Investing While Abroad

[Bernard B.]

Hello All,

Can anyone give insight on investing while living and working abroad? Can you share some of the challenges and strategies used to purchase properties while abroad. Can you also provide information on how you gained financing without working in the US. Thanks in advance.

[Samson Hollmérus]

Originally posted by @James Wise:

Originally posted by @Bernard B.:

Hello All,

Can anyone give insight on investing while living and working abroad? Can you share some of the challenges and strategies used to purchase properties while abroad. Can you also provide information on how you gained financing without working in the US. Thanks in advance.

 Getting a US bank account is key. Other than that you'll face similar challenges as those who are investing long distance but not necessarily from abroad...Great way to mitigate risk in those situations is as follows.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Google Clayton Morris scam and/or Morris Invest scam for a cautionary tale of what not to do when buying turnkey real estate
• Understand you can not eliminate all risk, only mitigate it. If you are risk averse, real estate, (especially out of state) is not for you.

 This thread is golden so far and I'd like to say thanks to the OP @Bernard Bell, and also @James Wise for that detailed answer and the follow up answer later on.