Buying Real Estate Overseas For Cash Flow (And A Better Life)

VHow to Buy Real Estate Overseas in Eight Easy Steps

When we arrived in Waterford in 1998 and decided we wanted to own a home of our own there, we set out to find one the way any couple of Americans would set out to buy a house. We dropped by a real estate agent's office in the center of Waterford City. We sat down with Mr. O'Shea and gave him the rundown on the kind of house we were looking for. Georgian, stone, at least three bedrooms and three baths, with a bit of land for a garden, and maybe an old barn for a pony. Mr. O'Shea seemed to take our criteria under advisement and suggested a time later in the week when one of his agents could show us available properties.

That first day out, we saw four houses, not one of which in any way fit the description we'd given to Mr. O'Shea in his office. Instead, his agent kept taking us to see new-built “bungalows” in “estates,” as the Irish refer to the suburban housing subdivisions that were popping up all across the country when we arrived on the scene. Kathleen refused to get out of the car to walk through the fourth place. It looked just like the three we'd already seen and that we'd already explained weren't anything like what we were interested in buying.

The Celtic Tiger was an established economic phenomenon by the time we took up residence in Waterford, and the better part of the money that boom was throwing off was being plowed into real estate—building it, buying it, selling it, one Irishman to another. Dozens of the housing ...