Podcast Summary: Real Estate Without Borders

Episode: Buying Ski Chalets in Japan

Date: January 7, 2026
Guests: Nick & Derek (Yuki Homes, Nippon Homes)
Host: Real Estate Without Borders

Episode Overview

This episode explores the unique opportunity of buying ski vacation homes in Japan—an affordable and increasingly popular niche for international real estate investors. Nick and Derek, founders of a company that helps foreigners purchase and manage these properties, share their personal journey, business model, insights on the Japanese market, and key considerations for Americans and other foreigners interested in lifestyle and investment properties.

Key Discussion Points & Insights

1. Origin Story & Business Model

• Personal Journey: Nick and Derek met in college, bonded over travel and board sports, and decided to purchase a ski house in Japan after being surprised by low property prices.
• Viral Launch: Their candid Ask Me Anything thread on Reddit ("two snowboarders buying a house in Japan") unexpectedly went viral, resulting in hundreds of inquiries and the formation of their business.
  • Quote: Nick (04:09): “24 hours later, I think it was 800,000 views and over 200 DMs directly to Derek’s inbox.”
• Business Today: They assist clients (mostly Americans) in buying, renovating, licensing, and renting vacation homes, often for both personal use and short-term rentals (Airbnb-style).

2. Demand & Clientele

• Lead Generation:
  • ~90% of leads come from Instagram; the rest from Reddit, word of mouth, and growing Google SEO.
  • Quote: Nick (05:00): "Social media is number one."
• Demographics:
  • ~70–80% of clients are American, followed by a sizeable Australian contingent.
  • Main appeal: affordable ski homes (unlike in North America), lifestyle plus partial investment.

3. Price Points & Returns

• Typical Costs:
  • Example: Bought their house for $25,000, put in $65,000 renovations—total ~$100,000.
  • Quote: Derek (07:44): “We bought our house for 25k. We put another 65k in. So we're all in for 100k.”
• Resale & Liquidity:
  • Japanese homes (outside major cities and ski towns) are generally illiquid and flat in appreciation. Resale may recover costs but appreciate slowly.
  • Quote: Derek (08:40): "Homes don't increase in value. They do sit around for a bit."
• Rental Potential:
  • Expectation: $30-40k gross revenue per year, $190/night average, ~50% occupancy.
  • Property management and licensing for Airbnb/short-term rental is bureaucratic and takes months.

4. Lending & Cash Purchase

• Mortgages:
  • Impossible for foreigners without residency; entire purchase must be in cash.
  • Some hard-money lenders exist, but terms are bureaucratic and limited.
  • Quote: Nick (09:52): “For all intensive purposes, like ski resort or a home in the mountains, you're looking at paying cash unless you have residency...”
• Impact:
  • Detours less-qualified buyers and necessitates realistic financial outlay.

5. Legal, Visa & Ownership

• Ownership Rights:
  • Foreigners can own land and property outright (not leasehold), but ownership does NOT grant residency or special visas.
  • Stay limit: Two 90-day periods per year (180 days total) for Americans.
• Licensing and Platforms:
  • Licensing for rentals is lengthy; property must meet specific requirements.

6. Tourism & Rental Markets

• Guest Breakdown:
  • 30–40% domestic (Japanese), mainly Rakuten & local platforms;
  • Foreign guests mostly book through Airbnb, Booking.com, Google Travel.
  • Quote: Derek (13:51): “30–40% of our guests are domestic Japanese tourists... foreign guests, definitely Booking.com, Airbnb, Google Travel...”
• Seasonality:
  • Japanese guests more common in summer (for cool temps); foreigners dominate in ski season.
  • Diverse guest expectations—Japanese guests expect traditional tatami rooms, futons, rice cookers, etc.

7. Location Considerations – Free/Vacant Homes & Investment Strategy

• Akiya (Vacant Homes):
  • Japan has ~10 million vacant homes; "free" or ultra-cheap homes exist, but usually require extensive renovation and bureaucracy, often in depopulating towns.
  • Quote: Derek (17:49): “They come with a lot of problems. They’re cheap for a reason.”
• Where to Invest:
  • Ski towns (Niseko, Hakuba, Furano, Nozawa Onsen, Miyoko) show unique appreciation and demand.
  • Outside of these, homes remain cheap due to Japan's declining rural population.
  • Avoid towns with rampant vacancy, little tourism, and no “foreign wave.”

8. Local Culture & Safety

• Neighborhood Quality:
  • Japanese rural towns are extremely safe, even when houses are vacant—no "bad areas" in the Western sense.
  • Some neighborhoods are very depopulated; may impact rental demand/appeal.
  • Quote: Derek (24:44): "Japan is super safe... I don't ever worry about buying in a neighborhood that is like dangerous, that just doesn't exist in Japan, which is awesome."
• Community & Language:
  • Rural areas have very limited English; urban centers more accommodating.
  • Buying process can be navigated with agents—cultural integration recommended for long stays.

9. Buying Process, Tools, & Consultant Model

• Tools Developed:
  • Aggregated data and listings from multiple Japanese platforms; created NipponHomes.com as a “Zillow for Japan.”
  • Yuki Homes provides end-to-end consulting: sourcing, buying, renovating, licensing, and management.
• Fees:
  • $3,900 per transaction (half up front, half on close).
  • 10–20% of renovation cost as project managers.
  • 25% management fee for rentals (standard for international management).
• Agent Structure:
  • Japanese agents get 3% commission (minimum for cheap homes).
  • Nick & Derek’s fee fixed, not tied to purchase value.

10. Land, Farms, and Commercial Opportunities

• Large Parcels:
  • Large agricultural or commercial parcels exist but are rare and outside their expertise; typical homes have small lots.
  • Many small businesses and "heirless" enterprises available for cheap, analogous to the vacant housing issue.

Notable Quotes & Memorable Moments

• On starting the business via Reddit:

  "24 hours later, I think it was 800,000 views and over 200 DMs directly to Derek’s inbox." — Nick (04:09)

• On property prices:

  "We bought our house for 25k. We put another 65k in… all in for 100k." — Derek (07:44)

• On liquidity and appreciation:

  "Homes don't increase in value. They do sit around for a bit." — Derek (08:40)

• On cash-only purchases:

  "For all intensive purposes… you’re looking at paying cash unless you have residency." — Nick (09:52)

• On “free homes” and pitfalls:

  "They come with a lot of problems. They’re cheap for a reason." — Derek (17:49)
  "I walked in the house and it was floor to ceiling mold in every single room." — Derek (21:41)

• On Japanese safety/culture:

  "Japan is super safe... I don’t ever worry about buying in a neighborhood that is like dangerous — that just doesn’t exist in Japan, which is awesome." — Derek (24:44)
  “We rented bikes, actually, and he wouldn’t give us locks...” — Nick (28:18)

• On language barriers:

  "In terms of the buying process, you can be completely oblivious to Japanese and you'll be fine… but [for daily life] especially in these rural areas, it's very uncommon to meet people who speak English." — Nick & Derek (30:03, 30:36)

• On building the platform:

  “Honestly… we essentially copied the look and feel of Zillow. So we call it the Zillow of Japan. And we’re the only free service that does this that I know of.” — Nick (35:19)

Timestamps for Important Segments

• 00:40 — Nick’s & Derek’s introductions
• 03:20 — How their business accidentally started after a viral Reddit AMA
• 05:30 — Where leads and clients come from
• 07:40 — Real numbers: Property costs and renovations
• 09:45 — Why cash purchases only (mortgages unavailable for non-residents)
• 12:34 — Ownership rights; Visas and stay limitations
• 13:51 — Rental platforms and guest origin breakdown
• 14:38 — Adapting properties for Japanese vs foreign guests
• 17:42 — Free/vacant homes: Pitfalls and reality check
• 19:11 — Price appreciation and the unique ski town effect
• 21:41 — Horror story: Touring a “free” house full of mold
• 23:43 — Neighborhood quality and the ubiquity of vacancies
• 26:18 — What makes ski towns different (inbound foreign investment)
• 28:18 — Anecdote: Renting bikes in Japan and trusting culture
• 29:22 — Language barriers: what buyers actually need
• 34:41 — Aggregating listings and building NipponHomes.com
• 36:00 — Yuki Homes consulting/pricing structure
• 37:04 — The Japanese real estate commission system

Conclusion

This episode offers a nuanced, firsthand look at a burgeoning but often misunderstood real estate niche: buying affordable ski homes in Japan. Nick and Derek demystify the process for foreign investors, highlight the lifestyle-and-investment dynamic, and caution listeners on the realities of the market—including cash-only purchases, slow appreciation, and the challenges of rural Japan. Their work as intermediaries and aggregators is helping Americans and others take advantage of uniquely accessible, globally appealing opportunities far outside the traditional paths.

Resources Mentioned:

• NipponHomes.com — aggregated Japanese home listings
• YukiHomes.com — property consulting and management
• Instagram: @yukihomesjapan
• Substack: Yuki Homes

For listeners considering this adventure, the episode is both a roadmap and a reality check—full of candid advice, cultural insight, and contagious enthusiasm for Japan’s snowy investment frontier.