Hey guys I am new here and I have a question regarding buying and holding real estate and renting it to someone.
Right now I live in Vienna, Austria, but I am planning to hopefully move to the united states in the future. My question is if I buy real estate here in Vienna and rent it to someone, how would I manage the property if I moved to another country. I would hire a property management company that I know, but if there were any other problems how could I solve them from another country?
Do you guys have real estate in another country or very far away from where you live? How do you manage it? If you move, would you guys sell the property or keep it?
oh no, i posted my post twice, how can i delete one?
i can't seem to find the delete button..
As long as it is cash flowing, or if you are in an appreciation market, then you could keep it.
In order to keep it, you must have excellent management in place before leaving. The property manger should be able to handle most vacancy and repair requests without you. However, you would want to be notified if a major emergency occurred.
If Austria is anything like some of the Western European countries I'm familiar with, the landlord is responsible for far less than in the United States. In some places, the tenant has to provide light fixtures, appliances, kitchen cabinets, and also must paint and do minor repairs upon moving if needed, etc. That is just completely opposite of the US where tenants expect complete service! Therefore, the only major concerns would be vacancies, potential tenant damage, and major issues.
thanks you for your reply David.
the property management company that manages my apartment has kind of the policy that everything i can't fix easily, they fix for me.
when i move out of the apartment everything has to be perfect, i have to pay for the repair of all the things that have been damaged.
I manage a house here where I live, and the owner lives in South America. She hired me to take care of everything for her. We can communicate easily through email, and it has worked out great.
Just find someone that you trust and who is really good at communicating with you. It is also helpful if you have a friend or relative that could drive by your place occasionally, just to keep an eye on things.
I live in the US and my property is in another country. Having a property management company you can trust is important. As extra insurance, I would also ensure that maybe a friend or a family member in Vienna can keep an eye for you. If my property management company needs to do any repairs, then I'll have my mother get me at least a second quote to make sure their price is reasonable and I'll also have her stop by to ensure the work is being done properly.
I did once have a property management company but I had no one nearby the property that I knew. There was a list of things that needed to be prepared and they sent me a quotation for the work. I gave them the go ahead to do the work and they deducted the amount from my next rent check. In the end, when I sold that property 2 years later, the prospective buyer asked me to repair a bunch of things before she would purchase the property. Can you believe, everything on her list was something I had paid the property management company to do. Just saying, put a support structure in place so that this does not happen to you.
By the way, I'm hoping to move to Vienna in June for a new job. Glad to hear there are property investors there as well.
Account Closed Thank you for your answer. I could have my parents look over the property when I am not around.
Very cool to hear that you are moving to Vienna. What kind of job are you going for?
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