I Almost Told Him Not To Do It
March 9, 2014, Panama City, Panama: Investing in property overseas for the first time can be daunting.
Dear Live and Invest Overseas Reader,
The first real estate purchase Lief and I made outside the United States purely as an investment was 16 years ago in Spain.
We'd moved to Ireland the year before. We were renovating the house we'd bought in Waterford for our family to live in, running the business we'd relocated with us from the States, and I was pregnant. Lief was on the road two weeks out of four at least, scouting.
When he called one night from his hotel in Estepona, Spain, to tell me that he'd met that day with a developer with only a handful of units remaining in his pre-construction development on that coast, I was silent.
Was I ok with him returning to the developer's office the next day and signing a contract for one of those remaining units? He needed to move quickly, Lief told me, because the developer believed the project would sell out within a matter of another couple of days.
At this time, Lief and I had been married but a little over a year. Still, I knew my husband well enough to know he was nobody's fool. Lief isn't easily convinced of anything, especially when money is involved. If he believed the developer telling him that this pre-construction condo project on the coast of Estepona, Spain, was going to sell out within a matter of days...well, then, that was probably the case.
Furthermore, I knew that, while my husband had not bought property purely as an investment in any country other than the United States at this point, he had enough general real estate investing experience to be able to size up an opportunity.