pom
Member of DD Central
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Post by pom on Aug 11, 2015 8:05:14 GMT
Nearly four weeks in this one and still only 38% funded.
Frustrating, when new properties are coming on line and filling quickly. It is odd that this one's not proving so popular - perhaps because the expected rates are lower, and others that have been listed have already had tenants. Way I see it tho the money I have tied up in it is still earning more than it would in my savings account 
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Post by propertymoose on Aug 11, 2015 13:08:47 GMT
Hi all It is very interesting for us to see that this property seems to be struggling too as, from our perspective, it seems as good as any other. Just to make you all aware, the property is currently tenanted and we have negotiated zero management fees as the agent achieved a rent slightly below our projections. The net impact of this is that the rental income has increased! We have also had a long discussion with the vendor who has agreed to reduce the purchase price by £5,000. You can see the updated numbers on our website - propertymoose.co.uk/properties There is a RICS valuation of £64,000 on this property and now a purchase price of £49,000. There will be an email going out to investors shortly (but not non-investors as we didn't want to bombard people with emails!). Any questions, please get in touch with our support team who will be more than happy to help. Kind regards Andrew |
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pom
Member of DD Central
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Post by pom on Aug 11, 2015 13:51:10 GMT
Hi all It is very interesting for us to see that this property seems to be struggling too as, from our perspective, it seems as good as any other. Just to make you all aware, the property is currently tenanted and we have negotiated zero management fees as the agent achieved a rent slightly below our projections. The net impact of this is that the rental income has increased! We have also had a long discussion with the vendor who has agreed to reduce the purchase price by £5,000. You can see the updated numbers on our website - propertymoose.co.uk/properties There is a RICS valuation of £64,000 on this property and now a purchase price of £49,000. There will be an email going out to investors shortly (but not non-investors as we didn't want to bombard people with emails!). Any questions, please get in touch with our support team who will be more than happy to help. Kind regards Andrew Surely those that haven't invested (yet) need the update as much/more than those of us that have!
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webwiz
Posts: 1,133
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Post by webwiz on Aug 11, 2015 17:35:20 GMT
I don't understand how zero management charges can work. Why would the agent bother to manage it properly? Does he manage other properties for you?
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Post by Financial Thing on Aug 11, 2015 18:16:47 GMT
propertymoose Just to let you know I haven't been receiving any emails regarding new investments etc.
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Post by oldboy on Aug 11, 2015 19:50:50 GMT
With the new numbers the expected internal rate of return for the investment rises to 16% according to my calculator. That is pretty good!
If you want to consider 10% of the rents for repairs, it is still 15.4%.
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pom
Member of DD Central
Posts: 1,922
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Post by pom on Aug 13, 2015 11:47:31 GMT
propertymooseJust got the email thanks - can't tell if it only went to people already invested in the property or not... hope it went a bit wider given the improved offer is for a limited time only! And it would be a shame if it didn't when it's not obvious from the website that it's improved (I was invested in it right from the start and I hadn't noticed) So it's good that the changes are clearly spelt out in the email. Fingers crossed that the prediction that it will now fill quickly prove correct!
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paulgul
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Post by paulgul on Aug 13, 2015 11:57:02 GMT
propertymooseJust got the email thanks - can't tell if it only went to people already invested in the property or not... Everybody, I wasn't in this property but got the email
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Post by Financial Thing on Aug 13, 2015 15:00:22 GMT
propertymooseJust got the email thanks - can't tell if it only went to people already invested in the property or not... Everybody, I wasn't in this property but got the email Funded now
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paulgul
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Post by paulgul on Aug 13, 2015 16:41:56 GMT
Everybody, I wasn't in this property but got the email Funded now Well that worked I must admit the email did persuade me you have a little dabble
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