daft1 daft2

Seems legit.

Anyone?

South Circular road, South Circular Road, Dublin 8 (Daft)

Thanks Der Howard

19 thoughts on “HouseFunding

  1. 15 cents

    sounds dodgy .. who deals with all the landlord duties so? like dealing with the tenants, and their problems, like fixing showers and windows or whatever..

    1. pedeyw

      There’s probably a property management company or something. I’ve rented a few places taken care of by a company on behalf of a landlord.

  2. Supercrazyprices

    4% of the rent at 86K per annum is only 3.4K not 4K. And that doesn’t take into account the maintenance vacancy periods, LPT, income tax on rental, etc.

    This is going to end up in the courts in five years.

  3. Ros

    Massive implications of the way this is setup.
    If it is as it sounds and the person is selling shares in an investment rather than shares in the property itself they will run in to major issues. Putting “crowdfunding” on something like this doesn’t magically make it any less of a type of investment vehical. I doubt this has being cleared with the central bank or regsitered accordingly as an REIT ( which is what it sounds like )
    If instead they are selling shares in the phyiscal property it will be a legal nightmare with regard to legal rights of each part owner and especially how to deal with the option of a member to cash out ( will the others then have to buy them out ? who pays? )

  4. JohnJoe

    This is possibly an Alternative investment fund or something similar. Regulatory nightmare that would have to be underpinned with an outrageous amount of legal agreement between the parties. It will also involve the use of Trustees as you can’t stick everyone on it. There are legit regulated companies doing this already https://www.propertycrowd.com for example

  5. Spaghetti Hoop

    Yet the ‘deal’ doesn’t consider that the buyer might want to live in 25% of the property. No, only for renting out. So it’s not good enough to be home, only an ‘investment’. Which is exactly the mentality of the greedy old Bulgarian apartment buyer of the Tiger days; property, property, property. Walk away from this scheme.

  6. wearnicehats

    Is there a legal issue here? It’s not a new thing, especially “across the water”. The building is presumably bought by a limited company which, as the full price of the house is raised, has no debt. Each investor will then get preferential shares in the company and whatever dividend is due etc. The company would charge an initial percentage commission and then an annual management charge on your rental dividend. It’s risky sure but it’s quite a small risk relatively

  7. Mourinho

    Relax, loads of people do it.
    Therefore it must be legal. :)

    TheHouseCrowd.com in the UK are a big player and MoneyCrowd.ie haven’t been shut down by the Irish Central Bank yet

    1. Kieran NYC

      Won’t be until there’s an eventual sob story on Joe Duffy.

      That’s how Ireland works.

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