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#305813 - 09/10/09 02:28 PM Long distance\international property investing?
justin0469 Offline
Member

Registered: 09/10/09
Posts: 10
Loc: Columbus, OH, USA
From time to time I see opportunities (both on here and other places on the internet) for property investing in other countries or across the US. Some are quite obviously scams, while others seem promising. One in particular that seems to have some backing is Brennan Property Investments Inc. Here is an [url=http://www.westernnewyorkpropertyinvestment.co.uk/viewrecord.php?recordno=57]example[/url].

Seems pretty legit, but not sure how I feel taking a risk like this for my first investment property. The homes aren't huge or fancy but I want to take it easy my first time out. I also don't want to be a slum lord. Does anyone else invest long distance without ever seeing the property and just trust property management companies?

Justin

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#305854 - 09/10/09 09:13 PM Re: Long distance\international property investing? [Re: justin0469]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
Your crazy if you do that especially for your first one. If you were a seasoned investor with an extensive portfolio you could take a big gamble and if you lose you still are safe.

With your first investment it need to be a homerun and a sure thing as much as possible. I would stick to your first one in your own backyard. There are plenty of opportunities there and if you don't see them then you are not looking hard enough. I know millionaires that only invest in one county and they are always looking at about 10 different deals a week.

If you invest far away and that company drops the ball or misleads you to value to make a sale you are then SOL and now have a headache on another continent.

just my opinion-no legal advice

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#305857 - 09/10/09 09:29 PM Re: Long distance\international property investing? [Re: justin0469]
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
It all depends !!!!

A lot would depend upon what you plan to do with the property, and how you hope to get a return on your investment.

Some investors like to see the condition of the building and determine how much work it may require and the cost involved, providing they have the background and the necessary experience, otherwise it would be prudent of them to hire someone who has the necessary qualification.

Some investors also like to determine that the property is located in a desirable area as opposed to an area where one is advised to go armed.

Some investor look for properties that have a “higher and better use” possibility i.e. A residential property that could be easily converted to commercial or other better use and thus increase it’s value, either for resale or renting.

Some buy a property for the purpose of flipping it or buy it for a rental, with little regard of the costs that may be involved, and if it’s not local, who is going to maintain the property and collect the rents and screen potential tenants.

Being a landlord and a property manager is not an easy task and unless an investor has had some experience, they should be wary of buying out-of-State property.

Due diligence and a thorough cost analysis is a prerequisite in buying any property for investment.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

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#305937 - 09/11/09 03:51 PM Re: Long distance\international property investing? [Re: Devil's Advocate]
VAInvestor Offline
Member

Registered: 01/13/09
Posts: 41
Loc: VA and NY
I personally have always been reluctant to get involved with any property more than an hour's drive for me. The only exception was when I invested out of state but the portfolio was managed on a daily basis by a childhood friend - a guy I could trust with every penny.

I think if you truly want to learn the business and have control, you should be investing in your backyard first.

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#306329 - 09/15/09 12:15 PM Re: Long distance\international property investing? [Re: VAInvestor]
justin0469 Offline
Member

Registered: 09/10/09
Posts: 10
Loc: Columbus, OH, USA
I'd mostly be interested in starting REI by having a rental and hiring a property management company. For the first property, I'd want to minimize risk and learn as much as I can about the process and experience, even if I don't hardly make any money on it. I'd like a turn-key property. Second time around, maybe take a little more risk.

It's a little hard to find turn key properties that you can rent for more than what your mortgage would be once you factor in property tax, property management fee (8-12% montly rent) and condo/HOA fees (if applicable).

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#335339 - 04/21/10 12:28 AM Re: Long distance\international property investing? [Re: justin0469]
Jennifer USA Offline
Junior Member

Registered: 04/16/10
Posts: 5
Loc: North Las Vegas USA
I haven't tried this type of investment yet but from my point of view if you are interested in buying long distance property then do all the process yourself by going to that state if it's not possible then if you are having any friend , relative to that place then request them to do all process under their guidance because we can't fully rely on real estate agent it will might be risky.

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#335469 - 04/22/10 01:37 PM Re: Long distance\international property investing? [Re: Jennifer USA]
Maui Offline
Moderator
Veteran Member

Registered: 01/13/10
Posts: 759
Loc: Maui, HI
I can see why in most places it is simply not feasible/advisable. However, in my local market we see a huge influx of out-of-state investors (including foreign). Ultimately, base your decision of where to buy on what will give you the best ROI.
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Visit our Maui RE Blog, then view our listings of Maui Condos For sale and Andaz Maui at Wailea site for information on this luxury property. View one of the hottest micro-markets in the luxury Kaanapali Honua Kai Condos For Sale.

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#342009 - 06/24/10 03:24 AM Re: Long distance\international property investing? [Re: Maui]
fidelis Offline
Junior Member

Registered: 06/24/10
Posts: 1
Loc: kenya
I have not invested outside the country. Remember being a landlord and a property manager is not an easy task unless an investor has experience.



Edited by fidelis (06/24/10 03:27 AM)

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#342048 - 06/24/10 10:44 AM Re: Long distance\international property investing? [Re: fidelis]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
When looking at property management companies the lowest price isn't always the best. On the other end the most expensive isn't always the best. Never make assumptions that way.

Instead look at how well the management company has performed,ask for references to check up on,and fees charged and what most importantly they do for those fees and what is considered an EXTRA cost.

Having the right management company and purchasing far from home will make or break your investment.

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#351886 - 09/20/10 08:56 AM Re: Long distance\international property investing? [Re: super realtor]
lisaRE Offline
Junior Member

Registered: 09/16/10
Posts: 6
Loc: london,uk
hello there! it can be rather troublesome and difficult to invest abroad if you are not quite familiar with the area or teh country and the properties!also, some markets are more affected than others which is important to note. From what i have seen the [url=http://www.thefirstgroup.com]Dubai property market[/url] which has not been that affected and is still rathe flourishing!

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#352742 - 09/29/10 02:52 PM Re: Long distance\international property investing? [Re: lisaRE]
Kristi Leak Offline
Member

Registered: 08/26/10
Posts: 175
Loc: US
I have to side with superrealtor on this. Make sure you invest considerably in your own neighborhood first because investing is a hands-on sport. If you're not around personally when things go wrong then you will either end up getting shoddy work from someone who doesn't care about it as much as you would or you'll overpay and get negative returns.
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Apartments for rent Boston

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#360494 - 12/14/10 05:12 AM Re: Long distance\international property investing? [Re: Kristi Leak]
Rosa Heather Offline
Junior Member

Registered: 12/14/10
Posts: 1
Loc: USA
Hmm...first time is always learning time..luck can be tried later. What I would suggest is that you should check feedback for the property deal be it international property or local. Also you can check the same location on other sites and find what's on offer. Then you can compare and get an approximate picture of the deal that is running in the market and whether what you are getting is fair enough or even better. I would say rather than aiming for just getting good returns for your investment try to think of it as a learning experience and avoid taking risks. You can also find if there are any exchange offers for example beach front home in exchange of flat. www.internationalrealestatelistings.com offers such exchange and has good testimonials from customers. So how you invest in the property and what you do with it also matters. Best luck to you. Keep trying.

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#360540 - 12/14/10 12:03 PM Re: Long distance\international property investing? [Re: Rosa Heather]
ByHomeOwner Offline
Member

Registered: 11/25/10
Posts: 33
Loc: St. Thomas Ontario
I would be very careful about buying property unseen. If you want to buy a property on the other side of the country, then at least go visit it first.

However, as others have said for your first deal you are probably way better to buy local.

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#361645 - 12/23/10 04:41 PM Re: Long distance\international property investing? [Re: ByHomeOwner]
stevenl Offline
Member

Registered: 12/20/10
Posts: 33
Loc: PA
The only time I would invest in long distance property is if I have enough money to hire the people needed to oversee the entire process.

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#376816 - 05/24/11 06:21 PM Re: Long distance\international property investing? [Re: stevenl]
SD Prop. Mgmt. Offline
Member

Registered: 05/05/11
Posts: 48
Loc: San Diego, CA
The logistics alone could make this a nightmare.

In an ideal world, you'd buy property overseas and everything would run smoothly.

But ours is not an ideal world. Bad things happen, problems arise.

That's an awfully big risk for anyone, but a first timer should not even be considering this!

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