Sébastien invested in Toulouse from Singapore
What do you do when the bank changes its mind two weeks before the preliminary contract? From Singapore, Sébastien held firm and bought a small furnished unit near the university in Toulouse, listed at €105,000 and secured for €92,000. With €11,000 of works, it targets a 7.3% yield.
Singapore
Sébastien’s apartment in Toulouse
RecreatedAfter
RecreatedAfter
RecreatedAfterWhat Sébastien had to overcome from Singapore
FinancingA bank that changed its mind
Sébastien started the programme with financing. His bank, BNP’s expat service, first gave him a verbal agreement. After his offer, it backed out: he is married in Singapore to a wife who is not French. He was due to sign the preliminary contract a fortnight later. He signed anyway and asked for an official refusal to protect himself. Reading the contract, the bank saw he was married under separation of property, and agreed to finance him after all.
LettingA small flat near the university
Sébastien chose long-term furnished letting. The flat is in Toulouse, in the well-connected Croix-Daurade district, near the university. He expects at least €650 a month, for a yield of about 7.3%. As Frédéric points out, a small flat lets easily and sells without difficulty.
Remote managementA network built from Singapore
From Singapore, Sébastien got through the first part of the programme in six weeks and set up alerts on his phone to follow listings. The programme recommended a tradesman, very quick to quote and reasonably priced, and he worked with an estate agent. For his next purchase, he already has the bank, the tradesman and the agent.
Renovation works€11,000 for the bathroom and kitchen
The seller had already redone the paintwork and the wiring. Sébastien plans €11,000 of work: a fully redone bathroom with a shower replacing the bath, a modernised small kitchen and laminate flooring throughout. Work starts straight after completion. Once finished, he values the flat at €110,000 to €115,000.
How Sébastien invested in Toulouse from Singapore
Twenty years in Vietnam, then Singapore
Planning for retirement
Originally from Toulouse, Sébastien has lived abroad for 25 years. He spent some twenty years in Vietnam, where he ran hotels, then joined his wife in Singapore, where he has lived for three years. Without permanent resident status, he pays into no pension fund: he wants to build long-term wealth for his retirement.
A rushed first purchase
Paid in cash, above market price
In 2023, Sébastien received a gift and quickly bought a flat. After the course he realised he had paid above market price, and in cash. For his next step, his two hurdles were financing and tax. He joined the programme and got through its first part in six weeks.
Toulouse, Croix-Daurade
Listed at €105,000, bought for €92,000
His technique: spotting properties that vanish and then reappear on listing sites. When this flat came back after three months, he made an offer. Listed at €105,000, he got it for €92,000, even though the seller had redone the paintwork and the wiring.
A fortnight before the contract
The bank backs out
His bank, BNP’s expat service, had given him a verbal agreement. After the offer, it refused: he is married in Singapore to a wife who is not French. Sébastien signed the preliminary contract anyway and asked for an official refusal to protect himself. Reading the contract, the bank found he was married under separation of property, and agreed to finance him.
The loan
A 20-year loan
Sébastien borrowed over 20 years. Frédéric puts the notary fees at around €6,000. The application dragged on for several weeks, but everything fell into place in the end.
The works
A tradesman recommended by the programme
The tradesman recommended by the programme quoted quickly, at a reasonable price: €11,000. On the list: a fully redone bathroom with a shower replacing the bath, a modernised small kitchen and laminate flooring throughout. Work starts straight after completion.
Today
At least €650 rent a month
Sébastien completes the purchase the week after his interview. He will let the flat furnished on a long-term basis, for at least €650 a month, a yield of about 7.3%. After the works he values it at €110,000 to €115,000, for a purchase at €92,000. He then plans to move on to another property.
Sébastien tells the story
“In the end, everything fell into place: the bank is behind me, and I complete the purchase next week.”
Sébastien, who lives in Singapore
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