Central
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Post by hazellend on Dec 16, 2017 15:46:12 GMT
PM have confirmed with the council that they are back paying rent directly to PM for the current tenant. Wake me when it happens. Your beard will match the one in your avatar by then
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adrianc
Member of DD Central
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SPV24
Dec 16, 2017 15:55:32 GMT
Post by adrianc on Dec 16, 2017 15:55:32 GMT
Yay! Imminent!
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damar
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SPV24
Jan 2, 2018 20:15:55 GMT
Post by damar on Jan 2, 2018 20:15:55 GMT
Hi, we are collecting names for a PM Action group, please see the PM Action group thread.
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