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Buying Condos on the Never Never

There is a condo developer trying to sell condos usd with a 100,000  usd down and then telling their customers that after 5 years of rentals they will be given their title to their condo unit which cost 500.000usd. Amazingly some people have fallen for this glib line and have blindly handed over huge amounts of monies to a system which is nothing short of gross swindling.

Reputable realtors say that renting out a unit may give a very small profit but in reality one should only expect ones maintenance fees,insurance and general upkeep to be paid for-obviously there are exceptions but they are very few and far between. A profit of over 400,00usd in 4 years is impossible and all it means is that the buyers will still owe this amount of monies plus a ludicrously high interest payment. It would probable be better just to give the apartment back and thereby losing 100,00usd in the process.

The Ambergris Daily abhors this type of scam and it should be ruled illegal in Belize.



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