The Challenge of Maintaining Empty Houses

www.nomadcapitalist.com/
Having multiple homes around the world can be really nice and convenient. But what about the maintenance?
Maintaining vacant properties can be a real challenge, especially in western countries where carrying costs are high.
But one of the benefits of living a nomad capitalist lifestyle is that you don't have to pay high carrying costs for your properties because you can be selective and choose which country to invest in.
Most of it comes down to common sense, and if you are buying at scale, it's important to optimize and keep track of all the expenses in one place to make it as efficient as possible.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[@MiaogisTeas]

Smart Home automation is pretty handy these days too. I have a robot vacuum that can be activated either on a schedule or you can activate the electricity which triggers it to charge and run. A peephole camera on our door notifies us on our phones with pictures and sound whenever someone knocks or rings the doorbell. We could get one that starts a video chat conversation remotely, too, but a bit overkill at the moment.

[@tskjesusfreak]

Nomad Capitalist Approved Hotels List

[@feathermen1138]

The only channel I have on notification bell...🛎

[@klwthe3rd]

Awesome! 🤗

[@StylosityYourWay]

Nobody on this earth loves a tea stash, custom furniture and an excel sheet like Andrew Henderson

[@albertinsinger7443]

I keep one very beautiful house with a huge garden in Chiang Mai. Is spend 5 months of the year there and then I have 4 smaller places around the world. Some in European cities. Apartments are easy to keep. Even though you need to clean them upon arrival. Cleaning the places is most of the hassle . In Chiang Mai I get a cleaning women in for a months to clean the place from top to bottom and that usually then takes care of it for the rest of the year. In the other places I do some of the cleaning myself . The biggest problem has been Covid and getting the papers and permissions to cross borders.

[@margyiphillips4931]

I was binge watching your videos when the question of acquiring property and what happens to the property when one dies. Please do a video on Wills and Trusts. Thank you Prof.

[@nomadcapitalist]

Thanks for the vote of confidence.

[@MatthewKanwisher]

Please talk more about Estate Planning, we are having issues with that with only two countries thus far

[@JonnyMReck]

Yes, how on earth do you do this across multiple countries? Hard to do it without hassle in the US

[@AndrewPriceEsq]

Loved this video, you really addressed many concerns I've had in the back of my mind with establishing such a global lifestyle. Please do address the estate issues with a future video if you can.

[@nomadcapitalist]

Thanks, Andrew.

[@MiaogisTeas]

Honestly I'm doing this for estate planning purposes anyway. I got gypped by family after my mom died - I was just a kid so I didn't fight the sale of the family house. Totally screwed my little brother and I out of a home and a base we could have built upon. Now I'm aware of how super important it is to have a "family home" and a bolthole for when the shif hits the tan and your kids or close family need something stable to fall back on. I think the answer lies in trusts and LLCs, but they're different everywhere so getting a global perspective will be very helpful.

[@simphiwer8970]

You've taught me so much. I'm forever thankful.

[@jamesslipsager3889]

Another excellent video! Thanks Andrew!

[@micomarinas2753]

in the philippines its very difficult to remove informal settlers(squaters)from a property. you have to go to a very long process in the court and the most biggest problem is that you have to pay each of them just to go away from your property.

[@oscarmartinez-fg9et]

That also the issue in the DR (Dominican republic)

[@Andrey-ox5zm]

Or just pay to a gang to kick em out

[@Andrey-ox5zm]

In Australia squatters can legallyvtake over the titke ownership via court after prooving they lived in that property for over certain set number of years, like 9 or 13yrs, dont remember now.and if they csn prove it, which is really easy by registering that address with bank or driving licence/ photo id card. Few years ago bum squatter claimed a terrace near Sydney city/ cbd via court and won the case becoming a millionaire overnight. Need someone on the ground to manage property or coming often plus have a title and property insurance with the Sentinel or First Title insurance to avoid pitfalls like that

[@neilkasher]

This is a video I had no idea i needed until I watched, it's the ipod of youtube videos! Great stuff Andrew

[@nomadcapitalist]

Thanks, Neil.

[@Xen626]

Thanks Andrew.

[@LMDinNC]

I think we have similar personalities because having multiple properties that nobody else uses is strongly appealing to me. The “problems” others see in this do not sound like problems to me. Ultimately people need to do what works best for their unique lifestyle and personality characteristics.

[@Speedy300]

“Hillary Clinton’s advance team”😂😂 You are living the dream.

[@margyiphillips4931]

Happy Sunday class.

[@thomasottosenjr5320]

Would love to hear more about estate planning from you Andrew.

[@sarahandymears6179]

Yes, please put together a video on estate planning and also buying insurance, especially healthcare. Do you buy into all the countries healthcare that you live in, or do you have a global plan? Pros/Cons?

[@nomadcapitalist]

Stay tuned for tomorrow's video.

[@Diogenes515]

It’s possible to install cameras etc to allow you to monitor a property over the internet. Do you do this, please, or not - and, in either case, why?

[@klwthe3rd]

I was wondering about the security at your homes when you're not around. I'm looking at property in Montenegro but much further into the countryside than Tivat. I'm worried that since the locals will probably figure out that the newly purchased property owner is a foreigner, and that I might not be present all the time, that my home might be a target. And yes, more on Estate planning please.

[@klwthe3rd]

@@Jack__Reaper Excellent recommendation but unlike Andrew I prefer houses with land.

[@klwthe3rd]

@@Jack__Reaper I might look into high quality security cameras as well as a home watch service.

[@klwthe3rd]

@@Jack__Reaper dude why did you take an intellectual conversation to something demeaning?

[@daveray5655]

@@Jack__Reaper I feel like that would make a legal situation work against him if the issue ever arose. I would think that a good security camera and maybe hiring a property manager to check the house every week would be a more practical idea than any gay-related ideas.

[@daveray5655]

@@Jack__Reaper I'm not sure if you're being serious but I'll entertain your question as I find it humorous. No. The property manager should be respected and well trusted in the local areas so that you have a strong defense in any legal situation.

[@AcademiaEliteGold]

Andrew...I follow you since de beginning. Right now every body in the world talks about "the big crisis, the big one is coming"..How are you preparing for a crisis??? I think, right now, best topic is how invest to stay safe against world wide crisis. ¿cash?Gold?Crypto?Real estate? index funds? all of the above?

[@BironClark]

You have apartments without HOA fees? How does the building get maintained in general?

[@theandrewhenderson]

A loosely appointed building leader collects money for the bills. Or in some older Georgian apartments, you need to insert a small coin to use the elevator.

[@mela6046]

@@theandrewhenderson......... wow!.......... U rock ! Thanks!

[@Rosefitness38]

I confirm that in the Philippines,you have a very hard time if you have squatters...

[@JonnyMReck]

For all my US rentals I use a device I got online that simply plugs in and emits a signal that drives rodents and pests away. It isn’t detectable to the human hear but it’s highly effective for pests (ie, rats in Chicago are no longer a concern for me). Give this a shot if you have a property abroad that you want to ensure you’re the only occupant of

[@mela6046]

Hi fr overtaxed NYC metro area...Litchfield County, CT.....country house, city apt, country house.....up keeps, fix this N that....great show!

[@mervynmontague1811]

Fantastic information ! Thanks much.

[@nomadcapitalist]

Our pleasure!🙏

[@ericeverson5956]

A little geeky, but it works. Einstein said "I don't memorize my phone number because I have a phone book"

[@futurewolffilms607]

Thank you so much for this discussion. Apologies for nitpicking but can you guys lower the sound levels on the intro? It’s a lot. Again though, have been wondering this subject exactly

[@JustinsWirelessWorld]

Yes, please video on estate planning

[@jasonfraser5758]

👍 more estate planning would be good.

[@tetsuyama5116]

Great stuff. Applies to multiple homes/properties in the same country. For me, its Thailand...

[@tomgrimmisawesome]

Very interested in estate planning!

[@musavillarin6102]

Andrew, in your opinion which are the best countries to buy real State where you are treated best and have value for money...As you mention Montenegro,Georgia and Malasia...Anymore??

[@cf9240]

definitely interested in estate planning

[@steampunk888]

Any thoughts on how medium-long term travel restrictions factor into a multi-national lifestyle? While people contend with their fears over health risks that affect a minor, almost negligible percentage of the population, a set of much larger risks is growing in the background. These are regulatory risks, which have just shot straight through the roof, and show no signs of abating. Some long-term change is a virtual certainty. Both as to the availability of cost-effective travel, and as to the unknowns of government-ordered shuttering of entrepreneurial activity, attempts to quantify risk are at the moment nearly incalculable. That translates inevitably to higher costs.

[@GraysGazette]

do you have cars at your houses and if you do how do you maintain them

[@snterp]

Did he just say, "put the cockroach guard down"? Where the heck is that? :)

[@snterp]

Estate planning: go to places with no inheritance taxes, for one. And using a company is generally a good idea abroad.

[@ericeverson5956]

Columbia........Nice.

[@rafaeltorres-rivera1669]

I’ve been living this life style in the US and the property taxes and other expenses led me to rent it out. I need to buy international.

[@MOOR5]

Estate planning por favor!

[@zackbog]

Do you prefer condo or house

[@Atem_S.]

Breakers... You can never go wrong with breakers..

[@NickDemski]

Where in the world would be a good place to set up a first home base for $30,000?

[@nomadcapitalist]

The Single Dad Nomad $30K is a tough amount to start with unless you want to live in a third or fourth tier city. You can still buy in Tbilisi for that price, although it’s tough now.

[@NickDemski]

@@nomadcapitalist Okay thanks. Sometimes I feel like I'm in too low of an income bracket right now to be watching your channel but I still find a lot of use in your videos. Aiming for that six-figure range to benefit even more of the nomadic lifestyle!

[@floyddaye9068]

Thanks for some great information. I am just starting my property portfolio. I am considering using the properties as an Airbnb to generate income When I am not there. Then I want to reinvest the income from the Airbnb to expand my portfolio and indulgent other investments. What do you see as to potential pros and cons of the strategy?

[@ocvegasproperty]

The transaction and maintenance costs would kill any investment gains on these places.

[@WinstonSmith1984]

Oh yes, the cockroach guard. I forgot about that.

[@baliyogatravelretreats]

Where you investing in Colombia?

[@di557dianebritson]

I didn't hear mail? If Retired and no business who gets your mail?

[@ffrebello]

Sometimes we should just ignore them & live our life. Can’t get stressed over $10 late payment fees or something silly like that.

[@thomashilmersen711]

Sure, it is easier to COME to your own apartment, but to deal with all the bill paying, cleaning, maintenance etc. is a nightmare.

[@italiangreyhound4u]

HOA is the biggest scam of buying a condo.

[@dianeneedleman5154]

Why not buy a tri or quad? Tenants become the best watchguards

[@azmiadnan2161]

Wouldn't it be easier to invest in REITs and live on dividends

[@jillybe1873]

I am poor so acquiring property in cheap places where I can afford to live.

[@thomashilmersen711]

Didn't you just buy a place in Bogota? Colombia is wrought with real estate fraud, and it takes on average almost 3 years to enforce a contract there.

[@RadicalPersonalFinance]

What on earth is a “cockroach guard?”

[@musavillarin6102]

Where are the best places in the world to avoid squatters???

[@PauloGaetathe_original]

Have you ever rented any of your properties through Airbnb? If yes, how was the experience?

[@nomadcapitalist]

I briefly tried it, but am not currently. I may try it on some new "Tier D" properties entering the portfolio in 2020.

[@PauloGaetathe_original]

@@nomadcapitalist Okay, thanks!

[@intelligence2323]

What about moral issue? Don't you feel uncomfortable when you leave empty house while there are so many homeless around?

[@intelligence2323]

@@ninozah I would, fortunetaly shoeless problem is not actual any more as opposed to homelessness. It is quite poor analogy. Houses are scarce and owning multiple of them rise prices artificially leaving so many people out.

[@daveray5655]

I see no moral issue. Homeless people aren't going to pay the taxes, utilities, insurance, etc. If you want to solve homelessness then join a social program and vote for an improved economy for job growth but don't blame people like Andrew for working hard and growing wealth through real estate.

[@MenofHighValue]

It’s not so much about the homeless issue. It’s more about rents increasing in cities all across the world. Airbnb short term rental does it already, and rich people not renting out apartments only makes it worse. At least with Airbnb’s everyone benefits - with empty apartments, it’s simply a waste. But I also believe people should be allowed to do whatever it is that they want. If this is easier and better, then awesome for him. :)

[@asterisk911]

The morality would obviously depend on the jurisdiction. In some places, foreign ownership is restricted; e.g., in Thailand foreigners collectively can own only 49% of a building; in Malaysia, foreigners are subject to a price floor that is above what most of the property costs, and developers are required to build protected affordable properties in order to get the permit to build luxury properties. In systems like those, the presence of foreign buyers is directly responsible for the existence of affordable properties for the locals. London is a different animal altogether.

[@martinhuang1750]

Good for you man, God bless you

[@DanielFreeMan365]

Very good subject regardin properties. Also detail more pros and cons of renting and leaving vacant.

[@MrRocknrolla4u]

Simply put, a great video. Very insight and informative. Precisely the questions I wanted answered, namely property management and all the potential gremlins that can with it (risk management). I have whole list of questions regarding this based on my own experience of owning properties. How do you find property manager and what are they prepared to do? For example what if the washing pipe leaks and goes into apartment below? Or if washing or another appliance goes faulty, who finds a replacement and replaces? What if the utility company over charges you? Who chases up the utility company? Do you need to know the laws and rights in that jurisdiction? How do you communicate with them in English? etc etc. Happy to email all my questions through your website.

[@MrRocknrolla4u]

More on Estate Planning & Property Management please. Great video. Explains the nuts and bolts process of managing multiple properties and the admin involved. Also do you have to multiple filing cabinets in each location/ residence to track and file all utility bills and correspondence from local and central government agencies?

[@jasonfraser5758]

👍 more estate planning would be good.