Investing in Monte Santo - Page 10

day&jones · #91 12-06-2008, 08:25 PM

Hi All

We also rec'd the same poorly written letter. I have questioned what happens beween the resort being open and the deed transfer in September. I believe IMOCOM will be writting to us to seek our permission to start to rent this out between opening and September. It would appear that any rent is "pooled" together and distributed accordingly.

We signed up for a guarnteed rent return over 3 years, again keen to see how this plans out.

I also received another letter today from IMOCOM with some sample photo's. Just hope that the interior furniture pack is not the one that's going into ours as we were told it would be the same if not similar to the show house which is also shown on various web sites. Again I have raised this with Azy. I'll let you know the response - he is fairly good at responding and his written English is good

Regards

Simon

Quote:

Originally Posted by chrisandchris

Hi Rich

I have just signed up to this forum and have been reading some of the posts with alarm. We are buying a 2 bed town house and haven't signed up to any rental agreement. We were under the impression that the site was owned by Hilton and weren't aware that they had pulled out. We certainly haven't heard anything about not being able to rent the property out privately, which is exactly what we intend to do. There seems to be a total lack of information and communication from Imocom.

I have received a poorly written letter from Imocom today stating that the property is now complete and that 'the public deed will take place' on 3rd September in Lisbon. No other details AND they have the wrong plot number on the letter. Doesn't fill me with confidence. There are definate questions that need to be answered before we part with the final installment.

Regards
Christine

DrQ · #92 12-06-2008, 10:32 PM

Can anyone give me any more information on the 3 year guaranteed rental return agreement? This is something I have heard nothing about!

Thanks

Rich.

Davyjo · #93 13-06-2008, 09:44 AM

I understand that there are different deals. There are a limited number of deals which include 5% rental returns. I had already agreed with *** last July(with no rental guarantee), but saw and advertisment in the "Portugal" magazine offering 5% rental return with Headlands in August. I phoned to enquire, but they told me there were none of these offers left. I can only assume that these were promotional offers.

Quote:

Originally Posted by DrQ

Can anyone give me any more information on the 3 year guaranteed rental return agreement? This is something I have heard nothing about!

Thanks

Rich.

day&jones · #94 16-06-2008, 09:15 PM

Hi Rich

When we purchased ours last June, we were told that we were one of the last to be accepted on the 3 year 5% return

Regards

Simon

Quote:

Originally Posted by DrQ

Can anyone give me any more information on the 3 year guaranteed rental return agreement? This is something I have heard nothing about!

Thanks

Rich.

jaycee · #95 18-06-2008, 10:44 AM

After visiting the MS resort in April I discovered that the 'Rental Agrrement' makes referrence to the 'Transfer Price' being paid annually, which means the rental monies.

Is everyone else aware that they have to wait a year before they see any income from their unit? I didn't and told Imocom that this was not acceptable.

I would be interested to hear other investors thoughts on this.

day&jones · #96 18-06-2008, 12:18 PM

Hi

I understood these payments would be paid twice a year.

Simon

Quote:

Originally Posted by jaycee

After visiting the MS resort in April I discovered that the 'Rental Agrrement' makes referrence to the 'Transfer Price' being paid annually, which means the rental monies.

Is everyone else aware that they have to wait a year before they see any income from their unit? I didn't and told Imocom that this was not acceptable.

I would be interested to hear other investors thoughts on this.

JAIABEDO · #97 20-06-2008, 10:01 AM

Quote:

Originally Posted by jaycee

After visiting the MS resort in April I discovered that the 'Rental Agrrement' makes referrence to the 'Transfer Price' being paid annually, which means the rental monies.

Is everyone else aware that they have to wait a year before they see any income from their unit? I didn't and told Imocom that this was not acceptable.

I would be interested to hear other investors thoughts on this.

If you look in the frequently asked questions book that we all received, it does actually state in there that it will be paid twice yearly in January and July, unless they have since changed this. We are meeting Azy on Monday 23rd June and will try and clarify this at that meeting

day&jones · #98 20-06-2008, 10:39 PM

Hi

Can you do me a favour and check out the situation with the furniture pack? After receiving the photo's of the interior in the last info pack, it looks nothing like the show house furniture. I have to written to Azy and he has refered me to someone else and they have stated it would be 5 star. I have responded to say is it the same as the showhouse. Had no responce as of yet, but being fair it was only early this week I send the reply

Also keen to see how far away you think the place is from being up and running

Thanks in anticipation

Simon

Quote:

Originally Posted by JAIABEDO

If you look in the frequently asked questions book that we all received, it does actually state in there that it will be paid twice yearly in January and July, unless they have since changed this. We are meeting Azy on Monday 23rd June and will try and clarify this at that meeting

blackersmanda · #99 21-06-2008, 03:15 PM

Hi Vanessa,
sorry we didn't reply to your thread sooner, but normally when there is a response to our threads, we get an email from the forum notifying us of this. In this case we didn't! However we signed up for a 1 year rental agreement with no guaranteed income. rather foolishly (in retrospect) we joined the "agent with 3 letters" after sales scheme, so they will (we hope) do the snagging for us.
The snagging is supposed to happen before the furniture is installed just in case any problems arise. We are hoping to go out after the furniture is installed to check the snagging , and furniture, and be the first to stay in our apartment. We're still chasing Azy to get him to organise this before the rentals comence.

regards

Mike and Angela

Quote:

Originally Posted by Vanessa King

Hi Mike & Angela

When you refer to the rental scheme are you talking about the straight forward 60/40 split scheme or are you talking 5% guaranteed return scheme?
We are on the 60/40 split and our deadline for the furniture package money in 2 installments was January and March. We seem to have parted with our money a lot earlier than others?

That aside can I just raise the issue of snaging. Do you have an independant looking at the snag list for you. The agents with the three letters are expecting to do this for us (for a fee) but we are nervous at letting them anywhere near it. Would be grateful for any suggestions as to who could look at this for us as we will not be around in Portugal at that time.

Many thanks
Vanessa

ramanam · #**100** 07-07-2008, 02:50 AM

Has anyone been over to see the resort ? and if so any more information regarding completion date??
Have been overseas for 3 weeks and curious to what developments are.

Regards
Mr Roy