All Forum Posts by: Stelios Gerantidis

 I've got 2nd opinion and he said that there is not a solution on such a problem...

 First of all there is not a single house without problems at my country.

Second I didn't had an idea that I will need more peoples to sign for the deal completition...Means I had no idea for title problems.

Don't forget I am a begginer and I still try to figure out how things work. Right now I gave up on this deal and I move forward searching for other deals.

The Market at my Area will go in bubble highs in around 3-5 years , already Chania and Rethymno are close to bubble Highs. Heraklion Has a little more warehouse available as it's the 4th bigger city in my country.
We have some phase 1 areas in my country but I cannot step in as I am a novice investor and didn't even bought my first property/apartment. Ticket costs will cut off all my earnings if I step in to towns Like Thessaloniki or Patra. Right now my options are to buy 1-2 apartments at my town and this is the best thing to do for now and to add up to 3-4 Apartments/per year for the next years to come (3-5 years).

If I was at Patra right now I could acquire 5-6 apartments with the same capitals that I will spend for 1-2 apartments in my town straight away with not so much effort. The market is really cheap right now there.

Hello everyone, to introduce you I am Stelios from Greece - Heraklion and I try to complete a transaction on a 2 apartment (whole 3rd roof) building. These 2 apartments back in the past was stated as 1 house and in the mid of the house where the stairs appear to be today , it was the house's hall, as the years passed the old owners decided to break down the hall's wall and make it practical to be 2 split apartments but they didn't change the contracts to appear as it is now and also the architect didn't change the files of the house as well. After a long time, the new grand owner got this house that appears theoretically in files to be 1 house and but practically to be 2 split apartments. My architect got the files at the beginning and fixed the problem cause the seller said that he is not paying anything that needs a fix cause he sells in a big price discount ( 23600€ for both apts). We were at the point that my notary asked me to get the seller and the other floor's owners to sign the new contract that will show the apartments as they appear to be, but here comes the action. The seller was saying to me that the other owner is his uncle and he will sign when the time comes and that there is no problem. Well on my last phone he told me that there is no way that this uncle will sign the documents and that I had to say to him that it requires a sign from his uncle(which is a lie cause I've told that to him). I tried to find his uncle but he didn't even want to speak to us cause he had big property problems in the past with the sellers Father. My attorney which specializes in Real Estate says to me that in such cases if the other owners do not sign there is not anything that you can do and it's better to leave the case cause I will just waste my time and will have no results. Just to let you know my attorney said that pre-agreement contracts will not protect me against such cases according to the law in Greece.

Notes: 
-All the three roofs in this building have the same urban planning violation. Which means that if I decide to denounce they will be all in big trouble and will have to pay forfeit (this is the last and most not wanted scenario for me cause I don't want to mess more the situation, I'm trying to find a solution here).
-There are 2 owners and 3 floors plus the ground floor.
-My architecture engineer has locked the floor that I'm buying and she can do anything I ask her to do, which means that the owner right now don't own this part of the house If I don't let my architecture engineer give files and access, so practically he cannot sell the house legally right now cause it's like I locked his access to this part of his ownership. (I had to protect my transaction somehow and he signed for it).
-He doesn't pay the money I spend to my architecture engineer for this case

So what do you suggest for this case?
What would you do?

Hello I just finished the audiobook of "The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing".

I just want to know if there are any PDF's on the " checklist what to see before buying a house" and a PDF for other 2 things like - "How to make an offer and what to check before completing the offer" - "how to find my Karma points for my loan so I make it easy on my bank"

Edit : Also the guide on how to do Screening on my Tenants if possible(the one that analyzes the audiobook)

Hello to this great community, I'm glad I finally found a community around real estate.

Well to introduce you, my name is Stelios 32 yo from Heraklion, Greece(Crete Island), married with 1 kid.

As for Real Estate, right now I'm working on buying 2 studio apartments in my area(Heraklion).
According to my newbie research in the area, the market in my town must be right now in phase 1 but I'm not 100% sure, to be honest.

Bureaucracy alone is one hell of work in my country and I already work 3 months on fixing papers, waiting for tax systems to unlock so we can get some tax papers needed and much more things...

Well to consider numbers, the 2 apartments are in the center of my town and they are both sold at the deep discount of 23600€ right now if you ask me this is a very rare price. They will need some fixing like 10000€ cause the building is old (68') and they didn't fix anything since like 10 years so it will take a lot of work.

These apartments (the 1st apt bedroom and balcony and the 2nd apt balcony have a full sea view and Heraklion is a tourist attraction so I'm thinking about going 100% on short-term tourists renting. 

I'm too skeptical for some things thought.... 1st I have no numbers in my hands since the seller never involved in renting the apts , 2nd Do you think I'm exposed to a bigger risk since it is the beginning and I will not have a steady cash flow out of short-term renting? 
3. At the beginning I got an acceptance from the bank to take a loan as an individual for a mortgage loan with a 4% interest this is like starting with no company which will get me with fewer expenses for the beginning (lower mortgage payments, no need to start a company and pay monthly an accountant for this but I cannot count any expenses that will be made in my investment, my country gives a standard 5% deduct on individuals so let's say my annual income is 10000€ , I got to pay 10000-5% = taxes for 9500.) 

4. Since it takes so much to take the papers and start running my apartments I consider now starting a business where I can deduct all my expenses like the homes fixing at the beginning and the future properties that I consider buying but by doing this plus the short-term renting that I consider with tourists/visitors I feel more risk exposed since I will have to pay for a business loan with 6% interest, and an accountant to keep my business papers which will need another 120€ Monthly(that's for a Private Company which is considered to give a legal protections since me as an Individual is not exposed similar to protection that an LLC provides at the USA.)

What is the community's opinion about what will be better for me?