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I want a property with a tennant long term

Discussion in 'Buying Overseas Property' started by paterson00, Jun 8, 2008.

  1. paterson00

    paterson00 New Member

    Hi i have posted about this already but here goes again. I want to buy a property anywhere, anywhere at all with hopes that it can be rented out so that the rent will cover a large portion of the mortgage. Hopefull over 50% of the mortgage. I do not mind having to top up the mortgage as i beleive in the long run for my plan this will pay off. Im happy in the thought that someone is helping to pay for my property..........thats it......thats all i want. I dont care how or where i acheive this but i would like it to be as safe an investment as possible with few headaches.

    I have a budget in mind of £800 a month to cover all of any costs that arise, ie mortgage, management company, repairs etc etc.

    What is you opinion on what would be good for me. I have no real interest in capital apreciation at all, if it happens on the side, great, but im happy with just having a good tennant for a long time.

    What should i look for?
     
  2. David howe

    David howe New Member

    Is not about what you can pay on a mortgage but what deposit you have, tell me what deposit you have and I can give you some pointers.

    Your rental return must cover your mortgage. Also be careful as you speak of having sterling to cover mortgage and this will be subject to currency fluctuation which could hinder you on down the road.


    David Howe LLB. LLM

    INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania








     
  3. DAVID-S

    DAVID-S New Member

    Apartment to rent

    We can do all the above,80%-90% covered on the Mortgage,
    Easy get aYou a Euro mortgage but only max 80% LTV.
    So the main thing is would you have the 20% to put down,
    In Portugal the requirements for the mortgage are listed below.
    We have list of people waiting on long term property to rent.
    Let me know if there is anything else i can help you with,
    The documents required are as follows:

    General
    -Portuguese tax number.(we do this for our clients)
    -Copy of ID cards or passports.
    -Last six months personal bank statements-current & savings.

    If Employed
    -Last years tax returns(P60 in the UK).
    -Last three months pay slips.
    -Reference from employer (simple letter stating that has been working with the company for a certain time,plus the normal considerations in this regard).
    -Summary Assessment of the Tax return.

    If employed by a limited company with a shareholding of 20% or more
    -Last years tax returns.
    -Last six months business bank statements.

    If self Employed
    -Last years tax returns/tax computation.
    -Last six months business bank statements.
    -Summary Assessment of tax return.

    Other income (if applicable)
    -Confirmation of pension received for the last three months.
    -Confirmation of Rent received –copy of tenancy agreement plus:
    -Copy of bank statements showing rent payments.

    Liabilities (if applicable)
    -Latest mortgage statement.
    -Details of personal loans (principle due,monthly instalments).
    -Copy of tenancy agreement.

    House Documents
    -plans/drawings of the site or of the property.
    -If constructing/renovating the property –copies of the planning permission
    & building licences.
    -Credit report.

    Plus any other investments you may have saving plans-ISAS,PEPS,
    Good luck & look forward to hearing from you.
    Warmest Regards,
    David Scutt.
     
  4. David howe

    David howe New Member

    I can also get you a multitude of things, but prefer to know what is best for your personal circumstances before making suggestions.


    This is an investment you are making not a trophy you are buying

    David Howe

    INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania





     
  5. James Barnett

    James Barnett New Member

    This All screams Berlin to me have a look you can even buy with tennant in place there and the germans all rent its alien to them owening a property
     
  6. Rammah

    Rammah Member

    Dubai IMPZ is your answer.
    Are you in London?

    Rammah
     
  7. nessenpaul

    nessenpaul New Member

    http://www.etastar.com

    I was looking for buying property in Gulf and found this useful website of EtaStar. Is there any other websites which provides similar information?
     
  8. David howe

    David howe New Member

    I note everyone is telling you where to buy and the great opportunities there are. I also note none of them are worried about your personal circumstances or what is best for you.

    Whilst Germany gives good yeilds the taxation system is terrible and so many before you did nt take the time to look at this with effect they will be crucified on exit.

    Remember the day you buy is also the day you sell, so mistakes when you buy will be paid for on sale.


    Feel free to contact us if you want to consider Romania and then do comparrisons with some other markets so that you can make an informed decision

    David Howe LLB LLM


    INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania




     
  9. oregon woodsmoke

    oregon woodsmoke New Member

    800 pounds a month is enough to pay all the expenses for a property in many cities in the USA. Your tenants would help with the payment, but you need to be in a position where you can make all the expense payments if your property is vacant.

    If the goal is to end up owning a property, then allow me to suggest that you look at locations where you would like to live or vacation yourself. Perhaps you could end up with a fully paid property to enjoy in your retirement.

    Pay attention to political climate, and to whether or not the country allows clear ownership of land by foreign nationals. Also there are a few countries that are very difficult to get your money back out once you take it in to their country.
     
  10. mfsuleman

    mfsuleman New Member

    Why not look at South Africa,i have a few new developments where 800 pounds would cover the entire rental (3 bedroom),and rental income would be around 300 pounds.
     
  11. agentkhoo

    agentkhoo New Member

    Residential or COmmercial property in Singapore

    If you're looking for rental yields for your property investment - consider Commercial property in Singapore. A decently located commercial or industrial unit can be easily tenanted out. We can manage it for you to look for suitable tenants in the long term. There's a space crunch for commercial and industrial space right now, as several old developments are currently being knocked down and rebuilt into new developments, so there is a space constraint. Many of these developments will only be ready in 2010-2012 so we won't have much easing of the demand for commercial and industrial space until then. So we'll have a good bull run still.

    But for Residential property, the prices are moving sideways right now. In the secondary market, prices of residential units in choice locations are still holding up at high levels but they are sliding slightly at the moment. With the growth that Singapore, and our open door policy on immigration and foreign talent, we have attracted foreign professionals to setup homes in Singapore. Many of them are tenanting at the moment, so there is a good rental market now (still). But this might taper off in 5 years as more residential units become available for tenancy.

    Singapore's a nice place to stay if you choose not to rent out, you will own the apartment. Food is not expensive (by UK standard), public transport is well developed here, and so is healthcare and its an organised and fairly safe place to live.
     
    Last edited by a moderator: Jun 15, 2008
  12. agentkhoo

    agentkhoo New Member

    no restrictions with profit repatriation

    Oh yes another point to note is that in Singapore, there is no capital gains tax, just normal property tax and income tax. So during this period you will have to pay property tax as well as income tax.

    But some tax planning can reduce the taxable income.

    As for profit repatriation, there are no restrictions on that for the moment.
     
  13. Investy

    Investy Senior Member

    Berlin £40,000 should get you a Court repossession with a longterm tenant fully managed. Low risk, low price yet plenty of upside
     
  14. David howe

    David howe New Member

    Is Berlin not prohibitive froma fiscal perspective?



     
  15. mca

    mca New Member

    Here's a great resource to help you out at Global Property Guide

    Take your pick, their coverage is quite broad. Each investible country on this site has loads of useful information. (Aggregated data for rental yields, house prices, inheritance, law and tenant relationship etc.) I know it helped me enormously!
     
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