Paying cash for our first rental property in Italy Real estate auction
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- Опубліковано 27 лип 2020
- Due to saving money every month by living rent free / mortgage free, we decided it was time to invest in our first rental property. Since the Italy real estate auction went so well for us the first time, we decided to invest in part of a 4-plex in Lombardy Italy. Paying cash for real estate in the real estate auctions saves us money that would typically go to paying the notary in a regular Italian real estate transaction. Doing it ourselves also saves us money by not using a real estate agent in the transaction.
Purchasing your first home can be an exciting challenge. Paying cash for our first rental property in Italy is just step 1 of a future of real estate investing worldwide. With technology these days, we are no longer limited to our current surroundings. Even if you're not a real estate enthusiast, now is time to reach for your dream whatever it might be. Ours happens to be owning rental property in Italy.
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You did a great job renovating the place and the kitchen looks fantastic....I'm impressed by your design and construction skills!
Thank you very much! I had some help from my wife in the choice of tile if it wasn't obvious.
Great job my friend. Love everything, you kill it with the bathroom floor tile. Loved
Thanks! The bathroom came out really well. I admit my wife picked the floor tile
Hi Dave, I love what you did with the place❤❤❤ Congratulations on the property, also beautiful family.
Thanks Edna! I appreciate the support!
I appreciate your candor and clarity about the cost and process. $33k is a great price.
Very nice rehab job. The kitchen and bathroom are perfect; bright and modern.
Absolutely stunning! It's awesome to see the work that you've done!
Greatly enjoy your informative video's! Thank You Kindly
Congratulations, and thank you for sharing your experience in investing in Italy. That information is truly invaluable in helping us narrow down an area.
I'm glad it can be helpful. Any requests on areas of Italy to check out?
Hello from Canada. Living in a dream. Good job and nice to see a video in 4K format. Keep going
Thank you! Will do! I had to invest in some new equipment to accomplish 4k, but even I like my videos more now! haha
Hi Dauv0! another great video, great job remodeling, it looks so pretty I would love to live there.
Thanks. Better you find a nice independent villa or townhome. Haha no neighbors to deal with
Bravo DauvO!!!! Good job you are amazing and very talented! Love your place ! I want something like that!
Wow congratulations!🎉🍾 🤗🥰
Thank you so much 😀
Good job with the restoration.
Looks great! Way to go.
Thank you!
That's a lovely apartment you did a great job!
Thank you!! 😊
You did a nice job fixing it up are you going to show that video of the construction?
I did the project some years ago, but fortunately I do have some video clips to share.
Excellent investment ! ... you are a brave man to undertake an IKEA kitchen project all by yourself 😱 I would have been figuring out where all the screws go, still 🤣🤣 you did a GREAT job 👍👍
IKEA is like my second home. Not necessarily by choice. haha .. My wife loves it there. Thanks Jorge!
Congrats. It really looks good.
Thank you!
Hi David. Good luck to you & your family. I like the house very much you did a great job. I can't believe you did all that. I bought a small dresser from IKEA once & it took all day to put it together. Bravo. Good luck again. Caio Francesca
Thanks 👍 It's definitely the largest IKEA project I've done. Doing it alone was probably a bit crazy. Hope you are well!
It looks so good. So wonderful that you can help your family so they can get on their feet as well
Especially during this period. They work in a restaurant and restaurants have been closed due to the pandemic for too long. Glad he didn't have a rent or mortgage to pay because that would have been extra stressful!
@@DauvO oh my goodness yes that would have been horrible. There are so many people in those situations all over the world. Gotta keep praying for better days.
Your comment about living on the ground floor cracked me up. Our apartment in Turin is on the ground floor and people are convinced that we will be robbed any moment.
Pretty common theme it sounds like.. I'm headed to Monferrato tomorrow, is that anywhere near you?
@@DauvO I live in Torino. We get down to that area once or twice a year. It is really pretty in the fall when there are festivals and wine-related stuff going on. Have fun!
BTW, with Covid, we were considering doing our vacation there to stay close to home. By chance, I found that there are about half a dozen castles for sale in the area. I know it isn't your channel's niche, but it might be a cool video for you to tour one with a real estate agent. :)
Good job, when tourism pickups definitely you ll have some airbnb
love the fact you did your own reno work!!! Did you also do the demo?
We had some help on the bathroom and resurfacing a portion of the ceiling. The demolition was done between my brother in law and I.
well done, really good price!
Thanks! We are happy with it!
You are one smart and talented guy
Wow thanks! You're very kind!
Beautiful house! Loved the way you guys have re decorated it! The brown tile, are the ceramic or terra cotta? They add so much character to the house!
The brown tile are ceramic. Underneath the ceramic was a granular stone flooring that is seen in the stairwell. Pretty common for the period in which it was built. I preferred the brown.
Hey! Congrats for the deal! Where someone can look for bank auctions like that one that you bought? Online ?
Keep up with the great work!
I actually have a video about auctions in my 'how to ' playlist. The listings are all public online, yes. Thanks for watching!
Nice! You did a good job with the renovations. Famiglia, eh?
Yes. We're pretty close as a family. Growing up, my wife and her brother would just give their money to their mom to manage for them, so for us saving them money is a great thing.
I’m curious how much you spent on renovations doing the work yourself? You did a really nice job, it looks great!
I'll do a video on the project remodel costs. It's best I explain it all together. We did have some help with tile work in the bathroom. When I do tile honestly .. it's a bit scary
@@DauvO did you have experience doing this type of work?
@@DauvO And I wonder how there are working companies delivering groceries in Italy, such as Glovo, and is there a lot of competition there for shopping to come to us? In Poland we have a lot help with that.
You did a really nice job in renovating the apartment yourself! In Milano you pay 60/80 thousand euros for a garage for your car.
True! There are definitely high prices there. On auction there are also 1 bedroom apartments next to Milano centrale for 60k.. at least the starting bid The link is the example I am referring to. Not saying this is a great deal, but you can find some good ones if you know where to look.
pvp.giustizia.it/pvp/en/dettaglio_annuncio.page?ordinamento=data_vendita_decre&anno=&disponibilita=&lng=&searchresults=true&categoria=immobile_residenziale&indirizzo=&contentId=LTT4214028&elementiPerPagina=10&ricerca_libera=&ordine_localita=a_z&idInserzione=&tipo_bene=immobili&geo=raggio&view=tab&prezzo_da=&procedura=&raggio=25&prezzo_a=&lat=&tribunale=0151460094
Beautiful house, and investment!
Thank you!
Very good , no bank , no mortgage. America could take some notes.
I was born in Sicily , but been living most all my life in USA, for some reason ,really drawn to your videos , thumbs up.
Thanks for sharing your perspective! In the end our lives are shaped by our experiences. I'm sure there are some in the world that don't realize that the 'no mortgage' option even exists. Sicily is beautiful!
@@DauvO yeah , mortgages are crazy, it just seems like perpetual debt. I really can't understand it. I see friends that can easily downsize after kids are off to college, but they still keep the McMansions,, then invest money elsewhere and have several mortgages and think they're so smart . Meanwhile they could easily have downsized and retired but still working like somebody chasing them .. still trying to make millions.
I would like to take a trip to Italy and look around, although for me I am looking for a walkable or bikable area if I was going to live there even if seasonally. I really dont like where you have to drive everywhere. Great videos, keep them coming ,, maybe people will follow your lead ...
Hey nice content. Can I ask you how much was the renovation? Thanks in advance.
Nice work. I like how the bathroom remodel came out. Also what gimble are you using?
Hi thanks. I just picked up the osmo pocket. It's actually really nice. Amazingly stable when compared to my old video and is capable of 4k at 60fps. Couldn't be happier. Sometimes in the sunlight I can't see the shot in the small screen, but I can attach it to my phone for a larger screen too if I get ambitious
@@DauvO looks great
Looks like you got a great deal.
Nice remodeling,
Thanks Luciano
I’m enjoying your videos. I will “like” them I will be in italy soon to begin renovation on my house in Cropani Catanzaro. Hope to meet you soon.
beautiful
Hey Dauvo, congratulations on such a great job with the renovation, you could rent it out at the drop of a hat! The end result is absolutely stunning.
One thing you should warn investors about is Italy's draconian anti-landlord legislation. It takes years to gain vacant possession of a property, as tenants have lots of rights, sometimes to the detriment of the owner's rights! Short-term letting such as AirBnB should be fine, but I would caution against renting a property out long-term in Italy. Probably the tenant can find a way of bringing a lawsuit to reduce the rent to a peppercorn amount, and then you can never terminate the lease. That would have disastrous consequences for the investor. Lots of your viewers, not being Italian, can never imagine how bad things might be, and will be totally unaware of these pitfalls. For long-term landlords, the rule is 'Heads the tenant wins, tails the landlord loses'.
Worthwhile doing a video on tenancy laws in Italy.
Thanks for the suggestion. I've been looking more into these laws and want to make sure I know it very well before presenting information on the subject. You're right. It is information that needs to be shared. What really needs to happen is an adjustment to the law if Italy wants investors to take Italian real estate seriously. perhaps since short term rentals is Italy's main focus they aren't interested in adjusting the law for long term rentals.
@@DauvO I don't think a focus on short-term rentals is the reason for the draconian laws against landlords renting long-term, but more likely longstanding bigotry and prejudice that since 'all' landlords are rich, none of them deserve to be treated respectfully, and they should at least in part be stripped of their civil rights. This plays well politically to those who have nothing and like to blame people who're more successful in life than them, for their misfortunes.
Just think how perverse these laws are. A 55-year old woman who is a landlord could have been divorced 15 times and had 6 abortions, but Italian law won't allow her to terminate a rental agreement. If divorce and abortion are so easily granted in our 'tolerant' society, how come we are so intolerant of landlords seeking vacant possession? Why is it so easy to terminate a marriage or a pregnancy, yet so difficult to terminate a rental agreement? There is no logic to this, as it is based on bigotry. This is a question that needs to be addressed not just by Italy, but by many other countries masquerading as 'tolerant' and 'respectful of human rights', while actively denying the latter.
It's the same in the uk, tenants have more rights than landlords,, even if tenants have not paid the rent...davo you did a super job of it even though the property looked scary at first.
@@georgewraith8360 No it's not the same, the UK has far more respect for property rights, and it is far easier to terminate a lease and evict a tenant. What's more, in Scotland, if either a tenant or a landlord brings a case to the Tribunal, neither needs a lawyer and the process is free. Where on the planet can you say the same? Most countries require a lawyer at court, charging you an arm and a leg.
So each country has its own laws that are radically different, and it's a case of 'look before you leap'.
Hi dude, thanks for the informative video. I think I must live in a similar area of Italy as you, and thinking of making some similar moves. I wanted to ask, how much you pay in IMU tax more or less per additional unit which is not you primary residence? That’ seems to be a stinger here.
You can reverse the fridge door for easy access.
Is there a link where I can see auctions?
Thanks, very nice place. I am also interested in the renovation costs. Does the building have a maintenance fee or association fees? Finally how much are property taxes and utilities? Thanks so much for your videos, they are very informative.
Thanks. I will be sharing a video focused on the remodel soon. There are no fixed association fees. We collaborate with the others when expenses arise such as electricity in the stairway, painting the stair area or fixing something broken. The property taxes are a special case that I'd also like to answer in an upcoming video. Thanks for the requests.
DauvO, many thanks for all your videos and info regarding properties in Italy. My wife and I are so interested in purchasing. We especially like the lake region and hill towns that are cooler in the summer. Can you recommend a town or city an hour or so from Milan or other major airport for easy connections? We'd like to explore the first chance we get. Greg.
Hi Greg, I believe I answered this question through Email.
I will suggest these tools as well. You can use them to browse average prices for each zone.
www.immobiliare.it/mercato-immobiliare/
www.idealista.it/data
thanks a lot for your informative videos Dave. Quick question about auction properties, do you get to view them before the auction or you just rely on the aste giudiziarie website for information and pictures of the property? Also, is it possible to ascertain information such as the cadastral value, rendita and cadastral class and before bidding? I guess I'd like to know the type of information a potential bidder can access before bidding.
You can schedule an appointment to view the properties in person. You can also do due diligence as long as you have the data (parcel number) which is also public information. You can do pretty much whatever you can think of, but having a professional inspect the property and give you a realistic quote for renovating is a challenge unless you take them with you on the appointment. There is relatively little time to accomplish this tour, better to organize it all on the first trip.
@@DauvO thanks a lot for your response 😅
First of all thanks for the video . Where to look for auctions? Do you have any site available? Thanks and also I am interested to but property in Trieste where to see what kind of Appartment’s is there . Thanks and I appreciate
The best place to know which properties are legitimately on auction at the moment is pvp.giustizia.it/
Unfortunately the photos situation on that site is pathetic.
There usually links on each listing that take you to a more informative publication of the same auction. Each tribunale chooses which method to publish their listings. So there are a lot.
Are there any other costs like a service charge to a freeholder or managing agent of the building and are the monthly council tax/rates expensive, is it a freehold purchase or leased for a number of years, forgive me for asking but I would like to know in advance as I'm considering buying a property in Italy myself and it would be so helpful to know what to expect. Is there also a one off stamp duty payable when you buy a property in Italy similar to the UK where you have an increasing scale depending on the price paid.
Always fun videos! Love the fluid and relaxed style.
Question... if we purchase a property that we want to put up for rent or Airbnb, but we live in the US, how can we get a reputable company that will take care of the property management pieces? and we won't feel like someone will decide to take over the property.... where we lose our investment and potential income from it.
Good question. There are property management companies in the more popular areas that are directed towards English speaking investors. I'm putting together a list of them and will share them in time. There are many respectable businesses out there.
thank you!
At the end of your tour, you stated that many "foreigners" have moved into this area and are working and making a living.Seeing as your channel is in English, I would think that you have a lot of English speaking subscribers, from many countries. Maybe, you should also mention that the "dolce vita", and inexpensive properties are not available to them unless they meet certain criteria to be able to live here. There are completely different rules for EU citizens opposed to non Eu. I understand that you are not an immigration councilor, but a word of caution may be advised. I understand that there are many diverse and interesting properties available here in Italy, but maybe a warning for naive wannabees may be in order. Anyway,, comment made!..Great job.. good buy, and hope the family is enjoying!
I appreciate the feedback. I definitely don't want to influence or spread ignorance. I'll look into your thoughts and see how I can best incorporate it. Thanks Jojo
In no way do I want suggest that you are spreading ignorance! You are doing a great job highlighting all the positive points that our great country has to offer. Only thing is that foreign nationals need to be aware. of the immigration/visa rules and regulations. Not your responsibility... but.. maybe some links and disclaimers would be helpful, only a thought. Great channel.. look forward to more! Grazie.
Great feedback! I would love to here more because I'm one of those people. I lived in Milan and Liguria during 2018.
Are you saying that US citizens cannot buy property at auction?
What if a Italy citizen bought and property and then flipped it to a US citizen?
@@GasMart623 No, that was not what I was referring to. Americans can buy and own property here in Italy. But.. the comment was made because many foreigners are not aware of Italys' stringent immigration regulations. Americans are able to stay 3 months in and 3 months out of the Schengen area, repeatable as much as you like. But.. to live here full time is another matter. Working here is almost not possible unless you are a dual citizen. You would need to Google or research what your options as an American would be. I am by no means an immigration expert, but I would suggest you do some homework before planning on buying or relocating to Italy. Good luck in future endeavors!
Have you ever done a video about Val di Non, my family lives in that area, ie Flavon, Cles, Cunevo, Dennon, apple country. Thanks
Not yet! Thanks for making me aware of it!
Was all the work done by you and family? How long did it take? How did you pop up those big tiles in the bathroom to tile the kitchen? Looks like a really good spot.
We did most of it and had some help in the bathroom tile and backsplash so that it would come out great! I could have done it, but I'm not the best tile setter. To pop up the bath tile, a perhaps a miracle? Very Carefully...I remember that we barely had enough to cover the area, so most of them broke in the process
Thank you so much for sharing useful information. How important is your initial offered price when submitting the auction application in an envelope? Can the initial submitted offer/prices determine the winner of the auction when there are several participants or does the bidding process continues live in the court regardless of differences between the initially summited offers in the envelope (let's say one participant initially submits minimal price 24.000€ and another submits more than base price let's say 50.000€)? What could be an advantage of initially offering more than the minimum price when submitting the auction application?
If there was a 50k offer, the day of the auction they open the offers and express who has the winning bid and open up the auction to continue with higher offers. You might shock a few people at the moment of opening, but I'd still recommend staying low, because you never know if you're the only one and you might have just paid double for nothing.
I though you are based down south, but actually this city is up north close to Milan
Thanks for the content
Ya, I'm in the south right now, but I live up near Milan. Good call!
If you get 400 Euros per month (4,800 per year) that would be 14.5% yield on your 33,000 investment, which is unheard of. Mind you property tax will eat a little bit into that but still a great investment.
I like where you're going, but don't forget the remodel... I haven't mentioned the prices yet, but they will be in an upcoming video
Golly, I have so many videos to catch up on.
In due time... Thanks Shaun!
How much will the annual property tax be?
BRAVO! Hard work always pays off, just need to be patient at times. BTW, where south is your wife from? My parents are from Cosenza area.
My wife is actually Albanian, but is confused for Italian a lot for her accent. She moved to Lecce Apulia when she was 18
Hey Dave, can you let me know how I can get in touch with you to discuss if you can offer your services with purchasing a house from auction?
There is an email on my about page of the channel, or visit www.thedauvo.com and send me a message on the contact page. Even the social media links work great. The auctions are in a waiting period, but i'd be happy to talk to you.
Dauvo that looks like a great investment and a nice property. I hope you can show us you spread sheets on this. I am learning a a lot from your financial information. You say your in laws are staying there now in the apartment ? So is the property currently not generating income ?
Correct. I know it's not technically an investment property today. In the end it is in the same category as our own home. We've invested cash that is saving our family money. It's my wife's family and we tend to invest together, so any money in any of our pockets due to not paying rent or mortgage dues monthly is a win. In time, it will transition into a rental apartment and hopefully in the long run appreciate.
Hi do the property taxes go up after you do renovations I.e if the value goes up ?
Good question. I'm going to ask an accountant for the best answer and try to present it when I know accurately. Thanks Carla. Great question. I could share my experience, bit it wouldn't sufficiently cover every situation.
Hi I am interested in buy property in Italy either the one dollar homes or just ones that are less but need reno. Do you recommend any agencies? I've tried to email some off the local mayors but not much luck. Thank you! great videos.
It really depends on what area/lifestyle/climate you are looking forward to. The south has better weather and is cheaper, but the north has overall more jobs and services. Do you know which area you would like to be in?
If you were to rent it out to someone other than family, would an apartment like this typically have a washing machine included in the rent?
I tend to provide them yes. I don't think all rentals come equipped with them
do many people bid on real estate? In scalea tehre are many auction condos
People tend to focus on limited types of real estate. There are way too many apartments and they were built in a period that wasn't focused on quality... add to that people that didn't want to maintain them since they were summer condos... not easy to find quality deals
It’s a beautiful appartment which you got at a great price, and you’ve done it up beautifully.
But now relations from the south have arrived and made it home, so it’s not really an investment property anymore, is it? More of a generous gift....
I suppose it's best to categorize it that way. In the end, it puts money in someones pocket not having rent or a mortgage, and even if it's family, I'm happy that is the case.
7:09 in and commenting and at this point no mention of figures. If you paid close to the auction price, then great job. From a few preliminary photos you show there was a fair amount of demo and remodel work and even if you did the work yourself you did a lot and spent a fair amount in materials, easily in the thousands of euros.Did a good job on the kitchen and bathroom. Those are the hardest and most expensive rooms to remodel.. If you have 50k euro total in this, then you still did really good.
I'll be doing a descriptive video of remodel figures soon. Fortunately I do have some older video of the period when I was remodeling, but it's pretty amateur filming. I'll be sharing that too. Thanks for doing some preemptive math. Looking forward to sharing it with you
@@DauvO Did not get into the financing aspects of the purchases. Probably, as you know, real estate is all about leverage. With these smaller purchases I would be inclined to pay cash. On anything else you would want to borrow and use leverage to
@@DauvO Pushed the send button by accident on my last comment. So, you would want to borrow to scale up. Tying up a bunch of capital in real estate is not the direction you wanna to go. Then again know nothing about borrowing requirements, nor difficulty in Italy of obtaining financing. Without financing it will take you a lot longer to build your portfolio. Yet, on the other hand, in this economic environment one should proceed with extreme caution, because nothing makes sense to me anymore.
Great job l am very impressed with your work l am interested in buying a house or apartment, ferienhaus or ferien apartment I don't understand the tax system and the amount
I've got info on taxes for residents on some playlists of my channel. I'll try to make something directed specifically to non residents. Thanks for your comment!
Where in Italy is it?
Do you have a property lawyer that you use for the whole buying process?
For my personal investments I've been the only professional counsel. As I grow I will add legal consultation to the expenses, but so far it's been just me. Regarding helping others, I do get legal counsel involved
Hi :) can you explain about the new 110% eco bonus for reno?
I have a whole video about it just a week or so ago. Check it out!
DauvO amm didnt find it.. 🙄
Probably because I didn't title it 110% here's the link
ua-cam.com/video/r-1OnKZuOKo/v-deo.html
I REALLY LOVED THIS VIDEO because I Saw your work , I would like to buy a property near Florence ( I am very serious about it ) my maximum budget is 50, 000 Euro but I don’t want it in an isolated town how can I contact you ??? I am from Mexico
What do you heat it with?
It has radiant heat, but last winter we installed a pellet stove that does pretty well. instead of using Gas for the radiators.
I am looking for a house on ground level away from the town or village. Not an apartment. A proper house Any bargains?
I will be exploring some areas tomorrow and I'll keep a look out for you.
Fabio, you are the nicest man. And what an amazing job on this apartment. You and your wife are so kind to let family stay there rent free to help them get a start on investing. Good things will come back to you because you are always paying it forward. Wish you and your family the best.
So I was thinking of buying in Sicily. If I wanted to buy an older property (not a euro home but a cheaper premium property under 10k) and fix it up, I was concerned about heating in winter. The place will just be for my use. Will get a contractor but what should I look out for in terms of plumbing, insulation, kitchen needs? Sorry 😐 I know I have a lot of questions...From watching you, Chris and Pierre I know how to buy and paperwork needed...so I’m good on that..
Good things have already been coming back to us. Thanks for saying so. Not everyone agrees that helping family is a positive thing.
Often the heating will be radiant heating powered by one instant hot water heater called a 'caldaia.' If you intend to remodel, you might consider a floor heating system which typically keeps the heat in the house evenly distributed.
Most of the trouble with older homes is that air enters the cracks in the doors and windows so paying attention to those is a benefit to the house. If you renovate a roof, depending on the house doing a roof 'coibentato' helps retain heat in the winter and block heat in the summer. Get many quotes for each possibility as see which fits into your budget best.
DauvO Just shows you have a good character. I guess people don’t want you to be taken advantage of. But if you guys are ok with it... it’s your life
Seems like the rents are low in Italy.
Any paperwork with being a landlord?
Contracts do have to be registered, but you can do so from your home online.
@@DauvO, thanks for the response. Here is. USA, we can rent to whoever we want and don’t need to register any rental contract with the authorities.
I hears in that in some parts of Europe, landlords are required to obtain permits before renting out their properties.
We've renovated a Medioeval house in Liguria, on the border with France. Sometime you might come and have a look, if you wish. I'm pretty sure you would like it since we have similar tastes (we've bought the same tiles as you for our bathroom in Milan, just a different colour!)
That would be wonderful! If you'd like, I'd love to share it with everyone on this channel, too! People love a good remodel project! So do you live in Milan now?
@@DauvO well... the house in Liguria is my second home, but I live in the Metropolitan city of Milan. I'm in Liguria at the moment
Well... no, I would not show my house on the internet for privacy reasons. But there are plenty of such houses on the market around here. I am pretty sure an estate agent could show you some... it's worth a try anyway. Check out the property sites for Perinaldo, Apricale, Castel Vittorio and the whole area here... there are very many Medioeval houses just waiting to be renovated! Unfortunately the prices are a bit higher than in the South, but much more affordable than in the rest of Liguria. Also it is only a 1 hour drive from the airport in Nizza and therefore some Northern Europeans have invested here, too.
Are there any nice towns you know of in Liguria with a distant view of the sea? Something with a nice historical center?
@@DauvO Perinaldo and Seborga are actual tonws perched on the hills so they have quite a distinct view of the sea. Also Ventimiglia Alta, which is on a hill directly on the sea in Liguria di Ponente (the West side) and I really do not know Liguria di Levante (the East) so I cannot help you there. These are the places I can think off the top of my head but there must be many others, including Cervo which is breathtakingly beautiful and accordingly expensive.
Nice apartment
Thanks Jorge!
Any idea how much the reno could have cost someone without your skills?
A common bathroom remodel will get you quotes from 5-10,000 euro. Nothing extravagant. With what I did, most likely 12-18k
you said you paid cash at auction? I am from slovenia...can I do the same? I do not want to go through a bank transfers etc...
Hi.. forgive my use of words.. i paid cash in the sense that it wasn't derived from a loan. Unfortunately anything over 3k is supposed to be paid by bank transfer by italian law
Which city?
You should do a vid about how to never to rent to relatives. They don’t pay rent and they never move out.
I get your point, but it doesn't apply in this case. hah
Hi there! Is there any way I can interact with you directly for my sets of queries regarding obtaining properties in Italy?
I can speak with you for a call or we can chat through whatsapp a bit, if you needed more assistance, I suggest you check out the Patreon options whereas I've begun to prioritize them.
DauvO thank you so much. Such a kind person you are! I’d love to speak with you regarding my intentions of getting a property in Italy. I saw your other video (the one with Q&A) and helped cleared some of my basic questions. Since you suggested a lot of references, I will spend time going through those first. I’ll definitely enlist my questions and get back to you as I understand you’re busy. I’m actually listing and sorting your relevant videos so it would be easy for me to document the procedures and necessary steps. Hahah! I have to go through your suggested references. Btw, that Q&A video helped a lot specially that part you stated each necessary step obtaining a property. Also, do you mind jotting down here the name of that place where you got one of your properties you mentioned close to Switzerland?
Sure, but I didn't but I'm Borgomezzavalle yet. She just asked which community I liked most.
I'm glad it was helpful. It's important to get a good understanding about the processes before pulling the trigger her in Italy
You are a double for Malcolm McDowell the English actor.
U buy it to then rent it out, right ?
We did, but in this case, family has been using it. They are house hunting, so once they move on we'll prepare it for rental.
Why do you say it’s not the ‘biggest or the best’? Don’t put your community down! You’re living the dream! I wish I lived there mortgage and rent free! My mortgage is £210,000!
Haha. You're right. I just have dreams of being near the beach, so that's what comes out Hope you are well!
My family has a house with small land around in south Italy, beautiful but also quite remote area in the mountains of the 'Pollino National Park'. We are thinking about selling but on the market it would be worth less than 20k unfortunately. The building was also restored 20 years ago.
Would You like to send me some details about the property and photos? I am looking for an investment option...
Are you interested in 4-plexes or independent properties?
@tanezky When will you be intending to sell it?
@@DauvO Where can i find the auctions on the internet ?
@@DauvO I was interested in @tanezky property, which he mentioned above. I search house with garden, which can accomadate about 6 people for short time touristic rental...
nice property dave you payed 33000 for one apt. or for 4 apt.
Definitely not for 4. I've done it for two once, but this was one apartment already habitable just south of Milan for a purchase price of 33k
What was the total cost in renovations?
Hi, I'm going to share this information in an upcoming video. I hope you don't mind waiting! Thanks for asking!
If I wanna buy a property in Italy while not being a resident (I live in USA), how does it work when it comes to paying for it? Does one need a bank account in Italy to be able to pull it off? Thanks!
Same question here! Can a relative buy a property on my behalf if I don’t have an italian bank account but an us bank account? Thanks for the info!!
Hi, I purchased a home in France a couple of years ago, the funds were transferred directly from my US bank to the attorney which acts as a an escrow. I am assuming it would be the same in Italy.
@@catherinenorman9383 yes, it is the same
@francesco deminelli wrote where?
@francesco deminelli Oh yeah, I did that. Spent there a few winters and a few summers. I've been coming back to Italy pretty much every year (except this one for obvious reasons)
33,000 Euros is good for this property and the kitchen looks nice.
Thanks. 33 was the winning auction bid. There was a bit more for remodel, but I'll share that in an upcoming video
DauvO Best to show us your shopping from the hardware store as well. Really want to see how the hardware stores in Italy are like.
Is it a good investment? Tough to say i think. You immediately were able to find tenants. In this case, family. That can be a nightmare in itself but aside from that, what is the real rental market there? Italy has a low birthrate and declining population. It sounds like the market here will be low income foreigners. That may pan out just fine but seems to be an overlooked topic. I assume the people who owned it previously could have rented it for a profit and didn't because they could not. As with all real estate, there is risk. In this case at $33k its very low. Nice place either way and hope it works out long term. 🇮🇹👍😊
Hi Gregory. The people before had lost their jobs and lived in it for a number of years before finally moving out due to the auction. I don't know what situation they really are living, but I doubt they felt they had the option of moving out and renting it to someone else at the time.
@@DauvO Thanks for update. That makes sense now. Have travelled in that area many times. Nice area and wish you continued success.
do you get a rental income from this , or do you live there
Hi, for the moment, my wife's brother is in it. We have another property we live in and others we rent out.
Hello, well
I’m wanting to buy around 2 or more hectares of land with a restorable ruin, to live in. I want to buy land well below Florence, near Tuscany. I’m willing to pay a finder’ fee.
it's nice to help family but sounds like it's going to be a long time before you are collecting rent there...
Is it possible to buy asta/auction with a mortgage in Italy? I'm planning to buy something with a more of rural/mixed used either south of Milano, or around Treviglio or maybe Varese. Selling my beach property in Brazil to be able to pony up at least some money for the upfront payment.
Seen any properties with those characteristics around?
Hi I saw a nice homestead for 15 k at abruzzoruralproperty.com...almost 4acres. And close to beach and village ...the village is st angelo limosano
Yes, you can buy a property at an aiction with a mortgage. If you check Tia Taylor's channel it explains how to do it
Thanks everyone for helping! You are all amazing!
I've bought an auction with a mortgage. As a non resident it is harder, but not impossible. I suggest taking out equity on another property if you can and purchasing with cash just to save some money.
I will get back to you about deals when I can
Thanks for sharing, mimmi!
I don't get it ? you must of had money to start with, yes ?? please explain ?
The money we used to buy this was front rent we saved over a few years of owning our first home bought on auction with no mortgage. The first house was from money we had saved up for a down payment but it was enough to buy a decent townhome near Milan.
@@DauvO Yeah i'm not buying your statement, so bought at auction paid in full, yup you are rich and bragging to people about.
@@TomSmith-sr2br you are missing the point. Don't be so skeptical. It wasn't hard to get and i am not rich.. don't make assumptions
@@DauvO please stop, you are rich if you buy a house with cash, enough already.
@@TomSmith-sr2br depends on your perspective of what a house should cost
Ciao grazie grazie Mille ciao ciao
Thanks James!
Can a UC citizen (retiree) purchase a property like this?
Is UC correct? or did you mean US or UK? Just to double check. In general, Italy doesn't restrict who can purchase, the restriction is in the trade agreement between the countries.
Hi, Italy has one of the worst eviction rule in the world...
In the US you can evict tenant in 1-2 months...
In Italy, can occur 4 years...
Be VERY meticulous while pickup your tenant...
I owned and invested in Italy for 15 years, after come back to the UK ...
Good luck
Given the Italian government protenant attitudes, what rights do you have when they stop paying rent or you want the tenant out for whatever legitimate reasons please?
@Dauv0 don't buy ever where the neighbours are in fight mode, they will make you lose always time&money, sell everything soon and you'll save a lot of money and energy on the way.