I’m due to emigrate to Austalia at the end of this year and have been given what seems to be a golden opportunity here in Spain to buy a commercial property well under the market value, with tennant in place willing to sign another 10 year lease. Taking all into account, I can pay the loan back in 8 years with the rental money. All good so far, and on paper it is a deal not to be missed. How the hell do i keep an eye on it whilst i am away? Property management? I’m going to be a long way away and not going to be able to simply come back over if there is a problem. Do i give someone restricted power of attorney? Please give me some ideas as this is my first investment property. Cheers Rob.
Hi Rob
You probably have some friends there who could keep a general eye on the place, and the agent would be managing the property, doing inspections etc. All you would have to do is check your bank account on the internet to make sure the money is going in and the loan is being paid.
Also get a good lawyer to look at the deal before you sign – maybe an Aussie lawyer in Spain.
Terryw
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Hello Rob
Do not give anyone your power of attorney. There is no need. As long as you have a good property manager, an internet banking account and know how to send emails [smiling] you can manage OK.
I manage my properties in Australia from Belgium this way. However, I know what to expect from property managers in Australia. The thing to check on is how do things work in Spain.
Good luck
Elka
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