Purchasing Property in a Foreign Country - Know the Regulations

Investing in a second home or investment property in a foreign country for the first time can be a thrilling and exciting time.  Just imagine, sitting on that first flight, excited about the prospect of finding that perfect bungalow in Belize or villa in Italy, with all of the standard questions going through your head: How much house can we afford? Is that gem still out there in the locale we want? It is completely normal to be excited and a little apprehensive at the same time.  However, before you take that first flight, there are a few additional questions you should ask and answer for yourself.  What country’s real estate laws are friendly to foreign buyers?  Will the local rules and regulations make it easy to purchase?  How long will the process take?

I am hoping that this article may give you a glimpse of a few country requirements and help guide you through the investigation process.  At the end of the day, preparation, perseverance, patience and knowledge will make your process so much smoother.

There are some countries that make it easy for foreigners to own property and others that are not quite as flexible.  That being said, I suggest that once you have found your paradise, stick with it and see it through.  Do the research and know the local processes and procedures.  A little extra preparation is definitely worth it if ultimately, you find that perfect second home in paradise.

I have done a little research on some desirable areas to give a first blush regarding the relative ease or difficulty of purchasing a property.  Here is what I found:

Portugal:

• The initial sales contract is called the contrato de promessa de compra e venda (CPCV).
• Deposits are required on property; typically 10 – 12%
• If a seller is to walk away from a “CPCV” they are obligated to pay twice the amount of the deposit. This is unheard of in most countries and offers an extra layer of protection for you as a buyer.
• Foreign nationals wishing to buy real estate in Portugal are required to obtain a “Fiscal Number” from the local tax office. It is very simple and quick, but required.
• The signing of a final contract and deed take approximately 3 to 4 weeks. Once this is complete, the transfer of real estate takes place.
• The last two steps are to make a payment of the Imposto Municipal Sobre, a tax on real estate. And, the buyer will need to register the deed with the Land Registry Office.

Morocco:

• Morocco has been working very hard to attract more foreign investment.
• The first step is to make a verbal offer by the potential buyer to the seller; typically through an agent.
• Lawyer’s draw up initial preliminary agreements/contracts once verbal offer and negotiations are finalized.
• Deposits are required once the initial contract is executed, typically 30%.
• There are some mortgage lenders doing business in Morocco. If you find one, it is recommended to utilize their services.
• A foreign national must open a bank account in the Kingdom to consummate the sale.
• Final conveyance of property can happen very quickly (a matter of days), however sometimes the beginning process when the seller is ensuring no encroachments exist and property is legal to transfer, can take several weeks.

Croatia:

• It is still somewhat restrictive to own here, but not completely impossible.
• In the 1990’s Croatia begin to relax the laws of real estate ownership for foreign nationals, making it easier for foreigners to purchase. They developed a statue of reciprocity for foreign ownership of real estate. The provisions state that if the country of origin of which the foreigner lives allows a Croatian the ability to own real estate, Croatia will allow that foreigner to own real estate in Croatia.
• To begin the process you must obtain permission from the Croatian Ministry of Foreign Affairs. They will verify ultimate ownership interests.
• Sometimes this process of review by the Ministry can be rather lengthy.
• The sales contract and petition to own property must be submitted to the Ministry simultaneously.
• A deed cannot be filed in the Land Books of Croatia by a foreign national without all of the paperwork approved and issued by the Ministry of Foreign Affairs.
• Commonly, 10% is the required deposit for purchases and there are no mortgage lenders (at this time) for foreign nationals in Croatia. Funds will need to be secured elsewhere.

In all matters of purchasing real estate in a foreign county, it is recommended that you reach out to a realtor and a lawyer for a more thorough understanding of the local laws and regulations. This investment will be well worth your time.

After it’s all said and done, enjoy your new slice of heaven. For years and years to come, your family and friends will enjoy the investment and inevitably it will become a large piece of your personal memoir in the storybook of your life.

Vote for Jenniferparker3 - 52 Weeks Paid Vacation - Paradise Hunter

Vote for Jenniferparker3 - Paradise Hunter

Investing Overseas - Be Wise but Have Fun!

Buying an investment property in a foreign country can be both rewarding and challenging. It is wise to be fully aware of what you are getting into before deciding to purchase. There is nothing more exciting than owning a second home in a new country and utilization of that property for income is almost always the best way to help subsidize the mortgage. So, enjoy and explore, you’ve earned it, but be wise when shopping and always ask questions.

There are still many countries where investment properties can be had for a bargain, but more and more the price of real estate is increasing just as fast, if not faster, than the US market. Therefore, a wise investor will do his/her research to fully understand what they seek in their ideal investment home.

Often, investors are looking for the latest “hotspot.” However, this can change rapidly and be confusing for an inexperienced property investor. If you choose one of these hotspot locations, be sure and research before purchasing. And, don’t forget to consider what the region will look like in 5 – 10 years, i.e. flooding of the investment market, ownership vs. rental, etc. Some of the most recently coined hotspots are Malaysia, South Africa, Turkey, Greek Islands and Abu Dhabi. These were all chosen by a survey of over 100 seasoned overseas property investors. The factors that went into this survey were: housing market entry prices, potential capital growth, types of property available, ease of purchase for international buyers, stability of the region, accessibility by international travelers and attitude of government towards overseas buyers. These are all important factors to pay attention to when looking for your slice of paradise. Each one will affect your investment, in both the short-term and looking over a period of years.

If you are planning to keep the property as a long-term investment you will need to know what the rental potential is for that particular region. You will also want to ask yourself some very important questions. Below are some examples of things to think through as you are shopping:

* Will the rent you receive cover the mortgage payment plus all other

costs such as landscapers, cleaning crews, taxes, insurance, etc?

* What is the average days of the year that you can expect to

rent vs. times of vacancy?

*How many days of the year will you and/or your relatives and friends want to

utilize the home and will you charge them or not?

Some of the best ways to find local rental market information is through blogs and real estate agents. There are thousands of blogs on international investing. First, start to follow quite a few until you get comfortable with 2 – 3 of them, then continually watch their posts and research their archives. Finding a realtor in these areas is helpful too and will provide the most current market data. However, be upfront with the realtor to let them know you are fact finding first and investing later. A good realtor will be happy to help. The realtor who does not want to help is probably in it for short-term gain and isn’t worth working with anyway. To help get you started, I have listed some recent rental and purchase numbers in various locations around the world.

Below is a list of potential rental market rates: (data current as of 11-2010)

Location	Size	Daily Rental	Weekly Rental	Description
Kauai, HI	380 sq ft (1 bed/1bath)	$122.00	$450.00	Beachfront, small studio but nicely appointed
Exuma, Bahamas	1850 sq ft (2 bed/2 bath)	$150.00	$1100.00	Beachfront, serene and private beach cottage
Puerta Plata, Dominican Republic	650 sq ft (1bed/1ba)	$72.00	$450.00	Beachfront, studio, well appointed and clean
St. John, US Virgin Islands	500 sq ft (1 bed/2ba)	$185.00	$1200.00	Beach Views, not walking distance, relaxing top level condo
Ocho Rios, Jamaica	8000 sq ft (5 bed/5ba)	$400.00	$2800.00	Walking distance to beach, gorgeous villa with private butlers and cooks
New South Whales, Australia	Pricing quoted as one room of this B&B.	$145.00	$520.00	Rent out one room of this B&B, 300 meter walk to beaches, quaint/comfortable

Below is a list of sales prices of homes: (data current as of 11-2010)

Location	Purchase Price	Size/Description	Beach/Town Proximity
Tel Aviv, Israel	$450,000.00	2 bed/2ba, brand new, no need to remodel	Near beach – walking distance
Amsterdam, The Netherlands	$380,000.00	1 bed/1 ba, move-in ready	In heart of city, on largest canal, ground floor
Sydney, Australia	$850,000.00	4 bed, 4 ba, family home, move-in ready	In suburb of Sydney, family location, near harbor
La Paz, Mexico	$167,000.00	2 bed/2 ba, brand new, upgrades throughout	Ocean View, walking distance to main city and beach
San Ramon, Costa Rica	$530,000.00	3 bed/3ba, all upgraded, beautifully furnished	On top of a mountain, overlooking the Serene Mountains
Luquillo, Puerta Rico	$128,000.00	1 bed/1 ba studio, condo, nicely appointed	On ocean, views all around.

Remember, this is your dream and could be your next really big reality. It’s an exciting time, but don’t get caught up in all the nostalgia. Stay focused on your end result and goal, which is to find your little piece of “paradise.” If you do the research and take the time to truly understand what you can afford, rental rate returns and bottom line return on investment, the reward will be so much more satisfying.

Happy house hunting! I’ll be looking for my invitation for cocktails in your new home very soon!

Jennifer Parker, Paradise Hunter

Social Media - Are We Truly Engaging Customers?

I had the privilege of meeting a new friend last night and we sparked up a somewhat philosophical discussion about Social Media. We weren't on different sides of the topic; it was more that we both felt equally passionate about the need for companies to see the bigger picture.

Social Media is here and it's not going away. It will only get stronger, stranger, more complex and more interesting. It will be used (in 5 years) in ways that we can't even begin to dream up today. So, we all know we need to do it, but how and why? I recently had a client say, "well, I just need a FB and Twitter." My answer was yes, you do, but not just because your competitors have it. You need it because you are trying to expand and it's a marketing expansion tool (when used properly).You need Social Media to attract more business, engage with your customers and make them feel like they are buying from you because they trust, admire and respect your brand.

At that point, she bought in and was a believer. We took her distributor list and client list and threw them into http://www.flowtown.com/ just to see what was out there. We are now targeting those avenues and have created a communications strategy and marketing goals around connecting those people virtually and engaging them into her brand. For you Social Media wizards out there, this isn't rocket science (I didn't just impress you). But for that 70% of the rest of the world, you don't know where to start. It's not a bad thing, it just means you need to hire a Social Media marketer/strategist, set up properly, ensure it's strategic and then take it over when you are prepared. Not every Social Media strategy will begin this way, this was just appropriate for her business. But, you get the picture.....start somewhere.

Lastly, my friend and I spent a ton of time talking about engaging customers. This is the hardest part of Social Media by far. As a company, you have to decide what your voice is going to be to the world and how many of those voices you will allow. You must, I repeat must, engage customers immediately, if not within 24 hours of them reaching out to you. Even if their comments are silly and humorous, they are looking to engage.... that's the hook.Your Social Media team needs to be set up to handle those conversations and understand how to elevate as appropriate and/or forward to the correct business unit to keep business flowing for that particular consumer.

When starting you Social Media Strategy, please consider what "engaging" your particular customers looks like and what they would be looking to you to provide. What are all the ways that exist in which you can add value to their lives and also do you have the right people in the right roles to accurately follow through on those conversations. Last, but not even close to least, track your ROI. Track your Social Media to ensure that it's working to not only open up communications, but to enhance the experience that the consumer has with your organization. This will result in stronger relationships and stronger brand thus meaning sales for you.

Hope you enjoyed! Stay tuned for more soon.
Thanks for your time!

Paradise Hunting - It Feels Right

Crazy Life Update.......

I am in the middle of crunch time to land my dream job. I have to admit this seems kind of crazy and feels a bit strange. I have always been so responsible and committed to a clearly defined set of goals (in my job searches), that this unknowing and uncertainty is strange. And, getting friends and family (and the general public) to see that about you through a one minute video is not easy. You guys have all been amazing!! On average my votes are going up by 75 - 90 per day...yay!! That is a really amazing commitment on your part...so thank you! I have always found jobs through referrals, but this idea of needing over 4000 or 5000 referrals is a bit daunting..lol!

The experience has forced me to get really creative with what I would call "grass roots" marketing efforts. I have business cards made that I hand to everyone. I have an event on FB (through which I keep bugging you all daily) with over 1100 people linked. I have personally DM'ed each of my twitter followers for a vote. I have sent a Press Release to seven radio stations, five TV stations and 61 blogs (in and around Austin). And, I have lost my entire life with leaving no posts about anything in my regular life, just personal consumption and asking you to vote for me. LOL! So, first, thank you for indulging ;-) Second, if you can think of other marketing avenues, let me know! Lastly, please know that this pushes me way outside my comfort zone, because I am a helper and love to network to help you all find things that you need. It is out of my nature to ask for personal gain. I believe personal gain comes from being a good person.

However, after it's all said and done, this is honestly one of THE most exciting things that I have ever done. I have never felt so sure of my ability to do a job really, really well. I wake up each day anxious to see the votes and my ranking. The process is fun, but mostly it's the thought that this job could really be my next big adventure. It's thrilling and exhilarating to be part of such an amazing journey. And, the more I learn about the organization, the more I get excited to work with them. http://www.paradisehunter.com/. Check out their site for vacation and investment ideas.

I am still working on Social Media as well. I have two clients who are keeping me really busy and forcing me to work outside my comfort zone through learning new things. Stay tuned for launches of their Social Media campaigns. We are really working on getting them some much needed and deserved PR.

Vote for me here and please pass this link along to your email distributions (if you are so inclined):
www.paradisehunter.com/vote/jenniferparker3.html

I Need Your Vote and Support! Let's Explore Paradise Together!

As some of you may know I am right in the middle of the most exciting journey of my life! Literally, sitting on the computer one day, exploring job postings, this amazing opportunity popped up in my search. After I read the posting, I thought "this can't be true" there is no way they are actually going to pay someone to do this job! Well, it is true and here I am just over 2270 votes later....aiming for my dream job!

Here's the gig....  Paradise Hunter is searching for the next TV Series host. In this job, I will travel around the world to 12 different places exploring the cultures, people, community and the many ex-pats who have already discovered why each place is "paradise" to them. It's a one year deal that pays $60,000 to travel around the world trying to discover "my paradise" as we share all the ins and outs with the viewers (who are also discovering their paradise).

I am currently in 5th place to win (the first round of voting and casting) and need several hundred more to stay in the top five. So, please pass this to your friends and family and ask them to help an Austin gal land her dream job ;-) You can vote once per day until November 5, 2010. Thank you so much for your support!

Vote HERE: www.paradisehunter.com/vote/jenniferparker3.html

Paradise Hunter Overview Video

Social Media Strategy - Wild Game Marinades - Local Legends

I am working with a new client whom I adore! She sells spices, rubs and marinades to the fishing/gaming industry. I am intrigued and excited to help her get "social". The fun news is that her target market is easy to identify. The tough part is that it may be limited (yes, I might be stereotyping now) in that a portion of that industry is not social yet and will be harder to reach. However, those that we do reach we will be focused on developing long-term and deep relationships to further her business.

The other interesting thing is that she primarily markets B2B and a large portion of our business plan is to engage more stores who will carry her products. She will sell B2C, but it's not her ultimate goal. We will have to integrate this into our strategy without taking away from her B2B client focus. Hmmmm - stay tuned!

Her products are absolutely fabulous! Instead of masking the natural flavors of wild game, their recipes enhance the essential elements of Duck, Goose, Venison, Elk, Pheasant, Chuckar, Quail, Dove, Grouse, Wild Boar, Wild Turkey, Salmon, and Trout. Check her out at http://www.tastealegend.com/.

Okay, so time to get busy, I need to put together an outline for our strategy. We need to identify our objectives, define how it will integrate with her existing communications strategy, decide what her capacity for future will/can be, define measurements (short and long-term) and make decisions on the most important network needs (character, competence, numbers, strength, information, relevance or diversity) (as per Scott Allen; thevirtualhandshake.com). Time to go...lot's to get done quickly!

TTYL - Jenn