REI Wealth Monthly Issue 12 | Page 75

FOREX RATES – THE “SECRET INGREDIENT” OF OVERSEAS DEALS ZIV MAGEN THE SOLUTION Now, instead of the horror scenario above, imagine the following: After having read all of Ziv's articles, talking to some overseas investors, researching your target market, recruiting your team and setting your legal and financial infrastructure painstakingly and perfectly, you do the following, in the following order – 1. Liquidate your purchase funds well in advance - PAD THEM BY AT LEAST 10% - to allow for any last minute fluctuations and unexpected additions. Put them in a short term, small interest bearing account if possible, but DO NOT lock them away! 2. Sign up with a reputable, reliable and responsive foreign exchange dealer. They'll give you excellent rates and minimize transfer charges. Try to get a corporate account if you can. These are even cheaper, and come with a dedicated account manager. 3. Follow exchange rates on a daily basis - REGARDLESS OF WHETHER YOU HAVE A DEAL ON THE TABLE OR NOT. When things are looking good (and it doesn't have to be relative to the last decade - 1-3 months will do) transfer the padded amount across. 4. Keep careful track of the rate you transferred in. This will give you an idea of what to expect when transferring back. 5. DO NOT invest with money you'll need back in a hurry! This is true advice for any property investment, but doubly so for international ones.