Ta - Investing in International Real Estate for Dummies

Investing in International Real Estate For Dummies

Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com

Copyright 2019 by John Wiley & Sons, Inc., Hoboken, New Jersey

Published simultaneously in Canada

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Library of Congress Control Number: 2019933833

ISBN 978-1-119-52752-7 (pbk); ISBN 978-1-119-52755-8 (ebk); ISBN 978-1-119-52754-1 (ebk)

1. Chapter 8
2. Chapter 9
3. Chapter 15

1. Chapter 6
2. Chapter 9

Welcome to Investing in International Real Estate For Dummies, and thank you for choosing me to guide you through the process of building a successful real estate portfolio. Im so excited to be sharing this journey with you!

If I were a betting man, Id wager that youre drawn to real estate because you want the chance to create financial security and, over time, real wealth. You love the idea of working for yourself, of being in charge of your own destiny, of being liberated from the boring, 9-to-5 routine. You want to feel excited about what you do every day.

Those were certainly the things that attracted me to real estate more than 15 years ago. Back then, I had a good, grown-up job at an investment bank in the City of London. I was earning fantastic money for a young, single guy. I was doing all the things I thought I was supposed to do with my life, the way I had been taught and the way that society suggested. But I was miserable. I was desperate to escape it all and work for myself. Real estate seemed a tangible, achievable way to do that. I wasnt wrong.

I started small, renting out a room in my own house to start with. Then I rented out another room after that. Then I converted the garage to make another room, until Id maximized that first house. Then I took on another rental property, and another after that. Pretty soon, I was expanding into other real estate strategies and that was when things started to get really exciting. Within ten years, Id built up a diverse, robust real estate portfolio worth more than 20 million (or more than $25 million), and I was running my own group of successful real estate businesses transacting many millions worth of property each and every year.

Theres nothing particularly special about me. I dont have a larger-than-average brain (at least, I dont think I do!). I didnt come from a background of notable wealth or privilege. And I had no real estate experience (beyond being a homeowner) when I started out. But I was very determined, and I was willing to invest the assets I had in abundance namely, my passion, drive, time, and energy in immersing myself in the world of real estate. If you have the same drive and willingness to commit to your continual education, you, too, can build a successful real estate portfolio. This book shows you how to start or get to the next level.

Many investors start out by buying a property and renting it out to a tenant or household (the standard single-tenant model). Thats all well and good and if thats your main interest in real estate, I recommend you also read Eric Tyson and Robert Griswolds excellent book, Real Estate Investing For Dummies (Wiley).

This book, however, is designed to go beyond simply renting out a property on a single-tenant basis, toward building a portfolio that encompasses different real estate strategies (such as renting out a property on a room-by-room basis or providing serviced accommodation). Why? Because I believe there are better ways to maximize your real estate income than the standard single-tenant model.

To put it another way, this book is designed to inspire you to grow as a real estate investor, beyond the standard route into real estate investing, and build real wealth for you and your loved ones. With that in mind, this book is built around the following core concepts:

• By building a robust real estate portfolio one that incorporates different strategies and multiple revenue streams youre much better placed to ride out market fluctuations and invest for both the short and long term.