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Diary of a distressed property investor, Part I
It was a quick sale, and I fell for it. I bought the property. Now I’ve got the fourth installment staring me in the face and no financing. Now what?
December 24, 2008 9:42 by Dana El Baltaji
We know property investors are struggling, and for the most part, we know why. But what most us don’t know are the everyday struggles they’re going through. One investor agreed to write a journal of her experiences for Kipp. We asked her to be ruthless: she obliged.
We’ve withheld her name for legal reasons.
I’ve been living in Dubai for over five years. I already own a property here, and its value has sky-rocketed over the years. So I wanted another one. I was being greedy, I know, but if I didn’t want to make money fast, I wouldn’t have moved to Dubai in the first place.
So I met with a property consultant from Remax Associates in April 2008. She told me all about flipping. She showed me a property that, she said, would flip easily.
She explained that the developer (which I won’t name. I’ll explain why later) has an escrow account, and that they offer home loans through an Islamic bank. She then leaned over and said the magic words: “There’s one apartment left. I have another client who’s interested in it, but I want you to have it. But I can’t hold it for you unless you pay the booking fee. It’s only AED10,000. Then keep the property for a month or two and sell it.”
And that was it. I was sold. I wanted to flip a property and make a little money. I had done it before, and I was ready to do it again.
As soon as I booked it, and as soon as I paid the first installment, the property consultant advised that I wait until after the summer to put the property up for sale. She said that the summer is a bad time to sell, and that as soon as everyone is back from their vacations, there’d be a buying frenzy. So I waited.
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