jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 7, 2018 14:26:26 GMT
For me the last straw was (and I'm rephrasing it in my own words): oh it's New Year so we won't be bothering to process any rent after Dec 18, you'll have to wait until the end of Jan for that. What? Is this normal practice? This did not sit well with me, either. How is this acceptable for a supposedly professional company dealing with money/investments? I imagine this may screw over people who have sold shares between the Dec and Jan payouts; it shouldn't but we all know PM's accounting can be prone to errors... Very good point - I would however say that this is not down to errors, but silly/stupid practice - rent is paid to the owner on rent day (which should be read to include; or when the rent is paid, which may be weeks late due to breach of contract, absurd holiday arrangements or other events beyond PM control such as mistakes, a member of staff's 3rd cousin's cat dying, etc.)
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 7, 2018 14:39:30 GMT
"currently all of my remaining BTL properties are regularly paying rent, so I am reasonably content." Would you say therefore that you are much better off (percentage wise) than someone putting £10 in every opportunity over the last year? Sounds to me that you have a lot of luck, skill or likely both - congratulations! Would you be mainly in older SPVs?
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 7, 2018 14:44:27 GMT
Or maybe we might opt to simultaneously message PM with messages that mirror each others. That might have a bigger impact!? Honestly if 20 people sent the same email, word for word the same, aside from greeting/sign off, can you be 100% sure that they would notice & care?
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,007
Likes: 1,829
|
Post by littleoldlady on Jan 7, 2018 16:59:16 GMT
I really like the PM model and invested enthusiastically at first. All the benefits of being a BTL landlord without all the hassle. I did realise that success depended on their skill as proxy landlords - selecting properties, negotiating prices, choosing and managing tenants, void periods, rental payments, maintenance etc. Sadly they have proved incompetent in all these necessary skills. So I am in.
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 7, 2018 17:24:15 GMT
Would someone have a look at SPV62? The messages state 4 weekly rent of £345 & confirm this with a weekly of £86, yet I don't see that the rent distributed plus the deductions in the associated comments (which reading them you would think may have been for the breaking of a mirror, not a window, with the luck suffered) add up! If I am correct & they have been allocating the wrong amount, we could have hundreds to come off the debt. I need some good news on this one - one of my early SM purchases at well over £12!
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 7, 2018 17:32:33 GMT
Next up is SPV55 - they paid late for November paying in early December, which the PM update promised would be distributed in December - it wasn't - anyone agree that PM cannot keep all of November without notice?
I am also unsure where £117 is disappearing each month (from the £395) rent. Also, why would the landlord insurance not have covered the mould & boiler issues?
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 7, 2018 17:52:31 GMT
Last one for now. SPV41 has a net rent of -£1430 for this month with a note to see the messages for why - I see no reason for a negative... any ideas?
|
|
Steerpike
Member of DD Central
Posts: 1,959
Likes: 1,680
|
Post by Steerpike on Jan 7, 2018 19:11:51 GMT
"currently all of my remaining BTL properties are regularly paying rent, so I am reasonably content." Would you say therefore that you are much better off (percentage wise) than someone putting £10 in every opportunity over the last year? Sounds to me that you have a lot of luck, skill or likely both - congratulations! Would you be mainly in older SPVs? A mixture of profitable loan notes, careful selection, aggressive selling where necessary, and, I am sure, some luck, as you say. I am still holding some SPV 30s, 40s, 50s, 60s, and 70s.
|
|
|
Post by propertycalf on Jan 7, 2018 19:45:28 GMT
Or maybe we might opt to simultaneously message PM with messages that mirror each others. That might have a bigger impact!? Honestly if 20 people sent the same email, word for word the same, aside from greeting/sign off, can you be 100% sure that they would notice & care? Maybe not word for word.. I'm sure if there was the threat of some kind of combined action if they continue to ignore issues raised.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Jan 7, 2018 20:05:44 GMT
I think the signs are that propertymoose realize that change is needed. Whether that is forthcoming, who can say. Things take time. The good news is that there are usually enough buyers out there if you really want out (unless presently being 'revalued'!). The new 'sell' agenda is a step in the right direction.
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 8, 2018 0:39:47 GMT
Has anyone chased them about SPV56? Since they promised quarterly updates, there has only been 1 in 9 months... Is anyone from propertymoose reading? Are you still on holidays?
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Jan 10, 2018 1:48:48 GMT
Can anyone give their input on my 4 posts above? 4 potential areas for this Action Group to take action on.
|
|
|
Post by sayyestocress on Jan 10, 2018 8:41:19 GMT
Last one for now. SPV41 has a net rent of -£1430 for this month with a note to see the messages for why - I see no reason for a negative... any ideas? I'm completely baffled by this, too. I imagine the message we were supposed to get got lost in the copy paste update extravaganza. Did you enquire with PM? TBH I have so little in this one and December has seen a real loss of faith in PM for me that I haven't bothered doing so myself.
|
|
benaj
Member of DD Central
Posts: 4,830
Likes: 1,586
|
Post by benaj on Jan 10, 2018 10:29:54 GMT
I'm completely baffled by this, too. I imagine the message we were supposed to get got lost in the copy paste update extravaganza. Did you enquire with PM? TBH I have so little in this one and December has seen a real loss of faith in PM for me that I haven't bothered doing so myself. I don't have any holdings in PM SPV 41, therefore I cannot be sure what actually is happening. From what I can see on the PM platform, PM SPV 41 in Nottingham achieves consistent rental income over £1056 per month since May '16, pays dividends and it has 14 months remaining.
|
|
damar
Member of DD Central
Posts: 110
Likes: 47
|
Post by damar on Jan 10, 2018 13:18:27 GMT
I too saw the negative rent, re read the email, bi nothing in there to say why
|
|