Korean Job Discussion Forums

[Swiss James]

could anybody else practically see Butterfly's lips curl up disdainfully when he typed the letters "DSS"?

[the saint]

[nev]

There are many pitfalls in buying property to rent, and I've made a hell of a lot of them. I own and rent two properties in Scotland, and despite the hassles that crop up, it's an investment I don't regret. If you have the money, I'd go for it.

However, you may have problems getting a good mortgage if you're not working in the UK or working for a British company. For this reason you may be advised to return to the UK for a year, as it will open up mortgage opportunities. I got decent mortgages on both my properties while washing dishes, so don't worry about having a high-paid job (though it helps, of course). Also, I would be extremely cautious about not being around for the first few months of leasing because that is when you'll find out if your leasing company are a waste of space, and is also the period when most of the problems with your delightful new flat/house show up.

NEVER rent to family or friends. Why I didn't learn this after my first mistake can only be proof of some fundamental stupidity on my behalf.

Buy property in an area you know well. Get the property surveyed before buying. Arrange the mortgage before you put in an offer - for a buy to lease property you will likely have to pay a 15-20% deposit. Get a reputable leasing company and don't go for the cheapest; a good leasing company makes life so much easier.

And make sure you have plenty of money left over. Because hitches are around ever corner. Be prepared financially.

It is a phenomenal investment though, once it is up and running. When both my properties are fixed up and occupied, I make several hundred pounds a month, as well as the mortgage being continually paid off, and never have to lift a finger.

[nev]

With regards to DSS, I was under the impression that the government would pay rent only to some local average. A few years ago, in my area, this worked out only to about 150 UKP a month. I found them also to be extremely bad tenants, but my sampling pool was only two.

[the saint]

[Butterfly]

Edit

[TJ]

Many years ago I sold a farming property on 'vendor finance' which meant that I was to hold the title documents until the purchaser completed paying for it.

Well, he missed several payments, then got put in jail for incest, carnal knowledge and assault of a minor. The man was worse than an animal, but if you met him in the street you would think he was a perfect gentleman.

Incidentally he tried to 'con' me by offering to pay a very high 'penalty' interest rate in lieu of the overdue payments. Fortunately, I wasn't greedy and declined. If I had, under Australian law, I would have been guilty of acting as an unlicensed money lender and the whole deal would have been void. I could have lost everything and I'm sure that's what he intended.

Eventually the courts gave me a 'writ of possession' as was specified in the sale documents.

On gaining entry to the farm house we discovered that he had kept piglets in the lounge room ( it had been newly carpeted prior to the sale ) We also found used sanitary napkins all over the floor. I'm not exagerating when I say the place was a pig sty !!!

From under the house we collected about 2 tons of trash. Also under the house was a very savage Irish Wolfhound which was fed by a relative ONCE A WEEK. The neighbours were terrified the dog would get loose and attack a small child.

The house orchard had been destroyed by cattle which had been kept there.

These is just a few of the reasons why I will not have a tenant in any house of mine.

[turtlepi1]

Back to the OP I think you can hold property in Canada "at arms length" and not have to pay tax on your Korean income.

I don't have the details but I would look into it because I believe someone posted saying this was not possible (in Canada) and might influence your decision.

(If "The man was worse than an animal, that got put in jail for incest, carnal knowledge and assault of a minor that had kept piglets in the lounge room and left used sanitary napkins all over the floor and who did god knows what with a very savage Irish Wolfhound which was fed by a relative ONCE A WEEK." didn't make up your mind for you already.)