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From: John Metti
I am starting the process of investing in my first property. Financing should not be a problem (salary is OK and I have 100% equity in my own home). As I started looking I came across an "investment advisor" (linked to a real estate group")... I wanted to understand the various options available for financing the new property. The advisor set up an appointment to inspect some properties (these were new developments as yet unrented).
The person showed us a number of properties, one being superior to the others. They quoted the usual details of purchase price, expected rents (5%) and benefits of the property.
Overall my "gut feel" was that the property was overvalued (the apartment cost more than my house) and I did not appreciate the comment "sign this large contract now or the property will surely be taken by the next person to inspect".
Do any of you have an opinion the value of these advisors and property analysts and whether their asking prices are generally too high given that they act for the seller or developer ?
Maybe it's "first property nerves" but I do not think I will proceed. Any advise appreciated
Regards
I am starting the process of investing in my first property. Financing should not be a problem (salary is OK and I have 100% equity in my own home). As I started looking I came across an "investment advisor" (linked to a real estate group")... I wanted to understand the various options available for financing the new property. The advisor set up an appointment to inspect some properties (these were new developments as yet unrented).
The person showed us a number of properties, one being superior to the others. They quoted the usual details of purchase price, expected rents (5%) and benefits of the property.
Overall my "gut feel" was that the property was overvalued (the apartment cost more than my house) and I did not appreciate the comment "sign this large contract now or the property will surely be taken by the next person to inspect".
Do any of you have an opinion the value of these advisors and property analysts and whether their asking prices are generally too high given that they act for the seller or developer ?
Maybe it's "first property nerves" but I do not think I will proceed. Any advise appreciated
Regards
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