djpix99
Member of DD Central
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Uown
Feb 15, 2017 9:15:20 GMT
Post by djpix99 on Feb 15, 2017 9:15:20 GMT
I just came across this new property co-investment site: www.uown.co It caught my attention as the properties they currently have on offer are all local to me. The properties look to already long standing rental properties and the net yields on offer are 6-6.3%(unsure which of the fees below have already been taken out of these figures) The properties are being bought at market value, rather than at a discount which is a shame. The fees are putting me off a little though, so not invested at present... - 2% fee for buying a share in a property
- 0.5% per year fee on your investments
- 0.5% to credit funds to the site via bank transfer, 1% to credit funds to your account via debit card
- 3.5% added to the property sale price to cover costs
Looking at the company information, they are based at the same address as Parklane properties which is one of the agents that are being paid to manage some of the properties on the site, Rent INC the other property management company is also based at the same address. Has anyone else on here looked into this company before of invested? I should probably mention that I have no connection to this company in any way. |
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Uown
Feb 15, 2017 10:31:08 GMT
Post by sayyestocress on Feb 15, 2017 10:31:08 GMT
They're new to me. It's unfortunate that they charge a fee on money transferred onto the platform, although its free to direct debit in. The 2% buying fee seems par for the course for these types of platform. I don't know how the fees directly compare with all the competition (some helpful person needs to make a comparison table) but the actual tone of the website and the name puts me off; it just feels like it's written like a trashy tabloid newspaper to me with all the mentions of fat cats every other sentence...
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kaya
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Post by kaya on Feb 16, 2017 14:30:48 GMT
A fee for making a bank transfer? What a winning idea! Hold me back!
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Uown
Feb 16, 2017 14:57:33 GMT
via mobile
Post by Neil_P2PBlog on Feb 16, 2017 14:57:33 GMT
On first glance it seems like a nicely made site, and in theory I don't mind a transfer in fee if it's equal to what they have to pay to the payment provider.. perhaps its more transparent to have it directly labelled rather than hidden in other platform fees.
But like as mentioned above the text is a little offputting. In the about us they write "We’re meant to feel afraid and leave everything to the self-proclaimed experts. With their secret codewords, like ‘dividend yields’ and ‘CGT’." but then in the property descriptions they use similar 'secret code words' like 'net rental yield' and 'SPV charge'.
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kaya
Member of DD Central
Posts: 1,150
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Uown
Feb 16, 2017 16:03:20 GMT
Post by kaya on Feb 16, 2017 16:03:20 GMT
That's fair comment re fees NeilIts difficult to compare like for like, and there are no shortage of fees on PM. One thing is for sure, these new p2p property-dealing companies are seeing dollar signs light up in their eyes. |
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ben
Posts: 2,020
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Uown
Feb 16, 2017 16:46:28 GMT
Post by ben on Feb 16, 2017 16:46:28 GMT
I guess it is like the normal p2p sites will just carry on getting more of them. I am using 4 and doubt I will go into a 5th. The website looks ok but nothing better then any others, but the attitude put me off.
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Uown
Feb 16, 2017 17:48:33 GMT
Post by uown on Feb 16, 2017 17:48:33 GMT
Hi it's UOWN here, We set up and officially launched at the end of November so it is still early days for us and I'm trying to better the level of service and opportunity that UOWN provides for its users everyday. It's always useful and productive to have some feedback and you wouldn't know how much one can over look when your involved in it day in day out. Sometimes a fresh pair of eyes is very helpful. djpix99 If you are in and around Leeds you may have come across our ads, as we have recently started our online marketing push. Haha this is a very fair point, you know the problem is that I spent half a day trying to think of a more accessible word than 'Yield', I couldn't, so unfortunately some technical jargon had to be introduced. One of the things I am working on at the moment is putting together a little glossary to help out with the explanations. The language is designed to be different and to the point, it might not be everyone's cup of tea. Our aim is known for the quality of service and not the language. On the fees, these fees are by the by, fairly standard across all platforms I would even go on to say that we are on the lower end of the fee charging spectrum. I may have created the wrong perception here by being completely transparent on the fees, it might look there's some here there and everywhere but really its just that I didn't lump them all together in one big fee like PM does. I agree, the pay in fees are annoying, I don't like them the only people who do are the banks. I can't get rid of the debit card fees because it does cost an arm and a leg to process them right now. I will get rid of the bank transfer fee based on the back of what I have read here, I will try and get this put into the backend system next week so that bank transfers are free. What we do quite well is offer a market leading return, there aren't many properties out there on the other platforms with yields as high as the ones on UOWN. 6.3% net is good, that's the rental return even after all fees. The other thing to mention is that the properties on UOWN are tenanted and earning we will be paying out users rent from the end of March, regardless of how much the properties are funded, that means if the properties are only 80% funded we will be paying out rent to the users who own that 80% chunk of equity. Most other places have to wait until the property is fully funded before anything happens. Thanks for the feedback, it's been very helpful. More than happy to answer any more questions if they do come up, and other feedback is much appreciated, even the negative. Cheers, UOWN |
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djpix99
Member of DD Central
Posts: 115
Likes: 62
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Uown
Feb 16, 2017 21:08:18 GMT
via mobile
Post by djpix99 on Feb 16, 2017 21:08:18 GMT
Uown thank you for your input. I actually came across Uown via Good old Google rather than any local advertising I'm afraid, but I am very aware of your connected ltd companies and have even rented from Parklane Properties in the past.
The removal of bank tranfer fees would definitely be a positive as you seem to be the only platform to charge.
The only final thing I would say is concerning me slightly is the fact the properties are being purchased a market rate rather than at a discount like most rivals.
Thanks
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ben
Posts: 2,020
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Uown
Feb 16, 2017 21:46:34 GMT
Post by ben on Feb 16, 2017 21:46:34 GMT
Buying at marker rate is not always a bad thing, if you are buying below market rate there is a reason usually. Also it looks like the returns on this are geared more towards rental yield then trying to make profit from selling.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Uown
Feb 17, 2017 1:36:01 GMT
Post by ilmoro on Feb 17, 2017 1:36:01 GMT
First impression sounds good so Ive signed up and will take a look once those bank fees disappear. uown Few things Bit surprised that there wasnt any requirement to identify myself as FCA defined investor type which is a standard requirement on these equities sites. I can see from your FAQ that the little quiz is supposed to do that but FCA defines investor types by specific criteria and answering a few questions doesnt appear to count. (usually follows a certification to establish understanding of risk) Seems a bit casual. I dont appear to have certified that I am a qualified investor (sophisticated due to investments in unlisted equities) and able to receive promotions on such products. Does this occur when I actually invest? Also no requirement to accept T&CS or Privacy policy. The links to the FCA register arent particularly helpful as they just say you cant do insurance and otherwise no requirements which pretty well implies you can do anything which of course you cant because you have AR permission so what you can do relies on ShareIn permissions. (eg you cant operate a P2P lending platform) I think you should probably make some comment on tax rather than just glossing over it. Obviously you cant offer advice but surely some reference to the fact that corporation tax will be payable on SPV profits, income may be subject to dividend tax and applicability of CGT. I suspect that people may well be able to answer the quiz but not have an accountant or understanding of tax Seems a little casual in this regulatory/tax area, no objection to the folksy, everyday phraseology in general, just worried this might give the wrong impression in this key area. FAQ says minimum investment £50, elsewhere site says £20 so FAQ probably needs amending. Slightly confused that I will be earning rent from a property that you wont own until its funded and if doesnt get funded you wont buy it. Where is this rent coming from or is it just effectively cashback (which wont be taxable)? I dont see any reference to this 'rent' as soon as you invest in the FAQ which is surely a strong selling point (albeit already happening on PP & with cashback on PM) No indication on site how long listings will run before the plug gets pulled. (Sorry but as a newcomer in an increasingly crowded space might take a little while to get momentum) Will there be an SM on the site or will it just be yourselves promoting the shares by email to user base? Sorry I have my pedantic hat on, but generally the site looks interesting and certainly something I will likely be adding to my small portfolio. (Flying pigs are high maintenance) |
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djpix99
Member of DD Central
Posts: 115
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Uown
Feb 17, 2017 8:26:11 GMT
Post by djpix99 on Feb 17, 2017 8:26:11 GMT
uown i had one further question, do the net rental yield's mentioned on your site include the 0.5% yearly fee?
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ben
Posts: 2,020
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Uown
Feb 17, 2017 12:49:13 GMT
Post by ben on Feb 17, 2017 12:49:13 GMT
What happens when a property purchase falls through? either by not raising enough money or the property already been sold.
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Uown
Feb 20, 2017 16:05:58 GMT
Post by uown on Feb 20, 2017 16:05:58 GMT
Hi all, Once again thanks for the thoughts, all very useful stuff here. ilmoro well spotted on the FAQs, I'll be getting that £50 changed to £20. Originally we had set the minimum at £50 but decided to reduce it even more to make it more accessible. Of course we don't expect people to just invest £20, but we are well aware that people like to familiarise themselves with a product before committing more money. In regards to the FCA and classification of investors into the three defined categories: sophisticated, high net worth and retail; we have decided to funnel all our users into the retail category despite the regulations being tighter, UOWN after all is intended to be a platform with mass appeal. In regards to tax the issue is that 100 people will have 100 different ways and amounts of paying tax. Its unique to every person in a way but will definitely look at providing more clarity in the FAQs. It's worth noting as well that we do generate tax statements in the user account area shown just below.  I can appreciate how this would appear confusing, so will do my best to demystify it. The properties currently listed on the platform today are currently owned by our strategic partner so we know that they are rented out right now and how much they currently earn. This is good for our users in a number of ways. Firstly, it means the properties aren't going anywhere and aren't listed anywhere else, no one else but a UOWN user can buy them, there isn't going to be anyone that comes along and gazumps the UOWNers at the last moment. Secondly, the rent will be collected by the partner and then redistributed in the proportionate amounts to the users regardless of whether the property is wholly owned by just the UOWN users. We will start doing this from the end of March, and start marketing that feature accordingly. Yes the net rental figure is the amount after all fees include the 0.5 yearly fee. As mentioned the property will not be sold to anyone but UOWN. Do let me know if you have anymore questions. Cheers, UOWN Attachments:
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ben
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Uown
Feb 20, 2017 16:32:08 GMT
Post by ben on Feb 20, 2017 16:32:08 GMT
The intention might be that you are the only one that can buy it but the reality is different, something could happen to one of your partners and they need to sell for whatever reason, what happens then to the money collected?
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Uown
Feb 20, 2017 19:13:09 GMT
Post by uown on Feb 20, 2017 19:13:09 GMT
The intention might be that you are the only one that can buy it but the reality is different, something could happen to one of your partners and they need to sell for whatever reason, what happens then to the money collected? If a deal fell through during 'funding' for whatever reason the money initially invested would be deposited in the respective user account as cash. Chances are very low of this happening, the properties have been part of a very sustainable portfolio for a long time, and have paid for themselves and some over the last decade or so.
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