Overseas properties, anyone?

[new2mondrian]

I've been looking at UK and US properties. I believe some bros and sisters here have knowledge and experience in owning overseas properties. Can I get some inputs on:

- what areas/cities are you vested in?
- how are the returns like so far?
- what is the process for rental remittance?
- what are the things to look out for? (eg taxes, body corporate charges)

Thanks in advance! Inputs are much appreciated. :)

[richwang]

I don't have the luxury to buy US property (unless my son will study there).
But my ex-boss (American married with Singaporean) has just bought a re-sale house there. He paid everything in cash and got a 50% discount.
He is re-building it.

My elder brother bought a house in Boston while his son was studying there. He then sold it. The agent fee is 5%.
He was offered green card as well, but declined due to US will tax his HK property.

Another friend is investing in LA property, but he is sick of the unexpected international trips he needs to make.

So property is much more "local" (compared with stocks).

Thanks,
Richard

[chiaberry]

Unless you are willing to do the homework yourself and make trips up to inspect the site(s), talk to local agents or friends to double check the facts, etc. I suggest that it might be less trouble to put your money into stocks in those countries instead. With GBP at a low and some stocks with attractive dividends. It can be difficult to manage property which is half way round the world and there is tendency for agents to take you for a ride. However I acknowledge that you would get leveraging with property investment.

I wouldn't trust the word of local agents regarding maintenance and management charges, rental returns etc. You should go to the place and double check with the locals.