Guaranteed rental income?

[eddypun]

Hi...

Have any of you bought any condo/service apartment which promises the "Guaranteed rental income"? Some promise 10%, some promise 8%... And some say - no down payment.

But in the end, when the property is completed, you realize that the developer is not giving you the 10% rental income, because somehow, this 10% is used to waive the initial down payment. So, what we are left with is just a condo, which nobody wants to rent, and you don't get income, and still have to service the installment of the home loan.

Need some advice here.... Maybe you guys can PM me, cos don't want to put details in this forum.

[cskok8]

If you believe all the developers' promises, then you must also believe in Santa Claus . Some have conditions attached such as you must take the furnishing package. One project in PD required a RM 30K+ package for an apartment costing RM 70K+. Even after coughing up almost 50% of the purchase price to equip you unit up to the required "standard", there is no guarantee that you will actually get your money (rental).

[idolfan]

visit www.hba.org.my

they might be able to help you with legal advice.

end of the day its like "buyer beware" .

[eddypun]

Thanks, guys... I think there are just too many 'scams' happening around, and people just get cheated. And this form of 'cheat' most of the time involves the poor people's fortune....

I think for issues on properties, I'll go into hba and check out their forum.

[uchangeng]

The promise of rental is a marketing gimmick. You never win!

To ENJOY the income rental, you have to fork out a fortune upfront to furnish the condo at the price "OFFERED" by the contractor. No other way. Then, thereafter, you have to continue paying the CONtractor astronomical amount to re-furnish the place after every fix number of years, which is not very long. At the end of the day, the amount of money you put in will not justify the rental incomes. And you give up!

No free lunch, my friend! If it is so good, there is a catch, don't get caught!