Investing while abroad

[Michel Jean-Baptiste]

Hi All,

I joined BP a few days ago and been actively browsing the site to find others in my situation. Although i found a lot of members investing from abroad, i haven't found all the answers that i'm looking for and decided to start this discussion to describe my situation and hopefully start relationships with other members who would be able to guide me and others in my venture.

I am an American citizen and have been living abroad for the past seven years. I had owned a primary house in NY that we sold last December so have a little experience on how the buying and selling of a property is done. However, need to learn a lot about REI. My goal is to buy my first rental property by mid 2017, currently saving the funds for that and should be ready my next summer. It might seem a long way ahead but i decided to start my education on this business as soon as possible and hopefully build my team to jump in as soon as I'm financially ready.

My short terms goals for the coming year:

1) Learn about the REI business.

2) Choose the best market to start in ( since I'm abroad and  have no specific location in the US that i call home, any help would be appreciated with this process)

3) Build my team: lawyer, accountant, agent, mortgage broker, PM etc

4) Develop relationship with other BP members for mutual supports.

Oh from what i know so far, I'm interested to learn about Turn Key properties. I think they will fit me best. 

I'm currently running the daily operations of a well drilling company in Haiti and am willing to share my technical knowledge to investors that might have question regarding their water wells on property.

Hope this will start a fruitful discussion. 

Thanks to all. 

[Pyrrha Rivers]

Hello @Michel Jean-Baptiste and @Roberto Cancel welcome to BP.

Just over 2.5 years ago I was exactly where you are today. Living abroad for 5 years and determined to start acquiring investment property. 

With the help of the BP Ultimate Beginners Guide I got the courage to make it happen. It hasn't been easy and I'm a self proclaimed turtle as I'm going slow but hopefully steady enough to reach my goal of 10 properties in 5 years. I bought my first in August 2014 and have acquired 2 more since. Currently looking for the next one. I've learned lots of lessons, good and bad, but I can tell you that my best decision was to get started, even when I felt and was unprepared. 

My oversimplified recommendation is:

1. Read the UBG from cover to cover.
2. Read the UBG with a highlighter and a notebook. Find two strategies that fit your personality and circumstances.
3. Search BP for those two strategies ONLY. Engage in the forums, read the blogs and listen to the podcasts. Only on those two strategies.
4. Decide which one of those strategies best suits you. By now you have been engaging in the forums and hopefully have been networking or have an idea of who is a good example to follow.
5. Analyze some properties! (I didn't do this early on, thus hard lessons learned). This will help you decide if turn key is for you or not.
6. Start making offers. Continue to network and you're on your way.

If you want the not so simplified story, feel free to PM me.

Best wishes!