We prepared the newsletter and the web-brochure. The deal had looked great on paper and we trusted the developer, with whom we had previously done good business. We felt the site visit was just a formality: an essential one, but a foregone conclusion nevertheless.

The 15 one-bed flats will form a nice little development; I was intending to buy one for my own portfolio. There are good things happening in the town, both now and well into the future, and the prices represent a good discount off RICS verified values. But when we got there we had to change our mind.

"I'm sorry Martin, but I'm going to have to disappoint you".

"We can't go ahead with these properties because of the cement works next door". The apartments were everything the developer had claimed, the prices were excellent, the neighbourhood was fine, but you just can't have a cement works in your back garden. Not even a little one. Perhaps you wouldn't mind after all, but at least you need to know it's there before you make your commitment.

"This isn't right for our members".

So there you have it. It would have been so easy to go ahead with the deal, either because we hadn't visited the site ourselves, or because we knew that many members wouldn't visit the site either. But the Viceroy Investors' Promise, our charter for integrity, service and due diligence, prevented us from proceeding.

Not just words - a whole belief and values structure. It was very nice (and reassuring) to see it at work.

I haven't mentioned where the development is; that would be inappropriate. But it will no doubt arrive in your e-mail inbox from another company in the next few weeks. Just remember to do your due diligence, and only deal with a company you know you can trust to do theirs.

Our success depends as much on the 19 opportunities we turn down, as it does on the one we go ahead with.

To see the latest ones we have gone ahead with, click:

www.viceroyinvest.com

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