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Post by chelseaboy on Mar 4, 2020 10:14:35 GMT
Anyone out there invested in HCP 152?
I’d be interested on hearing your thoughts.
I received an email asking me to vote on a sale offer which, if the vote goes in favour, would result in a capital loss of 30-40%.
I have several concerns about the way Housecrowd have handled this property, including the information provided in the investment pack and the subsequent management of the tenancies.
For the moment, I shall be voting to retain the property and spending the money required to bring it to lettable standard.
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bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Mar 5, 2020 14:27:40 GMT
I'm not in that one, but in general I have been very disappointed with THC. They seemed to mislead on the way in with information about what was covered by their share of the rent. They have done a poor job of looking after the properties despite charging large fees. I'd be tempted to get out and certainly I wouldn't give them any more of my money to make improvements. You seem to have similar concerns to me chelseaboy, but are considering extending the length and cost of your relationship with them. |
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zectus
New Member
Posts: 1
Likes: 1
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Post by zectus on Mar 11, 2020 16:57:46 GMT
I am not invested in HCP152, however, I have invested a small sum in three of the other House Crowd BTL HCPs and all my three follow the same pattern. Take the following example for one of them that I have invested in.
THC Investment originally raised: £127,000 (2016)
Purchased price on THC Documentation is £113,852 (2016).
THC Estimated valuation of property (after consulting with local estate agents): £92,000 - £108,000 (04/02/2020).
Purchased for £113,852 on 21/11/2016 (Land Registry Records Transaction History);
Purchased for £96,000 on 21/11/2016 (Land Registry Records Transaction History);
Purchased for £64,500 on 21/11/2016 (Land Registry Records Transaction History);
What I can't understand is the 3-entries on the Land Registry for the same date and the vast difference between the 1st entry and the 3rd entry. As the 3-bedroom property was in good condition according to the surveyor's report and only needed to be converted to an HMO.
All three follow the same pattern and are showing a fairly sizeable capital loss and now dividends will be reduced slightly to allow for an annual provision for works to the properties (although the dividend return is still better than current interest rates). If there was a collapse in the property and rental market I could understand the capital loss and the reason for sticking to the same annual rent for the next 3-5 years. I agree THC have done a poor job.
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capucino
Member of DD Central
Posts: 89 
Likes: 38
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Post by capucino on Aug 14, 2020 14:56:58 GMT
Hello,
This property is being sold as well. They raised 122k for it in dec 2015, bought it for 115k, offer of 110k received now. so a small loss after 5 years.
They provided the link for the sale on rightmove, the market info shows that it exchanged hands in July 2015 for 55k. It means we bought for more than double the price only 5 months later !
What a disaster.
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Post by Ton ⓉⓞⓃ on Aug 15, 2020 20:31:16 GMT
I've just merged two separate threads on the same subject to create this one. Hope that useful.
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mikeb
Posts: 1,052
Likes: 463
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Post by mikeb on Aug 16, 2020 15:09:38 GMT
I am not invested in HCP152, however, I have invested a small sum in three of the other House Crowd BTL HCPs and all my three follow the same pattern. Take the following example for one of them that I have invested in.
THC Investment originally raised: £127,000 (2016)
Purchased price on THC Documentation is £113,852 (2016).
THC Estimated valuation of property (after consulting with local estate agents): £92,000 - £108,000 (04/02/2020).
Purchased for £113,852 on 21/11/2016 (Land Registry Records Transaction History);
Purchased for £96,000 on 21/11/2016 (Land Registry Records Transaction History);
Purchased for £64,500 on 21/11/2016 (Land Registry Records Transaction History);
What I can't understand is the 3-entries on the Land Registry for the same date and the vast difference between the 1st entry and the 3rd entry. As the 3-bedroom property was in good condition according to the surveyor's report and only needed to be converted to an HMO.
All three follow the same pattern and are showing a fairly sizeable capital loss and now dividends will be reduced slightly to allow for an annual provision for works to the properties (although the dividend return is still better than current interest rates). If there was a collapse in the property and rental market I could understand the capital loss and the reason for sticking to the same annual rent for the next 3-5 years. I agree THC have done a poor job.
I do think some kind of explanation for the accounting would be in order in regard to the above alleged Land Registry entries. I don't fully understand the figures quoted above, or why a house would change hands three times in one day for different amounts of money, but in the earlier THC properties (HCP103 and down) there was no hint of this sort of thing in any paperwork provided by THC. I think it does matter to get an answer this, as quite a number of the earlier projects are being sold at a slight loss or just-break-even (apparently) and lenders are taking capital cuts with this. Of course, those losses are based on the e.g. "We purchased it for £113k" figure shown above, when zectus is saying it was actually bought for £64k, with £49k of money being unaccounted for. When the houses were originally purchased, THC were very open with providing copies of relevant paperwork, e.g. insurance certs, gas safety, copies of land registry showing the sale. But a lot of that paperwork stopped being provided (e.g. annual renewals of insurance, gas safety) and in some cases, the historical documents were deleted from Dropbox. So transparency is not what it used to be -- such is the way with P2P and similar!
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HCP 152
Oct 8, 2020 10:20:00 GMT
via mobile
Post by kimf on Oct 8, 2020 10:20:00 GMT
I am not invested in HCP152, however, I have invested a small sum in three of the other House Crowd BTL HCPs and all my three follow the same pattern. Take the following example for one of them that I have invested in.
THC Investment originally raised: £127,000 (2016)
Purchased price on THC Documentation is £113,852 (2016).
THC Estimated valuation of property (after consulting with local estate agents): £92,000 - £108,000 (04/02/2020).
Purchased for £113,852 on 21/11/2016 (Land Registry Records Transaction History);
Purchased for £96,000 on 21/11/2016 (Land Registry Records Transaction History);
Purchased for £64,500 on 21/11/2016 (Land Registry Records Transaction History);
What I can't understand is the 3-entries on the Land Registry for the same date and the vast difference between the 1st entry and the 3rd entry. As the 3-bedroom property was in good condition according to the surveyor's report and only needed to be converted to an HMO.
All three follow the same pattern and are showing a fairly sizeable capital loss and now dividends will be reduced slightly to allow for an annual provision for works to the properties (although the dividend return is still better than current interest rates). If there was a collapse in the property and rental market I could understand the capital loss and the reason for sticking to the same annual rent for the next 3-5 years. I agree THC have done a poor job.
I do think some kind of explanation for the accounting would be in order in regard to the above alleged Land Registry entries. I don't fully understand the figures quoted above, or why a house would change hands three times in one day for different amounts of money, but in the earlier THC properties (HCP103 and down) there was no hint of this sort of thing in any paperwork provided by THC. I think it does matter to get an answer this, as quite a number of the earlier projects are being sold at a slight loss or just-break-even (apparently) and lenders are taking capital cuts with this. Of course, those losses are based on the e.g. "We purchased it for £113k" figure shown above, when zectus is saying it was actually bought for £64k, with £49k of money being unaccounted for. When the houses were originally purchased, THC were very open with providing copies of relevant paperwork, e.g. insurance certs, gas safety, copies of land registry showing the sale. But a lot of that paperwork stopped being provided (e.g. annual renewals of insurance, gas safety) and in some cases, the historical documents were deleted from Dropbox. So transparency is not what it used to be -- such is the way with P2P and similar!
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HCP 152
Oct 8, 2020 10:23:57 GMT
via mobile
kimf likes this
Post by kimf on Oct 8, 2020 10:23:57 GMT
I do think some kind of explanation for the accounting would be in order in regard to the above alleged Land Registry entries. I don't fully understand the figures quoted above, or why a house would change hands three times in one day for different amounts of money, but in the earlier THC properties (HCP103 and down) there was no hint of this sort of thing in any paperwork provided by THC. I think it does matter to get an answer this, as quite a number of the earlier projects are being sold at a slight loss or just-break-even (apparently) and lenders are taking capital cuts with this. Of course, those losses are based on the e.g. "We purchased it for £113k" figure shown above, when zectus is saying it was actually bought for £64k, with £49k of money being unaccounted for. When the houses were originally purchased, THC were very open with providing copies of relevant paperwork, e.g. insurance certs, gas safety, copies of land registry showing the sale. But a lot of that paperwork stopped being provided (e.g. annual renewals of insurance, gas safety) and in some cases, the historical documents were deleted from Dropbox. So transparency is not what it used to be -- such is the way with P2P and similar!
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HCP 152
Oct 8, 2020 10:42:52 GMT
via mobile
Post by kimf on Oct 8, 2020 10:42:52 GMT
HCF81 investors lost money as house was overvalued at £400k when its just sold for £275k. Investors were given false valuation report to make them think it was good investment. And hc didn't tell the truth about amount borrowed. And didn't tell the investors the home owner was still living in it. And didn't tell investors default Interest rate was 4% per month. Hc told investors 1%. Person was evicted and made homeless. Housecrowd investors on twit have info. Be careful!!
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