Bulgaria Buy to Let

[lane]

Welcome all,
We are about to refurbish, to a European standard, 20 houses in Bulgaria (near the capital Sofia) and let them to Corporate tenants on 12 month agreements. We are than going to sell some of them in the UK to Buy to Let landlords on a rental yield of 10%. The sale price should be ?50 - 60,000 for a 3 bed, 2 bath freehold. We are able to give 50% mortgage with private money at 3% with no status checks. Any comments would be very welcome, as we have not seen anybody doing this yet.
Good luck
Lane

[logan]

Hi Lane,
Sounds interesting and would like to hear more once nearer to the ground. Have recently bought one unit on sunny beach and the main reason for not buying more was lack of available funding at good rates. Looks like you have that sorted too.
Keep in touch
Logan

[eyeC]

thats bulgaria

[awahee123]

I wouldn't have thought Bulgaria would be an ideal buy to let investment area.
Who would the tenants be,would you be able to guarantee the rental income and if so for how long?.

[Sofia Casa Ltd.]

There isa buy to let market in Sofia. Shortage of employment in the provinces drives demmand for so called panel blocks and cheaper accomodation ranging in purchase price from 28,000 Euros t0 60,000 for a 100m2 apartment ex-communist style in Llulin for example. For high-end executive rental prospects you need to focus search on Lozenets (make sure it is not overlooked with clear views - difficult due to over-development) this area has legacy value as nomenklatura from communist regime used to live here. Equally you can find property in Ivan Vazov nr. to S.Park other areas are former diplomatic quarters such as Ivan Vazov & Dr.Garden though in my view the latter is over priced as most buildings have fairly run down common areas due to under-investment and the series of economic collapses following the transition to 'democracy'. For villas and more luxurious houses Boyana Dragalevtsi Simeonovo Bistritsa & Pancharevo provide the key locations. 4 years ago property pricves were roughly half their current asking price. If you buy high-end in prime location you will pay a premium but I would argue ring-fence value in downturn and increase chance of getting a suitable tenant. Watch out for traffic issues if buying in areas near to the ring road the commute to the centre is not much fun in rush hour though there are increasingly more facilities for these new peripheral suburbs. Sofia Casa Ltd. is in it's fifth year of commercial acticity in Sofia Bulgaria offering mainly high-end apartments & some houses in prime locations. We aim to help executives relocate to Sofia and find their home from home plese get in touch if you need advice or help with property management? See link: www sofiacasa com

[Sally10]

Originally Posted by lane

Welcome all,
We are about to refurbish, to a European standard, 20 houses in Bulgaria (near the capital Sofia) and let them to Corporate tenants on 12 month agreements. We are than going to sell some of them in the UK to Buy to Let landlords on a rental yield of 10%. The sale price should be ?50 - 60,000 for a 3 bed, 2 bath freehold. We are able to give 50% mortgage with private money at 3% with no status checks. Any comments would be very welcome, as we have not seen anybody doing this yet.
Good luck
Lane

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[flatron]

Originally Posted by *********

I wouldn't have thought Bulgaria would be an ideal buy to let investment area.
Who would the tenants be,would you be able to guarantee the rental income and if so for how long?.

The best area in Bulgaria is Varna region(seaside)