minimum withdrawal

brokenbiscuits
Member of DD Central

Posts: 191

Likes: 111

minimum withdrawal May 30, 2015 8:12:07 GMT via mobile

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Post by brokenbiscuits on May 30, 2015 8:12:07 GMT

Hello,

I am not yet invested with property moose and have a question for you helpful people while i consider my options.

correct me if i am wrong... minimum investment is £500. After that it would be £1000. There is no scope to throw your loose change in to top up. So...

I put £500 in and i get a few pence interest at 3% while the total amount is being invested and then when up and running i may only get a couple of quid monthly interest.

does this returned interest and rent earn anything sat in the e wallet? It looks like no. am i right in assuming its no good to me in the e wallet until it reaches £500 to be able to be reinvested? This would be a very poor decision to wait years to be able to reinvest and miss out on compounding interest.

if i am right so far then i will want to withdraw any interest/rent gained immediately to be put to work in a interest earning account/platform... So what's the minimum withdrawal? If, for example, I earn a penny from the 3% interest can i transfer that with no fees to my bank account or are there fees attached or minimum withdrawal requirements?

thanks in advance

webwiz

Posts: 1,133
Likes: 210

minimum withdrawal May 30, 2015 15:50:09 GMT

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Post by webwiz on May 30, 2015 15:50:09 GMT

Quote from PM:

Rental income has just been paid into your Property Moose account in relation to ....

You can now use this income to top-up and reinvest in different investments that you wish to make. For example, if you have £40 rent in your account, you can deposit £460, making one property share.

You can also withdraw you rental income from your account. There is a charge of £2 for withdrawals of under £50.

End quote

So it seems to have to wait until you have £50 of rent before you can withdraw it without charge. Not ideal, but not that significant. At an opportunity cost of 5% this would cost a pound or so a year.

You don't get any interest on cash in your e-wallet, only on money committed to a property which is credited against their fee, calculated from date of commitment to date of property purchase.

Last Edit: May 30, 2015 16:19:44 GMT by webwiz

brokenbiscuits
Member of DD Central

Posts: 191

Likes: 111

minimum withdrawal May 31, 2015 12:30:30 GMT via mobile

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Post by brokenbiscuits on May 31, 2015 12:30:30 GMT

Thank you for your reply.

that's a bit off putting to be honest. I will have to go away and have another think.

if i put the minimum in just to test the water i wouldn't be able to reinvest the interest for over a year.

i would need somewhere between 8-10k invested to get £50+ a month rents, which is above my risk tolerance for a platform still in its first year.

paulgul
Member of DD Central

Posts: 401
Likes: 92

minimum withdrawal May 31, 2015 20:16:33 GMT

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Post by paulgul on May 31, 2015 20:16:33 GMT

Personally I don't see the problem, I've just got one investment with PM of £1000, and I should get my £50 rent within 10 months. The amount of interest I would get on that rent (approx £6/month) building up over the 10 months is not worth worrying about. I think diversification across platforms and investment types is more important - that was my consideration when I choose PM

penguinz Posts: 32 Likes: 8	minimum withdrawal Jun 1, 2015 15:46:26 GMT Quote Select Post Deselect Post Link to Post Back to Top Post by penguinz on Jun 1, 2015 15:46:26 GMT I agree, I also have an 1000£ investment with PM and am happy to withdraw the rent in 50£ installments. It's not ideal but not important enough an issue to worry about too much.
	Last Edit: Jun 1, 2015 15:46:54 GMT by penguinz

brokenbiscuits
Member of DD Central

Posts: 191

Likes: 111

minimum withdrawal Jun 3, 2015 16:49:30 GMT via mobile

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Post by brokenbiscuits on Jun 3, 2015 16:49:30 GMT

Any troubles registering?

I got only as far as page 2 in the profile section before receiving a system message saying my account has been disabled.

the following morning i get an email saying thanks for completing my profile (i didnt- they have banned me before i did) and that the id i sent (i did not send any) is not passport quality so can i send some more.

shambles!!!

Last Edit: Jun 3, 2015 16:52:36 GMT by brokenbiscuits

propertymoose
Representative of Property Moose

Posts: 108

Likes: 47

minimum withdrawal Jun 3, 2015 19:57:10 GMT

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Post by propertymoose on Jun 3, 2015 19:57:10 GMT

Hi BrokenBiscuits

I'm so sorry that you are having difficulty. Please can you email me direct on andrew@ propertymoose. .co.uk and I will deal with this personally as the issues you describe don't seem to match the coded functionality of the site so I want to ensure we get it all resolved for you.

Apologies again and I look forward to hearing from you.

Andrew

Post by brokenbiscuits on May 30, 2015 8:12:07 GMT

Post by webwiz on May 30, 2015 15:50:09 GMT

Post by brokenbiscuits on May 31, 2015 12:30:30 GMT

Post by paulgul on May 31, 2015 20:16:33 GMT

Post by penguinz on Jun 1, 2015 15:46:26 GMT

Post by brokenbiscuits on Jun 3, 2015 16:49:30 GMT

Post by propertymoose on Jun 3, 2015 19:57:10 GMT