Property buying partners need for small consortium

[stevef]

Hi
My parner and I have been to the icmeler area six times and are goign back for the third time in Ocitpber.
The last time we were there we looke at some properties, but unfortunately most were out of out of our price range. WE ahve about £30K, so what we thought was there might be two or three other people who want to buy into a property which woudl do the following

provide some nice cheap holidays

some income (we worked it out it would generate about £12K (divided by 4) pa on one particular property) generating about 9% pa on your investment

End up with a property which is incresing in value by about 5 % pa

If turkey end up in the EU then the property would be worth considerably more.

I live on Merseyside, but if you are willing to discuss this and are interested contact me by email

[email protected] or phoen 0151 261 1038 07792854307

This a completely genuine proposal which could benefit us all


cheers



steve faragher

[Colette]

Were did you get your figures from?

With possible 5 partners having 2 week hols each would mean the property was off the market for up to 3 months a year?????

Sorry i cant believe this post is for real

Would Turkey get in the EU? Have you done research?

[stevef]

colette

firstly there'd only be four partners so if everyone holidayed then property would be not rented for eight weeks, if you take holiday then the income for those weeks would be deducted form your income.

Figures are based on letting agent in hisaronu (the hisaronu near marmaris not the other one)

High season £500 pw gross
mid season £400 pw gross
remainder of the year £125 pw

New airport and golf course planned for near marmaris which would give the area 12 month holiday potential.

So if you invested £27,000 your income pa would be 25% of £12,000 (based on 100% letting) = £3,000, which is jsut over 11 % (show me a bank with return in UK)

80% letting = £9,600 25 % = £2,400 which is about 9.5%

The agent handles all the bookings, transfers etc and is on a retainer,

The house in question costs £105,000 and at a conservative estimate should realise £175, 000 in five years time,
profit of £70,000 divided by 4 = £17,500 return for an investment of £27,000 a return of about 60% in five years.

The EU and Turkey has dismantled trade barriers (these dont ususally get taken away unless its serious) and will begin discussions in October for Turkey to enter the EU within 10 years.

Anyhow I hope this answered the questions in the previous message.

ANYONE INTERESTED NOW.

[Penny]

Would you realize 100% bookings, not a guaranteed equation
Penny
P.S. Not interested

[it's me]

Well Steve Good luck with your project

Think you'll be lucky to get £125 per week out of season - how many times have you been to Icmeler in the winter? I've been loads and there aren't many tourists there. Girls staying with their guys and the locals. Another thing to remember is the hotels that are open give you great rates.

[andy]

If it's such a great opportunity, get a bank loan.

[Penny]

Couldn't have put it better myself, well said Andy.
Looks like it's gone quiet on the home front !!
Penny

[stevef]

well Penny and Andy i would never of thought of going to a bank and getting a loan, so that's what banks are for. Doh.........

As far as I can find out no UK banks make unsecured mortgages on turkish property, especially of over £75,000. I have investigated all other sources of financing this and really only put this posting here in the hope that three other people in the same boat as me who had a smallish amount of money and wanted to get on the turkish property ladder.

Of course it's not going to get 100% occupancy during the summer, which is why 80% is more realistic, but even if its 50% its still offering about 5% return which in these days isnt that bad. especially as the capital is tied up in an accrueing asset. If you ain't interested that's fair enough but we all aren't rich enough to live in tax havens or afford to buy our second homes out right. :

[Colette]

I think we can safely say we are not interested in your venture

[Penny]

If the "live in tax havens" is aimed at me, all I can say it's dam expensive to live here, not the tax haven it once was, and it only benefits the multi - million property owners. I rent a house with another person as I can't afford to buy, Sob Sob !!
But I don't care, jolly happy with my lot
Penny