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  • Buying property in Turkey/asset diversification -- first time poster

    Hello everyone! First post here. I was curious if anyone has bought international real estate and how they went about doing it (especially if it’s in a country where you didn’t speak the language).

    I am interested in buying property in Istanbul as a method of asset diversification. I have some concerns about political stability, like that of a recent question on WCI podcast #191 minute 22:13. For the purposes of this question let’s put the reasonableness of my concerns aside (and the reasonableness of investing in turkey given the Liras instability). I am, however, not sure how one would find someone trustworthy to help me with this purchase. There seems to be a lot of advice that one needs to “find a trusted realtor/good realtor” or similarly “find a reputable lawyer”. But if you don’t know anyone – and it’s a foreign country it seems very difficult to find someone trustworthy. Any advice on where to start?



    I’m not sure if this better belongs under “real estate investing” or “asset protection” so I can delete and repost there if it is not appropriate. Thanks, and go easy! First time posting here but a big fan of the WCI podcast, and newsletter.

    Best,
    Clang.

  • #2
    Originally posted by mildClang View Post
    For the purposes of this question let’s put the reasonableness of my concerns aside (and the reasonableness of investing in turkey given the Liras instability).
    no lets not.

    Comment


    • #3
      I'd go buy the cheapest house on Nusret's block

      seriously though if you don't already know someone from Turkey to ask this stuff to, find someone and get to know them. If you're a physician, I guarantee you're not more than two degrees of separation from someone from Turkey.

      Have you ever been to Turkey? If not, go.

      Comment


      • #4
        I'm from flyover country USA, I thought Turkey was just something I had on Thanksgiving until I was 16, and went out in my 5th grade spelling bee because I confused 'pail' and 'pale'. Ask me anything about the geopolitical climate and real estate opportunities in Turkey.

        But seriously, I'd probably just go with an international REIT if I felt like I really needed something like that in the name of diversification.

        Comment


        • #5
          Originally posted by mildClang View Post
          Hello everyone! First post here. I was curious if anyone has bought international real estate and how they went about doing it (especially if it’s in a country where you didn’t speak the language).

          I am interested in buying property in Istanbul as a method of asset diversification. I have some concerns about political stability, like that of a recent question on WCI podcast #191 minute 22:13. For the purposes of this question let’s put the reasonableness of my concerns aside (and the reasonableness of investing in turkey given the Liras instability). I am, however, not sure how one would find someone trustworthy to help me with this purchase. There seems to be a lot of advice that one needs to “find a trusted realtor/good realtor” or similarly “find a reputable lawyer”. But if you don’t know anyone – and it’s a foreign country it seems very difficult to find someone trustworthy. Any advice on where to start?



          I’m not sure if this better belongs under “real estate investing” or “asset protection” so I can delete and repost there if it is not appropriate. Thanks, and go easy! First time posting here but a big fan of the WCI podcast, and newsletter.

          Best,
          Clang.
          I was in Turkey as a tourist when it was a fairly open secular society with women in western attire and without headscarves or purdah and some even smoking. But Erdogan was rising in power as Prime Minister and our liberal gay Turkish guide could sense changes coming in the future as it was slowly becoming an Islamic state. It turned out prophetic and in 2014 he became President / dictator. The county has been unstable since then, and we are not sure if they are our friend or foe. I would not invest in RE in such a country even if I spoke the language. Great country to visit though. Istanbul is one of my favorite cities and I loved it far more than Athens.
          Last edited by Kamban; 01-06-2021, 10:05 AM.

          Comment


          • #6
            Istanbul in the summer made Texas feel downright pleasant by comparison. I loved the city, but I wouldn't want to invest any serious money with the current shenanigans going on. They've been limping along for the last few years, but things are going to come to a head sooner or later.
            I should have been a pair of ragged claws. Scuttling across the floors of silent seas.

            Comment


            • #7
              What is your tentative plan for the real estate? Vacation home, rental, commercial? Istanbul is an amazing city! Europe side or Asia side?

              Comment


              • #8
                This might be real estate, but it certainly doesn’t look like asset protection.

                The original poster has been back to the forum a few times, but hasn’t added any additional details. Since this is such an unusual post and has no further participation from the thread originator, I’m going to lock the thread for now. Original poster, please contact any moderator or administrator to unlock the thread if you have meaningful details to add.

                Comment


                • #9
                  Opening the thread up per request from original poster.
                  Let’s keep thing relevant to WCI and compliant with WCI forum rules.

                  Comment


                  • #10
                    Originally posted by Hank View Post
                    Opening the thread up per request from original poster.
                    Let’s keep thing relevant to WCI and compliant with WCI forum rules.
                    I would like the OP to respond with some clarification about why invest in RE in Turkey rather than US or Canada or even Costa Rica / Panama which are more stable countries. Otherwise this thread will start to meander.

                    Comment


                    • #11
                      I wonder if it's related to the free citizenship that Turkey offers for investments greater than 150k (IIRC).

                      Comment


                      • #12
                        Originally posted by Hank View Post
                        This might be real estate, but it certainly doesn’t look like asset protection.

                        The original poster has been back to the forum a few times, but hasn’t added any additional details. Since this is such an unusual post and has no further participation from the thread originator, I’m going to lock the thread for now. Original poster, please contact any moderator or administrator to unlock the thread if you have meaningful details to add.
                        Rinse and repeat.

                        Comment


                        • #13
                          I know a guy who did some business in Turkey and he says there is alot of "third world corruption" going on over there. Basically from our conversations and what I collected, its just the culture and people over their know how to deal with it. Id recommend trying to hop in some fund or partnering with someone over there where you give them the money and they do the work. It would be next to impossible to fully vet someone from an online search or something to that nature IMO.

                          Comment


                          • #14
                            Originally posted by Hank View Post
                            Opening the thread up per request from original poster.
                            Let’s keep thing relevant to WCI and compliant with WCI forum rules.
                            I think one of the forum rules stipulates excellent conduct from brand new posters. Which IMO should include periodically checking in and contributing to your own thread.
                            “Work” is a four letter word for good reason.

                            Comment


                            • #15
                              Originally posted by legobikes View Post
                              I wonder if it's related to the free citizenship that Turkey offers for investments greater than 150k (IIRC).
                              I am not sure how that would help most of us here. Turkey is not part of EU though it came close ot being one about a couple of decades ago. So getting Turkish citizenship without the EU passport might be a wasted effort.

                              Comment

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