We’re talking with Rick Otton, our Australian friend, who has been doing some serious traveling. He’s been flipping houses in Greece lately. Right now you can get ‘C’ and ‘D’ properties in Greece for €15-€20,000 Euros. That’s less than $24,000 U.S. on the top end.
Rick’s experience proves that the REI method works in any country. All you have to do is find a real estate attorney and pay him/her to draw up the necessary paperwork and contracts.
See, Rick doesn’t look at most of the properties… the people he’s selling to look at the properties and tell him about them. Rick was on the ground in Greece because he wanted to be, but he’s certain you can find Greek lawyers in the U.S. or Australia who can draw up paperwork for properties over there.
Greece’s economy has gone so low – down 40% to 60% – that people can’t borrow money. Rick gets people in to houses with little money down and installment payments.
Now the Greek economy is showing signs of growth. Foreign money is beginning to come in. Some of the government controls expire soon. As the economy continues to improve, Rick feels it’s about time to leave Greece. Maybe Bulgaria is next for him.
Have a listen and enjoy learning from Rick.
Listen and enjoy:
- Letting residents pay for renovations
- Not great cash flow, but get value out of house later
- Picking up a portfolio with no holding costs
- Selling on installments and holding contracts for deeds
- Why it takes 6 weeks to check titles in Greece
- If you can check credit, find references
- Why a low down payment is very important to Greeks
Mentioned in this episode:
- Joe’s podcast on iTunes: Real Estate Investing Mastery Podcast
- Joe’s Coaching Program: Joe McCall Coaching
- Podcast Hotline: 636.255.8815
- To learn more about Rick: Deal Finder Plan
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