Joseph invested in Toulon from Luxembourg
How do you invest in France from Luxembourg? Joseph bought a 34 m² apartment 400 m from a beach in Toulon for €80,000, a price negotiated thanks to a sitting tenant who had stopped paying rent. With about €20,000 of works entrusted to tradespeople, it targets a 15 to 20% yield in seasonal letting.
Luxembourg
Joseph’s flat in Toulon
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AfterWhat Joseph had to overcome from Luxembourg
FinancingAsked for a deposit of over 50%
For a first project near Toulon, his bank asked for a deposit of more than 50%, and the project fell through. That is why he joined ImmoPourExpat: to understand how to invest with a deposit of around 10%. Through ImmoPourExpat’s network, he found a bank that financed the property knowing full well he was a non-resident. In his view, this financing alone paid for the programme.
LettingHoliday lets near the beach
The flat is 400 m from a beach in Toulon: Joseph is betting on holiday lets and estimates his yield at 15 to 20%. In a webinar by a large turnkey agency for expats, he saw properties in the same neighbourhood offered at around €130,000, when he paid €80,000 for his.
Remote managementA tenant in arrears
The flat was occupied by a tenant with substantial rent arrears, which pushed the price down. From Luxembourg, Joseph asked for a formal demand for payment to be served by a bailiff between the sale agreement and the deed. The lease was terminated: on signing, he bought a vacant property he could let straight away.
Renovation worksDelegating everything
Around €20,000 of works are planned. Joseph says it plainly: “renovation isn’t my thing”, and he is not going to travel down from Luxembourg every week. He hands everything over to reliable tradespeople.
How Joseph invested in Toulon from Luxembourg
Luxembourg
Planning for retirement
Joseph is head of legal at a Japanese bank. He has lived in Luxembourg for 16 years, after studying business law in France. A father of two, he expects to return to France one day and wants to build up assets for his retirement. He loves France’s architectural heritage, especially Haussmann-style buildings.
A first project
Asked for a deposit of over 50%
He targets a property not far from Toulon, but his bank asks for a deposit of more than 50%. The project falls through, just before he joins the programme.
After the setback
He joins ImmoPourExpat
One question intrigues him: how do you invest with around 10% down when you are being asked for 50%? He also counts on the community: seeing other members’ projects move forward and being able to ask them questions.
Toulon
34 m², 400 m from a beach
He finds a 34 m² flat 400 m from a beach. A sitting tenant with substantial rent arrears lets him negotiate the price down to €80,000. A turnkey agency was offering properties in the same neighbourhood at around €130,000.
The loan
A bank that understands non-residents
Through ImmoPourExpat’s network, he finds a bank that understands his non-resident status. The project comes to around €108,000 including works and notary fees.
Between agreement and deed
A property vacated before signing
Joseph asks for a formal demand for payment to be served by a bailiff before the deed. The lease of the tenant in arrears is terminated: he buys a vacant property he can let straight away, at the negotiated price.
Today
Deed signed, works delegated
Joseph signed the final deed the week before his testimonial. Around €20,000 of works are planned, entirely handed over to tradespeople. He is aiming for holiday lets, with an estimated yield of 15 to 20%.
Joseph tells the story
“Through ImmoPourExpat’s network, I was able to find a bank that financed the property while fully understanding my situation as a non-resident.”
Joseph, who lives in Luxembourg
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