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rental property abroad
It would be difficult unless you have a trusted management company looking after your tenants and your property. Your post is vauge. What countries are we talking about?
It's a pain in the a$$. You already know that and I suspect are looking for tacit permission to proceed with whatever plan you are contemplating. When the AC breaks, the landlord not the tenants have to arrange for repair. Not so easy if you are in NA and the property is 4000 Km away. It can be done, but it takes time, effort and a good deal of knowledge of the services available locally.
Any property with an absentee landlord needs a local management person/company to deal with day to day concerns, collect the rent and to ensure the property isn't being destroyed because there is no one to say you "can't put a hole in that there wall...."
Any property with an absentee landlord needs a local management person/company to deal with day to day concerns, collect the rent and to ensure the property isn't being destroyed because there is no one to say you "can't put a hole in that there wall...."
Yes, it can be a disaster. But all you need is the right people. There are trusted managers who handle property and do it well.
And there are some good developments that handle everything for you and charge a fee. You just need to pick a place with good reputation and decent occupancy rates. It's very do-able.
And there are some good developments that handle everything for you and charge a fee. You just need to pick a place with good reputation and decent occupancy rates. It's very do-able.
I do it. It's not difficult at all. I do it with multiple properties. Feel free to pm me with any direct questions you have.
The lease can dictate the responsibilities...triple net lease
if you are to be an absent landlord, the tenant can be made to assume certain mtce issues, etc
but you still need a local contact.
if you are to be an absent landlord, the tenant can be made to assume certain mtce issues, etc
but you still need a local contact.
Yes i do
These were my issues;
property maintanance - grass cutting. Your grass will be 6 ft high inside 3-4 months. Buy a lwnmoer and enough gas for the time you are away so the handyman can mow your lawn
Property maintenance - home. you need to clean same or open a window to allow the home to air out
Theft of pool equipment / or anything that was not tied down. Lock everything down
Need for an 8 foot fence to at least make it more difficult to enter the property
Pool- do you keep it full and pay the electricity all year or empty??
cleaning same
Ongoing costs for cleaning, maintenance, all the above
Lock EVERYTHING DOWN
Beware of foreigners seeking to help....tread cautiously. Basically you dont know who you are dealing with down here
My solution
Buy in a protected secure estate. Consider using a management company, they are expensive;
I had a trusted individual that was well known to me come and clean my lawn 1 time a month for $30. I western unioned the money to him each 6 months. it worked for me, but i was lucky i think to find him. He had a key to the front iron gate but not the house. The house i locked up for 2-3 month periods ; The next option which i am currently doing is renting my home out to people i know. They maintain everything. Its a stress off my mind as i travel the world. Only problem is i cant come back to my 3 homes as they are all rented. its not worth the stress of leaving a home un-protected or cared for, people will come and take from you ( foreigners included)
I do it and it works fine but then again I have very good managers who take care of everything for me. If you don't have anyone local who can protect your interests, just put your money in a bank account because it will be safer.
I have a single family house in South Carolina that I haven't seen in over 12 years. I'ts almost paid for, and I make nothing but the equity. But it does pay for the Management company with whom I've been very fortunate to have. I too think that it depends on who you have managing the property. Also setting ground rules regarding repairs is a necessity.
Yes, I spent all my years in DR while still owning property in France, Spain, WAfrica and UK. Seems people on here are not managing themselves as well. Over 20 years I've never had any real problems because I was not around. But I own houses and not apartments so and so I can easily be sure only good people are using my property. Typically my places are remote ish. The people who live in my places are more into living around nature and experiencing peace than being crazy and waiting for the weekends.
Would never do it in DR, investment in DR has crippled many people I know. Many who'd have been out of the place years ago if they could sell. And leaving your property in the hands of another in DR............ Fk that for a game of dominoes.
i own properties...always have always wanted to. i want a small 8 story strip mall with either basements and/or apts above for living... i have been thinking of building a small 32 unit hotel/apt. with pool and kitchens...and the ability to expand to 96 units...
the strip mall will be condo and sold not rented but rented until sold, apts the same way...
the strip mall will be condo and sold not rented but rented until sold, apts the same way...