I have been in the real estate business for years now. Throughout this time, I can proudly say that I have made money. Of course, there is always that one or two properties that just don’t seem to sell as well as you would have hoped. But all in all, I have made money.
I am the kind of successful investor that you will hear other people in the same field talk about. They will be saying things like, ‘There is something Sam isn’t telling us.’ Or better yet, they will be referring friends to me when they want any kind of remote property investment advice.
The truth is, there is something that I am not telling you. The secret to my success throughout this time has been the same old secret that every real estate professional has been shouting from the rooftops; location, location, location. The problem is that most people, as much as they try to find the best and most popular locations for their properties, they do so using tunnel vision or localised vision. They only look at their immediate surroundings. If they go too far, it is maybe one town over.
Remote property investing
I would like to tell you that there are other locations on this planet. Who says you can’t own property in France? How about Spain, Greece and even some tropical island somewhere in the Caribbean? It is all about how far and wide you cast that net.
How to invest in property abroad with confidence
As far as investing in property abroad is concerned, there are several things that you simply must know:
- For starters, different countries have different laws and procedures as far as owning property as a foreigner is concerned.
- Two, just because the property is in a prime location does not mean that it will make you as much money as you think it will. There are exchange rates, local tax and local spend power to consider when making this decision. Other than that, owning property remotely can be one of the most exciting things you can do. If anything, it gives you an opportunity to travel.
That being said, here are the three most essential things you need if you are to invest in property remotely with confidence:
Get a virtual tour
Although it is perfectly fine to buy property unseen, it is often important to get a virtual tour of the said property as well as surrounding areas. Use Google Earth to check out the general area as well as carry out a street tour of the place before you decide on whether you want to buy it.
Hire an inspector
Although it is absolutely necessary to hire a home inspector before any real estate deal is finalised, this part often comes up after an offer has been made. As a remote investor, your best bet is to hire one anyway and have them take a virtual walk though of the property, using pictures as well as videos if available.
Their experienced eyes should be able to pick up any potential problem areas that the seller may be trying to hide. Remember to actual ensure that the inspector does a physical walk-through before you actually close the deal.
Insist on a walk-through contingency
Insist on having this worked into the contract. This walk-through contingency is for your peace of mind. Before finalising and closing the deal, you have an easier way out should the property fail to live up to expectations. Although it might attract a higher price from most sellers, it will be absolutely worth it should it save you from buying unworthy property.
Investing in remote property can be exciting and quite risky at the same time. One thing is for certain though, it greatly increases your chances of making money. Diversification is always welcome in this field.