Parking Investments
Discussion
RS6 see you said:
Hi DonkeyApple
thanks for the information below, I have been sent a large amount of information from them and although people are quick to jump on its a scam, which I thought initially I don't believe it is, could I forward what I have for you to look at please as you seem to know your stuff.
I would be purchasing from Group First not park place, so park place has no bearing on my decision, I could have easily picked another broker but was happy to use a local company. The fact the director is called Neil has no bearing on my decision either.
The original question I posted was simply had anyone done it?
Happy to be PM'd but to be honest Google is your friend. Just put the name of the company of your choice in, followed by the word scam. thanks for the information below, I have been sent a large amount of information from them and although people are quick to jump on its a scam, which I thought initially I don't believe it is, could I forward what I have for you to look at please as you seem to know your stuff.
I would be purchasing from Group First not park place, so park place has no bearing on my decision, I could have easily picked another broker but was happy to use a local company. The fact the director is called Neil has no bearing on my decision either.
The original question I posted was simply had anyone done it?
DonkeyApple said:
Warning signs for investment scams:
Lack of trading history.
Lack of FCA regulation.
Targeting the statistically dafter end of the retail market (ie Facebook promotion etc).
Very poor website.
Lack of credible details.
2 year fixed returns is a classic scam wheeze.
Land parcels are a classic scam wheeze.
No secondary market for exit. That makes it an absolute no, regardless of legitimacy.
Why is retail investment needed? It's the most expensive money to raise and only ever a last resort when a business plan is too weak or fraudulent to attract professional money.
Lack of trading history.
Lack of FCA regulation.
Targeting the statistically dafter end of the retail market (ie Facebook promotion etc).
Very poor website.
Lack of credible details.
2 year fixed returns is a classic scam wheeze.
Land parcels are a classic scam wheeze.
No secondary market for exit. That makes it an absolute no, regardless of legitimacy.
Why is retail investment needed? It's the most expensive money to raise and only ever a last resort when a business plan is too weak or fraudulent to attract professional money.
If something isn't kosher you will normally see the first half of the page showing links to investment sites that all rave about how good it is, all written in the same style and posted on standard promo sites around the same dates. Later in the searches you then start to find results like this:
maximus1
maximus1
New Member
a bad day
do not invest with them. i wish that i had never heard of them , let alone given them my hard earned money. bought an overpriced invest, delivered three years late (actually its still not been handed over yet) and despite all of their wealth builder plans & promisses they now tell me that the rental returns are not as they had hoped, and they are now trying to scare us into signing up for somthing, that is not at all beneficial to me.its kind of funny, if you phone them regarding any of ther projects, they will tell you that ther doing great and you better get a wiggle on or you will miss out and they tell tales of great returns via rentals.then like me when you talk to them about rentals or possible resale they tell you, good luck trying to sell or rent anything at the moment because nothing is moving, and they are right as i have checked out many est agents in the area, and nothing much is selling unless you want to sell at a loss. they do however continue to falsley advertise the high return rates etc on ther web site, and still send out to existing and potential customers ther rates that they know not to be true. i am in the process of now taking legal action against them.my journey with them has been one of dissapointment and being let down time after time, stressfull and to date the worst investment i have ever made, actually its the only epic disaster i have been involved with. this is why i am sharing this with whoever wants to take heed from it. the odd thing is no matter how hard i look on forums i cannot find any body saying anything about them good or bad, so if you know of any such discussions please let me know.
regarding the returns, i cannot quite believe what they have told me today, it hurt big time. they are saying the expected rental is now going to be in the region of 20 to 30 thousand aed a year, thats right folks a year 3 to 5 thousand sterling. they are expecting final payment. its not going to happen, the stark reality is it is no deal, this means i am going to be in dis pute with them and i now realise that i have lost my investment pretty much as i am sure that if i do not make the final payment they will probably seize it or somthing in ther favour. but it is already not worth what i paid for it, and 5k a year rental? it will take me about 60 years just to break even. if anyone is interested in contacting me then do so i can forward copies of correspondance to you. i think it is to late for anyone who has purchased in yasmin now we are all in the same situation? however why dont we start a website that can be used to show the corruption that has taken place and prevent other people from investing with them?
Last edited by maximus1; Today at 03:22 PM.
Sep 20, 2011
http://www.propertyforum.com/forum/threads/nervous...
Thanks for the advise,
I did question both points raised! they have been able to supply good answers, it's a property purchase with an RIC's valuation that has been supplied from 2013 and 2015 showing an increase in value.
I was told that the spaces were rented out on a rotational basis. They supplied testimonials with regards to the rental returns and a video from a northern Man who was into his 3/4 year and seemed happy with it. Resale could be a bit risky but its Gatwick airport.
When I googled it I did come across articles, but when you dig deep there is no meat on the bone so to speak, and the problems associated with it, look like they were due to rogue agents taking customers money, I called group first directly to make sure park place was accredited and they even said no money is sent to them, they made it clear to me that funds are sent via solicitor to group first NOT park place.
I don't see how they could have been going for so long that there is no evidence of lots of angry people saying they haven't received their income or they haven't been able to sell their spaces, you guys have demonstrated that isn't the case and instead jumped on the fact the broker is new, which doesn't bother me, in fact, to defend them they have been very open with me, but still has no bearing on the actual investment.
I did question both points raised! they have been able to supply good answers, it's a property purchase with an RIC's valuation that has been supplied from 2013 and 2015 showing an increase in value.
I was told that the spaces were rented out on a rotational basis. They supplied testimonials with regards to the rental returns and a video from a northern Man who was into his 3/4 year and seemed happy with it. Resale could be a bit risky but its Gatwick airport.
When I googled it I did come across articles, but when you dig deep there is no meat on the bone so to speak, and the problems associated with it, look like they were due to rogue agents taking customers money, I called group first directly to make sure park place was accredited and they even said no money is sent to them, they made it clear to me that funds are sent via solicitor to group first NOT park place.
I don't see how they could have been going for so long that there is no evidence of lots of angry people saying they haven't received their income or they haven't been able to sell their spaces, you guys have demonstrated that isn't the case and instead jumped on the fact the broker is new, which doesn't bother me, in fact, to defend them they have been very open with me, but still has no bearing on the actual investment.
Vaud said:
I'd advise against. Just google wither company name and "scam" for loads of impartial advice.
Projections mean nothing, and this is an unregulated investment. If you can afford to lose it all, then go for it, because your only return may be those 1st two years. Then my guess is your "space" will be in the wrong car park, at the wrong time as they continue to expand in other carparks that are newer/more desirable / more secure leaving you with a useless asset that isn't giving a return, that you can't sell.
If they are so successful there would be a buoyant 2nd market in the spaces?
Look at their storage scheme and the issues around that.
Projections mean nothing, and this is an unregulated investment. If you can afford to lose it all, then go for it, because your only return may be those 1st two years. Then my guess is your "space" will be in the wrong car park, at the wrong time as they continue to expand in other carparks that are newer/more desirable / more secure leaving you with a useless asset that isn't giving a return, that you can't sell.
If they are so successful there would be a buoyant 2nd market in the spaces?
Look at their storage scheme and the issues around that.
RS6 see you said:
Thanks for the advise,
I did question both points raised! they have been able to supply good answers, it's a property purchase with an RIC's valuation that has been supplied from 2013 and 2015 showing an increase in value.
I was told that the spaces were rented out on a rotational basis. They supplied testimonials with regards to the rental returns and a video from a northern Man who was into his 3/4 year and seemed happy with it. Resale could be a bit risky but its Gatwick airport.
When I googled it I did come across articles, but when you dig deep there is no meat on the bone so to speak, and the problems associated with it, look like they were due to rogue agents taking customers money, I called group first directly to make sure park place was accredited and they even said no money is sent to them, they made it clear to me that funds are sent via solicitor to group first NOT park place.
I don't see how they could have been going for so long that there is no evidence of lots of angry people saying they haven't received their income or they haven't been able to sell their spaces, you guys have demonstrated that isn't the case and instead jumped on the fact the broker is new, which doesn't bother me, in fact, to defend them they have been very open with me, but still has no bearing on the actual investment.
For a financial advisor, I would expect more scepticism when being sold to. I did question both points raised! they have been able to supply good answers, it's a property purchase with an RIC's valuation that has been supplied from 2013 and 2015 showing an increase in value.
I was told that the spaces were rented out on a rotational basis. They supplied testimonials with regards to the rental returns and a video from a northern Man who was into his 3/4 year and seemed happy with it. Resale could be a bit risky but its Gatwick airport.
When I googled it I did come across articles, but when you dig deep there is no meat on the bone so to speak, and the problems associated with it, look like they were due to rogue agents taking customers money, I called group first directly to make sure park place was accredited and they even said no money is sent to them, they made it clear to me that funds are sent via solicitor to group first NOT park place.
I don't see how they could have been going for so long that there is no evidence of lots of angry people saying they haven't received their income or they haven't been able to sell their spaces, you guys have demonstrated that isn't the case and instead jumped on the fact the broker is new, which doesn't bother me, in fact, to defend them they have been very open with me, but still has no bearing on the actual investment.
Show me 3 independent publications or specialist forums that are either neutral or positive towards it.
RS6 see you said:
Hi,
Am I missing something with the park place being the broker?
how does that matter? my contract is with Group First and money is sent to them not park place, they have simply given me all the information I have asked for
The broker may not be important to you, but one can often tell something about someone / a company by the people they associate with. It sounds as if the answer to your original question is that no-one here has invested with them and no-one would touch them with a bargepole but if that doesn't put you off (or if the parking scheme or the broker is your own company) then fine, but I doubt you'll win any customers here.Am I missing something with the park place being the broker?
how does that matter? my contract is with Group First and money is sent to them not park place, they have simply given me all the information I have asked for
Revisitph said:
Such cynics on this forum! Just look at the testimonials, and as for your concerns about this type of investment, well, there is an article on the website which will explain all.
http://www.parkplaceinvestments.co.uk/is-airport-p...
As mentioned earlier The Property Ombudsman (TPO) does exist - but searching its website for Park Place Investments, Park Place Investments Ltd, Park Place Investments Limited, or for Neil Finn - well, there must be a problem with TPO's website as none of those is listed as a member. Perhaps the OP could ask them.
Looks so good I'm probably a fool to stick to conventional listed equities via FCA authorised brokers... let us know how you get on - quite a lot of the testimonials refer to getting their 8% back almost immediately.
http://www.parkplaceinvestments.co.uk/is-airport-p...
As mentioned earlier The Property Ombudsman (TPO) does exist - but searching its website for Park Place Investments, Park Place Investments Ltd, Park Place Investments Limited, or for Neil Finn - well, there must be a problem with TPO's website as none of those is listed as a member. Perhaps the OP could ask them.
Looks so good I'm probably a fool to stick to conventional listed equities via FCA authorised brokers... let us know how you get on - quite a lot of the testimonials refer to getting their 8% back almost immediately.
RS6 see you said:
The other thing to consider is the agent/principal relationship. The agent chap is clearly a professional salesman from his LinkedIn and has set up the new company since deciding to be an agent to these Dubai chaps. That means there must be a decent up front comm to be paid. 10/20%? If he were regulated then he would be obliged to inform you of this but that's by the by, what it suggests is that there is quite a bit of your investment money to be chucked around, which suggests the true value of the plot is much lower. However, as it is unsellable the true value is actually zero.
So you will be paying £25k for an asset that is actually worth nothing. That makes this a yield deal. And two years at 8% simply isn't anywhere near enough to make a yield deal stack up. Especially as you probably won't be earning anything after that two years is up.
As a golden rule, an investment that has no secondary market is not an investment. Just be really, really careful.
DonkeyApple said:
As a golden rule, an investment that has no secondary market is not an investment. Just be really, really careful.
So here we are, back with Forrest Gump and the Hotel California,"Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
"Relax, " said the night man,
"We are programmed to receive.
You can check-out any time you like,
But you can never leave! "
OzOs
Some friends of my grandparents apparently made an absolute mint buying up old bomb plots as car parks after the war, before people realised the demand, and later sold out to (I think) NCP.
These schemes though seem to be on a par with the invest in a hotel room and/or student accommodation scams.
Ask yourself this - if it's such a good idea, why it is being offered to the general public rather than being financed on historically low rates?
These schemes though seem to be on a par with the invest in a hotel room and/or student accommodation scams.
Ask yourself this - if it's such a good idea, why it is being offered to the general public rather than being financed on historically low rates?
85Carrera said:
Some friends of my grandparents apparently made an absolute mint buying up old bomb plots as car parks after the war, before people realised the demand, and later sold out to (I think) NCP.
These schemes though seem to be on a par with the invest in a hotel room and/or student accommodation scams.
Ask yourself this - if it's such a good idea, why it is being offered to the general public rather than being financed on historically low rates?
Or picked up by the pension funds who like a balance of assets on assured/steady returns.These schemes though seem to be on a par with the invest in a hotel room and/or student accommodation scams.
Ask yourself this - if it's such a good idea, why it is being offered to the general public rather than being financed on historically low rates?
1. The property ombudsman is a joke. It's not a regulator.
2. RICS valuations don't exist.
3. If you have even 50% of a brain, the 8% is irrelevant. You need to know the AVERAGE LIFETIME NET YIELD.
Point 3 is almost all that matters.
To value the property you need to know its real yield not the marketing spin that is unrelated to the economics but in fact points directly to PONZI in large letters.
Just take two seconds to think about the secondary market.
If someone can buy a plot for £25k and get two years at 8% guaranteed, what exactly are they going to pay for a plot with NO guarantee??
I will help you, since you appear to struggle and because I evaluate (real) investments for a living.
It will be LESS than £25k.
Let me repeat that since you seem quite hard of thinking.
IT WILL BE LESS THAN £25k.
If, as an investor, I have a choice between two exactly similar plots with one having a guarantee and the other NOT… guess which one is more valuable??
So the only question you have to ask is HOW much less valuable.
Now unless these legendary “answers” contain the 25 year historical financials for every plot and it’s NET rental yield – YOU HAVE NO CLUE.
So, please enlighten us… what is the NORMAL (non-guaranteed) yield on these plots.
Because then we can tell you what they are worth.
And I can cast-iron guarantee you it won’t be £25k.
2. RICS valuations don't exist.
3. If you have even 50% of a brain, the 8% is irrelevant. You need to know the AVERAGE LIFETIME NET YIELD.
Point 3 is almost all that matters.
To value the property you need to know its real yield not the marketing spin that is unrelated to the economics but in fact points directly to PONZI in large letters.
Just take two seconds to think about the secondary market.
If someone can buy a plot for £25k and get two years at 8% guaranteed, what exactly are they going to pay for a plot with NO guarantee??
I will help you, since you appear to struggle and because I evaluate (real) investments for a living.
It will be LESS than £25k.
Let me repeat that since you seem quite hard of thinking.
IT WILL BE LESS THAN £25k.
If, as an investor, I have a choice between two exactly similar plots with one having a guarantee and the other NOT… guess which one is more valuable??
So the only question you have to ask is HOW much less valuable.
Now unless these legendary “answers” contain the 25 year historical financials for every plot and it’s NET rental yield – YOU HAVE NO CLUE.
So, please enlighten us… what is the NORMAL (non-guaranteed) yield on these plots.
Because then we can tell you what they are worth.
And I can cast-iron guarantee you it won’t be £25k.
RS6- I have an even better investment opportunity for you:
I have a parking space in my back garden, I will sell you this 4m x 3m space for £10,000, you will get the title deeds and everything, name on the land registry the whole lot.
I will guarantee you 15% returns for 3 years (I'm offering better returns than the airport!) as I know my parents currently keep a caravan on the spot, they will fully utilise the space and will always need the space, so basically guaranteed income for you. you can decide on year 4 to manage the investment yourself, or stick with my proven business model. I also have predictions from the RICS that the change of use for the space from mere bit of back garden to commercial car park has increased the value in the land by 100%, so you should be able to sell this piece of land immediately after purchase for £20k on the open market.
see i've just picked some figures out of the air and made my deal sound even better than the airport deal.
now here's the issues you've not realised while I gave you some awesome headline figures. you need access to the parking space, that can only be provided via my driveway, good luck trying to get that, it was written into the land deeds that access was only via the small communal footpath, so no vehicular access, however I'm willing to negotiate that access for £20k?? also on day 1 of year 4 my parents decided they didnt want to store the caravan there, so they actually moved it over to the area next to it where i dont actually charge them storage space.
hmmmm so you now have no tennant, there for no rent. i also dont want people constantly coming and going from my back garden, so i'm certainly not bothering my hoop to market your parking space any more. also I forgot to tell you I'm now charging £10k per year in management costs for the parking space. but thats ok because you can go and market the bit of land for yourself- try renting out one individual space to people (that you cant get access to because I'm not letting people drive down my drive way and cars dont fit down a footpath. or even better, go and sell this amazing car parking space commercial value of £20k according to the RICS, nope no takers? ok lets at least recover the initial costs £10k? what who the f$%k is gonna pay that for a stupid small bit of land with no access, no right of access, no services, no value, tell you what RS6 i'll buy my bit of garden back because i'm super generous and I'll give you £50 and reach around for trouble...........
I have a parking space in my back garden, I will sell you this 4m x 3m space for £10,000, you will get the title deeds and everything, name on the land registry the whole lot.
I will guarantee you 15% returns for 3 years (I'm offering better returns than the airport!) as I know my parents currently keep a caravan on the spot, they will fully utilise the space and will always need the space, so basically guaranteed income for you. you can decide on year 4 to manage the investment yourself, or stick with my proven business model. I also have predictions from the RICS that the change of use for the space from mere bit of back garden to commercial car park has increased the value in the land by 100%, so you should be able to sell this piece of land immediately after purchase for £20k on the open market.
see i've just picked some figures out of the air and made my deal sound even better than the airport deal.
now here's the issues you've not realised while I gave you some awesome headline figures. you need access to the parking space, that can only be provided via my driveway, good luck trying to get that, it was written into the land deeds that access was only via the small communal footpath, so no vehicular access, however I'm willing to negotiate that access for £20k?? also on day 1 of year 4 my parents decided they didnt want to store the caravan there, so they actually moved it over to the area next to it where i dont actually charge them storage space.
hmmmm so you now have no tennant, there for no rent. i also dont want people constantly coming and going from my back garden, so i'm certainly not bothering my hoop to market your parking space any more. also I forgot to tell you I'm now charging £10k per year in management costs for the parking space. but thats ok because you can go and market the bit of land for yourself- try renting out one individual space to people (that you cant get access to because I'm not letting people drive down my drive way and cars dont fit down a footpath. or even better, go and sell this amazing car parking space commercial value of £20k according to the RICS, nope no takers? ok lets at least recover the initial costs £10k? what who the f$%k is gonna pay that for a stupid small bit of land with no access, no right of access, no services, no value, tell you what RS6 i'll buy my bit of garden back because i'm super generous and I'll give you £50 and reach around for trouble...........
Rangeroverover said:
I remember Radio 4 doing a "I've lost my money on a dubious investment" piece on these people.
Also don't put student units in the samr boat, we manage about 300 student spaces and the returns are mostly in excess of 7%
Student accommodation is very popular at the moment. Lots of investment going into them, steady yields, predictable utilisation, and high demand for the newer units.Also don't put student units in the samr boat, we manage about 300 student spaces and the returns are mostly in excess of 7%
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