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Purchasing Overseas Real Estate

Why This Is The Best Time In Our Lifetimes To Be Buying Real Estate Overseas

Lee Harrison reveals: This is why I was so happy to work with Lief Simon and Kathleen Peddicord to create the first-ever Global Property Summit. During this all-new, one-of-a-kind event, Lief, Kathleen, and I, along with several dozen experts and real estate pros from around the world, will introduce you to the world’s best property markets while, at the same time, arming you with everything you need to know to take advantage of everything they offer right now.

A few years ago, I bought a beachfront home, directly on the sand, for less than US$62,000.

After furnishing the solid, 2,000-square-foot house, I proceeded to have one of the most enjoyable times of my life while living there. A retirement that dreams are made of.

And this house, on a bona-fide tropical island, was not an investment property. On the contrary, I bought it strictly to enjoy the clear water, sandy beaches, fresh seafood, and great neighbors from all around the world. I wasn’t counting on the price going up when I bought the house… but, after nine months, I sold the house for US$110,000.

This wasn’t the only time I had this type of luck when making real estate purchases that likewise were not “investment properties.”

I grew up in the countryside, but a year in Manhattan taught me to appreciate the fun and convenience of life in a big city. I enjoyed having great dining and entertainment and all the amenities of city life at my fingertips, without having to own a car. While I couldn’t afford a part-time retirement home in Manhattan, I could come up with the funds to buy one in another city that really appealed to me, namely, Montevideo, Uruguay.

Located directly on one of the city’s most attractive parks, living here we were an easy walk to the local tango clubs, orchestra, theater, street fairs, and some of the city’s best dining. A spacious apartment with two bedrooms, it was a great place to live and a great place to invite guests…and it even earned rental income when we weren’t using it.

Again, this apartment was fulfilling a dream. It was not an “investment” property. But after about four years we sold the downtown apartment, in just one day, for 76% more than we’d paid.

In the 13 years since I retired, I have enjoyed some of the world’s best locations for retirement, some full-time, some on a part-time basis. For almost six years, my primary home was in Punta del Este, Uruguay, South America’s #1 beach resort. With its fantastic beaches and fine dining and nightlife, it’s a mecca for international travelers and offers a super quality of life for the money.

Since retiring, I have also enjoyed a part-time home in Ecuador’s Valley of Longevity. With pure air and water, the world’s best weather, and some of the Andes’ most staggering views, Vilcabamba is reputed to have more people over 100-years-old than anywhere else on earth.

The house in Uruguay went up 87.5% in value in six years (during the U.S. recession and housing crash)…and in Vilcabamba the home I purchased increased in value 120% in four years.

Today the apartment I purchased as a part-time home in Medelli­n more than pays for itself, paying me US$2,000 per month in rental income when I’m not in residence.

In addition (and this is where I think this gets very exciting), each real estate investment I’ve made has helped to bank roll both my next real estate purchase and, in the meantime, the very appealing and adventure-filled retirement I have been enjoying with my wife all along the way.

Collectively (and this is not over-stating the fact), these purchases have enabled the amazing retirement that I’ve enjoyed. Prior to looking overseas, the lifestyle I enjoy today simply was not within my grasp. By reinventing my life overseas as I have, I’ve been able to take advantage of some of the best opportunities that the world has to offer, and I am enjoying an enviable new life as a result.

Although, in my case, if I’m honest, it wasn’t always easy. I had to learn a new language and explore a number of new countries on my own. I had to unravel the local markets and try to discriminate a good deal from a bad one. I had to find good legal support and to try to separate the crooks from the good guys in far-flung real estate markets. To be honest, it took me years of travel and investigation…because no resource existed to help me.

And, in some ways, I was just plain lucky the way things turned out.

This is why I was so happy to work with Lief Simon and Kathleen Peddicord to create the first-ever Global Property Summit. During this all-new, one-of-a-kind event, Lief, Kathleen, and I, along with several dozen experts and real estate pros from around the world, will introduce you to the world’s best property markets while, at the same time, arming you with everything you need to know to take advantage of everything they offer right now.

This is perhaps the best time in our lifetimes to be investing in real estate overseas. Key markets are rebounding, and opportunity is being created in real time.

Lee Harrison

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