Must See

About one year ago I was driving through the beautiful landscape of Saxony (east of Dresden). A certain mountainous area on the horizon caught my eye and 30 minutes later I was entering the town of Zittau.
I recalled seeing this name on the internet before, when looking for some affordable real estate in Germany. The houses in Zittau are really inexpensive, compared to other towns, and my experience from US made me believe this must have been some bad area infested with crime and drugs.
But I was in for a surprise. Beautiful German architecture, 19th century style, 3-4 stories houses lining down the quiet streets. A few small clean parks and the nice, decent people I met, made me feel that I would've liked to live there. I've been looking for a peaceful retreat somewhere in Europe and this was the place. Especially when considering the cost of the housing.

A little problem though: not too many people understand English here. Located really close to the border of both Poland and Czech Republic, Zittau keeps its German heritage with no apparent foreign influence. In order to communicate with people you need to speak some German.

However I was lucky enough to meet Mr. Knut Hiller. His English is fluent and as a real estate agent he was very helpful. In only 3 (three) days I was able to become the owner of a nice property in Zittau: a solid brick 4 apartments house, in great condition, with a clothing store on the 1st level and parking lot. In the back, an older house which I plan to renovate in the near future and use it for myself. Can’t wait to enjoy privacy in that cute little backyard.

Details of the transaction:
- I bought this house for 88,000 Euros.
- The bank in Zittau approved me with a 50,000 E loan in only 2 days(!)
- Bank fee: 500 (five hundred) Euros...
- Fixed 5.5% interest for 10 years.
- The rental income of the four apt. plus the store is not much (1400 E per month), but it pays the bank, the small maintenance and still I get about 400 E a month as personal income. The tenants are paying all bills (heat, water, electricity) and take care of the hallway cleaning. This is the German custom.

For a small fee of 100 E per month, Herr Wittig's management agency takes care of the house, collecting and depositing the rents, doing needed repairs, etc.
After buying this property, I was busy for a while in the US and almost forgot about it. I didn’t have to move a finger about this investment and one year later I got an extra 5000 E = 6000 USD in my Zittau bank's account.

For me, as a real estate investor, this was the most beautiful deal I ever made and I invite everyone to try the same, at least to spend a few days in this charming corner of Germany. You won’t regret. There are nice places to visit here, including that huge 13th century Teutonic Castle.
And, if considering investing in some houses there, I suggest contacting Mr. Knut Hiller (Knut.Hiller@wuestenrot.de)

The recent admission of neighboring countries – Poland and Czech Republic into the European Union puts the town of Zittau into a central spot of Central Europe. Who knows? the prices there may skyrocket one of these days.