buying a property abroad to rent ? where

teddyteddy

if anyone has property abroad and rents it . as the interest in ireland is patetic . where would be a good place to do so .
property 50k. ish .
and what returns and taxes . ive seen propertys in the usa amazing value from looking at the euro dollar rates now but hidden catches?:D .

gordongekko

teddyteddy wrote: »

if anyone has property abroad and rents it . as the interest in ireland is patetic . where would be a good place to do so .
property 50k. ish .
and what returns and taxes . ive seen propertys in the usa amazing value from looking at the euro dollar rates now but hidden catches?:D .

Jesus I thought I just woke up in 2004 again What have you against buying an apartment in Ireland at your price level.

sad_barber

teddyteddy wrote: »

if anyone has property abroad and rents it . as the interest in ireland is patetic . where would be a good place to do so .
property 50k. ish .
and what returns and taxes . ive seen propertys in the usa amazing value from looking at the euro dollar rates now but hidden catches?:D .

why buy abroad when property in Ireland is so cheap right now , you can take your pick of provincial towns for that kind of money

teddyteddy

name the town and the rent potencial?

tommylimerick

how are you going to manage a property in the USA over the phone
you would want a millon euro and borrow another millon to buy property in another country
even REIT when it was launched started trading at a premium
so Ireland is your best bet and convenient too

really cheap farms in Australia but the pricks wouldn't let you in

teddyteddy

ive seen propertys for 100.000usd aAT WOULD YOU DO ON THEM?nd below and had renters already in it . if not go through an agency perhaps?
the propertys in america are taking a huge dump in what they were worth seemadly more than here. from 250usd to 80 etc ...and at the exchange rate it seems a better deal.
cheap farms? whats with the farms? lol.... AND what would you do on a farm.?

Fitz123

Have you looked at your potential US tax exposure, and local property taxes over there. Have you also then looked to see what tax you would also have to pay in Ireland on your US income and whether you would get any credits in Ireland for the US tax paid.

If you don't understand what I am talking about here, you need to do a lot more research before buying any foreign property.

You also have considerable fx risk also. There are great deals out there on Irish property currently. Have a look here before looking abroad.

whatnext

Overseas landlord here. UK.

Think long and hard about what you are getting into.

Firstly Tax. If you are going to do this, you need to make sure there is a double taxation agreement with the country you are going to invest in and that you fully know what your liabilities are in both jurisdictions.
Secondly. Currency fluctuations, I have had tens of thousands wiped off the value of my portfolio because the Sterling Euro rate went from c. 1.46 to c. 1.18.
Thirdly. L&T law, you will need to read up on it and figure out what your rights and responsibilities are and what tenant rights may exist.
Fourthly. What happens if something goes wrong. Are you going to be able to get on a plane tomorrow morning if there is a major issue.
Five. Its going to cost you a lot of money to get the smallest jobs taken care of, changing a light fitting or replacing a door handle or mattress means delivery / call out charges on top of materials.
Six. Property management Companies. Bot I and a friend have had one go bust / disappear with the rent on us, the latter going through the courts at the moment. You have to appreciate that at the 50k mark you are not in the most high end areas and the tenants and agents you get a reflected in that.

If you are still happy to leap into the unknown then you have to look into cash flow. Its the hardest part of property investment to manage. There are a lot of out goings, many of which you will not have considered. I've had a tenant tell me that he was no longer going to pay rent, a doctor!! he knew the system inside out and knew it would take me at least 6 months to move him on. He only wanted to stay for five. Luckily I was able to convince him to change his mind, but that cost money too. I have had a drug dealer in a property, destroyed the place. Again a nightmare to get rid off. Even had two women turning tricks in a place. Great tenants to be fair, the place was immaculately and the rent paid on time, but the neighbours were not to pleased. What I'm getting at is that because you are not there you cant vet your tenants. I take up references, employment details but to be honest its far to easily fiddled.

I could go one forever.... but having said all that what I have is doing pretty well, but only because I have a few places, there is nearly always agro with one of them, but the others carry me through.

But to answer your question: If you are going to do it the UK is the best place to start for a number of reasons. The law is similar. The language is the same. The time zone is the same. There is a double taxation agreement. Its not going to cost you €1000 if you need to get there in a hurry.

Think about the dynamics of the tenants you would like. Do you really want Students etc?
Near hospitals works for me, or "improving" areas close to city centres with 24 hour public transport links. Realistically it has to have easy access to an airport for you also. Manchester is still not a bad spot, Bristol too. Liverpool is getting harder and harder to shift rental properties. Leeds mixed reviews, its a bit expensive relative to rents, ditto for Birmingham. London??? 50k? best leave that one.

These are only opinions but you need to do a lot of research are you prepared to invest based on what some bloke said on the internet?.
You also need to have a look on the ground. Another expense.

Also all those package deals you see on the internet with guaranteed returns for 5 or ten years need to be taken with a pinch / shovel load of salt. If they were as good as they made out the banks would be buying them themselves.

jamo2oo9

If I had that kind of money, I'd buy an appartment near colleges, IT's or universities where students are always in need of accommodation located near by. That might be worth a look?

teddyteddy

some people stay clear of renting to students . im just saying ive heard horror stories from that rental market ....

monkeynuz

teddyteddy wrote: »

some people stay clear of renting to students . im just saying ive heard horror stories from that rental market ....

Like a previous poster said, nightmares come in all walks of life.

With any rental place you should be able to hope for approximately 5-7%ish return on your investment so for €50k you should get €250-€350 per month.

monkeynuz

Oh yeah +1 for uk

But you can just as easily find something in ireland suitable, just do a property website search of a county for your lyrics range then compare properties you see for sale with ones available to rent