I'm glad I didn't fly to let

Like many property investors in the mid noughties I found myself for the first time in my life and in a relatively short period of time with 'quite a lot of money to invest' but also feeling that UK property was fully valued. On top of this property shows such as Property Ladder seemed to be exhorting their band of eager amateur followers to 'go out there and buy property'. The message was "You too can be a developer with the underlying tenet even if you get it wrong you'll make loads of money." The consequence was any reasonably attractive development and refurbishment project would have an army of amateur developers chasing it and pushing prices to ridiculous levels. So much so that 'wrecks' were priced more expensively than similar tatty properties on the same street.

Investing abroad looked attractive

I like many more experienced investors turned instead to looking at buying abroad. I was attracted by the concept that many European cities in the old eastern europe offered greater growth prospects. Having travelled extensively in Europe and the Baltic states I could see that many grand former cities were just ripe for improvement and would in time be the Mayfair or Kensington of the resurgent independent country resulting in values showing strong growth over time.

Local knowledge is so vital

However, there were significant issues that put me off following my hunches. Firstly, I know how significant local knowledge is in choosing where and what property to invest in. Values can be dramatically different on different sides of the same street and it is only local knowledge that would tell you this. The prospect in buying in another country, with a different culture and laws and regulations that were complicated and likely to change was just too much of a risk for me. Added to this was the cost and complication of trying to manage a buy-to-let property through an agent thousands of miles away who was always likely in my mind to disappear into the night with your dosh. It just wasn't worth it, particularly as the concept of it being partly a holiday home never meant sense to me. Why would I want to keep going back to the same city every years when there are so many fantastic places I haven't been to?

Whilst I debated over whether to invest and where to invest there was a global boom in property prices and suddenly prices gains meant these properties were no longer cheap and the downside seemed ever greater.

Downside too great

So I didn't invest abroad. After reading this article in the Times about the sad experiences of many fly-to-letters I'm quite glad that I didn't. There can't be anything more miserable in holding a property thousands of miles away where you have lost tens of thousands of pounds and then having to shell out money on service charges and letting fees in the vague hope that one day it might be worth what you paid.

Has anybody had a successful experience of fly-to-let? There must be some landlords who have made a successful transition to international landlord. A concept I am attracted to. I just haven't met any yet.

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