I’ve recently been discussing with a few well know Overseas Property Developers about some off-plan and ready to move in apartments in Bulgaria and I can’t believe what I am hearing!

Am I the only one who feels this way?

The phrases “unbelievable”, “never to be repeated” and “never been a better time to invest” sales patter are extremely convincing to the less investment savvy. However, I am beginning to find some of them using an approach that is downright deceptive in the way the investment opportunity is being presented.

For sure, there is a lot of development going on and the prices are still attractive but those investors seeking to buy on a buy-to-let basis are surely being taken for a ride.

In one of the developments, over 70% of the units already sold, have been purchased on a buy-to-let basis - people who need to rent out their property to meet the ongoing financial commitments of a mortgage. I was told on not one, not two but three occasions by the sales manager, the rental proposition and demand is extremely high and that I should easily be looking to secure between 25-30 weeks of rental income each year. This is a blatant lie!!!

Achieving 25-30 weeks of rental income each year is possible for some but not in a development that is saturated with this level of competition. With the saturation of rental properties in such a small area (and this was just one of about 12 new developments in the local area) I predict that for many buy-to-let investors the outcome will be financial ruin.

Has anyone else experienced the same?

Chris Thomas
Property Rental Profits