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I've been watching this thread for some time, (you can't miss it really....). I too sell BMV investment properties and take reservation fees. Conditions of reservation are clearly stated and there are minimal times when the reservation is not refunded. Any non-refund will always cause friction, however, I have only ever fallen out with one client over this, but the way the client performed, or didn't, I would not wish to sell another property in any case. When reservations are taken, they are held in a client deposit account. Reservations are not income. The point I make, is, no-one should have to wait for a reservation refund if it is genuinely due. If a contract, or deal cannot be produced by the selling agent, the reservation should be refunded, (unless terms state otherwise) and as the money should never go into cash flow, it should be on tap to refund. I haven't had any dealings with the company on here, so my point is only observational. Of the posters whom advise never to pay a reservation, I don't agree. If a buyer messes around, which many do, there are often fees incurred by the agent and seller and this goes someway to compensation. All I would say is investors need to assure themselves they are confident in what they are buying, who from and how the company conduct their business. Too many buyers have been far too keen in the past to throw deposits at agents, when now we are in a completely different market. 

Hi,

Believe it or not - I agree with everything you say, but I attribute my part in this mess to a complete lack of experience on my part in respect of property portfolios and believe me the lessons have been learned. I have always taken upfront Finders Fees from clients in respect of all my deals prior to this saga and I have always immediately refunded those fees when a property deal failed for whatever reason - as hundreds of my clients can confirm. However, this was not my deal and I was not holding the money.

I welcome your impartial balanced view and especially agree about the posters who advise never to pay Reservation Fees and the fact that a lot of buyers 'mess around'. This is happening now in respect of a certain couple of 'buyers' who - taking advantage of the fact that I have not requested any type of upfront fees on one deal (for obvious reasons) -  have reserved properties then withdrew only to reserve again. This has messed us around and the broker. 

Finally, I would like to put things in perspective:

prior to this Chris Long saga, I have 36 years in property and of the many hundreds of clients I have dealt with just 2 have posted on here - one who 'jumped the gun' and who was happy to post 'problem resolved', and one who is mentally ill or delusional.

2 clients out of hundreds.

I'd say that's a pretty good result - for me and Gekko Properties.

Regards

Roger 

 

 

 

SUB:

I've been watching this thread for some time, (you can't miss it really....). I too sell BMV investment properties and take reservation fees. Conditions of reservation are clearly stated and there are minimal times when the reservation is not refunded. Any non-refund will always cause friction, however, I have only ever fallen out with one client over this, but the way the client performed, or didn't, I would not wish to sell another property in any case. When reservations are taken, they are held in a client deposit account. Reservations are not income. The point I make, is, no-one should have to wait for a reservation refund if it is genuinely due. If a contract, or deal cannot be produced by the selling agent, the reservation should be refunded, (unless terms state otherwise) and as the money should never go into cash flow, it should be on tap to refund. I haven't had any dealings with the company on here, so my point is only observational. Of the posters whom advise never to pay a reservation, I don't agree. If a buyer messes around, which many do, there are often fees incurred by the agent and seller and this goes someway to compensation. All I would say is investors need to assure themselves they are confident in what they are buying, who from and how the company conduct their business. Too many buyers have been far too keen in the past to throw deposits at agents, when now we are in a completely different market. 

Well Roger, my post deals with both sides of the coin. What I would say was I sussed CL out a long time ago, when he sought to acquire some of my stock, to, as it seems, pass on to his/your/anyones clients as he cannot source his own. Thankfully, he would have needed to pay my company a reservation, which he promised, but never did, so even if the deals went tit's up, I would have still been in funds to refund the actual loser - the buyer. It seems the best lesson to agents and finders is keep the deals to yourself and ensure any reservations are dealt with in house, with your terms in force. I always say, my office does not have 'Job Centre' above the door, so if you want to earn a living from my hard earned contacts, put your money up!

Folks,

Yesterday an investor kindly called me who had made investments with Gekko - one deal went through in September and worked well (with cashback), then another one (a Chris Long) deal was not working out as planned - he asked for his money back - Chris Long dragged his feet on it - but he got it back in the end (from Roger, I believe).

I have at least sourced one investor who has (a) done a Gekko deal and (b) got some money back from Roger.

This doesn't excuse not paying others back their funds that were paid and no deal forthcoming (a long time ago, now), but does at least say that I have found one (and only one so far!) investor who has had a refund.

David

David - Who the f***k are you? Who are you to be given investors names, personal contact details and highly sensitive information regarding their finances and investments? Who appointed you public spokesman on investors behalf? What are you up to? And just what point are you trying to make in your post below? 

The danger to all knights on white chargers is that often they end up hoisted on their own petard - especially Quixotic ones who mistake windmills for foes and perceive skullduggery where there has progressively proved to have been none. 

Has it ever occurred to you that investors who have done deals with me and received cashbacks into the bargain, or investors who have had their fees refunded by me, might just be TOO BUSY working or getting on with their lives to bother responding to the appeals of a man they know absolutely NOTHING about? Has it ever occurred to you that those same investors might not relish the details of their fiscal dealings being plastered all over a public forum which any tax inspector, mortgage snooper etc can access without even signing in on here?

This Chris Long fiasco is all but settled and 99% of the investors concerned are now happy to receive a refund within 6 weeks or - the majority - have taken GENUINE 30% BMV TENANTED deals which are NMD, CASHFLOW POSITIVE with £3,000 CASHBACK. 

YOU are the EXCEPTION having switched your £2,000 reservation fees to 2 properties from the above portfolio, cooperated with the broker to the point of having DIPS carried out only to then state that you don't know if you are taking the properties or not - thereby f*****g everyone about again. 

As a measure of your logic - or lack of it - let's just analyse this deal;

• There are no upfront monies of any kind to pay - so no risk there
• The Contracts are with the Solicitors - so no risk there
• The rents are genuine, as are the Rental Stresses of 132% to 341% - so no risk there
• The cashback of £3,000 is distibuted by the solicitor - so no risk there
• The completions are scheduled at 4 weeks but Chris Long's Signed Promise Of Refund Letter is 6 weeks, so IF the properties are NOT going to complete then this will be  exposed at least 2 weeks before the Signed Promise Of Refund expires, so Money Back instead - no risk there.

I have such a good reputation and relationship with my clients that I could - if I desired - make phone calls and fill this forum for days with posts from GENUINE investors who have had substantial cash-backs from my deals, and equally from investors who have had Reservation or Finders Fees refunded by me when deals did not complete. 

I will NOT do that to satisfy YOU.

Who are you and just what are you up to?

George Payas is a very intelligent, erudite and obstinate man - probably a man who would spend £10,000 chasing a debt of £1,000 if he believed he was in the right. Yet even George is now back on board and happy (given proof) to take other deals as long as they stack and are genuine (which they are) rather than continue on this futile kangaroo trial by Singing Pig or any other type of action.  This being so David, why are you persisting in posting tripe on here? Are you more intelligent, resourceful or obstinate than George?

I personally don't think so.

I really think that you are either a mole who's real purpose is to agitate and ruin the businesses and reputations of certain people without proof nor cause, or you are a very SAD ANORAK with nothing else to fill your life.

May I suggest Trainspotting? It's less damaging and is a pastime with no unexpected surprises.   

Regards

Roger

 

 

David Mason:

Folks,

Yesterday an investor kindly called me who had made investments with Gekko - one deal went through in September and worked well (with cashback), then another one (a Chris Long) deal was not working out as planned - he asked for his money back - Chris Long dragged his feet on it - but he got it back in the end (from Roger, I believe).

I have at least sourced one investor who has (a) done a Gekko deal and (b) got some money back from Roger.

This doesn't excuse not paying others back their funds that were paid and no deal forthcoming (a long time ago, now), but does at least say that I have found one (and only one so far!) investor who has had a refund.

David

Greetings,

i do not speak for David Mason, as he knows his own mind, but i honestly believe he posted his comment in a positive way. I appreciate it could be interpreted differently, but i believe he is basically saying that while he only knows of one investor who has been refunded FULLY so far, there is hope for anyone else who has yet to be refunded. I think he is making the point that before all these Chris Long problems, YOU did refund investors when a refund was due. That statement will make any investor still owed a refund a little less stressed(it definately makes me feel better), so this can only be a good thing for Gekko. As for stating that he has only found ONE investor so far, i believe i know 14 investors who have still not been refunded, so i guess he is urging caution rather than giving you guys a reccomendation. I think this is understandable if refunds are still outstanding.

I am happy to confirm for the benefit of anyone reading this, that if any current deals or deals in the near future stack up, and the deal is proven to be genuine, i am happy to switch my original reservation fees to other deals. Failing that, i would be happy to wait for a refund until the 26th of June, which i believe is the date that has been mentioned, as long as the parties involved sign a document stating that refunds will be made by such a date. At this moment in time, i have not seen any signed document of that nature. I do hope this whole, horrible, situation gets resolved soon, and we can all start posting happy posts.

George

 

 

George,

 Thanks, my comments were - indeed - meant positively, I am surprised that such a negative response (to my positive one) was loaded. 

Roger,

The reason I flipped to and fro was that I didn't know what to believe (no-one had actually said on this forum "I received a refund" - or at least that I have seen, sorry if I've missed that), hence my checking on it.  I had not had a response from you, hence a public request.  Hence also, a public statement back.  Is that not reasonable?

I wish you well.

David

Strange. I was not aware that "f*****g" this and "f*****g" that had become an accepted way to vomit vitriolic vernacular at fellow forum users.