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As the originator of the thread, my sincere thanks to DPS for writing about their experiences with Susannah Cole and The Good Property Company in 2013.
You are now the 17th investor who has come forward with a written account of specific experience(s) of a deal that could only have worked in TGPC's favour and was essentially loss-making for the investor.
The post also irrefutably proves, in my view, that the numerous questionable deals promoted by TGPC go back to at least four years ago. So to those who have suggested that the company scaled up too fast/innocently lost its way/took its eyes off the ball etc - this is clearly not true. IMHO there has been a deliberate and systematic policy to offer deals that ALWAYS work in TGPC's favour, but almost never in favour of the investor - in spite of the figures promoted to clinch the deal.
Even with the latest figures provided, had the investor continued with the purchase, the figures cited make a very small profit ONLY if everything goes to plan - and we know this is rarely the case in property renovation. But of course, even with the modest profit the investor might have made, TGPC still come out on top with their sourcing fee - whatever happened! And of course, the usual trick of misjudging the real renovation costs by about 150% (c15k in reality, Ash's figure 6K), is at the heart of the misrepresentation. Whilst this investor lost their reservation fee and no doubt someone else snapped it up and went on to make a loss...well done that they undertook their due diligence and pulled out when they did. Especially as until this thread started in April 2016, there was, as mentioned, nothing available in the public domain about the company apart from its own self-promotional material. It might well be of relevance if this particular investor felt it was in the common interest of this thread to quote correspondence between themselves and TGPC after pulling out of the deal. I suggest this because I have seen correspondence from Ms Cole in similar situations with other investors, and the style and tone she adopts is not for the faint-hearted!
It continues to surprise me how many individuals and organisations continue to promote and support Susannah Cole and TGPC's work. It would seem that professional reputation by association is not very valued in the property world.
But at least, through the excellent work of Property Tribes, there is a forum made available for investors to gain information, and therefore be in a stronger position to make more informed and personal choices.
Hi DPS,If you want to email me the PDF, I will attach it for you. My email is vanessawarwick (at) icloud.com.As to those figures - shocking springs to mind.TGPC make £6K plus for selling a duff deal.The investor might clear £5K if everything goes exactly to plan and on budget and the property achieves the full market value sale price.Hardly worth the effort and/or risk and ludicrous to pay £6K to make £5K!
Has anyone seen this video, i am staggered why anyone would post such utter tripe. Not only is it off the scale with its patronising tone, but when your point is that its not about money and the first point is 'do they pay on time' - it's just pathetic.Trying to understand why Ms Cole would post this i do wonder If i am missing the subliminal message - Is it trying to manage investors expectations before they invest, putting them in their place about how you just hand over the money, don't ask questions and do as you are told?
Stewardson Developments Ltd.
Burson Land Ltd. & Jennings & Gilchreaste Ltd.
Follow me on twitter - @philstewardson
Just watched this today - have to say I cringed all the way through, how SC can possibly think that is good publicity ??
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That video is truly embarrassing on so many levels. That people have to tick 5 boxes before they are deemed worthy of working with her - when THEY are putting in all the money and taking all the financial risk is ludicrous.Another recent FB posting is full of big claims which have already been proven to be inaccurate.The kicker is that she learned at other people's expense and money at no risk to herself - walking away with a tasty finder's fee even if the deal was loss-making to the investor she went to such lengths to vet.The fact is SC or any of the gurus would bite someone's hand off for a chunk of money, so I agree with Phil that the purpose of this video is to ensure investors don't challenge her if things go a bit pear-shaped in case they are labelled "prima donna" or they become her next case study about an investor she didn't like working with.Her ventures are not "joint" at all, and therefore personality shouldn't come into it. Why do people use the term "business like" - because it means people who act professionally and do not take anything personally.
Does anyone know who is sitting listening to this? Who are they? What are they being taught? What is the point? Is SC teaching people to replicate herself throughout the country? Teaching them what the profile of the investor should look and act like.
Or, are the students the investors, about to hand over tens and hundred of thousands of pounds and SC is laying down the ground rules.
As I say I'm genuinely confused what she's going on about. What's the point?
The point (or one of the points) might be that she is aware that any potential "investor" may now be aware of the negative stories circulating about her and her business model, if that is not too grand a term to use for what she does.
It is a not too subtle way of addressing the stories and passing off blame onto her dissatisfied customers without actually highlighting them.
I notice she is now using the "only working with 5 investors" gambit, where have we heard that before?
I thought the magic number was 6. But hey, who's counting?
I wonder how SC's many dissatisfied clients feel reading how she created her own personal wealth off the back of selling them loss-making deals? She got her intro fee from the deal or the JV whether the property was financially viable or not.It would appear though from Companies House that she has 12 properties in Susannah Cole Limited with net assets of £34K ...