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Hey All,
Having been hanging out in Spain for some months now (my better half is from here), I have been thinking about various value creating projects I could do from here. Occasionally, there are apartments that come up for sale at very good prices - the kind of money I could pay off entirely. Granted, all of these bargain apartments will require work. I'm not afraid to get my hands dirty, and enjoy a certain amount of this kind of work and refurbishment - one of my favourite value creating schemes is buying musical/audio equipment cheap comparative to the market, fixing up/cleaning up, and selling for profit. It works well because music is a hobby of mine and I usually learn something in the process. This isn't something I've been able to undertake while in Spain for various reasons (lack of space/tools to clean and repair; no method of transport here (yet)).
My question is; while I understand this is quite a step up from pro audio equipment/instruments in terms of paperwork, planning, taxes etc., is there any reason I shouldn't step up my game here in Spain? Has anyone else had experience doing something similar? Capital gains taxes etc.?
For reference, I'm from the UK - the property market seems very different here (not that I have any experience in the UK market outside of family and friends). Also, I understand there are many variables in turning a profit - location, demographic of area etc. My girlfriends parent's are architects, and could recommend certain professionals when required, although I don't believe they would be comfortable with me hiring them directly (working with immediate family for them is a no-no). Currently, I'm in the process of obtaining residency in Spain.
Part of the reason for considering flipping is as a hedge against inflation, the thinking being that it's better to hold a tangible asset rather than cash, and the buying of materials now (potentially on credit), would work out better in the long run. Is this logic sound?
Words of wisdom/warning would be appreciated; house flipping advice is all good. The prospect is slightly scary, but maybe that's a good thing?
Cheers,
Having been hanging out in Spain for some months now (my better half is from here), I have been thinking about various value creating projects I could do from here. Occasionally, there are apartments that come up for sale at very good prices - the kind of money I could pay off entirely. Granted, all of these bargain apartments will require work. I'm not afraid to get my hands dirty, and enjoy a certain amount of this kind of work and refurbishment - one of my favourite value creating schemes is buying musical/audio equipment cheap comparative to the market, fixing up/cleaning up, and selling for profit. It works well because music is a hobby of mine and I usually learn something in the process. This isn't something I've been able to undertake while in Spain for various reasons (lack of space/tools to clean and repair; no method of transport here (yet)).
My question is; while I understand this is quite a step up from pro audio equipment/instruments in terms of paperwork, planning, taxes etc., is there any reason I shouldn't step up my game here in Spain? Has anyone else had experience doing something similar? Capital gains taxes etc.?
For reference, I'm from the UK - the property market seems very different here (not that I have any experience in the UK market outside of family and friends). Also, I understand there are many variables in turning a profit - location, demographic of area etc. My girlfriends parent's are architects, and could recommend certain professionals when required, although I don't believe they would be comfortable with me hiring them directly (working with immediate family for them is a no-no). Currently, I'm in the process of obtaining residency in Spain.
Part of the reason for considering flipping is as a hedge against inflation, the thinking being that it's better to hold a tangible asset rather than cash, and the buying of materials now (potentially on credit), would work out better in the long run. Is this logic sound?
Words of wisdom/warning would be appreciated; house flipping advice is all good. The prospect is slightly scary, but maybe that's a good thing?
Cheers,
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