Are you working with foreign property Auto? Just out of interest, because I've seen what my colleagues go through, even when I've had to translate docu's etc, ther are not so many mugs, although the glossy brochure crowd will still make their dodgy sales to keep their cars out of hock.
I'm retired from the property business, except for occasional forays for myself or friends. I made a very good living from this business, but I didn't get involved in mass marketing of one-off properties to the public at large -- I specialised in sourcing property for large investor groups. I have watched with some interest the way that relatively recent entrants to the market, many with little or no knowledge, have managed to capture a high percentage of direct sales to small Irish buyers. Ther are some companies that have expertise and that do the best for their clients, but in my opinion the majority are entirely commission driven and will sell whatever gives them the best margin, witness the recent selling spree of essentially useless property in Bulgaria for instance.
For my own amusement, and because I still retain an interest, I post my opinions on this board in the vain hope that I will prevent an occasional "innocent abroad" from walking himself or herself into a lifetime of debt on a property that has no real nett worth. Judging by the PMs I get, many people take this advice, which is gratifying. Many more however will dispute what I say, either because they have (a) been completely taken over by a sales pitch, (b) have already bought a piece of junk and need to convince themselves that they have done the right thing, or (c) are in the business of selling such junk and need to try to negate the realistic view that I propound and get people back into cloud cuckoo land.
The other side of the coin is this: property, and overseas property in particular, can provide a sound nest egg and financial security for many people if they just use their heads when buying. People firstly need to understand the difference between "buying" and "investing" -- these are not the same. Any fool can, and frequently does,buy property. A shrewd person will buy with an open mind and a willingness to ask hard questions and get honest answers that can be verified. If someone offers me a property that has a "guaranteed rental" attached, I will want to do a due dilligence on the covenant and see the contract with the renter before I commit funds. I will only pay a multiple of the rental if it compares with what is
being achieved in the local market; that is "being achieved" and not what some shiny arsed salesman just told me.
If you want to invest in (i.e. make money from) property in overseas markets, you just have to follow these rules:
1. Do your research, not just at property exhibitions or other sales driven venues.
2. If you want a holiday home anywhere and want to combine it with investment, go for capital gain and forget rentals, they are usually not a major feature of this market. Buy in markets like Spain where you will get good winter weather and where you can get there in a couple of hours -- buy in obscure markets and you won't get the use out of it. Buy in emerging areas or areas that have remained solid over time, and buy where possible under local market value. Righ now for instance, you can buy second hand property in many prime areas in Spain at lower prices than new "off-plan" property, but most people head straight for the latter, driven by marketing companies who get much higher commissions on new projects. There is plenty of value to be had if you just look a little harder.
3. If you want pure investment, go to major cities (London, Budapest, Frankfort, Riga, are among the best right now) where a real market exists, i.e. where ordinary people buy, sell, and rent property every day. Buy the best you can afford in the best area you can afford, furnish it tastefully but not expensively, and rent it. Be prepared to have occasional gaps in rental and budget for same. If it is not renting, decorate it and/or drop the price a little. Develop a good relationship with a management company (bring the person who looks after your property a small gift every time you visit), and don't expect them to work fulltime for you for 10% of your rent! Be reasonable. If you bought well, expect to sell easily in 8 to 10 years at good capital gains, with rents having made a substantial contribution to your costs.
4. Stay absolutely away from Bulgaria (except parts of Sofia), Turkey, Dubai, Cape Verde, and any other "next big thing" place that has people flocking to it like lemmings. Remember that you will never see the likes of big fund managers or your local pension fund buying some of this rubbish -- where they look at at all they run a sliderule over it and immediately discount it.
5. If you want to be a pioneer and take some risk, go to Romania and buy land on the coast, it's a volcano waiting to erupt. Particularly if you have larger sums to invest, there is nothing like it for a return. If you are a timid buyer with an SSIA you should probably forget this market, there is a bit of admin attached that will put many people off.
I have no doubt that the PR end of a few marketing companies will tee up a new poster to knock all this, but if it keeps someone out of trouble...
. and there was other people coming and going into this church. Didn't see the turks having a problem with it. visited a mosque too of course and while it said in the books that bare arms were frowned upon nobody said anything to either of us ( it was over 23% and we were both wearing t-shirt type clothes).wouldn't let a visit to istanbul influence me anyway. much more european in attitude compared to other parts I would guess. At around 2 -3 am in the morning could have been in any european city. full of young people on the streets. lots of cops. no violence.