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I have a friend who is a seasoned investor who is working on some commercial deals at present, with his track record I recommended to him that P2P could be a viable avenue.
Can anyone recommend a good P2P platform or group for property deals that they have had a positive experience with?
I have been googling, but if there are members here who have found certain sites better for property please advise.
I know Davin and Atuksha over at simple crowd funding are pretty good.
Hi Debo,As you are recommending Simple Crowdfunding, I assume you are an investor with them? I would therefore be interested to learn which project you invested in and what return you received?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
No I haven't personally invested in any of the projects but I have held money with them with a view to invest and I know some of the people who have both invested in projects and raised money via crowdfunding. Both of whom report on the process being pretty easy to do. They obviously have the standard KYC and AML checks but I've noted that their customer service is also rpetty good.
Have you heard otherwise?
Yes, I have. Nicole Bremner / East 8 / SimpleCrowdfundingRaising the money is one side of the operation - however paying investors back their money is another. Although admittedly not the responsibility of Simple Equity, they should continue to communicate with investors once they have raised the funds and received their commission imho, especially if investors are struggling to get up-dates from the developer who raised the money.However, I am hearing rumblings of poor communication, failure to up-date investors, delayed projects, and generally poor customer service, such as messages and phone calls being unanswered by SCF.
Oh wow. Gosh ok. I didn't know that. That's a real shame. I've met Atuksha in person who was lovely. In that case I'll hold my recommendation. Apologies jgwilliams
Do you know any good ones then Vanessa?
Did you read the thread? I wouldn't want you to take my word for it.General comment .... It's prudent not to base business decisions or recommendations on whether someone is nice or not. Due diligence is so powerful because it isn't personal or based on emotion or impressions, as these can all misguide you. A lovely person can be a conman or not very good at business just as much as an unpleasant person can offer a very ethical and excellent service.While it helps if you like someone, that only forms part of the equation if you want to manage your risk appropriately.
Yeah I read it. No I agree with what you're saying but I'm also a gut type of person too. So if I get a bad vibe from someone that's more incentive to dig a little deeper. Not particularly scientific but it has helped me sidestep a lot of potential disastrous relationships.
Fair point though
I do agree that gut instinct generally serves us well. You sound like a very sensible and open minded person, so I am sure you will do well in your property life.It's funny, because I have spoken to many people who have lost life-changing amounts of money, and they consistently said "He/she seemed so nice". One lady I spoke to not so long ago who had loaned a property guru £100K and could not get it back still maintained that the individual was a "nice person", even though that individual had literally stolen money from her.This article sheds some light - Trust - How easily we are fooled.
P.s. any help with the due diligence of financial service companies. The problem with P2P is that it's all so new so no one really has a track record yet
Point of inquiry Vanessa. I thought these people were FCA regulated. Obviously that issue should be raised with them if what that chap said is happening...