Comments by "Marvin Fine" (@torontovoice1) on "The Best Way to Find Your Next Home Overseas" video.
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That's all very true. But it depends what country you're buying him I think. If you're going to a civilized country that is a rated, you're probably not going to have any problems. But that said, you need to doubt your eyes and cross your teeth and look at everything that you're doing. There is a big advantage to home ownership, but there's also big advantage to renting. One of the problems I have with renting of course is that you don't have any permanency there. In other words the landlord can give you a notice and the kick you out. So it really depends you know what you're doing. If you're renting a furnished place, then you're just bringing literally your suitcase with you and everything else is supplied. You're never going to like what anyone else ever did generally speaking, so you're basically living in an Airbnb with a one year lease. And if you're planning on only being there for 2 or 3 months of the year, why pay rent for the whole year? On the other hand, if you're living in a hot country and the property is uninhabited, it deteriorates very quickly. It's not a very easy decision. This video is a very oversimplification of the lifestyle I think. As far as buying any building that is not new, that might be a good idea, but then again you can have all kinds of problems like plumbing that's leaking in the walls we have to rip apart walls. What about insulation? Again it depends on where you're living. It's not easy! Personally though, I think I would prefer to own than rent, and I would try to hire a manager to make sure the place was well kept and cleaned on a weekly basis.
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I just watched the video for the second time. Again I want to point out that it was a great video, in fact one of the most interesting ones that I've watched to date. It's pretty difficult listening to someone just talk on a camera with no other interaction, but the subject matter was so interesting, and the few impressions that were instilled into the dialogue or personal made the watching of the video more palatable. I don't know how else I could say it. There is one thing that I thought of. I spoke with a realtor in Panama and she told me that if you buy a property in Panama City and it's not lived in, it will deteriorate so bad I guess because of the heat and humidity and so on. I guess it can be managed by leaving the air conditioning on and having someone coming in cleaning it on a weekly basis or something like that. But I think there is a problem with hot countries, I'm surprised you didn't talk about it in Malaysia because I think they're climate is also quite hot and humid. I guess it would be good if you were doing a renovation to have someone on the ground that you trusted that would be able to go in and authenticate what work was done and the quality. I have heard renovators just basically take photographs or videos of what they're doing and send it, and on that basis get progress payments for the work that was done. Kind of difficult though getting it renovated to fix something after he's been fully paid, you don't have much leverage at that point. Although many renovators are reputable and will go out and fix things. I think you were quite correct though in pointing out that when you go out and you lay out a plan up front of what exactly is going to be done, you have a good starting point on the renovations themselves. It's a very interesting perspective about buying older buildings where the tenants have been there for a long time and they treat the property as their home instead of as you pointed out a newer building which people are just using as rentals airbnbs and have transient owners. I think that's a very valid point, however, sometimes it's nice to live in a newer building that has a lot of amenities like a jym pool etc. Anyway, as I said great video and I think more content like this would be quite interesting to watch. I watch your videos just about every day or as often as you put them out as YouTube notifies me as your subscriber. I also know that you don't rent them out which is exactly what I would do as well. You get tenants to go into a place they can cause more damage that would be classified as normal wear and tear then the totality of the rent that you're going to collect. I think that was a good call, especially if you're acquiring it and building it for the purpose of having it available for you all the time. The only thing that I thought about in this whole scenario though was one of the tests under the center of Life test is do you have a property that's available for you at all times? So by having a property that's available to you at all times is one indicia that goes against you on the center of Life test. Now obviously there's a day's test, and of course where your tax residences etc. A number of countries have looked at not only the days test in determining center of life but how long you actually spend in your tax residence country. Let's say for example your tax residence is Dubai but you're only spending a short period of time there. You may spend more time and a place like Columbia even if it's only 3 months or Malaysia or Serbia places that you've discussed I think Montenegro as well and Georgia. Oh and of course we can't forget Istanbul Turkey The hub where you are and where all the flights can be obtained from. So I don't know how many places you go to, but based on what you revealed in the videos, it's certainly more than the modified Trifecta that you alluded to in another video. But I see from the videos the scenery behind the camera looks very posh and business like and I think that having a good environment is very conducive towards being able to be a creator. So it's often difficult to come up with new topics everyday, and I'm sure you get a lot of comments on your videos and use them as inspiration for future videos. Anyway great job and one of my best videos that I've watched so far
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