Gardeners are do 5 minutes a day where they turn the sprinkler on and maybe cut the withered grass once a month, and for what they do they are expensive. Plus the dust that builds up all the time from dust storms or just the arid air, needs someone to keep cleaning it.
@@user-ov9bb8du9b there are service fees that the property developers charge the investors in order to maintain and operate the properties. They can be between 3-20AED per sqf. It is more for towers than villas though. Can be 1/3 to 1/2 of the rental income. No property tax though.
Very interesting! I'll add mine for others if interested. My two properties are: 1) Istanbul (130sqm, Sisli District): $1350 (including tax, water, heating, security + maintenance of pool, gym, saunas, garden etc) + $115 electricity - all prices are while living here, but if empty would probably be $1200 per year, total. Internet an extra $130/year. 2) Qingdao, China (130sqm, rural area): $125 maintenance per year whether I'm there or not. Water, gas and electricity are generally minimal, but floor heating with gas is expensive, but all that is $0 if I'm not there. Internet not worth the energy, everything is blocked. :D
@@lextor4712 In a rural area, like mine is, as long as the 'village' agrees to it you're in, and you get a little red book to say the place is yours. It is sort of a collective ownership thing, and not really that ideal (even in the eyes of the Chinese), but it works for me as I've been in the area for quite a while. I think as of a year or so ago, anyone can buy proper real estate (an apartment in a city zone) in China, but I'm not sure about that. I haven't researched it myself as I am not planning on doing so - it's way too overpriced.
Oooh, I love this! Andrew, please produce more of these lifestyle-esque videos. They're a nice way to offset all of the depressing, but necessary content on higher taxes; especially for those of us stuck in the U.S., for the time being.
@@justinschmidt5261 Wherever there are no restrictions to entry... Mexico, Costa Rica, Columbia and Dominican Rep. I know there are several more, but south is where I'll be as a perpetual tourist until I can acquire residency or a second or third passport.
When you add it all up that that is incredibly cheap for 5 homes to literally live around the world. You did have to have the money to buy those homes, to begin with, but it is still great information to know for those of us that could only buy one or two homes. Thanks for being transparent and making things clear and doable even for those perhaps less financially endowed. lol
Thank you Andrew for this very excellent information. I had a 3100 sf unit in a fancy building in Chicago. Luckily sold it years ago. Property taxes last time I checked were around 60K/yr and HOA around 3500/month. Just outrageous plus living now in a war zone. Selling my rental properties in the US with one to go. I want to be nimble and get the heck out of here. Luckily I have a couple of passports since the US passport is essentially worthless now. We are persona non grata. C19 is an excuse to impose tyranny and most don't see it.
I think you should have included the house cleaning bill. If I had 5 properties, I would need to hire others to do the house cleaning at the empty homes. Even empty homes get dusty and I would not want to arrive to a dirty home.
Malaysia is such an amazing country,it doesn't matter if you live in KL,Penang or Johor Bahru! It's amazing everywhere you go with such an outstanding quality of life! I love this channel! All the best for you guys!
@@patricksweeney5308 Until the 90s, many Cubans would go to live and study in the former USSR. Most speak fluent Russian and or have Russian spouses. Russian was taught in schools in Cuba as well.
Here's one for the average person out there a US style condo 3/4 bedroom with a small fenced in yard (garden), property tax less than $50 USD yearly, high-speed internet about $19 USD per month, monthly maintenance less than $10 USD, electric & water might be $5 USD since your not there. This in an average neighborhood, crime is almost nonexistent in the capital of Turkey, Ankara. Biggest draw back most likely would be language.
I have had my apartment in downtown Reyjavik Iceland for almost ten years now and I own it .I have about $ 150 USD a month bills and that includes property taxes , utilities , house fund fees, and full insurance for fire , theft and flood or water damage .
I loved my visit to Iceland, such an amazing country. That's a very reasonable price for what sounds like a super apartment in a great location. Cheers from Abu Dhabi.
Amazing, I was wondering why you had so many homes - it all makes sense. I pay more money for taxes, insurance and utilities for an average home in an inexpensive suburb in a low tax state than you do for all 5.
Who do you have looking after the properties when you are not there ? Such as paying bills, dealing with problems (e.g. a neighbor complaining of a water leak) or a team member of yours needs the keys for when they arrive to use your place ?
This is amazing content, great to know what your maintenance costs are, gives us a good ballpark for us to calculate our expenses if we were to make the jump in that area.
I am retired and was travelling 8 months a year, 4 during covid. My townhouse in Orlando with no mortagage costs almost $12,000 usd per year Water alone is $80 per month- turned off!. You have probably covered the capital investment on previous videos. With the dollar dropping, it makes sense to diversify. Great video. As I get older I travel slower, and would enjoy the comfort of a base or two .
Sounds like you're being totally screwed, I know someone with a townhouse in Florida, on the coast, about an hour from you paying 3-4 grand per year including property tax, association, water, sewage, trash and electric.
What you have to pay that to much event you turn off..wow i paid RM 72 ringgit in one year for my water...i live alone...never turn off...even you live in big house with a few people...and if you dont have pool in your house you just only paid RM 15 to 35 a month And my electricity cos me RM 20 to 23 permonth without air condition...with aircond you have to pay around rm 150 to 300 .. depend how many unit and consume time you run the aircond
It is advisable to buy smaller condo as leaving a landed property in oversea and back after few months and the cleaning up and repair will tired you dry. I agree it is not too worth to rent out as the renovation you spend compare to the rental may not be worth it. Anyway nomadic living life style is great and make your life enriching and interesting.. Living as local in a different country is cheaper than visiting the country as a tourist and you see more as living as a local. Most countries I go , I live a local NOT as tourist
Your Istanbul Turkey apartment costs will be 2/3rd of Tivat Montenegro expenditures. Internet monthly cost is only 9 usd per month. Other spendings are nearly similar, electric, gas, water etc. Purchase Samsung's best washing machine gadget at 8000 tl instead of cheap things. Rainbow american hoover, vacuum cleaner is best lenient to you. Get the breeze of Marmara, Blacksea winds and enjoy your life during spring, autumn, summer.
Just the "condo maintenance fees" are enough to give one pause when considering, say, NYC. 10K are year easy, and that's an entry-level place, 1 bedroom or so. No wonder people are real-life "Escape from New York".
"Water bill, forget it, I hope you have someone to go pay the bill to a guy smoking while sitting at a card table at 2:00 on a Tuesday afternoon. That's how you pay your water bill once a year." - 🤣🤣🤣🤣
Ohh... Andrew it's A Great Video... One has to certainly look at Aspects of Maintaining/Renting a House Anywhere in the World... n what U Pointed out is Extremely Incredible Guidelines n Interesting Numbers... It is Just Sometimes... How One can keep a Low Life n which inturn can Save on Money..!!! Remember It is Always a Number Game... The more One's Spurges... The more U come into Cycle of Paying Taxes & Numbers associated too..!!!
Most western countries also have a "supply charge" for electric, trash and water of about $20 per month each, so you get screwed even when you're not there.
Well, key missing part: how much are these homes. What is the opportunity cost of locking that cash up in those houses, rather than investing it in an income producing asset? Also, none of those places ever need repair (that's usually more expensive than property tax )?
Property tax, utilities and a host of little fees and costs make it pretty difficult to have a home almost anywhere in the US for less than $300 to $400 per month.
You'd easily double that $300 to $400 per month for most houses in Australia and even double it again if you have an apartment with an "onsite manager".
God bless you, Andrew. You don’t have to do that for anyone but you do. It is helpful for those without an idea of how life should be. Keep going, keep healthy and positive!
In NYC $18/month just because you have the electric meter. About $25/month to keep a few lights. I think you can get an internet connection just strong enough for a door Ring camera for $25/month.
Very interesting and insightful episode Andrew. Thank you! Question: what about having somebody look in on the places while you're away (property mgr) plus insurance?
I think this would be a great video, now being based in Dubai, and considering buying a 2nd home in Koh Samui, Thailand, it would be interesting to hear Andrew's perspective.
@@andrewhewerdine I live in Abu Dhabi and bought a condo at Black Mountain in Hua Hin, Thailand in October 2018. If you are a golf fan - who isn't? - then Hua Hin is a super option. Otherwise Koh Samui is also not a bad option. Good Luck with the decision. CHARLES ARNESTAD.
@@LuxuryTravelCamel Hi Charles, thanks for your reply. I lived on Koh Samui back in 2013 for a year, so am familiar with the island etc. Have never been to Hua Hin but once restrictions ease a little, I'll have to check it out. Thanks
You guys are amazing and thank you Andrew for all the things you are doing for us all wanting to escape the greedy systems we are born in. I am a new day trader since last year and it is going well so far. I am going to Quito where a friend lives and is born once our freedom is back quitting my job in O&G here in Calgary and I am looking forward to contact you in the coming months. Cheers :) Jean
Before few hours I was googling about this. Watching you upload video about this make me understand that you are truly nomad capitalist like me. Thanks for the video.
I watched quite a few videos from your channel - generally good information. I have several citizenships and homes and I also help people when they ask in matters of residence and investment. A lot of places you talk about are too volatile politically (for my taste, anyway, starting with the Balkans where you seem to spend a lot of time - I understand that personal tastes, personal network and preferences play a role). Knowing when to walk away from deals (properties/residence/passports) is key and not only based on tax rates.
The same feeling I get. I know people from all these countries and they want to leave like it's the plague. The political situation in any of these countries (maybe expect Malaysia) is volatile and can turn to s*** really fast, while taxes might be low, rule of law isn't the best, too much corruption. Their currency is also fairly weak (which explains the high interest on deposits the banks give to ensure no capital flight happens) and you could end up with a property that's worthless if any of them experience a currency crisis.
@@aussiecapitalist614 The political situation in the U.S looks like child's play compared to some of what happened and could happen in any of these countries... Anyone who thinks the political volatility in any of the western countries is scary needs a serious reality check.
@@anasfrh The real elephant in the room for USA is whether they protect their borders or not going forward, especially now that Covid's apparently such a major issue, we'll have to wait and see.
Thanks for sharing. Could you make a video on the flying part of your trifecta strategy. Do you always fly business class on long-haul flights? I’m based in North or South America and I don’t enjoy the long flights to get to south Asia, for example. How do you deal with that? Thanks!
What you pay in taxes and utilities for all of those properties is slightly less than what is paid for taxes and utilities for 6 months for my house in Canada 😮🤦
Hi Andrew, someone asked me about expats on Twitter, i don't use social media that much, i gave him your url, after 1 day iv'e got 16 likes. Hopefully somewhere out that bunch rises a nice relation for you. No commission, no enterprise, no obligations just a common friendly human gesture to do.
This was really eye opening. I expected some low figures, but not this low. I need to rethink my strategy of maintaining a "home base" in the US. One thing you mentioned but didn't have listed as an expense was property management. Do you use local property mangers or do you have one person/team who does it for you globally? If it's the former, I'd consider that "maintenance" if it's the latter then it would be a net positive flow offset by the income on your other, rental properties.Thanks for detailing these expenses!
Glad it was helpful, Lou. Most of my property management is done by friends, family, or business contacts who appreciate our referrals and don't charge me seeing that there are no tenants to manage.
Thank you for sharing your personal finances with us. It was really interesting to listen to and we liked your comparisons against what people would pay to maintain their homes back in the US. Really good food for thought, thanks Andrew!
VERY enlightening!! 5 properties @ less than $1200/month is a bloody steal!! people who think this is expensive are really not looking at the big picture. I am in Canada and I am paying that in rent per year... +bills. In late Q3 and into Q4 this year I will be in a better financial position to start with my plan as crypto rises. Thanks Andrew for your amazing insights and perspective. Cheers.
Yes; a property tax of $13,600 per year (or greater).... for a rather ordinary house.... is not at all uncommon in many parts of the US. Of course, for the analysis to be more complete, one must also include the total amount of capital invested in the various properties at issue.
Is there any concern about the locations that don’t have security? I’d be worried about vandalism, theft, and squatters in a home that is vacant for 80% of the time, for months on end. Are they occupied frequently enough that this isn’t a concern? Do you have someone keeping an eye on the place when you aren’t there? I love your channel BTW, if all goes as planned I may be requiring your services in the not so distant future!
This is my concern as well. His properties are apartments/condos with a security guard, but if you buy a house then you obviously wouldn't have that. I think the best you can do is have some kind of camera/alarm system or someone nearby who check on the property for you. Not foolproof but I don't see any other option.
I am highly considering selling everything house etc in US and moving out next year or 2. We have no idea yet where to go. Me and my wife born in Russia and have dual citizenship . My concern is I still want to make money somehow besides renting out a few properties.
Useful video. It would be even better if you could do a video on how you manage your properties when you are not there. What happens if one of your properties are broken into or it springs a leak? Do you have property managers looking after each of your properties when you are not in residence? I really think this is an important subject and people would welcome your real world experience.
I just sold a home I owned for 3-1/2 years in La Jolla, CA. My property taxes were just over $34,000 per year. Safe to say that money would have better spent enjoying multiple homes in multiple locations. Oh, and don’t ask me how much the gas, electric, water, insurance, Gardner, etc was 😬
I notice that you don't mention home insurance. We had a family home in Canada that was sitting vacant for a while and we were contacted by the insurance broker who said that if it remained vacant we would be assessed a premium to reflect that and it could cost 2x to 2.5x what the [already expensive $1300] inhabited rate was. How do you handle this?
What are advantages of establishing residency in a country vs simply being a tourist, especially for long-term visas? (e.g., 3 year multi-entry tourist visa to Russia for Americans) What, especially, are the tax implications?
Only PROPERTY TAXES in an average size city in US/Canada is about 1 to 1.5% of the properry market value. Other countries in Latina America, for instance are just... 0.3% !!!
Hello, fairly new subscriber here, within the last few months. I really enjoyed this video. I have a quick question. How much was the the properties themselves to buy outright? and What is the square feet of each property?
I left CA and now live in UAE. Specifically Dubai. I'm British and have lived in multiple countries over the past decade. My cards have 0% foreign transaction fees and spot exchange rates with HSBC premier. Either UK or US accounts work fine. I also have a Revolut card and used to use Travelex cash passports before revolut. I use cash for taxis, although I can use cards too. I'm opening a local Emirates NBD personal account in the next few weeks as well as using Mashreq for business banking here in the UAE. I needed the UAE company for visas and seeing as I don't target GCC countries in my business, using the UAE company is working out cheaper than using my US LLC from a compliance and payment processing perspective. The UAE is a special case as their currency is pegged to the USD so its a fixed exchange rate. When I lived in Thailand, cash and Travelex cash passports. In South Africa, I found HSBC debit/credit cards, Travelex cash passports worked well. In UK I use my UK accs. I also have accounts with EurPacBank in USD & GBP, plus crypto accounts with Exodus and multiple other accounts like Chase debit/credit and Barclay's UK debit/credit, however HSBC have consistently had the best rates for me internationally, even though I'm premier or equivalent with all of them.
@@andrewhewerdine When you left the UK what new address did you give to your banks for your current accounts and credit cards? Was it a friend/relative still based based in UK, or your new overseas address? Cheers!
@@silversurfer6758 when I left UK the first time I used my parents address. When I left UK a 2nd time I used a mail scanning service for around £8 a month. Leaving the US, I did the same thing, used a mail scanning service in a nil tax state to help my case for showing I'd left CA.
I live in Dubai and it's expensive to maintain a property here... but hey I pay no income tax and no company tax!
May I ask what are the main costs of maintaining a property in Dubai? I was considering getting residence in the coming years.
Main cost is the servants
Gardeners are do 5 minutes a day where they turn the sprinkler on and maybe cut the withered grass once a month, and for what they do they are expensive. Plus the dust that builds up all the time from dust storms or just the arid air, needs someone to keep cleaning it.
@@user-ov9bb8du9b there are service fees that the property developers charge the investors in order to maintain and operate the properties. They can be between 3-20AED per sqf. It is more for towers than villas though. Can be 1/3 to 1/2 of the rental income. No property tax though.
Expensive food for tiger pets and maintaining the limbos
Just got my second citizenship from an EU country. Thank you Andrew for all the help 😍😍😍🇲🇦🇫🇷 (tier C and tier A passports)
That's awesome A R.
@@chrislanejones Thank you Chris!
Hi we're nd how much it cost u nd benefits of owning one??
Very interesting! I'll add mine for others if interested.
My two properties are:
1) Istanbul (130sqm, Sisli District): $1350 (including tax, water, heating, security + maintenance of pool, gym, saunas, garden etc) + $115 electricity - all prices are while living here, but if empty would probably be $1200 per year, total. Internet an extra $130/year.
2) Qingdao, China (130sqm, rural area): $125 maintenance per year whether I'm there or not. Water, gas and electricity are generally minimal, but floor heating with gas is expensive, but all that is $0 if I'm not there. Internet not worth the energy, everything is blocked. :D
Thanks for sharing, Kel.
In China for the blocked internet issue, why don't you use a VPN? You can get past any issue that way
@@JohnDoeX1966 It can be a bit of a cat and mouse game, but sometimes I kind of enjoy being 'disconnected' for a while. :)
@@lextor4712 In a rural area, like mine is, as long as the 'village' agrees to it you're in, and you get a little red book to say the place is yours. It is sort of a collective ownership thing, and not really that ideal (even in the eyes of the Chinese), but it works for me as I've been in the area for quite a while. I think as of a year or so ago, anyone can buy proper real estate (an apartment in a city zone) in China, but I'm not sure about that. I haven't researched it myself as I am not planning on doing so - it's way too overpriced.
Istanbul is underrated.
Oooh, I love this! Andrew, please produce more of these lifestyle-esque videos. They're a nice way to offset all of the depressing, but necessary content on higher taxes; especially for those of us stuck in the U.S., for the time being.
Well noted, Patricia.
In the process of liquidating California real estate, and the great burden is now lifting! Your videos provide tremendous moral support.
Glad to be of help.
Also getting ready to sell this spring in Ontario Canada and finding transition place. Best of luck!
@@jmc8076 How did you do? I am in Alberta and am awaiting my access to exodus in the fall.
@@bobnewell1052 where are you going and whats your plan?
@@justinschmidt5261 Wherever there are no restrictions to entry... Mexico, Costa Rica, Columbia and Dominican Rep. I know there are several more, but south is where I'll be as a perpetual tourist until I can acquire residency or a second or third passport.
This was a more eye-opening video for me.
The idea that owning multiple homes can cost so little annually is very encouraging. Thanks
When you add it all up that that is incredibly cheap for 5 homes to literally live around the world. You did have to have the money to buy those homes, to begin with, but it is still great information to know for those of us that could only buy one or two homes. Thanks for being transparent and making things clear and doable even for those perhaps less financially endowed. lol
Thank you Andrew for this very excellent information. I had a 3100 sf unit in a fancy building in Chicago. Luckily sold it years ago. Property taxes last time I checked were around 60K/yr and HOA around 3500/month. Just outrageous plus living now in a war zone. Selling my rental properties in the US with one to go. I want to be nimble and get the heck out of here. Luckily I have a couple of passports since the US passport is essentially worthless now. We are persona non grata. C19 is an excuse to impose tyranny and most don't see it.
Crazy; thanks for sharing that experience.
I think you should have included the house cleaning bill. If I had 5 properties, I would need to hire others to do the house cleaning at the empty homes. Even empty homes get dusty and I would not want to arrive to a dirty home.
Malaysia is such an amazing country,it doesn't matter if you live in KL,Penang or Johor Bahru! It's amazing everywhere you go with such an outstanding quality of life! I love this channel! All the best for you guys!
Thank you, Ariel!
LET'S GO Drew!
Hands down one of my top 3 fav. Nomad Capitalist videos of ALL time.
You just re-ignited a vision I had many many moons ago.👍🏿💯
Unbelievable! I'm fluent in Russian so from now on Georgia is on top of my list.Thank you Andrew for this info!
Our pleasure.
@@patricksweeney5308 Until the 90s, many Cubans would go to live and study in the former USSR. Most speak fluent Russian and or have Russian spouses. Russian was taught in schools in Cuba as well.
Here's one for the average person out there a US style condo 3/4 bedroom with a small fenced in yard (garden), property tax less than $50 USD yearly, high-speed internet about $19 USD per month, monthly maintenance less than $10 USD, electric & water might be $5 USD since your not there. This in an average neighborhood, crime is almost nonexistent in the capital of Turkey, Ankara. Biggest draw back most likely would be language.
I have had my apartment in downtown Reyjavik Iceland for almost ten years now and I own it .I have about $ 150 USD a month bills and that includes property taxes , utilities , house fund fees, and full insurance for fire , theft and flood or water damage .
I loved my visit to Iceland, such an amazing country. That's a very reasonable price for what sounds like a super apartment in a great location. Cheers from Abu Dhabi.
On my bucket list.
Amazing, I was wondering why you had so many homes - it all makes sense. I pay more money for taxes, insurance and utilities for an average home in an inexpensive suburb in a low tax state than you do for all 5.
Thanks for the comment, Lou. We talk more about the benefit of multiple homes here: ruclips.net/video/kXDR4fkMI0s/видео.html
Im just curious, are those homes held as a person, a corporation, or held in a trust?
Who do you have looking after the properties when you are not there ? Such as paying bills, dealing with problems (e.g. a neighbor complaining of a water leak) or a team member of yours needs the keys for when they arrive to use your place ?
This is again, gold Andrew. I really enjoy the real world numbers and personal experience and insight. Food for thought, thank you
Would love to see your places sometime! Very inspiring. This makes a global presence seem more accessible. Great video.
Thanks you!
@@nomadcapitalist Non native speaker, lol!
This is amazing content, great to know what your maintenance costs are, gives us a good ballpark for us to calculate our expenses if we were to make the jump in that area.
I am retired and was travelling 8 months a year, 4 during covid. My townhouse in Orlando with no mortagage costs almost $12,000 usd per year
Water alone is $80 per month- turned off!. You have probably covered the capital investment on previous videos. With the dollar dropping, it makes sense to diversify. Great video. As I get older I travel slower, and would enjoy the comfort of a base or two .
Sounds like you're being totally screwed, I know someone with a townhouse in Florida, on the coast, about an hour from you paying 3-4 grand per year including property tax, association, water, sewage, trash and electric.
What you have to pay that to much event you turn off..wow i paid RM 72 ringgit in one year for my water...i live alone...never turn off...even you live in big house with a few people...and if you dont have pool in your house you just only paid RM 15 to 35 a month
And my electricity cos me RM 20 to 23 permonth without air condition...with aircond you have to pay around rm 150 to 300 .. depend how many unit and consume time you run the aircond
It is advisable to buy smaller condo as leaving a landed property in oversea and back after few months and the cleaning up and repair will tired you dry. I agree it is not too worth to rent out as the renovation you spend compare to the rental may not be worth it. Anyway nomadic living life style is great and make your life enriching and interesting.. Living as local in a different country is cheaper than visiting the country as a tourist and you see more as living as a local. Most countries I go , I live a local NOT as tourist
Your Istanbul Turkey apartment costs will be 2/3rd of Tivat Montenegro expenditures. Internet monthly cost is only 9 usd per month. Other spendings are nearly similar, electric, gas, water etc. Purchase Samsung's best washing machine gadget at 8000 tl instead of cheap things. Rainbow american hoover, vacuum cleaner is best lenient to you. Get the breeze of Marmara, Blacksea winds and enjoy your life during spring, autumn, summer.
Just the "condo maintenance fees" are enough to give one pause when considering, say, NYC. 10K are year easy, and that's an entry-level place, 1 bedroom or so. No wonder people are real-life "Escape from New York".
Hello Andrew! Very good work and very well explained in all aspects of your opinions and business structure.
"Water bill, forget it, I hope you have someone to go pay the bill to a guy smoking while sitting at a card table at 2:00 on a Tuesday afternoon. That's how you pay your water bill once a year." - 🤣🤣🤣🤣
Ohh... Andrew it's A Great Video... One has to certainly look at Aspects of Maintaining/Renting a House Anywhere in the World... n what U Pointed out is Extremely Incredible Guidelines n Interesting Numbers...
It is Just Sometimes... How One can keep a Low Life n which inturn can Save on Money..!!!
Remember It is Always a Number Game... The more One's Spurges... The more U come into Cycle of Paying Taxes & Numbers associated too..!!!
Congratulations on almost 250 thousand subscribers!
Thanks for being part of it, James.
Outstanding .yes ,
America can be very expensive.
I would have never thought maintenance would be so affordable! Thanks for the video!
Happy to help, Leslie.
I was just shocked by how cheap price he quoted by the year is what we pay by the month (especially electricity)
Most western countries also have a "supply charge" for electric, trash and water of about $20 per month each, so you get screwed even when you're not there.
I love Tbilisi! I'd live there in the summer. I'm not into snow anymore LOL The food is amazing!!!
Inspirational.
Thanks for the transparency; very informative.
Thank you for another informative video. We appreciate all the work you put into them :)
You’re welcome.
Well, key missing part: how much are these homes. What is the opportunity cost of locking that cash up in those houses, rather than investing it in an income producing asset? Also, none of those places ever need repair (that's usually more expensive than property tax )?
What about security during the months you are not there? when a home sits vacant for a while, some of the locals will notice...
Property tax, utilities and a host of little fees and costs make it pretty difficult to have a home almost anywhere in the US for less than $300 to $400 per month.
You'd easily double that $300 to $400 per month for most houses in Australia and even double it again if you have an apartment with an "onsite manager".
Aussie Capitalist body corp!
@@acesee-fp8xd for some reason "body corp" costs 4 or 5 times the amount in Australia than it does in most other countries.
@@aussiecapitalist614 that's why people become an expat retired or work overseas!
God bless you, Andrew. You don’t have to do that for anyone but you do. It is helpful for those without an idea of how life should be. Keep going, keep healthy and positive!
In NYC $18/month just because you have the electric meter.
About $25/month to keep a few lights. I think you can get an internet connection just strong enough for a door Ring camera for $25/month.
Yes and no 'vacancy tax' if you leave your property empty more than 6 months out of the year like they have in most parts of Canada
Curious if there was a reason why you don't have a home in Mexico City? Thank you.
Very interesting and insightful episode Andrew. Thank you!
Question: what about having somebody look in on the places while you're away (property mgr) plus insurance?
Yes, we generally try to have someone keep an eye on things.
If you decide to have kids where would you be based?
I think this would be a great video, now being based in Dubai, and considering buying a 2nd home in Koh Samui, Thailand, it would be interesting to hear Andrew's perspective.
@@andrewhewerdine I live in Abu Dhabi and bought a condo at Black Mountain in Hua Hin, Thailand in October 2018. If you are a golf fan - who isn't? - then Hua Hin is a super option. Otherwise Koh Samui is also not a bad option. Good Luck with the decision. CHARLES ARNESTAD.
@@LuxuryTravelCamel Hi Charles, thanks for your reply. I lived on Koh Samui back in 2013 for a year, so am familiar with the island etc. Have never been to Hua Hin but once restrictions ease a little, I'll have to check it out. Thanks
Wow, this list is amazing!
I guess if I grew up in Cleveland, Serbia might seem like a step up:)
You guys are amazing and thank you Andrew for all the things you are doing for us all wanting to escape the greedy systems we are born in.
I am a new day trader since last year and it is going well so far. I am going to Quito where a friend lives and is born once our freedom is back quitting my job in O&G here in Calgary and I am looking forward to contact you in the coming months.
Cheers :)
Jean
Love this!
I've watched a lot of your videos lately, and this exact question/curiosity started popping in my head. I'm glad you addressed it. Very insightful.
Before few hours I was googling about this. Watching you upload video about this make me understand that you are truly nomad capitalist like me. Thanks for the video.
Plot twist:
He recorded this video in one of his homes.
Thank you for sharing this information! What an eye opening change from what I'm used to.
I would say, it is missing the value of the properties in order to put the cost in prospective.
In Western countries yes, not necessarily for others, especially in the case of Georgia.
Interesting info! Thx for sharing.
I watched quite a few videos from your channel - generally good information. I have several citizenships and homes and I also help people when they ask in matters of residence and investment. A lot of places you talk about are too volatile politically (for my taste, anyway, starting with the Balkans where you seem to spend a lot of time - I understand that personal tastes, personal network and preferences play a role). Knowing when to walk away from deals (properties/residence/passports) is key and not only based on tax rates.
The same feeling I get. I know people from all these countries and they want to leave like it's the plague. The political situation in any of these countries (maybe expect Malaysia) is volatile and can turn to s*** really fast, while taxes might be low, rule of law isn't the best, too much corruption. Their currency is also fairly weak (which explains the high interest on deposits the banks give to ensure no capital flight happens) and you could end up with a property that's worthless if any of them experience a currency crisis.
@@anasfrh More volatile than the incoming "political situation" in USA?, I doubt it!
@@aussiecapitalist614 The political situation in the U.S looks like child's play compared to some of what happened and could happen in any of these countries... Anyone who thinks the political volatility in any of the western countries is scary needs a serious reality check.
@@anasfrh The real elephant in the room for USA is whether they protect their borders or not going forward, especially now that Covid's apparently such a major issue, we'll have to wait and see.
Thank you for sharing. That was an important piece of information.
Thanks for sharing. Could you make a video on the flying part of your trifecta strategy. Do you always fly business class on long-haul flights? I’m based in North or South America and I don’t enjoy the long flights to get to south Asia, for example. How do you deal with that? Thanks!
Thanks for the idea.
Dont you pay any fees for the apartment association which manage the overall building?
Are these all high rise condos?
What you pay in taxes and utilities for all of those properties is slightly less than what is paid for taxes and utilities for 6 months for my house in Canada 😮🤦
Hi Andrew, someone asked me about expats on Twitter, i don't use social media that much, i gave him your url, after 1 day iv'e got 16 likes. Hopefully somewhere out that bunch rises a nice relation for you. No commission, no enterprise, no obligations just a common friendly human gesture to do.
Thank you for thinking of us.
This was really eye opening. I expected some low figures, but not this low. I need to rethink my strategy of maintaining a "home base" in the US. One thing you mentioned but didn't have listed as an expense was property management. Do you use local property mangers or do you have one person/team who does it for you globally? If it's the former, I'd consider that "maintenance" if it's the latter then it would be a net positive flow offset by the income on your other, rental properties.Thanks for detailing these expenses!
Glad it was helpful, Lou. Most of my property management is done by friends, family, or business contacts who appreciate our referrals and don't charge me seeing that there are no tenants to manage.
Yeah, but who can resist tacos!? In Mexico!!?🌮
I pay that much for one house in the Bahamas
Thank you for sharing your personal finances with us. It was really interesting to listen to and we liked your comparisons against what people would pay to maintain their homes back in the US. Really good food for thought, thanks Andrew!
Reasonable costs - thank you.
As always, great information. Thank you.
My pleasure!
What do you think about credit cards
VERY enlightening!! 5 properties @ less than $1200/month is a bloody steal!! people who think this is expensive are really not looking at the big picture. I am in Canada and I am paying that in rent per year... +bills. In late Q3 and into Q4 this year I will be in a better financial position to start with my plan as crypto rises. Thanks Andrew for your amazing insights and perspective. Cheers.
Great video great info. Thank you 🙏
Boy do we get ripped off on exorbitant Internet prices in the US Of A.
Yes; a property tax of $13,600 per year (or greater).... for a rather ordinary house.... is not at all uncommon in many parts of the US. Of course, for the analysis to be more complete, one must also include the total amount of capital invested in the various properties at issue.
the thought of multiple homes is a nightmare.
Thank you
Is there any concern about the locations that don’t have security? I’d be worried about vandalism, theft, and squatters in a home that is vacant for 80% of the time, for months on end. Are they occupied frequently enough that this isn’t a concern? Do you have someone keeping an eye on the place when you aren’t there?
I love your channel BTW, if all goes as planned I may be requiring your services in the not so distant future!
No real concerns with security, as buildings have good security. Looking forward to serving you.
@@nomadcapitalist so you are saying that all of your properties have fencing? Or some kind of deterrent?
This is my concern as well. His properties are apartments/condos with a security guard, but if you buy a house then you obviously wouldn't have that. I think the best you can do is have some kind of camera/alarm system or someone nearby who check on the property for you. Not foolproof but I don't see any other option.
Thanks for sharing this personal info, very useful 🙂
Smashing that like button
I am highly considering selling everything house etc in US and moving out next year or 2. We have no idea yet where to go. Me and my wife born in Russia and have dual citizenship . My concern is I still want to make money somehow besides renting out a few properties.
No insurance?
Useful video. It would be even better if you could do a video on how you manage your properties when you are not there.
What happens if one of your properties are broken into or it springs a leak?
Do you have property managers looking after each of your properties when you are not in residence?
I really think this is an important subject and people would welcome your real world experience.
Watch these:
ruclips.net/video/saUt429f4X4/видео.html
ruclips.net/video/EJmmJQwQmPI/видео.html
Insurance?
I just sold a home I owned for 3-1/2 years in La Jolla, CA. My property taxes were just over $34,000 per year. Safe to say that money would have better spent enjoying multiple homes in multiple locations. Oh, and don’t ask me how much the gas, electric, water, insurance, Gardner, etc was 😬
Make a video showing your properties
:)
I notice that you don't mention home insurance. We had a family home in Canada that was sitting vacant for a while and we were contacted by the insurance broker who said that if it remained vacant we would be assessed a premium to reflect that and it could cost 2x to 2.5x what the [already expensive $1300] inhabited rate was. How do you handle this?
Thanks Andrew, great information, but the only thing you didn't cover was property insurances. Can you please provide that info?
What are advantages of establishing residency in a country vs simply being a tourist, especially for long-term visas? (e.g., 3 year multi-entry tourist visa to Russia for Americans) What, especially, are the tax implications?
Team Nomad - Please ensure he has a giant stuffed tiger at every location 😂. It would be great to see more stuffed tigers when he is on location.
He should have a location appropriate stuff animal.
@@wheretoretire3315 Yes, Andrew, when you get a place in Africa your team should get you a lion.
Really interesting stuff!
What is the cost for a condo in Warsaw or Vilnius?
Only PROPERTY TAXES in an average size city in US/Canada is about 1 to 1.5% of the properry market value. Other countries in Latina America, for instance are just... 0.3% !!!
Great information
why you never mentioned romania? is there something bad? isnt it better in many ways than serbia?
Must be a list somewhere for the ~200 countries and their company, income and property tax costs?
Do you have home/fire insurance on your homes? Noticed that is not an expense you mentioned.
Hello, fairly new subscriber here, within the last few months. I really enjoyed this video. I have a quick question. How much was the the properties themselves to buy outright? and What is the square feet of each property?
Montreal here. Expensive taxes here. But life is good.
How do you shop in different countries , with cash or any other way (ex - hotels , grocery , electronics , online etc)
I left CA and now live in UAE. Specifically Dubai.
I'm British and have lived in multiple countries over the past decade.
My cards have 0% foreign transaction fees and spot exchange rates with HSBC premier. Either UK or US accounts work fine.
I also have a Revolut card and used to use Travelex cash passports before revolut. I use cash for taxis, although I can use cards too.
I'm opening a local Emirates NBD personal account in the next few weeks as well as using Mashreq for business banking here in the UAE.
I needed the UAE company for visas and seeing as I don't target GCC countries in my business, using the UAE company is working out cheaper than using my US LLC from a compliance and payment processing perspective.
The UAE is a special case as their currency is pegged to the USD so its a fixed exchange rate.
When I lived in Thailand, cash and Travelex cash passports.
In South Africa, I found HSBC debit/credit cards, Travelex cash passports worked well.
In UK I use my UK accs.
I also have accounts with EurPacBank in USD & GBP, plus crypto accounts with Exodus and multiple other accounts like Chase debit/credit and Barclay's UK debit/credit, however HSBC have consistently had the best rates for me internationally, even though I'm premier or equivalent with all of them.
@@andrewhewerdine thank you very much but do you still use a US passport
@@sydneegoodman2615 I'm British and in process of giving up my green card.
@@andrewhewerdine When you left the UK what new address did you give to your banks for your current accounts and credit cards? Was it a friend/relative still based based in UK, or your new overseas address? Cheers!
@@silversurfer6758 when I left UK the first time I used my parents address. When I left UK a 2nd time I used a mail scanning service for around £8 a month. Leaving the US, I did the same thing, used a mail scanning service in a nil tax state to help my case for showing I'd left CA.
I'm liking these numbers..
I was shocked at the low prices you paid to maintain your homes around the world.
Yeah; not nearly as expensive as you'd think.
I live in Northern Ohio - just curious - did your parents move to Bay? Property taxes there are about the highest in the area.