I have returned from the idyllic island of Cyprus and fabulous temperatures in the mid 30 degrees centigrade and have just completed a “Fundamentals…” course in London over the weekend. I really enjoy these opportunities to interact with so many people who have the common goal of creating wealth through property investment and willing to share the little or vast knowledge they have with others. This course was no different to the others we have held over the last 3 years and produced yet another wide array of talents, from property developers to journalists, accountants to IT specialists. Our final course of the year will be held on 18th November 2006 if you wish to attend.
We have a busy month ahead with a couple of TV appearances and a slot on the radio as well as talking/presenting to a number of “wealth clubs” and financial services companies clients. September and the beginning of October are the busiest months in our calendar and as such some events we have been to in the past have to be chopped.
One such event is the Property Investor Show at the Excel Centre which we have exhibited at for the past 3 years with 2 of our companies. I enjoy the event and meeting up with lots of people we know but this year the diary is literally too full and something has to give. However, some of the Bewarethesharks.com team will be there exhibiting under the title of "The Jet-to-Let Bible" where you will be able to buy a copy of my book and also reserve your own copy of the new "Jet-to-Let Magazine." There will also be some very special offers which we have reserved for the show.
In my view you should not invest overseas without first reading the book and subscribing to the FREE Jet-to-Let Magazine. Many of the mistakes investors make, including believing the marketing hype of some agents, will not be made by those who digest fully the contents of the book and magazine.
This is a nice lead in to my main point this week.
DO NOT invest in a development in the UK or overseas without visiting the project site first or at least with the option of a full refund of the reservation fee if your inspection proves unsatisfactory.
How many people buy a suit, dress, perfume, car, sunglasses or shoes without first trying them out! It appears a lot more than try out the development before investing off plan.
I wandered around a project site recently which I know was mainly sold largely unseen on the internet to investors. I know the area extremely well as I have a house in the beach area and for the life of me why anyone would have wanted to invest in this particular project is beyond me. You only have to stand on the site to realise that the re-sale and rental market will be very difficult as the market does not want this location – why?
Because there is nothing there:
No infrastructure
No shops
No supermarkets
No restaurants
No bars
No beach and the pool is an afterthought.
and to cap it - a dangerous road notorious in the area for accidents.
In fact the pool which is meant to service many, many apartments looks smaller than my family pool at home! Because an apartment may look cheaper, have a "discount" or look favourable on a comparable basis, just make sure that the sellers are comparing "apples with apples" and not "apples with oranges"
No surprise to see lots of “For Sale” signs and very little sign of anyone living or renting there.
So, please do not be tempted by marketing materials, investment appraisals, “you need to buy now before they all go…” without visiting the site first and using your common sense and working out the target market that the property will appeal to (or maybe not) aka Exit Strategy.
