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Equfund was founded by Daniel Mahon in 2002 and our goal is to provide affordable housing to help prevent homelessness. We have a proven track record of helping the UK’s homeless get back on their feet. Today, we invest over £32 million from our patrons in affordable and emergency housing across the UK and have found homes for thousands of people.
Story: Clare Gorry, 57
Though I have a small workplace pension, I decided to invest in a buy-to-let property a few years ago and that this would be my primary source of pension income. As the property got old, I started to receive diminishing returns because of managing agents fees and property maintenance costs.
“When my latest tenants made irreversible (and unauthorised) alterations to my property, I lost heart. The management agents I paid so much for had not been monitoring the property as they were contracted to. The cons of being a landlord had overtaken the pros, and once I finally sat down to calculate my total incomings and outgoings I figured out I was earning a yield of just over 4% once all deductions were taken into account. I did not want to manage the property myself, so I decided to sell it.”
I’m attracted to the ethical side of Reap and I like its simplicity; I don’t have to stress about Gas Safety Certificates, rental void periods or damages to my property and I’m no longer at the mercy of unscrupulous letting agents.
“I like to feel that I have contributed to bring empty properties back into use and that these are let to young families. When I looked at other options available it was not easy to get answers to simple questions: where does my money go? How is my money used? I don’t want to fund the next Wonga, or find that my money has funded any arms companies. An awful lot of financial products appear intentionally opaque in this regard, when what I wanted was good ethics and transparency.”