All Forum Posts by: Bruce Crawford

I am looking to change my accountant and I am looking for any reference for a CPA that understands real estate well, and also how to work on expat taxes (I am based in Tokyo). Thanks for any suggestions! There are a few other investors out here that are also looking for new CPAs. I will pass along any details to them as well. 

@Chad Highfill I would definitely hit up one of the BP meetings in Roppongi if you are able. Several of us own in the US and Japan. It can be done but it’s not so simple, especially as a foreigner without PR (permanent residency). If you are fluent in Japanese, it will be easier but if not, working with contractors, brokers etc is not always easy. As Victor mentions too, the area will matter. Tokyo is still growing year on year (population that is) as people are moving into the major cities but finding a good town / area to be in will make a difference. 

Look forward to meeting you at one of the meetups!

Bruce

@Robert Hartley - there are quite a few of us in Japan that invest both in Japan and the US. Where are you located? Every 3rd Thurs there is a meetup in Roppongi. Lots of lessons learned on both sides of the ocean that we can discuss. Property mgmt is the biggest issue I have in Japan. 1 is great, 1 likes to try to overcharge for everything and does the bare minimum (but dominates the local area so filled my building very quickly - trade off) and the small turnkey places are doing fine. Financing here is also very difficult after the Suruga scandal (with several others also getting in trouble). 

The only flipping I have heard of regularly is the Akiya homes (abandoned homes). Some foreigners have bought condos after someone dies in their place as they can get them dirt cheap, but you will have a very difficult time renting it for the first year as you are required to tell people someone died there. But, if you rehab it in that year and maybe airbnb it (without the registration process - but beware of the local laws!) until the year is up, it could be a great flip or longer term rental. 

Happy to connect and talk.  Hopefully we will see you this Thurs at the meetup. 

Bruce

Sorry for my late reply as I haven’t been on BP for a few days. I agree with @David Gotsill about other reason - financing, trying to haggle too much or some other reason. I have been able to buy property here without much of a problem except getting the loan. Now I’m in the process of trying to refi to a lower rate. More to come on this after it’s done. . . 

@Sujan Ghale there are BP meetups every month in Tokyo on the 3rd Thursday of each month. 
As @David Gotsill mentions, there is a group of us in Japan (or still here as David used to be here) and we are always happy to share our experiences. Happy to connect as well, but knowing a bit more about what you are looking for is useful. 
Bruce

@James York PM people directly if you have a question about something that may be sensitive. I don't post too many details on Japan bank loans as every person is different depending on income, residential status, record with REI etc. The best way to get good details offline is to PM the person who wrote something that caught your eye.

Hope to see you at the meetup on Thursday! I don’t make that many due to travel but will be there this week. 

@James York - hope you can make the meetup on Thursday. Several have properties in the US and we can share war stories. I think my recent issues with sending enough cash for closing is one of the biggest lessons learned - but that’s because I have been here too long so my US account is mostly dry. Lots of ideas from some of the group though - so let’s talk on Thurs! If you cannot make it, PM me and we can meet up or get an off-cycle meeting with people that own in both locations. Hope we can help you find a way!

Loved the thread but it seems like we all needed to drop a few pounds ;-) I recently have been doing the same! LOL. I have been looking to (re)start my US investing and am currently in the process of closing a place in Huntsville. LOTS of lessons learned here as an out of country investor. Getting money out of Japan is a nightmare. Hopefully we do actually close next week. Also looking to refi in Japan - I hope to drop a full 1% or more off my rates! That would be killer. Also debating (a goal if I have a buyer) about selling a building before October when taxes go up to 10%. The wife and I are looking to buy a place that has a 2nd building in back. Both are tear downs but can have a 4-6 unit on the property next to us. 1 big unit for her parents as they age so we can be close and they don’t have stairs. The rest for $$$.

Good luck to everyone and their goals! Eat right, exercise, and get your “me time” to think, forget and plan. 

@Amandeep H. yes this is a pretty good plan but I am not sure about buying property everyplace you live. As noted, China will likely not be possible. In Japan you can but you will have a difficult time getting a loan without being a permanent resident - but if you have lots of cash, it will not be a problem. I think you can own condos in Thailand but not the land. 

If you haven't read David Greene's book on out of state rental properties, I would strongly recommend it. It will give you ideas on how to vet PMs and other "team members" that you will need. You can also reach out to the BP community to ask for recommendations and pros/cons of different agencies you have connected with. Not all PMs are crooks. You need to get past that belief first or REI is not for you.

Find a location where you want to invest first, then look for agencies, brokers, PMs etc in that area to help you out, but ask them good questions. I have been cheated by PMs before (1 even went bankrupt and never told me until I received all the keys and contracts in the post!), but I have good people in the areas I own in now, so being cautious is good.  

@Alan Sue - I used to use a POA in NY - but as Anthony stated it was state specific. I only used him for purchasing properties (not selling). I was living in MA at the time but now in Tokyo.

For your notary fees, they seem really high as the Embassy in Akasaka is $50 but I just found a law firm that will do them for JPY5,000 per signature in Azabudai (Azabujuban area). PM me if you want their website (I have not used them yet but hope to on the property I am closing currently in AL)

Interesting question you have raised and will be following this thread!

Bruce