Job Discussion Forums

[merlin]

I'm skeptical of the 100:1 ratio as well. In many cities US 300,000 will only buy half a house which you can then turn around and rent out for half of 3,000 - which comes to 1,500.

To buy 3 rental apartments in any city with a good rental market you'll neeed 300,000 per apartment - so you'll need about a million dollars.

Sure, there are cities with cheaper prices but you won't get the same rental income from those due to lower wages.

Then there's the issue that old folks often can't handle being landlords - when I was in university my neighbor drove the old lady below him to an early grave with his all-night parties and vomit on her veranda. Of course, I never participated in those ... Anyway, old people renting out often find they can't cope and people can walk all over them.

[tedkarma]

[TeacherTim]

I plan on retiring to the Philippines in a few years. My wife and I have just bought 1300 sqm of land and built a small house for under 12,000 UK pounds - but be warned it is starting to get very expensive.

As a back up we also have a business and rent out a small house in the U.K.

[globalnomad2]

Again, to remind those who are interested, northern Maine properties...very low taxes and you can get beautiful land for $800-1000 an acre.

I agree with Ted about the property managers. They are also pros at getting the best tenants! I got my own tenants for my house once and regretted it to the extreme!

[merlin]

Not questioning your motives, Tedkarma - just wondering if it's still the gravy train it used to be. I don't have much experience with being a slumlord, thats all. Also my history is from expensive markets like California/Hawaii.

[tedkarma]

[Tiger Beer]

[Otterman Ollie]

I'm surprised that noone has mentioned Turkey (as well as slightly relieved) prices are going up in the more popular and well developed areas but its a huge country and there are still many many cheap properties waiting to be discovered by the buyer willing to put in a bit of legwork .
Recently a collegue bought a brand new 3 bedroomed apartment for less than 35 grand sterling .In the 6 months since he moved in he's had 3 seperate offers to buy it the highest almost 50% more than he paid for it . When the political seesaw has settled and a new mortgage system comes on line prices will jump up dramatically as this country moves closer to E.U. membership . Now is the optimum time to get on the property ladder in this country . No I'm not an estate agent ,just someone who owns no less than 3 properties over here bought cash over a 15 year period .

[JZer]

[JZer]

[globalnomad2]

Tigerbeer: The Elmira NY area looks nice in every single photo I've seen of the houses, and I must have looked at 100 easily. Of course there are no jobs there, but for my purposes it's for retirement. You won't find houses of this quality for $66,000 in Texas...Since I own one in Houston on the market for $158K, I can buy one of the excellent $66K triplexes or fourplexes in Elmira or surrounding area, invest the remaining cash, and then get rental income.

[MELEE]

Just for the record,
Mexico also have retiree visas. You have to show either a large lump sum in an account or have monthly income from what ever source of about 2000 dollars. Though many US retirees in Mexico only ever have tourist visas and they just come each winter.

[Samantha]

Actually, this FM3 (Rentista) is meant for anyone who has income from abroad supporting them while in Mexico. It is not solely for retirees who show pensions, but also for anyone working online or any other outside the country income. The amount of income you must prove (and demonstate from the 3 most recent bank statements) is closer to $1100.00 US per month for a single. If you own a house in Mexico, that number is cut by about one half. Savings hanging around your bank account will also go toward proof that you are solvent, but each INAMI has slightly different criteria.

[Teacher in Rome]