Muldowney Property Services "self financing" investment properties in Bulgaria

L

limerickmick

Registered User
Messages
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Hi all,

Have any of you dealt with this company and what are your opinions.

I have been offered investment properties in Bulgaria in Banksko that will be "self financing" and wonder if anybody has had any experience.

Thanks in advance for any advice.

Regards
 
Re: Muldowney Property Services

As mentioned in previous posts, go visit before investing. A friend of mine did a bit of research on Bansko and didn't like what he saw. Do a search on this forum and also check boards.ie for more opinions. AFAIK there is no great resale potential over there.
 
Re: Muldowney Property Services

just digging up an old thread - saw an ad on the front of the SBP Markets supplement of a prperty fund operated by muldowney with a guaranteed 15% return?? seems odd and im sure there's a catch. the website gives very scanty info, just keeps saying to 'call us'

anyone have any info?
 
Re: Muldowney Property Services

Unfortunately, I have not dealt with this firm.
The rental income generated from a property in Bansko would be mainly based on the ski season (I dont believe people will be going there during the summer to play golf- Portugal for example is so much closer) which are only a few months of the year.

Secondly, if you were to get a max LTV Bulgarian Euro mortgage, the gross rental yield generated less all costs in most cases will not cover the cost as the interest rates are around 6%. (Unless you are being offered a very high guaranteed rental). It is posssible at present to generate a 6% gross yield if you were renting it out yourself. Assume that all the new builds do get completed the result would be more pressure on the rental market, and also if the price inflation increases the obvious effect is a decrease in the yields.

If you are looking for a pure investment property you should consider a location with a lower supply of new builds.
 
Re: Muldowney Property Services

The scam involved frequently with "self financing" properties appears to be that they offer you a guaranteed rental in a market with no local rental market and they are paying that rent from the money you originally paid them.

Then when the guaranteed rent (really your own money) runs out youre out on a limb. It would be more transparent to ask them for a reduction in price in return for foregoing the guaranteed rent.

I would love to know what the occupancy rate is for those apartments which are supposedly rented out by the property company?
 
Would avoid anything like this, especially in Bansko. No such thing as a self financing investment in Bansko.

Rachel
 
Re: Muldowney Property Services

This post says it all. Why do people still seek the killing! It does not exist. Golden rule of foreign property is that the property must be affordable for the local population.
 
As has been said numerous times on this and other forum sites, 'guaranteed rentals', whether in UK or overseas are factored into the price you pay. Just stop and think for a moment - why would a developer want the hassle of trying to find tenants in a saturated market ?.

Prime example is Imagine Homes, offering 15% over 2 years, paid up front i.e. 7.5 on completion and 7.5 12 months later (and you have to buy Anthea Turner's furniture pack). The irony of any of these schemes is not only are you getting your own money back (having paid over the odds) you are liable for income tax on it !.

However, this offer is genuinely "self - financing". You have to finance it yourself !.
 
Some developers in Bulgaria have been known to offer an additional "perk" whereby you also get any rent that is achieved on top f the "guaranteed rental"!!

Run a mile from this scam. It is designed to catch idiots and the gullible.
 

What responsibility does the Sunday Business Post and other have in allowing these adverts to be placed?
 
In response to bigrog's comment about imagine homes being a prime example of 'guaranteed rental'.
In fairness to them, one development they offer such a deal on is the icon in canary wharf.
I definitely don't think that's a con.
I think it may well just be an operating policy they employ.

The icon is right in the heart of canary wharf - surely rentable with or without imagine home acting as the letting agent !
 
And by the way- their prices are comparable to other agents prices selling on the same development that don't offer guaranteed rentals.
 
Just another point.

There is no way in hell you will rent out anything during the summer season, ie April to November. Not even with the spa and golf course. It's a ski resort with a quiet village during summer.

Which begs the question, how can it be self financing?

Several who I have talked to, love the place and it's full to the gills during the winter. It's affordable skiing. The craic in the village is meant to be good too - locals and tourists alike.

It's a massive building site, and you have to make sure the development isn't miles away from the gondalas.

But if cost is the only factor you are considering, then obviously the further away from the gondalas the lower the price. Studio's start from around 35k - you won't be able to swing a cat in them, never mind store skis, but they do exist.

complimentary shuttle buses go from every hotel and development to the slopes anyway, but it just might make it that little bit harder to rent.

If you have to depend on rental, then dont buy - anywhere.

You simply have got to be prepared to bear the burden of a mortgage if anything goes wrong.
 
There is another thread running at the moment ''Guaranteed - 45% interest over 3 years. It is a Mudowney product. Are they the same company?
 
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