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Old 06-01-2014, 04:21 PM
 
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I thought it would be a great idea to buy a studio or 1 br apt in Europe with a couple of other people, rent it to a student and have the summer for each owner to use the apartment for about 2-3 weeks. I've heard of time shares, but haven't heard of others doing this. The problem is I don't have any idea how to find other people who would be interested (already asked friends).

Any ideas would be appreciated...
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Old 06-01-2014, 05:03 PM
 
Location: Airports all over the world
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Quote:
Originally Posted by yodel View Post
I thought it would be a great idea to buy a studio or 1 br apt in Europe with a couple of other people, rent it to a student and have the summer for each owner to use the apartment for about 2-3 weeks. I've heard of time shares, but haven't heard of others doing this. The problem is I don't have any idea how to find other people who would be interested (already asked friends).

Any ideas would be appreciated...
I do not think it would be worth all of the headaches it would cause. Is it even legal for you to own property in that country? Who would take care of the maintenance? No matter how much screening you do you always run the risk of getting stuck with problem renters. Then there is always the chance one of the co-owners will either back out of the deal or even worse walk away after you are committed sticking you with their share of the expenses.
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Old 06-01-2014, 05:09 PM
 
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This sounds like a disaster waiting to happen.
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Old 06-01-2014, 05:31 PM
 
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Originally Posted by Alaskan Mutt View Post
I do not think it would be worth all of the headaches it would cause. Is it even legal for you to own property in that country? Who would take care of the maintenance? No matter how much screening you do you always run the risk of getting stuck with problem renters. Then there is always the chance one of the co-owners will either back out of the deal or even worse walk away after you are committed sticking you with their share of the expenses.
I know that foreigners are allowed to own apartments here, so I don't know why it wouldn't be possible in Europe (western). You'd definitely need a lawyer to draw up a good agreement, but I'd think it should say that any owner can sell their share. For the maintenance, I'd imagine hiring a rental company. Not a lot of maintenance anyway with a small apartment. I'm a landlord here, so a small property doesn't worry me much (and I'd buy in a city where I have contacts already). The idea is not to make a profit per say, but to have expenses covered.

The city I'm thinking of is an attractive city--not a big tourist destination but very close to a lot of beautiful cities - Paris, London, Brussels, Rotterdam, Amsterdam. It would be easy to have a lot of different experiences but not pay for any hotel on vacation.
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Old 06-01-2014, 05:50 PM
 
Location: Airports all over the world
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Originally Posted by yodel View Post
I know that foreigners are allowed to own apartments here, so I don't know why it wouldn't be possible in Europe (western). You'd definitely need a lawyer to draw up a good agreement, but I'd think it should say that any owner can sell their share. For the maintenance, I'd imagine hiring a rental company. Not a lot of maintenance anyway with a small apartment. I'm a landlord here, so a small property doesn't worry me much (and I'd buy in a city where I have contacts already). The idea is not to make a profit per say, but to have expenses covered.

The city I'm thinking of is an attractive city--not a big tourist destination but very close to a lot of beautiful cities - Paris, London, Brussels, Rotterdam, Amsterdam. It would be easy to have a lot of different experiences but not pay for any hotel on vacation.
Just like the U.S., Europe has lots of goofy laws that defies all logic. One place I was stationed at it was ok for me to rent a car but against the law for me to buy a car.

Having one of the co-owners sell their share is one thing. However I know several people that have ended up in financial ruin when their partner simply walked away. I do not think there is much of a market for what you want to do. That being said it could be next to impossible to find a buyer should your partner no longer be able to make the payments.
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Old 06-01-2014, 06:18 PM
 
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Originally Posted by Alaskan Mutt View Post
Just like the U.S., Europe has lots of goofy laws that defies all logic. One place I was stationed at it was ok for me to rent a car but against the law for me to buy a car.

Having one of the co-owners sell their share is one thing. However I know several people that have ended up in financial ruin when their partner simply walked away. I do not think there is much of a market for what you want to do. That being said it could be next to impossible to find a buyer should your partner no longer be able to make the payments.
I hope I could find interested people - I know there's always some risk to everything, but the risk seems pretty small. I don't think it would be a good idea to have a partner who is financing the purchase, and a maintenance fund should avoid disasters if there is a problem with a tenant (like 4 months of maintenance per person upfront). Otherwise, it should make a little money rather than lose it, so a partner walking away wouldn't present a problem.

I just don't know how to find partners.
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Old 06-01-2014, 06:49 PM
 
Location: Airports all over the world
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Originally Posted by yodel View Post
I know there's always some risk to everything, but the risk seems pretty small.
I would strongly suggest you consult with a real estate lawyer based in the country you are looking at. I think it will be a real eye opener when you find out as a foreigner what you can and can't do in that country. Renters rights, landlord obligations and high taxes will probably be enough to make most investors shy away from your idea.

However, I suppose you could do some research on travel clubs and maybe post ads looking for partners on their websites.
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Old 06-02-2014, 05:59 AM
 
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Originally Posted by Alaskan Mutt View Post
However, I suppose you could do some research on travel clubs and maybe post ads looking for partners on their websites.
Thanks for the advice.
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Old 06-02-2014, 07:01 AM
 
Location: Savannah GA/Lk Hopatcong NJ
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I think in the long haul paying for a hotel or vacation rental for a few weeks each year will be much cheaper and headache free
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Old 06-02-2014, 03:27 PM
 
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It's definitely more trouble, but I don't understand why it would be cheaper in the long run, unless real estate prices drop or renting it out is a total disaster. 2-3 weeks in most hotels/rentals seem quite steep.

I had also thought it may be possible to do an exchange with someone who owns apartments in other places - to mix it up a bit.
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