Buono Giorno. REI

[Henry Clark]

Doing Xmas and new years near Lucca Italy.  My brother and his wife will be here for 5 years and are looking for a house.  Everywhere is different so passing along some experiences.

They have looked at about 30 houses.  None are a fit.    

Taxes aren’t paid, no legal ownership of road, ADUs or the entire house not permitted, upgrades, repairs needed, etc.

 Getting ready to make an offer on a house in Lucca.  Has a full upstairs kitchen and living area.  And a full downstairs.  Problem is by district rules are different.  Primary house could be zero property taxes.  Secondary house could be up to 14%.  He plans to put a circular staircase inside the house so it is one house.  Currently separate outside stairs to second floor.

Most of the house he has looked at they would leave all of the furniture, lawnmowers and tractor.  

Only seller realtor.  No buyer realtor.  3% sales commission.  

Buyer uses a Geometra professional. They check the physical house, legal permits, taxes, liens, future plan design, getting contractors, doing estimates.   Attorney handles the legal contract.  Buyer pays for both of these.  

Lots of properties on the market but no MLS. You have to check with each realtor to see what they have listed.

Each town sets its own downpayment and interest rate.  Was 1.5% and 15% down about 4 months ago.  Now 4.4% and 30% down.  

Enough of a break.  Time for Lunch. 

[Ronald Rohde]

sounds romantic, navigating such different systems would give me heartburn. How much to just stay in a hotel for 5 years?

[Henry Clark]

Was fun, but back to REI. Just a different system. Same ownership rights though.

STR and MTR are either not viewed favorably or is treated like a hotel. Property tax rate is 14% annually for your non primary house. Plus the taxes on the income.

It was fun looking at a different market with fresh eyes. Saw lots of opportunities although we would have to vet each REI type. Self storage is a relatively new concept, parking lots, moving equipment, etc.

It’s a buyers market there.  So it’s a matter of lining up the deals and prioritizing them going through the inspection and bargaining process.  
.    
Drank a lot of wine.  Learned $150 bottle of wine can taste less than a $12 bottle.