General (main property discussion here) - Bulgarian Buy to Let

We are about to refurbish, to a European standard, 20 houses in Bulgaria (near the capital Sofia) and let them to Corporate tenants on 12 month agreements. We are than going to sell some of them in the UK to Buy to Let landlords on a rental yield of 10%. The sale price should be £50 - 60,000 for a 3 bed, 2 bath freehold. We are able to give 50% mortgage with private money at 3% with no status checks. Any comments would be very welcome as we have not seen anybody doing this yet.

Hi

Please explain the 50% mortgage, with the 3% no status checks?

Thanks

Matt

It says 4 posts, but no name as to the last post, and i cant see another post?

If someone has answered my question, i cant see it.

Any ideas?

Matt

Matt,

I agree. It does say 5 posts and I do not know why either!

Anyway, the mortgage is granted by a private trust so it is very simple and secured on the property. Obviously the mortgage is only available on our property being sold and is not a general product.

Because it is not a Bank there need be no Status.

You do need 50% deposit though (£25 30K)per property.

Sorry about the post count - since installing the "keep me logged in" option on sign in, we had a couple of teething problems which have now been ironed out. If it dropped one of your posts, apologies.

Best regards

Will

Thanks Will for letting us know,

Simon, is there anyone or trust where they do 100% or near to 100%?

Thanks

Matt

I've not heard of anything like this in Bulgaria yet? Where /when can I get more details on this?

sounds interesting simon, please email more details when you get them to tomharwood88@hotmail.com.

thanks,

tom

Hi,

In reply to the recent posts:

Matt: There is no borrowing above 50% available from us non status. You need a minimum of £25,000 deposit. No bank in Bulgaria is lending more than 70% with full status.

Rick: You can send me an e-mail to simon@allso.net and I will send more details back to you.

Tom: Again, if you send me an e-mail to simon@allso.net I will reply with more detail.

Hope the above helps.

simon,

ill be in touch shortly. thanks.

tom

Thanks mate

Can you just explain what exactly "no status" is.....

Matt

Matt:

Non Status with us means that there is no refusal of credit providing you can prove your identity and UK address. No notice is taken of debt of lack of income proof.

Just an update for all.

We can now offer 100% finance on our Bulgarian buy to let properties. 70% Bank, 30% Private. Rent covers mortgages. All you need is to have our lawyers form the Bulgarian Company required to own property there.

Who are we buying the properties from, Simon, yourself or a developer? If the latter what is your relationship with the developer please? Do you have the corproate tenants signed up? (are you guaranteeing the rent?)

Best regards

John Grigg

John,

The houses are bought by the Bulgarian Developer and refurbished. They are then let to a corporate tenant on 12 months rental agreements (renewable).

I am one of the founding investors in the Developer.

Simon.

Simon,

Please let me have further details. I and some of my clients may be interested in this.

Thanks

Russell russell@propertyinnovations.net

Hi everyone

I have seen a lot of people selling things in Bulgaria.

What currency do they use, is it the Euro? I have heard one or two stories about the economy being unstable.

Let us know how you get on.

Many thanks

Bryan

Bryan,

Bulgaria is getting popular because it IS stable. More and more property is becoming available as mortgages get easier to obtain.

If the economy is unstable the Country will NOT enter the EU as predicted in 2007!!

Most transactions on property are completed in Euro. Local currency is Leva.

Hi Simon

I do not mean to disagree with you, I have no experience of this at all.

If I was to buy a property in Bulgaria, who would I be letting it out to in general do you think? British holidaymakers or locals?

I haven't been looking, but I have not seen Bulgaria in the travel adverts very much, so I would assume the rentals are to local workers. Are wages in Bulgaria high enough (or are the properties that cheap) that it is worthwhile?

Thank you

Bryan

Bryan,

Locals do not earn enough and tourism is in it's infancy!!

We rent out to Corporate only. These are major companies doing business in Bulgaria. They need to accommodate their employees.

That is why we are happy lending 100%!!

Simon.

Hi simon ,

can you email me about you 100 % mortgages

sbarrs@btinternet.com

Simon, No disrespect to you or your company,but I have been reading on another forum about people paying through the nose for overpriced property in Bulgaria,which they cannot sell on without making a huge loss.Whilst I am sure this is not the case with your company,I would advise anyone to undertake proper due diligence before getting in too deep.

....be very careful before you invest in Bulgaria.

For your information Gentlemen, Simon Allso is a convicted fraudster that served time in prison for his crime.

Part with cash and you will probably loose it, put his name into google and you will get the idea.

Nice one John.Lets hope Will sees this and takes the necessary action.Like the man said,if something seems to good to be true............

yeah, be cautious guy's. The guy selling the deal yeah already stated that regards tourisim its underdeveloped yeah?

so my idea is why not just buy land instead, if you buy in the right spots i think your on a winner and its very cheap and you wont get hastle with renting it. lol.

within the next 10 years bulgaria will go bang with tourisim and this is where u make your money..

Simon Allso, whose colourful career has been documented over the years by Financial Mail has once again hoved into view. Recently emerged from bankruptcy order number two and disbarred as a UK director, he has teamed up with another boardroom outlaw, Anil Kohli, to mastermind buy-to-let housing in Bulgaria.

Allso has hit the investment zeitgeist. Bulgarian property is flavour of the month for those with a few hundred thousand euros to spend. Blue-chip companies will want to rent properties for their employees and there may well be a strong aftermarket for sales to local people.

It seems remarkable, however, that two men who misbehaved badly enough to prompt action from the notoriously somnambulant Department of Trade and Industry can persuade people to hand over £5,000 on trust for the (possible) chance to buy a house for up to 250,000 euros

Basicall the Financial Mail is actually saying it may be a good deal, it's just that you got to trust an ex con with your money.

Mr. Alex M ???? I am just reading, writers, what they are asking? why they are asking ? ye You went in to Internet and find out who is SIMON ALLSO.....which is good,Well done ,good job !!!! But what a surprise only you don't put your own full name and surname !!! are you also hiding something ??? Let people check your name because you are everywhere with a hiding surname ... PS; I do not know any of you.. Ali Uzunhasanoglu