I have dividend paid, but it was less than what I received in Feb 18 and January. I would have at least expect 2 x dividend from Feb for a quarterly payment, but it was 40% of what I received in Feb, PM retains some of the rental profit for cost in the future before the exit happens.
I am going to check individual SPV payout when I got time.
If today 31st of May is the only day we get dividends etc from Property Moose for the most recent accounting, then this is an utter joke. I've got the lowest payment almost ever, yet it's for a longer period, and none of the various properties whose terms ended a while ago have sold. I'm in loads of different SPVs by the way.
Very dissapointed in the amount of properties which have not paid out today.
I am especially miffed by PM17 where rental proceeds were paid to incorrect banking details following a change of management agent in January. Another problem is PM7 where notice was supposed to have been served to the tenant on March 21 but the letter was returned undelivered and notice not served in a second letter until May 17, delaying the sale.
I do not understand how Property Moose can get routine operational procedures such as keeping banking details updated and responding to undelivered post in a timely manner so wrong. I understand PM is not a large company but administrative mishaps such as these point to a lack of internal procedures and controls.
Unfortunately I was not able to offload as much of my holdings as I would have liked in the last months of the secondary market and am not in a position to ‘write off’ my holdings in PM. It is my hope that the capital gains of the properties now nearing the end of their terms will make up for the poor rental yields over the last two years on PM.
penguinz I am sorry to say I doubt you will do anything other than lose capital on the sales. I have a lot tied up with PM & I feel sick. About to start a new thread "PM at it again?" in which I will be urging all investors to raise official complaints.
If I could get 80% capital back and walk away I would take it at this point.
To be honest, I was disappointed PM want to try and renovate properties to maximise value before selling. I don’t really think they are competent to do this. I’d rather just fire sale my holdings and take what I can get, just to get away from PM
Considering their property picks were apparently hand picked by experts I can’t get my head around the fact they have done so badly.
Clueless amateurs on homes under the hammer would have done better.
Hopefully I will be out of this mess by the end of this tax year.
I received no dividends at all on my remaining properties. Some made a loss and on those that made a profit PM retained it all to cover future expenses. This platform has been a slow motion car crash for me, extremely disappointing as I had high hopes for it in the early days. I still like the model but its success depends on the competence of the platform as landlords which has been sadly lacking in PM's case.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
A total of 62 p in dividends on a property portfolio of over £4K. They are having a laugh. Another P2P disaster for me to add to Thin Cats, Saving Stream and Collateral. Expensive lessons learnt, but I really didn't think that it was possible to lose money on the private rental market. Clearly it is....