Key Post: First Time Investor...thinking about Hungary!

Re: First Time Investor...thinking about Hungary!

Some really good points Tommy. Thanks.

Re: First Time Investor...thinking about Hungary!

Hi Rainyday,

It's not true that Kiyosaki has packed in the day job just to write books and give motivational courses. He's very actively involved in property investment - it's what funds his early retirement. So the parallel between Kiyosaki and sportsmen who write books is completely appropriate.

Re: First Time Investor...thinking about Hungary!

It's not true that Kiyosaki has packed in the day job just to write books and give motivational courses.

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Hi Moneybags - I didn't say/imply that he had packed in the day job or that he was solely working on the books/courses. It just seems a bit strange to me that he'd be spending substantial amounts of his time on these activities, if the real money is to be made in property investment.

Maybe his next book will be 'How to make your fortune from writing books and running seminars"

Re: First Time Investor...thinking about Hungary!

clubman rainyday Sorry for mixing you guys up.
On the Rich guy thing. Maybe i am wrong but i dont think he is doing it solely for the money. From what i know about him he is quite a wealthy guy and he has released several books which are huge worldwide. I think he is doing seminars and books because he enjoys it. Again with the tony robbins comparison, he does tons of tapes, books, seminars but the guy is multimillionare, and doesnt do the work for money, thats not to say he does it for free either . I would really doubt he would be on marian finucane for the sake of money!
after reading his book he has some really good ideas and i think he likes telling others about it, thats what i reckon anyway.

as for buying in budapest tommys points are excellent, definatly headaches in doing it, I still say it sounds like a good idea and if their property cycle goes through anything like ireland then I am sure the headache would be worth it, but who knows? as for going through advisors, sure they are gonna tell you the rosy stuff but i dont think learning hungarian and moving to budapest to figure out the market is a reality, sure check it out, but you are gonna have to trust someone, somewhere along the line. anyway i would be very interested in any info you have piggy so do keep us updated. and best of luck!
p.s. how much have you got to invest?

Re: First Time Investor...thinking about Hungary!

but i dont think learning hungarian and moving to budapest to figure out the market is a reality

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I never suggested that Piggy should move to Budapest - I suggested that they should "spend a week or two over there sussing everything out"

As for learning Hungarian, it might sound impractical at first glance but think again. A Linguaphone course only costs (at most) a few hundred euro. Together with a few weeks practice, it should give someone a working knowledge of the language. A pretty small investment, especially if it means that it may enable an investor to save tens of thousands on agency commission, or better still, to properly research any investment proposal.

Re: First Time Investor...thinking about Hungary!

I am also looking at this market and there is a lot of homework to be done..Dont think the language is the major hindrance..We speak English and can still be conned by auctioneers and the like. Try and get acquainted with a Hungarian national who has no vested interest in your investment but can give you a general idea of whats going on.

Re: First Time Investor...thinking about Hungary!

i take your point tommy, what do you think of investing in budapest, good idea or bad idea?

Re: First Time Investor...thinking about Hungary!

Far be it for me to answer for Tommy but his earlier checklist surely implies that there isn't a simple answer to this question and, like any investment decision, it's a case of considering the trade offs, weighing up the pros and cons and deciding whether or not it's a good or bad proposition within the context of one's own overall personal financial situation?

Re: First Time Investor...thinking about Hungary!

Far be it for me to answer for Tommy

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...not to worry Clubman, you did so perfectly

Re: First Time Investor...thinking about Hungary!

Sorry to be bringing the conversation back to the rich dad guy but he was in Dublin a few weeks ago and I went to the seminar (basically a book promotion).
Basically he re-hashed what he has written in his books but was specifically asked about the Irish property market. While he did caveat what he was saying by claiming he had only a cursory look at the Irish market he did note that he found it quite expensive and that better deals could be found elsewhere

Re: Thinking about Hungary! CGT implications

Hi again everyone,

Perhaps someone might be able to answer this for me. I heard somewhere recently that you can be forced to pay heavily in CGT if you own property in a country which Ireland doesn't have tax agreements with.
Doe anyone know if this is true, what it involves, and if it applies to Hungary.

Thanks a lot

Piggy.

same

there is double taxation, but i am informed that between hungary and ireland there is a taxation agreement, you would only pay tax once!

Re: same

Full information on double taxation agreements between Ireland and other countries, including Hungary, is available [broken link removed].

Re: same

Thanks guys.

I was actually talking to a guy from BudapestInvest today and he said the same thing...we have an agreement so no double tax.

Re: same

If you are investing abroad, get proper tax advice from a professional accountant or tax consultant, ideally in Ireland and in the other country. Make sure they are reputable. Dont take the word of a salesman or auctioneer.

useful links for overseas property

There was an article on investing in property in Croatia, Turkey, Bulgaria etc in last weekends Business Post or Times? Anyhow, the main info in the article seems to have been sourced from this site:
www.avatar-international.com/
Apart from tax etc.. concerns, there appears to be a rather large issue of ownership, and the various hurdles to jump in order to 'own' property, and importantly the land it sits on.
In doing some further research I came accross this site, it looks a bit gimicky, but the information is quite good.
Check out the 'Escape from America' link as well as the 'International Real Estate' link.
I believe impending the EU membership for certain countries is a good incentive to invest now in those markets.

Sal

link

Would the link have helped??
www.escapeartist.com/

Re: link

posted by Piggy

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Hi,

Not a question so much as a FYI. Contrary to what I have been told if you are planning to buy property in Budapest and do not own property here in Ireand it is actualy possible to secure one from a Hungarian bank. Might not apply to most people but just thought I'd put this out there.

Thanks.

Re: link

Peter Cunningham's column in the Irish Indo Weekend magazine on Saturday reflected on a few things he noticed while visiting Budapest recently. One was what he saw as the spiralling cost of living (which I read from his article as being more about cost increases in certain landmark tourist traps). The second, more worrying, point was to do with the apparent influence of the mafia in the city.

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Tommy, great checklist of things to research on foreign invstment properties. It could be applied to any area. I am bookmarking this one.
Maybe it should be a sticky thread, or thrown into the FAQ?
Tks