All Forum Posts by: Erwin Groenendijk

Still in Spain and busy in Barcelona and Valencia for the moment. We are creating flip projects using crowdfunding and the flow we are in is amazing. Think there are opportunities everywhere if you know how, where, and what to do!

Erwin

If there is anything you are having questions about, just ask them. We started like that one and a half year ago in Barcelona, Spain as a foreigner from the Netherlands. Good luck! 

That would also help me out quite a bit. Any advise from your side would be beneficial Jos.

Dear BP colleagues (especially those living in-, from the Netherlands and/or having knowledge of the Dutch tax/legal system),

Background: Since some time now, we have been managing fix and flip deals in Spain (Barcelona & Valencia). The way how we are doing this is with crowdfunding, or making investors 'partners' in a real estate project that they invest in. We are doing this either via a Cuenta de Participation (participation contract; sharing all the after ROI without any guarantee might there be no result in the end) or a Prestamo Participativo (participatory loan; guaranteed ROI with a fixed rate that is significantly lower). As we are now dealing more and more with international investors, the Spanish law forces us to get these foreign investors a NIE (tax identification number) in which we as a company need to pay for. We are keen to avoid that.

Question: Does the same apply in the Netherlands? Do international investors need to have a tax identification number if they invest in a real estate project in Holland? Or is it allowed to use their own country specific one? As I am Dutch myself, I know that the Dutch rules are more liberal as we need to have an open economy to compete as a relatively 'small' country. 

I hope the above description is clear. Advice is very much appreciated!

Erwin

Hi Victor, 

Thank you for sharing your story. Hope everything worked out with your medical treatments. 

What made you move to Silicon Valley, work? And where are you now in your real estate adventure?

Regards,

Erwin

Hi BP community,

Originally, I am from the Netherlands and for approx. three years now living in Barcelona, Spain. Since some time now, together with two others, we started a company buying, renovating, and selling houses in Barcelona and for the moment mainly Valencia (fix&flip). This post is meant to share our tips and tricks how we make the most out of our deals in Spain (this specific one in Valencia), and also very much to ask your opinion and experience how to perhaps do things different/better.

The project: The apartment building is situated in the Tormos neighborhood of Valencia, street Carbonell. The apartment is located within a 15 minute public transport distance to the old city center and also 15 minutes to the beach in Valencia. Our team completely renovated the third floor exterior apartment. The apartment is including a lift and balcony, and in total a surface of 95 m2. Although the apartment is relatively well maintained over the years, the renovation included a new (open) kitchen design, bathroom remodelling, painting of walls, new flooring, electricity structure and interior finishes throughout the apartment.

The renovation lasted three months and the offering of the apartment on the housing site is already 2 months with 3D renter photos, giving us a hot list of people showing interest or visiting the apartment in the meantime. Total investment is 106k and expected selling price is 145k, resulting in a +/- 39k profit. 

Needed: tips, tricks, ideas, trusted contacts, or just getting to know individuals dealing with similar projects. 

Thanks!

Erwin

Dear all,

A lot of insights and a lot of ideas. Last month we came together in Barcelona with our second Meet Up discussing these topics in person with like-minded people. In the end, talking with each other is what helping you move forward. We are planning to host our third one in June, so if anyone is in the possibility of attending please feel free.

In Meet Up you can find our group under 'Real Estate Investors in Barcelona'. 

Thank you for referring @David Fernandez. I think you were attending the very first one we organized. Glad to see that everything is going well. 

Erwin

And here I can help you a fair bit in terms in Spain @Justin Wolfe. I am from Holland but currently working and investing in Spain. What would you like to know specifically?

Also for the others having plans or ideas about the Spanish market, would be interesting to get in contact. @Mike Lambert, do you have a lot of experience in Spain? 

Cheers,

Erwin

Hi @Sophie Mia,

Good to hear your plans and the moving to Amsterdam. Are you Dutch yourself? 

Can not give you precise information about these topics as I am from Holland but currently working & investing in Barcelona. What I can do is refer you to @Jen Mendez, who is organizing real estate meetings on multiple locations. 

Good luck!

Erwin 

Again, a really exciting/stimulating podcast. Shared it with my community of investors in Europe!