Is this a good deal?

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This topic contains 8 replies, has 8 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 4 months ago.

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  • #54225
    Profile photo of Anonymous
    Anonymous
    Participant

    I have had an email from Jim…

    It seems too good to be true and I might take him up on his offer. Do you think this is an incredible deal???

    I especially like the fact that I can use the apartment for free. That’s amazing and if my situation changes they will take the apartment back.

    There has been so much criticism of the Spanish Property market on this forum. This just shows that you can get a good deal if you look hard.

    30 DAYS FREE ACCOMMODATION IN SPAIN EVERY YEAR

    Investment properties on a golf course in Spain for investor clients with NO MONEY DOWN, ZERO, NOTHING!
    If you are interested then please read on and get back to me immediately as these apartments will not be available for long. Here is how it works:

    The apartments are at Bahia de Golf, Almerimar. These are front line golf and within walking distance of the beach, promenade, Marina and all shops, bars etc. These are completed, furnished and ready to go.

    Each apartment is 2 beds, 2 baths and will be run as an apartment hotel. Prices are from €215,000 and penthouses €315,000. These are the prices that will be on the mortgages for each apartment.

    * All fees and costs are FREE, you pay NOTHING, ZERO, NO MONEY DOWN AT ALL!
    * The first year’s mortgage is paid free to client.
    * 30 days use of your apartment at no cost, FREE every year

    The second year and the following years, you will be responsible for paying the mortgage and still get 30 days use of your apartment. You will receive from the second year, 35% of the rental for your apartment from the rental company and each year thereafter including 30 days FREE use each year.

    On 50% occupancy, which is very conservative, it is expected the apartment will be paid for in 10/12 years from the rentals. The occupancy is expected to be far better than 50%.

    This fantastic offer will only be available for a very short time.

    If you wish, you can opt out at the end of the first year so you just have the 30 days holiday use free and the company will take the apartment back at no cost to you. All we ask is that you inform us at the beginning. However, if you change your mind and decide to keep your apartment this can be arranged.

    As you can imagine, this incredible deal will only be available for a very short time therefore, to secure your apartment all we need initially is your name and copy of your passport. (Your minimum yearly income will need to be £25,000 but this can be shared between two or more people *).

    Your purchase can be carried out with a Power of Attorney via your Spanish lawyer at no cost to you.

    Please call me if you have any questions or need further clarification or email you details to secure your apartment. I look forward to hearing from you.

    Jim Reeves
    Phoenix Overseas
    Tel: 01580 243280 • Fax: 01580 243400
    email: jim@phoenix-overseas.com

    Member of the AIPP

    * All mortgages subject to status.

  • #85627
    Profile photo of Anonymous
    Anonymous
    Participant

    spain has been full of fantastic/unbelievable offers for some time and now there is nothing left. Ignore.

  • #85629
    Profile photo of Anonymous
    Anonymous
    Participant

    The second year and the following years, you will be responsible for paying the mortgage and still get 30 days use of your apartment. You will receive from the second year, 35% of the rental for your apartment from the rental company and each year thereafter including 30 days FREE use each year.

    Sorry…please explain to me why this is such a good deal…you pay the mortgage on a property..thats 800€ a month or probably more and they graciously allow you to use it for 30 days a year…eehhhh??? If it truly is YOUR apartment, then surely you can use it whenever you want and for however long you want..

    The words CON spring to mind, anyone who believes this type of advertising needs their head examing..or are you just advertising this in the hope someone on SPI will fall for it….

    Heather in cynical mood….

  • #85630
    Profile photo of katy
    katy
    Spectator

    On 50% occupancy, which is very conservative, it is expected the apartment will be paid for in 10/12 years from the rentals. The occupancy is expected to be far better than 50%.

    This paragraph alone should set off warning bells…this is not happening anywhere in Spain…it’s false.

  • #85631
    Profile photo of Anonymous
    Anonymous
    Participant
    katy wrote:
    On 50% occupancy, which is very conservative, it is expected the apartment will be paid for in 10/12 years from the rentals. The occupancy is expected to be far better than 50%.

    This paragraph alone should set off warning bells…this is not happening anywhere in Spain…it’s false.

    Here we go again , the wolves dressing up in sheep´s clothing. Watch out they have been hungry and quiet for a couple of years , their appetites to gorge themselves on a gullible public will more voracious than ever.

    Beware of gimmicks , small print, fast talking salesmen in smart suits promising the earth. Remember the cliches such as “There is no such thing as a free lunch” and “If it seems too good to be true, it probably is”

  • #85632
    Profile photo of Anonymous
    Anonymous
    Participant

    Guys…

    http://en.wikipedia.org/wiki/Sarcasm

    You pay 215k for a property worth 180k (and falling).
    You’re denied the pleasure of living in it.
    You don’t get the rental income
    You’d never get 50% occupancy. More like 20%
    You’d be expected to pay all utilities (rubbish, council tax, community)

    Oh and you’d go through the entire legal process of buying the property incurring 10% costs and at the end of the first year the process would be repeated transferring the property title back into the name of the promoter/developer.

    But you do get to stay in in for free.

    Come on please tell me you were just humouring me with your advise!!

  • #85642
    Profile photo of Anonymous
    Anonymous
    Participant

    jp1 – You should have posted this on the ‘now is the time to buy in spain – an estate agents view’.
    It’s a thread dedicated to the ‘black comedy’ of REA’s in Spain and this is indeed a gem. It would be funny if it wasn’t for real, and the sad reality is that there will be people who’ll fall for it.

    It’s interesting that nowhere does he mention with an aparthotel owners are not allowed to ever live there permanently, even when the mortgage is eventually paid off. A big consideration for anyone thinking this ‘investment’ could be their future retirement home once the rentals are no longer needed.

    I note on his e-mail that Phoenix Overseas is a member of AIPP. Does anyone now have any doubts about the calibre of their members?

    Must get Yannis to whitewash over AIPP’s logo on my new flags……e-mails like this are bad publicity. 🙁

  • #85644
    Profile photo of Anonymous
    Anonymous
    Participant

    Why do you need proof of income – you are not getting a mortgage from them? People do have other sources of income? It sounds more like an expensive time-share than ownership… your use is not free, there are maintenance and management costs too!! Great if there is a return on investment through rental, but you might be more likely to get this by renting yourself and controlling it. When are the 30 days a year – November, February? Bet it isn’t July/August/September!! It might be good to have a fixed income (if guaranteed), but look at exactly what is on offer and if there are indeed any guarantees??

  • #85648
    Profile photo of Anonymous
    Anonymous
    Participant

    It’s a very very very crap deal.

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