Why I Own Six Homes (And None is a Mansion)
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
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Part of diversifying your assets is making smart choices when it comes to your investments. No one wants to invest in something that is sure to be a dud.
Overseas real estate can be an excellent investment opportunity. But there’s a lot more to it than just finding the rental investment. How do you keep up with overseas investments? And should you buy real estate overseas in the first place?
There’s not a lot of real estate advice out there for folks who want to invest overseas versus their local market.
Whether you are looking to buy a home for yourself, are investing to obtain citizenship, or are looking to create another source of income, purchasing a house overseas can be a great idea.
In this video Andrew shares why he owns six homes.
00:00 Start
0:20 Creating Your Holistic Plan
2:14 Living in Latin America
4:30 Real Estate in Turkey
6:26 Rich Guy Mentality
7:34 Diversification Strategy
9:21 Hotels vs. Airbnb
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![How I See the US After Living Abroad for 15 Years [CULTURE SHOCK]](/img/n.gif)
Andrew It shows that you are from a thrifty family who respect the value of money and use savings for independence not for showing off and appearance..
Another aspect: The money you spend on a hotel will be gone forever, wheras the value of an apartment you bought may grow substantially over time, especially in emerging countries.
@@GrikWorldNomad well which would be an issue couldn’t be a ton?
most of the time properties doesn't really goes up in value, it is just that it follows the inflation
@@rolandliananot true
@@microfarming8583A lot of factors like population growth in a certain area, crime..
@@rolandliana tell it to people from Vancouver, where property doubled in every 10-12 years for last 30 years...
Six properties in different countries mean massive operating costs (property taxes, insurance, electricity, water, gas, garbage collection tax…) and a massive head ache to manage
Not if you have good help.
Nope, you don't understand what he's doing. Water, gas, garbage don't cost anything if you aren't there, insurance and taxes are vastly lower. I could pay the costs of 6 pied I tierre for the cost of property taxes in my nondescript Midwest property.
I wish I had planned for multiple homes when I was younger. I would have intentionally saved and invested differently. The idea of being able to customize your space and not schlep belongings from one home to another is attractive.
Is it too late?
How old are you? You DO know that age is just a number, right?
It’s never too late!
I do love this idea of not having to drag luggage back and forth to different countries. That is a whole different standard of living than most of the people that I know. Having to get on planes and go through security and they confiscate your items also overhead baggage or check ed luggage. I would love to take a flight with no luggage at all.
It would be much easier to just carry luggage. Instead he has to book a flight which might be 30 hours after when he wanted to leave, travel to the airport, get there 2 hours early, go through security, board a 6 hour flight, go through security, travel from the airport to his home (at God knows what time) go to his home just to get his clothes which he didn't carry, and then have to travel to the airport, wait 2 hours, board a flight to his next intended destination. If he carried a suitcase he could have just spent an extra night where he was, and then onto his next destination.
I don't imagine that's how he uses it...I would guess he spends some days relaxing there between meetings etc. rather than using it just as a closet.
Hmmmm. And having different computers on each place. No need to move it across countries. No risk on having it through security controls. Just a tablet for the move, with only essential information.
Can we get a house tour of your house in Kuala Lumpur please?
Nomad Cribs
I'm also in support of thos request
why? haven't you seen enough furniture and bathroom in your lifetime? pathetic!
You really think this guy owns 6 houses all over the world do you ?
@@dor843088 In those countries the real estate is not as expensive, why not having 800k+ subscribers and a few working offices.
This is the way to do it, I do the same (NYC, Kailua Hawaii, Brisbane and Tokyo)! Mobility is real wealth. I often wonder why anyone would buy a mansion, not only are they are an insane amount of maintenance, you have to fill it with hundreds of thousand $$'s worth of junk as well.
btw ... Istanbul rocks!
I like your style. You're a rich guy without the rich guy mentality. In other words, you're practical.
Frugality is key for a healthy and meaningful life. Luxury does not correlate with happiness and good health.
True.
Tell that to all the money grubbing billionaires doing their best to horde limitless wealth in tax shelters while refusing to pay living wages to workers. I think they will totally agree! lololol Honestly, they WILL agree because of their total lack of self awareness.
Andrew has an intelligent approach to maximizing his time and energy.
yes like i lost my mug in a hotel so i am gonna buy a house there
@@mithridatesii6925 😂
Don't forget CA's new "mansion tax" when you sell, which facilitated Mark Whalberg selling his mega-mansion at a huge loss just to beat it before he relocated to Nevada.
POOR MARK WHALBERG!!!!! Would someone please help him??? He sold his mega mansion at a loss!!!! NOOOOOOO!!!!! lol Greedy weirdos have bizarre takes...
One that's smart you diversify your Real Estate across the globe.
Two when you tired of the country or the neighbors 😅 you can just getaway!
It sounds fabulous good for you 👍 😊
The worst part of hotels is the intrusion into your space and the fact that they took the sheets in every morning and the fact that their cross-contaminated or using products that you don't want to be smelling. In addition most of these hotels are under some kind of 5 g
The place where you are influences you. Maybe you’re not aware of it but subconsciously you’re affected. It’s good to take that to the conscious level and be able to control your environment.
Brother Andrew. I love how you talk about everything in details to spread awareness. Thank you
What?! No orangery? Peasant! 🤣🤣🤣
My ducks ate my oranges
And ducks?! Anyone who is anyone has SWANS, not filthy ducks!
@@Learned333 Exactly!
I know Andrew hangs out w the elite but come on… why anyone has to explain why they don’t have a Swan Lake is beyond my comprehension 😂 🦢🦆🦆🦆🦢🦢🦢🦢
I love orangeries!!! 😂
I agree with what you said about Airbnb vs Hotel, having control over the environment.
Hi i have same Mindset.
İ own Propertys in 4 different Countries and living always in each for 3 month per year.
*Germany🇩🇪
*Turkey 🇹🇷
*Philippines 🇵🇭
*Japan🇯🇵
Where are you tax resident? Isn't 183 days (6 months) usually the norm to become tax resident?
Philippines doesn’t allow outsiders to own land
@@mohamedalkaboom Condominium yes.. And i am married to a Filipina
@@silversurfer6758 in Japan because it's cheapest for me.
Sirencly Meca
@@MeCa2021 Perfect. Then you are set nicely. Me too
This is such an interesting perspective on investing and choosing a lifestyle that works for you. I enjoyed this video, thank you.
Thanks for watching! ☺
Love this video! I totally agree with you!
Thank you for this!
How do you manage these properties? Do you have a security so nobody will break into your house? Do you switch off water and electricity, close the door and just leave a house for a couple of months?
I'm sure he has someone of trust look after the properties. But I too am curious 🤔
Im also curious to know. My guess is that he talked with a property management company in each country and they will take care of his properties while he's away.
Exactly my #1 question. It’s 6x the admin (and 6x the rental opportunity cost, if he doesn’t rent or Airbnb them while he’s away), that’s the downside. I have thought of doing this, but it’s practicalities like this that I haven’t yet figured out.
One thing Ive found handy is that in some places you can get put on a "dark list" where the local police will swing by and check on your house for free as part of normal rounds. Its one more layer of security for a property you arent in for a while.
Good practical questions. You always need a caretaker or agent in place.
Thanks for the excellent content, always relevant, and usually accurate. This one makes sense to me, but I spend more nights away from my primary residence than “home”.
I totally Agree! Although my wealth is no where near many subscribers I enjoy the channel. I live in NYC and am Amazed that people live in Westchester or Nassau Counties. The taxes are 20k on average.
Hats off to you, you are living the dream.
Absolutely forward!
Elizabeth Warren billionaire tears mug example is perfect. So few people understand this concept of energy. I had to live in NYC for a few years and only considered rentals where I could renovate in a smart and cost-effective way that made me love my home. People think this is crazy. Thank you Andrew for expressing this!
it comes down to the old saying, “It is the part of a wise man to keep himself today for tomorrow, and not venture all his eggs in one basket.”
Go well.
I totally get your approach. I grew up in Hawaii, went to law school in California, and my wife is from Japan. So it would be great to have a tiny place in each location and spend 4 months a year in each place. It's better to live like Mongol warrior and drag your yurt behind you where ever you go.
Amazing,Andrew👏🏽👏🏽👏🏽
Plus if you have citizenship or residency due to home ownership, you were allowed to enter that country "unjuiced". Bonus.
I’m wanting to buy two properties one in Asia and one in Europe. Exactly for the reasons you’ve mentioned.
Interesting vid. Thanks for sharing!
I hate having to lug my heavy supply of Earl Grey around 😂
Switch to Lady Gray she's lighter than Earl 😂
Love this, makes sense.
Sorry about your mug Andrew. Stay strong 💪 similar things have happened to me. I never let anyone in until after I leave. Don’t want the cleaning ladies going through my belongings.
DREW KEEP THE GOOD WORK
YOUR WORK IS VERY VALUABLE!!!!!!!
I love and resonate with everything Andrew talks about travel
Light just carry-on and energy etc
Another way of looking at it, you are restoring the utility of a private aircraft to those who travel on airlines. Arguably, you are saving money.
Loved this video!
So glad.
Are you employing guards at every property? I'd be worried about coming home to squatters inside
You spoil us tonight, thnx ever so much ~
I was debating this very question but you answered it very succinctly.
Paying bills and security are the few things I worry about with having a property abroad. I have a similar personality to where I would have smaller properties than a bigger one. I already have 5 acres in the USA that's my part of a bigger 23-acre parcel of land. Managing that is more than enough for me. Overseas, I don't want that much to live on.
The property tax point is spot on especially once you retire
LA has a mansion tax
crybabies....go move to Nebraska! lol Enjoy!
I couldn't agree more. I would love to have? Homes. Around the world. Also yeah it they do cost a fortune to have fancy house in north america or western europe.
4:38 loved the living room & the picture's on the back wall.
Thank you.
Oh this is definitely a lifestyle as much as any other part of the process. ❤❤❤
I agree with this. I have a sister that has one big home who is always strapped for cash and asks to borrow money from me. Its funny the people who want to show theyre doing well when in reality its all for show.
NC is about having a second or third home. So the boss should have multiple homes in multiple countries. Practically one home in a second country is fine.
I see your point, but at the end of the day it depends on the individual and their needs.
We are almost at the point where we can retire and go live inexpensively overseas. Love your channel and message so much because you really know what you want, and embrace that wholeheartedly. I want to live where I can walk to an art museum or beautiful architecture with my sketchpad, and I think that will be my equivalent of the good wardrobe waiting for you in your closet in every location. I hope you can find a replacement for your billionaire tears mug. Cheers!
Ah the Aahhchitecture and the swans, the alcoves, nooks and crannies. You should check ou Bruges, Belgium. It's like a freakin' fairy tale.
@@Learned333 Ze alcoves in Konigen Astrid park?
I was about to comment that I had read an interview some years back with Chris Carter, creator of "The X Files" in which he discussed his preference for multiple smaller properties - "jewel boxes" he called them - rather than one big one.
Then I googled to see if I could still find the interview. I couldn't, but I did find an item about how Carter just sold his Santa Ynez home - a 6,500 SF ranch on 130 acres. Seems more treasure chest than jewel box to me!
Yeah, but he sold it. Sounds like he returned right back to his philosophy.
I just started my business, and I wanna be like you! I have a Canadian permanent resident and Japanese citizenship. I wanna collect more residence!
Transient. Sit your ass in one place
haha like pokemon
good luck to you
I like the last one. Especially if those windows open up to that small garden.
Nice to meet you, twin brother!
multiple big homes is having the best of both worlds and the best solution
I plan on buying in COLOMBIA...Bogota, Medellin, Bucaramanga and Cartagena are my top choices.
In simple words you are like americas military you have a base in every strategic part of the world
Nice! After decades of world travel I got pretty sick of the bustle, cities, traffic, lines, people, and concrete .. but I still have itchy feet, crave wilderness, high activities, & adventure in general. My solution: a kick-ass RV & Properties north, south, and west (yeah, east of me sucks for the most part.) There, now you know everything 😂
me and Andrew have the same mindsets, I cannot work in a place that is chaotic, vibe is off, toxic, and people taking stuff. My issue with AIRBNB is the privacy as some people might install hidden camera in your airbnb place. I have started researching diff passports as our country PH have a lot of limitations and requiring visa to hop from one place to another. Also, following what my late grandpa did, to have an apartment or some rental properties, this is my aim since I work remotely as well. The mindset is there, I'm only missing millions of $$$ haha. It's hard to maintain and clean mansions, so this is not for me, townhouse or flats are okay as long as some people are willing to rent it. My main concern is the capital gains tax and rental property tax as well of other countries, esp EU.
We totally get this and find Mexico to be wonderful for one of our places.
Great video
Thanks.
I like why you did it. I wish I'd have had the ability to do this. I'm still trying for it tho.
What about insurance costs? I notice in another of your videos you mention maintenance but not insurance. Also, thanks for these videos. I like each one I watch and I'm already subscribed.
really cool lifestyle
I got 99 problems and my mug ain’t one
My goal is 3 homes around the world. One in the US, one in Brazil and one in Italy or Portugal.
100% agree
The way things are heading, won't be able to travel too much soon.
Yeah, but I love my orangery and the ducks are just awesome...
Love this video and the lifestyle 💪 i feel yah Re the mug tho 😔
You are building the dream life.
How do we manage food security? With apartments and condos, we won’t have gardens and land. Is this an issue or do you choose countries where future food security is not an issue?
This is nice, and I respect your reasons ( which are all rational, by the way) for having homes spread around the globe. But it must be stressful hopping countries and timezones like this. Folks with families of growing kids can't do this. How do you do it?
I think Andrew has a wife but no kids.
This is a lifestyle choice that happens before you have a family, but it doesn’t mean you can’t have one.
@@pawlieblog7967 yeah, I feel like at some point, specially with children it's very hard to live like this, but while you're young and single it's ok
A few people have mention this and there is some grain of truth here. Having children and growing family does keep you grounded and maybe located in one country.
Not hard. Dont have kids yet. May later. But home in California turned into a rehabilitation house. Was parents cant sell it. But can pass it on to my children. And it generates money.
Bought an appartment in a korea, jehu island. And another in Taipei Taiwan. Usually rent these out 1 year leases to companies who hire workers like 1 year English teachers.
Did marry a vietnamese. Built a house in Vietnam on the beach in nha trang. All 3 asia houses under 100k though vn land wife owned is 300k. USA house 1 million.
Get a house to generate income. Then can it later to live.
To my mind property tax means you do not really own the property yourself .Ireland were i live does not have a property tax but its coming in here .Thailand where i also lived does not have a property tax on private houses and Condos .
Exactly. Your renting the land from the government the house sits on
Sometimes it's so low though you don't mind and don't feel a loss of ownership. Like St. Kitts is 0.25% - 1/4 of a percent - plus a front end exemption.
In Panama is 0 for up to 120k value. Regular people pay no property tax
Ireland has property tax
@@MegaPaulSullivan I stand corrected as i though it had yet to come in on private houses .What is the % ?
Great stuff Andy! How to optimize ? Leave the 🇺🇸….Not because it’s not great- there’s abundance and it’s better abroad on SOOOO many levels. Not just dating. Join the #NewRich Son! 💯
6:58 is that fog or smog? I live in Australia and sort of want to get out, however the air is really clean here.
Andrew, let's say someone bought several properties in foreign countries and, god forbids, he dies or something. How his relatives are going to get a hold on those properties? Even when people are trying to sell their properties in foreign country sometimes they are shocked at how different it is from buying.
For example, in Italy foreigner can transfer money, fly in to sign papers and get a real-estate, no problem. But when he tries to sell it, suddenly he is told that he needs to pay tax, and for that he needs to open a local bank account, and for that he needs to have some local status etc. It's hardly possible to do on several weeks visit.
Or another example, when a foreigner bought a property in Montenegro, government office approved transaction no problem. But when he tried to sell it, suddenly he is told that property doesn't have all proper papers (some registration or whatever local regulations are). It was a pain to deal with local bureaucracy.
1st live in a territorial taxation or tax free country. 2nd Create an offshore company in a place with no death tax, for example Panama. Lets name it Personal Properties Inc. Company will be the owner of the real estate. You will be owner of the shares of the company. Therefore, only 1 inheritance process in Panama to take control of those shares. Company will need local corporate accounts in the different places to take care of bills, too. You are welcome my friend. If you need paid assistance just let me know :)
@@Alejandro-cj1ge Is it how Andrew did it? :-)
@@alphabravo0 I do not know. He also would have had to renounce US citizenship to take advantage of the plan described above.
@@Alejandro-cj1ge similar to what I was thinking.
@@Alejandro-cj1ge but let’s say you plan to live and buy a property in Portugal. What status you want to get in Panama to make this work ?
I can't agree more with the decor and ambiance being native to youur location. Why have a house in Bogata or Belgrade if they all look the same, and that's where you came from ? The easiest way to integrate into a culture is immersion.
5 apts are empty most of the time instead of renting out to locals or tourists!If I had 6 of these I would rent out 5 of them for profits and stay in Hyatt whenever I am in town instead with the rent money!:)
in some countries once someone rents it is very difficult and time consuming to evict them
All I can say is I will never own a US property again, what a pain!
Selling mine next month. It’s not worth it anymore
Better six foreign properties than one US property.
Good for you!
How do you keep your accommodation in a humid climate when you fly away? Everything inside the apartment begins to deteriorate if you do not use air conditioning due to humidity.
How do you do all the maintenance and collect the rent money on all the homes? Renters are a pain in the ass in the long run
1) Who said anything about tenants? And
2) He *did* say that he has a Personal Assistant to help him with these things.
I don't know.. seems like a lot of headache having multiple places in other countries
Not if you travel a lot and do business around the world.
Είσαι απίθανος 👍
What are your thoughts about Quito Ecuador? how convenient is the fact that it is dollarized?
You are a smart investor
I've always had this question: what happens to your house the remainder time you're not living there? Do you just close it off and have staff to keep it in check? Doesn't it feel a bit... wasteful? idk if that's the word I'm looking for, but quite a shame.
Anyways, I adore your videos, you inspire me to aim for a better life, one with more freedom and options! Hope the energy of the universe always flows with you
He might be in the high-end areas where he doesn't have to worry about poachers and such or in gated communities but I wish you would have answered that question because I agree.
Most likely he airbnb's them.
A Boxabl home is hardly a shack. It is a well-designed, compact tiny home and I really think that Elon Musk should be respected for selling his mansions to live in the very homes, even if tiny, that he is selling to others. Some of the designs are very on-trend, very functional, and would be conducive to a lifestyle where one can focus on business. One's choice of decor can vary and he may not care for elegance and fine tea. However, he is not living in a shack.
If you live by yourself it's not. With a partner its still not too bad. With 3 kids, its a shack. It's all about perspective
Andrew, I think they already have a mansion tax in LA county
I think we would really get along. You make me laugh so much!
I would be very interested in the costs associated with having a (most of the time unused) home in the different countries of the world. Buying an apartment is just one thing and it is relatively easy to get information on the costs. However, I couldn't find information on the cost of ownership (taxes, levies, management fees). It would also be good to find some information on how safe it is to keep an apartment unused for longer periods of time.
Buy a double leavel house and o ly rent out one floor with the agreement you will stay on the other while you are in the country
Would you recommend purchasing real estate in Antalya, Turkey or Tbillsi, Georgia? Do you have to purchase these homes cash? or is there financing available to non citizens?
I'd highly recommend Antalya, or Izmir.
You can buy both in cash and installments over there. No such restriction for foreigners..
You'll get so much more enjoyment from places over the world
So....is there a timeshare program that isn't a shady operation? Or do I rent a property under management from a company that I own?
You don't rent them out. The maintenance costs of his places aren't high and it's just not worth the hassle. He's not mortgaging them.
Sounds very exhausting Andrew having 6 places. I have 3 homes . I had 4 but I used 1 only 10 days a year and found it easier just to stay in a hotel. Hotels are clean, swimming pool, room service. It is hardly possible to even live in 3 places I am about to get rid of one more and just live in 2 nice places.
😂 it's funny when someone is asking (why don't you own a mansion ?) Is it any of their business that you own or want to own or not ? That's so stupid people nowadays are getting extremely noisy 😤!!!
Yes
Have options :-)