Quote:
Originally Posted by maximusprime
Wow, lots of good advice to reply to.
As far as soup dragons comments. The size of the venture will be 8-10 million Dhs. Eventually as the property apreciates and we gain money to play with I envision it becomming a business venture but that is just speculation at this point.
Good idea about the OD roshan, my only concern would be that one person will be risking much more than the others.
After reading the comments I started to get another idea, let me know what you think about it. By buying several 1 bedrooms like you said, we could possible get a 15% discount. That would mean 15% instant equity. Our problem is that none of us has money for a downpayment which convieniently enough is about 15%. Could each of us get personal loans for the downpayment, then upon purchasing the properties, have them appraised and refinance for the price paid plus the extra 15% to pay off the personal loan? That way we would consolidate the personal loan and the mortgage and avoid having two payments.
We are not from dubai, we're three Americans and an Englishman. I am very interested in the property scene here and I would be glad to attend some meetings. Thanks again for all the good tips, keep em comming.
Max
|
What if you pay the down payment and you do not secure the mortagage. It would lead to distress, isn't it.
Start working early on a project, study who are providing the finance. My advice would be to secure your pre approval from the finance house first so that the distress aspect is eliminated.
If you pay the down payment and you don't get the finance, you are definitely looking at distress, considering you have a shortage of cash.
Getting a mortgage is not as easy as the UK or USA. It has so many hassles and getting finance from the bank could be like hitting your head against a wall.
Conclusion : Get your pre approvals in place so that you are assured to get 85% or whatever and then look at getting the 15%. It's like working backwards isn't it, but that's what Dubai is all about.
Keep thinking, see that, you already have 1 solution. Keep thinking and by the end of the week you might have seven. Not all might work, but who knows one of them might just work.
Keep us informed.
Regards
Roshan