Singing Pig

Marilyn

 

I read with concern that the rental fees that you receive do not meet the mortgage payments.

 This is of great concern to me as I hear that the interest rate we will have to pay (that's if we do get a mortgage) is now higher then 2 years ago.

 

I phone IT and they tell me that the occupancy and also rental charges are now much better (is this your experience?).

Also do you use the management company Integra? Are they any good?

 

Many thanks

CD1

Marilyn

 

Sadly ""the rental fees that you receive do not meet the mortgage payments.""  

is what many hundreds, if not thousands, of folks who have bought from IT have found in the recent past.  

 

i suggest you do a search on here for Inside Track and read what others have experienced.   

I am also buying at Bahama Bay and have been very worried about the mortgage position and the values of the units. I phoned IAP but didnt really get any answers so I wrote to the developer threatening to pull out

They responded in a positive manner and I was contacted By Fuel (who are back on the scene again) > I had a long positive conversation with them and they assure me that they are completing daily on this developement and that all the mortgage rates are much what we were quoted when we originally signed up. I have asked for some hard fast figures in writing , of what I can expect to pay and what my outgoings will be to Integra management so I can be confident that I can afford this investment. He said that they made no secret of the fact at the seminars that we would have to put money into the property for  a start ( i must have missed that bit !!!!!!!!!) anyway I dont have the figures yet but I am assured I will have them next week.

I have also spoken to the developer (personally) yesterday for at least 30 mins - he explained the cheaper condos on sale he explained the delays and he explained the present economics of the build and the position of the managemnent company charges ( he has no control over them ) Which I dont wholly agree with- however my husband and I are experienced investors and we both  listened to all the information carefully. We were told that the units are reaching their valuation or the valuer would lose their license to practise 

He also said that they had completed on 14 units in the last week alone all with mortgages. He said the resort was fully booked from May until september and that they expect to be totally finished all buildings within 6 months- 7 at the latest. That info is 100% straight up as of last night ( Thurs)

I believe that what he says is fairly correct and I have faith in him and fuel to deliver

They are aware of this forum and I advised him to get the management company and himself and IAP to post something clear and positive to all its investors or at least make contact

I think that if everyone speaks to Maesbury and Fuel and you can decide for yourselves about your investment when you have the full info

I am not sure what is going to happen but I have got a clearer idea of what is happening now and I will hope to see some paperwork next week

I think we will just have to wait and see and have a little bit of faith!

 

if IAP  post here i will eat my hat   !!!!!!  please get back to us with the figures in writing they send you  - we will all be most interested.

Have a little bit of faith? In Inside Track? Never. Check the facts of the bookings yourself and take everything they say with a pinch of salt unless you have verified it yourself. 14 completions last week???? Come off it.

their seminar arm went out of business a couple of weeks ago  - IAP will tell u ANYthing to keep you quiet

I spoke to Paul Oxley last night as stated, I dont believe him as the developer to be a liar, That is exactly what he told me,14 completions last week!!!

 I am also asking for facts in writing and will check the bookings myself- I expect them next week as stated I will happily share them be  it positive or negative

I agree about IAP and am not a member.

Please ring Maesbury and speak to them if you have concerns

It is in Paul Oxley's interest to tell you that business is booming and all in the garden is rosy - he NEEDS you to complete and like anyone selling anything, from shoes to showhomes, he'll tell you whatever it takes - and he'll make it sound extremely plausible. Remember, too, that Maesbury has made an awful lot of money from IAP (it pays them a handsome fee in completions, too). All this obviusily isn't what you want to hear, but you'd better listen to it or you'll end up in serious financial trouble. Read the stories of Tamsin Barks, Janet Lay and many many more.