Quote:
Originally Posted by Beneddie1112
Hello,
I was browsing through a few local houses for sale when I noticed the overseas section on www.rightmove.co.uk. On there I found properties going for virtually nothing situated all around the world, for as little as £7-8k.
Now I found out recently that I was left some money in a will by my grandfather when he died (He died when I was 6 so didn't really know him) and I can't touch the money for 3 years, when I turn 18, The amount is just over £60k. However, my parents can access this money and I thought of buying 3 or 4 of these cheap properties and renovating them to high standards (for those areas anyway). This would be run as a long term thing, and apart from the main business I want to run.
Do you think I would be better to leave it in the account and not risk it or go for it and buy up a couple of these places?
Thanks in advance and take care,
Ben |
You are asking for trouble unless you know all the local laws, and are able to do local searches.
Entire valleys even in supposedly "safe" spain have discovered that none of the owners of new developments have planning permision -and many others have found they now own a historic mortgage that a previous owner defalted on.
If you are to do this at all, focus......one country, one type of purchase and understand it well.
For example, go take adam ginsbergs course on buying and selling property on ebay...not necessarily to do the flip listing and selling of stateside property that he and armand morin specialise in, but because of the tools he has for both checking value AND for signs of trouble.
The course will cost you a couple of grand...far less than you stand to lose on a single deal if you get it wrong.