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House Price Crash Forum

Ritchie

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  • Content Count

    12
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About Ritchie

  • Rank
    HPC Newbie

Profile Information

  • Location
    N.I.

Contact Methods

  • Yahoo
    micheal.mowen@yahoo.ie

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65 profile views
  1. Seamus, Appreciate what you are saying. The guaranteed rent more than covered mortgage cost. This made commercial sense to me as I was prepared to sit on this for a good lenght of time with the payments coming in and in expectation sale prices will eventually rise and that there will be an opportunity to cash in. When the contract was dishonoured the new rental income received is less the 70% of the guaranteed rate and won't cover mortgage costs. I agree that proper research was not undertaken on the market and I and others fell for the MRI line that we would have a hands off investment.. it is anything but. However, must be better than the investmnets that others made in holiday lets in Bulgaria etc. Would be interested in contributing to other blogs as will have to learn more if there is a possibility of turning around current situation.
  2. Seamus, I have a few points to raise. You clearly don't have an understanding of the situation regarding MRI investors.The ten year guarantees did make economic sense for an investor. The rent being paid under the agreement was sufficient to make a viable if not spectacular investment. To advise people to move away from the higher rent agreed under the rental guarantee contract would be silly. The problem is that a partner to the MRI package is dishonouring the contract made with investors and investors are being pressurised to give up the guaranteed rent arrangement and accept a reduce and unguaranteed rent . Have you checked out your other assertions regarding resale etc. as fact. I imagine at present a loss would be made on resale. Why do you say resale is not an option? You may be right about the bona fida's of MRI etc but this is in hindsight and hindsight provides great clarity. Alex suggests a reduction in value because properties were bought at their height. However, you have to remember that there was only a marginal increase in German apartment costs and a relatively small decline since. Different than Ireland/uk. Thankyou for the information on the meitspiegel and rental pool which I intend to check out
  3. Sent messages to you yesterday and today without success. Must be a problem with the system.
  4. read your previous message about getting in contact with people in Belfast. Live in N.I. and would like to discuss with other buyers.

    micheal.mowen@yahoo.ie

  5. interested in sharing info and meeting with other investors in N.I. , micheal.mowen@yahoo.ie (aka Ritchie)

  6. Hi folks, Having similar problems as other regarding management company fees for on-going maintenance etc. Not sure if costs are standard or if I am being fleeced. Would also be interested in attending any meetings in N.I.
  7. Hope you are right. Original 390, new 249, not modernised, quite a pounding
  8. Unfortunately only just discovered the forum. Similar situation as others. Have signed POA with P.S. and found service slow. Does anyone have any ideas on why Ochel's guaranteed rate was so high compared to the actual rent we will now be in receipt off. Was this a scheme set up to fail, so that we would have no choice but accept the lower rate or risk losing all?
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