If Bulgaria was on the list i would of choose there. Property prices are so cheap at the moment and set to boom - great for investment.
<winter59>
Posted
sorry for repetition it is easier to copy & paste I will answer emails for specified queries )
Uk Investors should considerparking money in American real estate. Sterling UK Pounds are exchanged at 1.92 nearly (2x) its nominal value so 3500(GBP) is $6900.
Over here where I live in Dallas,Texas (I am formerly of Enfield ,London) there are many foreclosed homes that are repossessed by banks or the goverment housing department HUD and then resold significantly below market value. Many properties go into foreclosure every week over here because people default on their mortgages and so banks repossess for the amount defaulted on. The difference between the mortage balance and the market value is yours to make when you buy for that mortgage amount.
I bought a property for 31000 GBP that I resold for 48000 GBP. I put 5000 pounds down at purchase with an investment lender and so my mortgage balance was 27,000 GBP. I spent another 5000k doing up property to high standard. Through cheap and skilled Hispanic contractors and materials from Lowes and HomeDEPOT (Uk equivalent of MFI, B&Q, HOMEBASE). I then resold for 48,000 GBP). I then put money into downpayment of another property of which there are many with this sort of equity.
I presently have another wating to fix purchased at 35,500 and put 5000 GBP down. It can be resold for 56,250. It is a 3 bed 2 bathroom house built in 1984. Now that's the difference between UK and USA investing
In other instances these REOs are shipped off in bulk to real estate houses and exclusively sold as foreclosed properties and so discounted accordingly ( based on the judgement of the real estae broker contracted to make the sales.
The US governemt HUD also sells these foreclosed homes at large margins ($20-30k) below market value for mortagages they FHA insured a conventional mortgage lender, so when the borrower defaults the bank is repaid by government then HUD resales at discounted price.
HUD as opposed to Bank repossesed properties will sell you property that has clear title. Meaning there will be no bad judgements, or other forms of liens on that property. Foreclosed homes are sold as-is and therefore there is no bartering for improvements before you decide to buy. You can expect to put about 5000(GBP) of work but this can be rolled into your closing costs when you finance the property through a lender. This amount varies downward from 5000 (GBP).
If you have any questions I can be emailed at vnwanze59@cebridge.net
... but spain seems most appealing
