General (main property discussion here) - Easter European BTL....a major scam in my opinion

I note that some of the sleazier purveyors of Buy-to-Let property have now turned their attention to the sale of flats in such paradises as Bulgaria and Romania. I will be very surprised if the people who fall for this scam get *any* of their money back, let alone the vast profits promised to them.

Do you really believe that if there were serious money to be made from buying flats in, of all places, Bulgaria, that they would have to employ legions of fast-talking salesmen in the UK to try to suck in money? Local investors would be quite happy to make the money themselves.

Most of these Eastern European BTL deals are priced well OVER the market, not substantially UNDER the market as advertised here in the UK.

When I have more time I'll write more extensively, including information on how these crooked sales organisations in the UK manage to get low-grade Eastern European property up-valued for sale to the gullible Brits, but suffice it to say for now....if you send your money to Romania, Bulgaria, etc...do NOT expect to see it again.

Completely agree John.

At the hombuyers show in London a couple of months ago, the room was full of overseas and "property training" types.

Anyone spending this amount on advertising within this market is clearly scamming imo.

The whole point of bricks and mortar (for me) is that it is a good store of value, over the long term, which pays me fair return in terms of interest (rent). As soon as anyone talks huge discounts, massive capital appreciation, etc, I have to start assuming that there's a significant chance of the opposite happening, in order to balance the bet.

There are certainly oportunities overseas, but a more considered approach to these markets would be necesaary for me to make an investment, backed up with as much research as i would undertake to buy a UK property.

John

Interesting, I want to the property networking club meeting last week and a couple of people approached me trying to sell Bulgarian property. They really did sell it hard saying that a £15K property now will be worth at least £30K in three months time.

I thought it smelt a bit fishy, so I didn't bother with it. Looks like you've clarified my hunch, thanks.

Mark.

i have looked at these opportunities and stayed away as i like to keep to what i know - the uk.

investing overseas even in more developed ocuntries is not for the faint hearted.

personally i do think there is a huge amount of opportunity but unfortunately there are too many sharks out there. you need to so much research on the people you choose to work with.

tom