What countries are best to buy a house for investment?

jimbog

Essaouira in Morocco - based on gut feeling and no evidence whatsoever

NullDrone

Running_Horse wrote: »

Very strange. Someone in the UK wanting to buy a "foreclosure". Wonder what the response would be if I went on an American forum asking about repossessions! I suspect I know where this discussion is going, but will reserve judgment until it gets there. There are lots of ways to make money on property. Buying in a country you know nothing about is probably not the best. Tick tock.

I have been reading american books and I know that there's no such thing as foreclosure, the laws are completely different here. But my point is that I am likely to get the best deal if I buy a pre foreclosure rather than in the UK with such high house prices, time is money, I want to get in as soon as I can. The UK economy will eventually collapse anyway, once interest rates go on the rise, the government will be coming for people's money.

I am going to read country specific books when I have a good idea of what the best place is to buy, the legal side of it is complicated, but I will look into it, I try not to speculate. UK is the least risky, but IMO it has the least rewards, if you can educate yourself then why not? I expect I should get some professional advice too, books are usually written by pro's though.

You send the letters to those who are struggling to keep up with their mortgage saying that you are happy to buy their house from them at a 60 discount rate, then pay them with a mortgage, but you can do "creative financing" and make the loan better for you somehow, I even thought maybe you could get a foreign mortgage for a better deal, or I think it was called a "Partnership", I will also look into different ways to finance it though.

Once I get the house I'll just rent it at a high price, it'll be bought in an area where people are close to work and school for the kids, hopefully little vacancy like, but that's my biggest worry is if they'll actually rent it out, I have many calculations to make before the buying, I can imagine the best is to calculate the ratio between the house price and NOI. I'm going to go into this all clued up brah.

G_M

Good stuff. So the business plan in a nutshell is

* identify country with low property prices, and where prices are due to rise
* identify properties within that country where :
a) the owners are strugglig with their mortgages and
b) the demand for rentals is high
* obtain finance from a n other so as to avoid risk to own cash
* buy a property (or several?) at well below market price
* rent it out at well above market value

See you in a year or two when we moor up at adjacent morrings......

remorseless

it depends on the amount and finance options is available to you...

I second whoever suggested Romania/Bulgaria possibly in the city where there's work so it can be rented to locals (like you would back home) and sold to locals in case!

TBeckett100

Strange individual.

NullDrone

G_M wrote: »

Good stuff. So the business plan in a nutshell is

* identify country with low property prices, and where prices are due to rise
* identify properties within that country where :
a) the owners are strugglig with their mortgages and
b) the demand for rentals is high
* obtain finance from a n other so as to avoid risk to own cash
* buy a property (or several?) at well below market price
* rent it out at well above market value

See you in a year or two when we moor up at adjacent morrings......

I was thinking spain was a good idea, but they said no to spain, I'm just wondering where else other than spain? Does it really depend on the country, or does it depend on certain towns within a country? People are prepared to pay high rents if they have high paying jobs, are a working class family, it's been suggested that you buy a duplex or a multi family house, cash flow is king. I have friends that live in finland, norway, sweden, they recommend that I am to buy there, but I imagine they could probably afford their own properties, a lot aren't really bothered about renting a place. I'd much prefer a hot country, spain, italy, greece would be ideal as I love the sun, winter in the UK is depressing.

I'm guessing I will have to gain connections and that bargain properties are only available to those with connections, you wouldn't be able to just search properties, everyone would find them and the good deals would be gone straight away I can imagine. It's also been recommended that I am to join an investment club.

Is my plan legitimately good or was that sarcasm? it's hard to tell when everyone else is talking down on me. If so thankyou.

TBeckett100

You have £8,500 and your diatribe is nonsense

I get this impression this is all leading up to something. If you carry on with this I may just buy you the ticket to Spain myself

Running_Horse

NullDrone wrote: »

I have been reading american books and I know that there's no such thing as foreclosure, the laws are completely different here. But my point is that I am likely to get the best deal if I buy a pre foreclosure rather than in the UK with such high house prices, time is money, I want to get in as soon as I can. The UK economy will eventually collapse anyway, once interest rates go on the rise, the government will be coming for people's money.

I am going to read country specific books when I have a good idea of what the best place is to buy, the legal side of it is complicated, but I will look into it, I try not to speculate. UK is the least risky, but IMO it has the least rewards, if you can educate yourself then why not? I expect I should get some professional advice too, books are usually written by pro's though.

You send the letters to those who are struggling to keep up with their mortgage saying that you are happy to buy their house from them at a 60 discount rate, then pay them with a mortgage, but you can do "creative financing" and make the loan better for you somehow, I even thought maybe you could get a foreign mortgage for a better deal, or I think it was called a "Partnership", I will also look into different ways to finance it though.

Once I get the house I'll just rent it at a high price, it'll be bought in an area where people are close to work and school for the kids, hopefully little vacancy like, but that's my biggest worry is if they'll actually rent it out, I have many calculations to make before the buying, I can imagine the best is to calculate the ratio between the house price and NOI. I'm going to go into this all clued up brah.

Where to begin?

Paragraph 1. The UK economy will collapse and they will come for your money? Having seen many economic cycles I would guess the economy is just recovering, will boom for a few years, then slow down, and repeat. Nobody is coming for your £8500.

Paragraph 2. Unless you are heading for an English speaking country, how are you going to read these magical oracles in their native language? Property speculation with £8500 in Romanian?

Paragraph 3. You're going to find people in financial distress in a foreign language and offer to buy their house for 60% of its true value! and they are going to agree rather than just sell it for its true value? OK.

Paragraph 4. Who is going to pay a high rent in a struggling economy? Why wouldn't people just pay lower rents to someone else? Perhaps you are not as clued up as you think.

But good luck. I like a dreamer.

TBeckett100

I suspect we'll all hear about a property investment club shortly

So how do you plan to finance your foreign purchases Mr Buffet?

Oh hello, are you struggling to repay your Latvian mortgage on this derelict farmhouse?

I believe it's worth £12,000 with a lamb thrown in

Let me give you £8,500

So you move to Latvia and there you are at home, jobless and milking your lamb. The lamb looks at you and says

You're baa my.

TBeckett100

so if you are buying a distressed property on a buy to let mortgage with no income yourself, near a school etc (so it will be a prime property) How do you plan on buying your own home? Or will you continue living in cloud cookoo land?