Any Profit in Foreign Property ?

Kaz · Post by **Kaz** » Thu Sep 15, 2005 12:24 pm

Hi there,

New to this but I was hoping there may be some like-minded people out there who may have some experience in the foreign buy-to-let game. Just looking for some general "real-life" impartial advice.

Thanks

Kaz

Lon · Post by **Lon** » Thu Sep 15, 2005 12:46 pm

Kaz wrote: Hi there,

New to this but I was hoping there may be some like-minded people out there who may have some experience in the foreign buy-to-let game. Just looking for some general "real-life" impartial advice.

Thanks

Kaz

Interesting first post--------not sure where you ar going with it. I do own property in another country. Now what?

gmc · Post by **gmc** » Thu Sep 15, 2005 12:46 pm

Lots of people are buying flats and houses in Florida as holiday homes and to let out. Very cheap compared to the UK and the local realtors seemed geared up to deal efficiently with the letting side. Make sure you get a local lawyer though as like in any foreign country it can be a minefield. Their IURS is a bugger to deal with so make sure you know what you are getting in to. Slovenia and romania look like good bets but watch the local legal system as well. In EEC countries you can get a mortgage adviser based in the UK authorised to deal with foreeign mortgages but based in the UK you are still protected by the FSA-at least in theory. Steer clear of any companies trying to get you to buy to let and put it in your pension fund-UK property maybe foreign no and not likely to be any ime soon if at all.

Lon · Post by **Lon** » Thu Sep 15, 2005 12:54 pm

I do not lease or rent out the foreign property that I own when not there because to do so would trigger negative tax consequences for me. I would then have to do a tax return in that particular country and declare all U.S. income and pay some taxes on it as well in that country.

Caution must be applied when purchasing and owning any foreign property.

Kaz · Post by **Kaz** » Fri Sep 16, 2005 1:48 am

Thanks for those replies.

The reason I started the thread was because my husband and I already own 3 successful UK Buy-to-Lets and were interested in expanding a bit more. However, with the UK house prices currently so high we don't feel there is any money to be made by buying other properties at home. We've been reading up a bit on buying in places like Spain, Turkey, Bulgaria, Florida etc but there's so much to consider it's difficult knowing where to start. Sometimes it's just useful hearing from people who have been through the process and hearing about real-life experiences. We've been to a couple of property roadshows but we get the feeling that all the companies are interested in initially is signing you up for the viewing tours.

If this isn't the best place to discuss a topic like this I'd be grateful for any pointers to other relevant pages / sites.

Many thanks and nice to hear from you.

Kaz:)

Kerry Pendel · Post by **Kerry Pendel** » Sat May 13, 2006 7:02 am

Regarding relevant sites,- you might like to look at classifaqs.com,-

I know that their Hedge Fund info is authorative!

Best wishes, Kerry.

Philadelphia Eagle · Post by **Philadelphia Eagle** » Sat May 13, 2006 8:32 am

Kaz - I assume you are based in UK.

I would urge extreme caution in venturing into a buy-to-let situation located anywhere you can't personally carry out regular inspections.

Also you would need to be aware that, here in America, zoning laws are fairly strict and, in zones which are exclusively reserved for owner-occupiers, letting is not allowed. This situation is widespread and most areas in America do not allow letting.

I own a property in England and there does not appear to be zoning restrictions such as we have here.

To inspect my UK property I employ the services of an agency which also collects the rent for me.

My wife personally inspects it every six months or so.