All Forum Posts by: Amber Roy

Hey there! Canadian/Italian, and I think if you do not have aa good relationship with your brothers, it's always best to divest and look for another opportunity. (I've seen so many inherited properties get tied up in litigation for years.)

I think you could look for something used with the 100k, and potentially take advantage of 110%, or ecobonus.. There are a few federal and provincial programs to help with the cost of renovations if your property qualifies.

You could also likely find something a bit bigger, and renovate as you save the money to do so. I'd try to create as many short-term studio apartments as possible within the property, live in older parts of the building and rent out the renovated units as soon as they are finished.

Where are you located? (Just curious)

Italian investor here 👋🏻

When it comes to self-managing in Italy, unless you speak Italian and have local connections, I would say it's not realistic. You need to be very careful about who you hire, because if they know you are an absent owner there are many who will seek to take advantage of the fact.

I would try to find a trustworthy management team with foreign owner reviews/testimonials.

If Italy is a top contender, my husband and I also help foreign investors by being "on the ground". We recently moved back to Canada, but plan to spend our olive harvest seasons in Italy and we are moving back full-time in about 3 years. More than happy to help where we can! (Our properties are in the province of Campania)

If you're curious, I also have a few videos on my YouTube channel that discuss the nuances of real estate in Italy, show a couple of our renos, etc. 

I'm an Italian investor, and I will say that long term rental is a very risky option. I do have a long-term rental in my portfolio, but it is in the town where my husband was born - so we knew the tenants beforehand and keep a close eye on the situation. To be honest, we are good to them and they are good to us. They've become a sort of extended family.

Otherwise, I had done wholesale acquisitions and a live-in flip.

I have a YouTube channel with a few videos that discuss house hunting, nuances of buying real estate in Italy and show some of our renovation process. 

I don't know about all of Europe, but I own 2 doors in Italy (adding a 3rd) and previously sold a short-term rental I had in Southern Italy. My husband and I have a knack for finding really good deals, and I have the North American (Canadian) short-term know-how to properly furnish and create systems for a rental.

If you'd like to acquire more properties in Italy, feel free to reach out! :)

Hey Ross! This is the #1 FAQ from anyone interested in Italian real estate. The short answer: Are you a permanent resident or citizen of Italy? If not, chances are you will not qualify for an Italian mortgage on your own.

I recently built a site (it's still under construction, so bear with me) where I also have shared answers to a few other FAQ's: www.amberroy.com and I have a few real estate focused videos on my YouTube channel that fellow expats have found helpful. You can find my channel here: https://www.youtube.com/c/TheM...
 

Hope those resources help to provide you with a little more insight so that you can finally make your Italian dream a reality!

Hey all! Long story short, I have been living abroad in Italy for nearly 2 years, and after sharing my experiences in the Italian market will fellow investors they are wanting to partner with me on future projects here in southern Italy.

The strategy will depend on the investor, however I am currently looking to secure a deal to purchase and rehab a property, and then turn around and rent it as an AirBnB. Increasing property value, and monthly cash flow.

They will be structured as cash deals, and I will be the working partner. Meaning that I will:

• Manage the property.
• Manage the rehab.
• Perform market analysis.
• Perform property analysis.
• Make offers.
• Negotiate.
• Inspect.
• Close.
• Purchase furniture.
• Stage/setup for short term rentals (and manage them going forward)

What type of equity split/profit sharing would you ask for in this scenario if I was...

A) Putting in half the cash to purchase the property/rehab.

B) Not putting in any cash, and just working the deal.

I appreciate you taking the time to read and respond! :)

Hey BP community!

I’m a Canadian Expat living in Southern Italy with my Italian partner. We are looking to potentially team up with an investor/partner on a project in Tuscany (or one of the surround provinces).

Essentially, my partner and I are looking to settle down in Tuscany on a small homestead (fattoria), and hope to meet someone with a similar interest in purchasing rural Tuscan property for commercial or personal uses.

Finances will not permit us to purchase the land and structures for some time, but if an opportunity were to arise that would allow us to fast track the process - we would be more than willing to explore options!

We are looking for a 3-5 acre plot of land to raise small animals, grow produce and raise a family. Our homestead will likely include a main home, carriage house (guest house) with the possibility to build an additional guest houses as we hope to not only host our family and friends, but would also like to start a small bed and breakfast.

What we bring to the table:

- Real Estate Investing experience (I currently have 2 doors: 1 townhouse in Canada, 1 apartment in Italy)

- Short-term property management experience (Canada/Italy)

- Long-term property management experience (Canada)

- Experience purchasing Italian real estate

- Fluent in English/Italian (ability to translate)

- Experience renovating using Italian building materials / systems

- Trades: mechanical, welding (Him)

- Successful entrepreneur. Past businesses include: Wedding / Transportation / Pet / Business Development industries (Her)

Ideally, we are hoping to find someone to finance the initial purchase of the total land - of which we would later purchase/possess 4-5 acres of our own. In exchange, we would be your very capable and hard working “people on the ground”. We could help find suitable land, negotiate the sale, perform due diligence, translate..

If this opportunity (partnership) might be of interest to you - or someone you know - let’s talk!

PS: This is not an invitation to source the infamous €1 properties you hear about. We are looking for a real investor that has the finances to back a project like this - about €250k+.

@Steve Kolbuc Hey Steve! Correct, I financed 100% of the property myself.

As far as multiple units, no. I couldn’t afford a larger purchase, and as time was of the essence for me (I needed a place to live), I opted for a cash transaction.

I did not research mortgage options. Canadian banks wouldn’t consider it, and foreign banks usually require more time in the country and a steady income (which I do not have at this time).

@Nick Rutkowski Hahaha. Everyone wants a house for €1. It’s obviously much more complicated and expensive than you think. There’s a reason they are extremely cheap!

For the moment, no interest in an island as the expense of the ferry is not something I can afford. The development of a rental on a island is always much more costly.

Investment Info:

Single-family residence other investment in Calgary.

Purchase price: $242,000
Cash invested: $12,000

A beautiful well-appointed unit in Calgary, AB that was my first ever home purchase. I initially bought the house as a buy and hold, and have house-hacked for the last 8 years. I now have over $80,000 in equity and hope to withdraw the funds when I refinance to fund another purchase.

What made you interested in investing in this type of deal?

At 18, I knew that I didn't want to pay somebody else's mortgage. So I began working and saving for a down-payment, and looking at different property. Originally, I wanted to have the place to myself (I was hoping to purchase a small condominium). I soon realized I would be house poor, and began thinking of a larger purchase so that I could rent the additional bedrooms and cut down my personal housing expense.

How did you find this deal and how did you negotiate it?

I was obsessed with MLS at the time. I was ALWAYS looking for new properties, and after a failed bank auction purchase, I looked at this property with my realtor and we knew it was a good fit. The old owner, as it turned out, was the mother of a friend I had in middle school. The original price was $250,000 I believe and I ended up paying $242,000.

How did you finance this deal?

As it was my first home purchase, I was able to put 5% down on the property and with a good corporate job, was almost immediately approved for a mortgage at the initial rate of 3.29%. The 5% I use to put down were a combination of savings, and RESP funds my parents put away for me. I was confident I wouldn't attend college and was thankful they allowed me to put the funds towards my new home.

How did you add value to the deal?

I think my tenacity and determination back then added significant value. I was flexible, knowledgable about the market and made some very good connections.

What was the outcome?

I am almost 8 years into the investment, with about $80,000 in equity from house hacking. I learned when I re-negotiated my mortgage in 2017 that the mortgage product I chose is quite strict, and does not allow me to withdraw equity from the house at this time. The housing market is not favourable for sellers at this time, so appreciation has not occurred in quite some time. I am looking forward to a rebound in the market as I believe my renovated unit could fetch a good deal.

Lessons learned? Challenges?

I have learned so many things as a landlord! Primarily, the legal benefits involved when you occupy the residence as well as tenants. The potential problems that can arise managing tenants that rent rooms. The savings a property inspection and condominium documents can provide you with (the original property I made an offer on, ended up being rejected by my mortgage broker because of the risk involved with special assessments). And that I don't like condo boards! ;)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Christy Bamber (though I don't believe she lives in Calgary, AB any longer) - she was incredible and sprung for my second home inspection when my first offer failed to go through. She was patient, and she was one of the only real estate agents to take an 18 year old seriously while looking at property.