By chance, I have cancelled before signing / paying anything !
ah, sorry, misunderstood your previous post.
with CrowdHouse it’s like this:
- you signal your interest in a project
- they send you all the paperwork and info stuff
- you do your duties (sign papers, go to the notary, etc) and send back everything via post.
- once all of these packages are back, they initiate the purchase and notify everyone. Those that are late are out of the game. (so I guess they overbook the project and send a package to about 10-20% more people than what money they need)
So if I understand you correctly, you stayed put at step 3 and haven’t progressed. Why would that be foxstone’s issue?
You are right, I stopped at step 3 in your message.
Hereafter you can read the detailed events:
- 30 Nov. 2021 : last message from Foxstone as they have all the documents signed from me + notary ; they wrote “we will give you the bank account to send the money very soon”
- 8 Déc. 2021 : I sent an email to know where we are, no answer.
- 9 Déc. 2021 : phone call, the guy is not here, the secretary said “he will call you back in 5 minutes” (I still wait). No callback, no answer.
- 16 Déc. 2021 : same. No callback, no answer.
- 17 Déc. 2021 : same. No callback, no answer.
- 11 Jan. 2022 : I received an email with some informations that it will take more time than usual as the proprietary is an “institutional actor in real estate” ; signature is planned in few weeks.
- 11 Jan. 2022 : my reply is to cancel my file
- 12 Jan. 2022 : callback from Foxstone (they still alive) to try to understand ; I explain that they have lost my confidence ; the guy answer about the fees for the notary ; I argue that it’s not fare and he tells me that he will ‘see’ what to do for me as he understand my concerns.
- Jan. 2022 : he call me back to announce me that there will be no fee.
Last development, which shows the $!%*!§§ inside Foxstone !
- Today, 7 Feb. 2022 : i have received an email that I can proceed to the payment !
I can understand that the read estate procedure takes time but not the non professional management, particularly when you invest some ‘quite big amount of’ money.
Hope it’s more clear.
Good evening, this is really strange as I had asked them many questions by Email, phone, etc…and I always had responses in a timely manner.
If I were in your position and no response I would be stressed out as well.
“stressed”… as my money was by my side, it was fine
Before processing with the notary, the exchanges were easy, as you mentioned.
I consider “prohibitive” the lack of communication after the is .
I can not imagine to not have answer from Fx if I decide one day to sell my share at their second market which seems a little bit obscur.
OK that’s just clearly unprofessional from them. :’(
reviving this thread. I just learned about this and looks like foxstone also got some investment last year. They seem to have more buildings open for investment
Anyone have any further feedback?
How does it work with taxes? do they provide you the paperwork and do you pay only on the quarterly earnings or also on a % of the imputed rental value?
Just for your own good ignore all of those “crowdsourced RE” schemes/platforms.
Arguments can be found across the forum.
I guess if you look hard enough arguments can be found both ways… was asking from anyone with real experience
I’m having a steady 7% income on one of my crowd-financed properties (before taxation), not counting the appreciation of the building itself.
I think to flatly say “ignore this if you want the best” is a bit too much on the dismissive side.
Foxstone has lately been doing crowd-lending (RE financing without ownership) around 5-6% pa interest, which usually sell out in 1-2 hours after publishing, so I guess enough many people find this still interesting.
What’s your exit strategy/possibilities?
I am referring to the “platforms” that get advertised around - on which you are “locked in” and probably only have the possibility to try and sell within it, when a need arises.
Don’t know if your deal is within one of those, or in a private arrangement (which I would probably prefer too).
for crowd-lending, it’s basically a junior bond and it expires with a coupon. nothing to manage there.
for co-ownership on RE, you have an exit option at the renewal of the mortgage (you can sell among other owners or you can sell to third parties willing to take the share, or you can stay). Yes, an owned slice of the property is not so easy to sell, the secondary market is the platform itself - but it’s not impossible. Normal exit strategy from RE investments, however, is never.