Buying a home (or two) away from home

[saltyfoam]

Hi,

I am on my way to "partial retirement" since I have much flexibility with my work. I live in Canada but I plan to purchase a property in the Caribbean (Mexico?) and another in Europe (France?) in order to live there part of each year. I'd like these properties to be rented out when I'm not there and have that aspect managed for me. I'm guessing what I need are condos in existing resort complexes offering rental management services... probably do-able in the Caribbean but not so sure about Europe as I've never been there. Any suggestions or ideas? I'd also love to hear from people who have invested in similar properties.

Dominique

 

[kcowan]

We have friends currently staying at Vallarta Shores, a condo hotel in PV. As an owner or renter, you get full service by the hotel staff. They rent the units for owners and keep 30% of gross. For about $360K, you get a unit that will generate $60K gross receipts. They are evaluating whether to acquire it as an investment. They also would pay a monthly condo fee of $500.

So yes there are facilities such as you describe but they are pretty rare here.

(BTW the larger resorts here are selling timeshare so they are not good investments.)

 

[RetireBy90]

We have friends currently staying at Vallarta Shores, a condo hotel in PV. As an owner or renter, you get full service by the hotel staff. They rent the units for owners and keep 30% of gross. For about $360K, you get a unit that will generate $60K gross receipts. They are evaluating whether to acquire it as an investment. They also would pay a monthly condo fee of $500.

So yes there are facilities such as you describe but they are pretty rare here.

(BTW the larger resorts here are selling timeshare so they are not good investments.)

We had some friends when we lived in Germany about 20 years ago, and they had a similiar setup in Valencia Spain. The management company rented it for them when they were not there. So, I would imagine there are similiar setups many places in Europe. I like Spain for the beach and the realestate sux there right now, so you may find a deal where you can buy at a distressed price, or maybe not