Ajay Ahuja Blog Post on Speaking The Local Lingo

Make sure you can speak the language FLUENTLY. So if English is the only language you can speak then make sure it is in the USA, Australia etc.

The reason being you have to understand

  1. what you are getting in to
  2. how to keep what you got
  3. what to do if you want to get out!

In other words if you only have a basic grasp of the Spanish language then it is unlikely you will FULLY understand the legalities of Spanish Law as you simply won’t know the Spanish word for LEASE FORFEITURE.

Not understanding these sort of words can be catastrophic. I have had a lease forfeiture and that was in England and I am supposed to know what I am doing! You lose the whole property.

So before you get seduced by the sun, sea, sand and er…… six per cent yields STOP. Think worst case scenario. Can you:

  1. Afford to lose the whole value of the property.
  2. Support all the ongoing costs of mortgage, service charges, insurances etc. regardless of whether you receive any rent or not
  3. Remove your emotions from the whole investment

Then and only then can you consider buying a £10k apartment in Egypt to rent out to UK holiday makers! Which I did consider, for about 3 minutes, but thought what a bad idea.

If you really want to invest overseas why not consider a UK country or even Ireland……as I have heard the Irish have a few problems!