General (main property discussion here) - Remote Ownership

Has anyone lived very far from an investment property that they owned? For example, I live in Northern Ireland. Would you advise me not to purchase a property in England or have any of you experienced living very far from your properties?

Hi Frank,

I live in Germany at the moment and have two properties in the U.K. Only one is rented out but that is because I am selling the other one.

If you get yourself a good letting agent, one who is preferably a member of ARLA or NAEA, there shouldnt be any problem with buying in England and living in N.Ireland.

I'm actually looking at buying my next 3 properties in Scotland, that is just impossible to manage without a management company!

Hopefully that has put you at rest?

Cheers

Simon

where you looking in scotland simon? i am interested in venturing into Scotland.

have you taken a look at the props on this site in the scotland? with grant management?

thanks,

tom

I've got a guy sourcing me a few properties in Scotland, not sure where he is looking at the moment. He is looking for properties that bring me 10%+ yield.

I've lookd at the website for properties but it doesnt normally bring up many properties for what I'm looking for!

What is grant management?

grant seem to be letting agents and sourcers.

take a look at this one....... http://www.landlordtrader.co.uk/property.php?property_id=366

tom

Cheers Tom,

The price that property is going for is over the budget of the type of properties I am looking for.

I'm looking at between £25000 and £50000. Giving yields of around 10%+.

Do you know of any on this site? I've seen a couple but they have been snapped up pretty quick.

Cheers

Simon

Thanks Simon

Cheers Julian,

I'll take a look at that option. I hadnt set up the mail alerts as of yet, but will do that as soon as possible. Thanks for your help.

Simon

Simon how much does sourcing cost?

Its £2500 per property. But as looking for 3 I'm being charged £1750 per property found. If you are looking for four the price goes down to £1500 per property. It sounds steep, but it seems natural for me living in Jooormany! Its quite difficult to view properties and visit letting agents and estate agents from here.

I'd prefer it if I were there in good ole blighty....but someone has to keep the box heads in toe!

Cheers

Simon

Oh right. the reason I was asking is because anyone with property experience could actually get into something like that.

If buying further a field you simply need to account for larger costs - eg potentially finders fees, higher maintanence charges , more voids - a good lettings agent/managment agent will help but it will cost that bit more.

I always think how much does a day of my time cost including any petrol/transport/parking cost etc - is it cheeper to pay someone else (who might not do as good a job or charge more than they should to save your time and money).

regards Andrew Peers

It will take me more than a day to view properties to buy.

Especially for me where I have to get a flight over to the U.K anyway, I'm looking at, at least a week. Property viewings,letting agent meetings,estate agent meetings,this would be far too much of my time, hotel bills, flight costs, hire car, parking, costs etc etc.

So, for me, at the moment I might add, its a good option for me.

there is no real substitute for viewing yourself but if you are going to use someone else make sure you can trust them. i use either letting agents that i have a history with or old school surveyors that have provided me with great reports in the past.

i know these people well and i always get the 'real-deal' from them as well as photos (internal and external!).

I'll view the propertys myself yes, but actually sourcing them is what would take the time and so I get somebody else to do that.I wouldnt buy something blind!

I can fly over to wherever and do a bulk load of viewing in one day.

sensible approach simon. where are you based?

might be worth using the local knowledge section on this forum to try and find good letting agents or surveyors who might be able to provide you with second opinions on where you are purchasing. just a thought.

tom

I'm based in Frankfurt. I'll take a look. Cheers Tom