Real Estate Investors Share Discussion Threads

[ravpabari] 19/7/2022 13:35

SpectoAcc- what’s your point exactly?

I read a few of the messages on here and thought that the Bassi family who do a lot of good for my community were being trolled unfairly. So I’m not allowed to say my piece?

[spectoacc] 19/7/2022 13:28

Joined: Sept 21.

Exclusively posts - RLE.

[ravpabari] 19/7/2022 13:23

Hillofwad- You are wrong again! His son does not and has NEVER been employed by RLE. You have completely made that up. Just like you did about his nephew being his son. The LinkedIn link also says he is at Bond Wolfe/Bassi Capital so not really sure what your point was with that!?

With regards to the properties sold prior at auction, I am reliably informed that this is sometimes a tactic used when they have agreed a sale to get an exchange of contracts done and have a long stop/back up of an auction date so that if a party fails to exchange they can go to the auction- fairly sensible if you ask me. Look at every other major auctioneer- none of them disclose the price of properties that are “sold prior”. Not quite the scandal you are making it out to be eh?

Can’t workout now if you are a Bassi hater or fanboy? So you read his book and when he was starting out he put a sold board up at his own house- big deal? What exactly does that say? Are you trying to make out that the RLE sales aren’t real/genuine? I’m sure the shareholders would allow that.

[hillofwad] 19/7/2022 13:21

Fair play if they get this away for a nice profit and they have half a chance

hxxps://www.bondwolfe.com/agency/properties/40-st-pauls-place-st-pauls-square-birmingham-b3-1fq/

Bought for £3.75m + costs in 2015

Also a profit on this one too if they are successful

hxxps://www.bondwolfe.com/agency/properties/castlegate-house-castlegate-way-dudley-dy1-4ta/
Everything is up for grabs which could book a profit Field day on fees

[hillofwad] 19/7/2022 13:01

Yes Iwill when they evnetually appear at Land Registry I suspect that the maj have yet to complete


The point is there is only usually good news emanting from RLE.It's never delivered straight and there are usually twists
If the prices were well above being sought by Bond Wolfe agency it would be v surprising that these werent flagged up It's good publicity




What it wont show of courses is the level of fees received by Bond Wolfe Auctions and Agency for the transactions

[trcml] 19/7/2022 12:31

hillofwad - if you're really that interested in the selling prices then nothing (apart from the cost) of checking on the Land Registry.

>I'm not a fan of Bassi. I think he confuses investment value with yield. Assuming REI doesn't do anything during the period of ownership to add value, the only reason he can get a profit is by selling to others that also confuse. I did buy in for a while but sold soon after when i came to my senses. But the time to have bought was pre-Bassi when the share price languished at around 8p. >Ppropco sps have been hammered recently: for discount on nav and potential for capital gain thee are much better opportunities elsewhere: a West Midlands-oriented REIT run by an ego-centric mostly into retail and offices in secondary locations doesn't really have what it takes to be that sustainable.

[hillofwad] 19/7/2022 12:03

Rav

Well sorry to disappoint Bobby Bassi Paul's son although involved in the wider web of Bassi'scompanies has been employed by RLE. He has been much involved on the day to day activity on lettings etc ,liasing with external agents In fact there was an interview in his 60th when he talked about succession

hxxps://www.linkedin.com/in/bobby-bassi-17470437/?originalSubdomain=uk

Yes it is his nephew at Auctions.the wider family

A bit like the Gallaghers in Birmingham !
AUCTIONS

You are having a laugh Of course properties are brought prior. However to put 10 commercial proeprty investments and sell 9 of them for 1 vendor off the book is unprecedented especially when they have been marketed by private treaty Why put them into the catalogue ?


Now if the prices were significantly more than asking prices they would be shouting it from the rooftops not saying forr"undislcosed amounts"


I have watched Basi's career with interest. Farmed the same patch Call me old fashioned but shoving in West Plaza when the folio is stuffed full of similar proeprties just before the planning application went in for a new Premier Inn for a new build just down the road when they had a break clause in 2021
doesn't cut it with me

Maybe just unfortunate timing!

Maybe read what he says in his book on how he first became an agent.He put a board up with his office phone number on his own property at a high price well above current values no calls

He then said I dont know why I did it but I decided to put a sold sign up(when it hadn;t) and then the phone never stopped ringing I think that says it all

[ravpabari] 19/7/2022 11:31

SpectoAcc- no Daly is not Indian so you’ve not missed anything- he is also rarely mentioned by Hillifwad! It’s the Bassi obsession. He even bangs on about his sons (one of which is actually his nephew) who have nothing to do with RLE.

I bought a property prior to the BW auction and paid significantly more than the guide price and paid their admin fee of about £1200 and had to pay the sellers legal/agent costs which were in the legal pack and I read and was aware of before offering. It’s seems really common to pay sellers costs in Auction legal packs- I saw one with SDL Auctions a few months ago that had £24,500 worth of additional costs!! Apparently Bond Wolfe now cap the amount of costs that sellers can lump into legal packs and the maximum they can now be is about £6k.

[hindsight] 19/7/2022 10:24

For my sins I own a few shares here. And much enjoy the hillofwad information. If Bassi doesnt like the criticism, suggest he takes RLE private, save lots of costs/fees. He can have mine for 50p.

[spectoacc] 19/7/2022 10:21

The guide prices are so low because the fees are so enormously high. Read the legal packs.

Enough from me, I'm bidding at Savills today.

[trcml] 19/7/2022 10:17

rayp: i think you'll find there's a lot of hate/jealousy for successful people, regardless of 'Asian'. Same in USA: Sam Walton, founder of Walmart, complained about the same attitude.

> Having just browsed the BW catalogue, the guide prices for quite a few lots of residential property seem remarkably low. The idea of a gp is to give a prospective buyer the impression that if they are the only bidder at the guide price then they'll be able to buy at that price. (Gp came into existence to save time for auctioneers having to deal with time-wasting questions: how much do you think it will fetch?)
As another has said, sold prior is common at auction. It can take at least 4 weeks to prepare a lot for auction during which time if the property is being marketed by private treaty it could sell, Also some sellers wait for the auction catalogue to come out before transacting so that the buyer can sign an auction contract.

[spectoacc] 19/7/2022 09:37

Is Marcus Daly Asian? I must have missed that.

There's a massive web of Bassi/Daly companies, of which BW & it's many similarly-named subsids is part, where the relationship btwn the listed and shareholder-owned RLE is very opaque indeed.

Take out listed RLE, and Bassi & co can do as they please. But with RLE, and the c.£1m Daly/Bassi take out of it each year in salary, it's very much in the public interest.

You paid the BW fees? Hope they removed some of them for buying pre-auction.

[ravpabari] 19/7/2022 09:31

Hillofwad- To my knowledge Bassi’s son is not employed by RLE (not on their website or listed on their payroll) and the Bond Wolfe business is run by his nephew (not son)- perhaps your “work” isn’t quite as good as you think it is?
It’s also very normal for property to be sold prior to an auction- so not sure why this shocks you so much? I’ve actually purchased a property prior to the Bond Wolfe auction last December. They regularly have 150/200+ properties, so don’t think they need to “beef up”.


It all seems a bit personal, which makes me think you must be a disgruntled ex-employee or jilted ex? You have admitted to not even being an RLE shareholder so why does it all matter to you so much?Being part of the Asian community in business, I see lots of hate/jealousy for successful Asian people from people who couldn’t lace their boots. It’s a shame.

[spectoacc] 19/7/2022 06:48

Keep up the good work @hillofwad

[ravpabari] 18/7/2022 16:02

Hillofwad you even call Bassi “Daddy” now- seriously weird! Are you a jilted ex or something? The comedy value of your obsession makes some of your posts a good read.

[spectoacc] 18/7/2022 06:58

So is the market still that strong (auctions are still busy, but not like a year ago), or is it the standard Bassi modus operandi? ie market and sell, but put them in the auction anyway, bolstering BW's business/success rate.

[ceaserxzy] 18/7/2022 06:57

wow, sleepless on a share you don't even own?

[hillofwad] 18/7/2022 04:27

It's the July auction at Bond Wolfe this week

Always useful for Daddy to run a company stuffed full of commercial properties to beef up the inventory and present to the market that you are the go to company

A staggering 10 RLE propeprties being marketed by Daddy's Bond Wolfe agency side have appeared in the catalogue ! It's a feesfest for both Bond Wolfe agency sideand auctions !

No less than 9 have been sold prior in usual Bassi style for undisclosed amounts! Never any transparency .

Unprecedented for an auction house to do this Sometimes the odd one or two gets sold prior if some sort of huge knockout bid is received but 9 is stretching it

[nickrl] 08/7/2022 10:38

As usual with RLE when you see a directors RNS you know it won't be for use of their own money. Bassi given 219,492 shares under 2019 LTIP. Funny how they always set the criteria to ensure they pay out!

[hillofwad] 06/7/2022 14:06

Yes Raypabari watching W Midland property market very closely and the usual glossy update has done the trick on the share price so no surprises there

I guess we are different. I just like to have the full basic facts made available not just a cherrypick of the best bits of news

Everything has its price of course and I am with Chucko there are better fish to fry elewhere



They are knocking these shops out and nothing wrong with trying to get the LTVs down below 40% but its now becoming just a feesfest for Bond Wolfe



The question is where is the upside ? apart from getting the 35k office away at Oldbury and whittling down the voids at Crewe and afew floors at Titan House?

They havent bought anything to add value e