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buying a property in another country

netsfan549 836 38 August 11, 2015 at 07:21 AM
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I am really close to buying a house in Colombia. I will be hiring a real estate agency that will be in charged of finding a tenant. When they do find a tenant, what is easiest way for me to get the monthly rent? I was thinking about opening a bank account in Colombia and they deposit money there every month. (real estate agency will be in charged that they do give monthly rent)

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Joined Jan 2007
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#2
Have the tenant pay via Western Union
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#3
It is advisable to obtain the services of an independent lawyer when entering into a property deal. A lawyer’s advice can be invaluable if legal wrangles occur.
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Joined Dec 2005
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#4
Don't the RE agencies handle collection of the rent? If so, I'd think they could direct it where you want it to go.
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E finita la cuccagna

Liberals want you to think like them, Conservatives just want you to think!
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#5
I would hire a lawyer. Buying property overseas can be tricky. I thought about buying property in Argentina about 15 years ago so I talked to a lawyer. It wasn't his intention, but he talked me out of it. Many countries have laws about non-citizens buying property. So the common way to do it is to either get a local partner or form a local corporation. The problem with that is that that local partner/corp can really screw you in the end.
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#6
don't do it


$500,000 A one-bedroom apartment in a renovated condominium building in the La Candelaria district

$3m A four-bedroom home measuring 200 sq metres in the northern districts of Chico

$5m A penthouse with floor space measuring 3,000 sq ft, a 24-hour doorman and fitness centre.
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Joined Sep 2005
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#7
Here are some free or cheap ways to send money from one person to another [clarkhoward.com]. Some can do overseas transfers, others can't.
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#8
It's not worth the hassle and risk. Why don't u just buy something closer to home that u will need to rely on middle men less and have a better protection of property rights and a rule of law? Real estate offices, attorneys, and even tenants will most likely pry on u knowing that you are thousands of miles away, a foreigner.

Realtors move the non paying tenants from one property to another presenting them as qualified tenants, collect the commissions and sticking u with the eviction headaches.
Moreover I heard stories in Caribbean and Latin American where foreign home owners coming for a visit to their property finding a looted out houses, stollen acs, windows and doors etc.

If u don't have local boots on the ground u can trust (such as family) u r not being too smart in getting ur self in something like this or maybe just naive thinking it all will work out nicely. I wish that it will. Good luck
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#9
I agree that if you don't have family/friends in the area where your rental will be, or if you're not extremely familiar w the area - you're at great risk for losing $, fraud etc

My husbands family has some properties in other countries (Central & South America) that they rent - countries they lived in for many many years and it's been troublesome, even w family in the area. The corruption in the court & legal system makes it very difficult to solve problems. They lost one property to squatters. Sounds crazy...I know. Lol

A property they have in Europe is less problematic, some of that most likely due to family members nearby, several lawyers in the family, very long term tenants etc

Good luck...hope it works out for you.
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Last edited by KPS August 13, 2015 at 06:27 AM
#10
No offense to the OP. But with the threads you keep creating, I'm not sure how any of this can be taken seriously. Your threads do not position you as someone that has the ability to buy a home, much less a home in another country. Sorry, but the facts are what the facts are.

I present to your honors, Exhibit A, titled: "taking my current job to court"
http://slickdeals.net/e/7570876-taking-my-current-job-to-court?v=1

I also present to your honors, Exhibit B, titled "moving out of my parents house"
http://slickdeals.net/e/7603122-moving-out-of-my-parents-house?v=1

I also present to your honors, Exhibit C, titled "many postings trying to get any IT related job cert"
http://slickdeals.net/f/8011561-cyber-security-online-classes?v=1
http://slickdeals.net/e/7653150-a-certification?v=1
http://slickdeals.net/e/7631866-resume-help?v=1

For the record of the court, I also maintain that all of the above exhibits are from 2015. If we bring 2014 and earlier into the fray, a repetitive and clear picture that this thread is full of some serious dung is absolutely certain. I'm sure the court will agree.

Maybe the thread is about someone else you know and you are just reliving it on this thread?
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Joined Jun 2005
Let Sleeping Dogs Lie
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#11
Quote from eekthecat View Post :
No offense to the OP. But with the threads you keep creating, I'm not sure how any of this can be taken seriously. Your threads do not position you as someone that has the ability to buy a home, much less a home in another country. Sorry, but the facts are what the facts are.

I present to your honors, Exhibit A, titled: "taking my current job to court"
http://slickdeals.net/e/7570876-taking-my-current-job-to-court?v=1

I also present to your honors, Exhibit B, titled "moving out of my parents house"
http://slickdeals.net/e/7603122-moving-out-of-my-parents-house?v=1

I also present to your honors, Exhibit C, titled "many postings trying to get any IT related job cert"
http://slickdeals.net/f/8011561-cyber-security-online-classes?v=1
http://slickdeals.net/e/7653150-a-certification?v=1
http://slickdeals.net/e/7631866-resume-help?v=1

For the record of the court, I also maintain that all of the above exhibits are from 2015. If we bring 2014 and earlier into the fray, a repetitive and clear picture that this thread is full of some serious dung is absolutely certain. I'm sure the court will agree.

Maybe the thread is about someone else you know and you are just reliving it on this thread?
i agree
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