Hi! Investing in property for rental in the USA

[John Yelland]

Hello everyone!

I'm currently in the Armed Forces in the UK and would love to invest in the US property market.

It would be best if I told you my interests:

I am looking for cheap homes to fix up and rent out for a positive cash flow to pay the house off and move onto the next.

I have seen houses on many websites that are foreclosures, in a bad state of repair or old and neglected for under $5000, which is great for me being in the UK.

I've been looking at properties that closely resemble or come close to this one:

http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=270415702714

It looks pretty good and I wouldn't mind doing a few repairs and repainting the nasty colour scheme, if it needs it.

Am I looking at the right aspects of buying a house to fix up and rent out? (Obviously not on eBay - or is that a good place to buy property in the states?).

What should I be thinking about in regards to this?

Also, alot of rehab and foreclosure homes are made out of wood. Is this a common thing in the states? Are these kind of homes a good investment based on the contruction?

I would be prepared to travel to the US to 'live' in my house whilst repairs are carried out and the house it painted and prepped, to get it in a legal, and fit state to rent out before handing it over to a management agency for rental.

Many thanks in advance for your time and answers.
John :wink: