海角乱伦

Hello - I am interested in purchasing a 2br / 2ba off plan apartment in Mtwapa.聽 The property is the Mooring Sea View residence: mooringseaviewresidence

The price is approx 64k USD for a premium apartment.聽 I would pay 30% down and then the remaining amount in 2 years upon completion.聽 I have read quite a bit about potential scams so I am definitely on heightened awareness.聽 I have hired a local law firm to do all of the due diligence work for me - which isn't cheap at 1.5% of the price.聽 However, I think that will at least give me some level of assurance about the developer and that this isn't some big fraud.聽

I was originally going to buy an off plan property (same developer) in Nyali.聽 It would have been more expensive (closer to 90k).聽 However, my realtor actually suggested Mtwapa property as a better investment.聽 His rationale is that Nyali is becoming over saturated with new development + once the new Mombasa highway is finsihed, it will really open up Mtwapa for better access.

Here are my questions for you all:

1.聽 聽 My realtor feels that if I outfit the unit nicely, I can realistically get somewhere between 80k - 100k KSH in rent. -is this realistic or unrealistic?

2.For off plan apartments - can you negotiate on price?聽 My realtor is saying that the price is fixed by developer so not much room for negotiation.聽 Is that true?

3.My thought is to pay cash for it - and then if my realtor is correct - I would recoup my initial investment in about 5-6 years at which time I could probably sell it for a nice profit or keep for cash flow.

4.Am I being an idiot?聽 Or is this a good area to invest?聽 I was in the area early September - loved it.聽 If this property works out, I would like to purchase 6-7 more props.聽 Anyway - would love your thoughts!

***Also - with all due respect - I already have a law firm and realtor - so please don't respond if it is in an attempt to generate business for yourself :-) ****

Thanks!