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

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  • Marko-ER
    replied
    Originally posted by artemis View Post
    I personally wouldn't risk purchasing real estate in a foreign country unless I was extremely familiar with that country and its culture (and it sounds like the OP is not that knowledgeable about Turkey). It's just too much uncompensated risk. If exposure to foreign real estate markets is what the OP desires, I'd recommend an international REIT fund.
    ** THIS ** (I hold VNQI, which has been an underperformer during the past 1+ years, though to about the same levels as domestic REIT ETFs like VNQ/SCHH)

    To the OP: I think someone been watching too much Nomad Capitalist on youtube (good channel, I grant you, but overplayed). I wouldn't mind buying something in Eastern Europe in my homeland or my business partner's home country both outside the old stodgy EU block, but only under the right circumstances. My criteria: no rent income and therefore non-reportable, regular 2-3 month over there each year summer that could be a vacation HQ, and for the rest of the time it being a residence to my ambitious, young but undercapitalized cousins. But since those strict criteria are not likely to be met (particularly the 2 months vacation), and we are planning to do this "on the cheap" by sending out kiddos over there to cousins to learn the language anyway, I think I will pass on any formal real estate investments. And if I am not going to do it -- with citizenship, language, knowing the real estate market and legal protections and having locals "on the ground" to take care of any issues that arise, neither should you.

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  • artemis
    replied
    I personally wouldn't risk purchasing real estate in a foreign country unless I was extremely familiar with that country and its culture (and it sounds like the OP is not that knowledgeable about Turkey). It's just too much uncompensated risk. If exposure to foreign real estate markets is what the OP desires, I'd recommend an international REIT fund.

    Leave a comment:


  • legobikes
    replied
    Originally posted by Jack_Sparrow View Post
    I know a guy who did some business in Turkey and he says there is alot of "third world corruption" going on over there.
    Is that better or worse than first world corruption?

    Leave a comment:


  • Kamban
    replied
    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.

    Leave a comment:


  • Lithium
    replied
    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.

    Leave a comment:


  • Jack_Sparrow
    replied
    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.

    Leave a comment:


  • Tim
    replied
    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.

    Leave a comment:


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

    Leave a comment:


  • Kamban
    replied
    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.

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

    Leave a comment:


  • Hank
    replied
    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.

    Leave a comment:


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

    Leave a comment:


  • Doc Spouse
    replied
    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.

    Leave a comment:


  • Kamban
    replied
    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.

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  • CordMcNally
    replied
    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.

    Leave a comment:

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